Market Overview - The bond market experienced a narrow fluctuation with the central bank maintaining a balanced liquidity environment, as evidenced by the DR007 weighted average rate at 1.66% and the 10-year government bond yield at 1.67% [2] - The A-share market saw a decline in major indices, with the Shanghai Composite Index, Shenzhen Component Index, and CSI 300 Index dropping by 0.03%, 0.91%, and 1.08% respectively [2] - Sectors such as environmental protection, pharmaceutical biology, and national defense showed positive performance during the week [2] Product Performance - The number of underperforming wealth management products remained stable, with 23,709 active public wealth management products, of which 167 had a cumulative net value below 1, resulting in a comprehensive underperformance rate of 0.7% [3] - The underperformance rates for equity and mixed investment products were 53.85% and 7.08% respectively, while fixed income products had a low underperformance rate of 0.25% [3] - Fixed income products with maturities of 2-3 years and 1-2 years had slightly higher underperformance rates of 0.51% and 0.46% respectively [3] New Product Issuance - A total of 496 wealth management products were issued by 32 companies from May 26 to May 30, with the majority being R2 (medium-low risk), closed-end net value type, and fixed income public products [4] - Notably, Zhejiang Bank Wealth Management has increased its product offerings, launching 32 products since April 17, with 22 successfully issued [4] - The new products from Zhejiang Bank are all fixed income types, covering three series: "琮善", "琮简", and "琮融" [4] Product Features - The "同善共富" series from the "琮简" product line aims to support social welfare through management fee donations, with the first product "琮简富春6号" offering an annualized benchmark of 2.15% over a 97-day term [5] - The "琮融" series focuses on fixed income enhancement strategies, including various investment strategies [5] - Pricing for new products remained stable for those with a maturity of less than one year, while products with maturities of 1-2 years and 2-3 years saw slight declines in pricing [5] Yield Performance - Only fixed income public wealth management products recorded positive yields, with an average net value growth rate of 0.0461% over the past week [7] - Mixed, equity, and commodity/financial derivative products experienced negative average net value growth rates of -0.0445%, -0.4934%, and -0.6651% respectively [7] - The proportion of negative yield products increased, with 10.38% of public wealth management products yielding negative returns in the past week [7] Industry Trends - Many banks have begun to lower the performance benchmarks for wealth management products, with some products having benchmarks below 1%, which is lower than the current deposit rates [8] - This adjustment is seen as a way to better reflect market conditions and guide investors towards more rational investment decisions [8] - The low interest rate environment is expected to accelerate the shift of wealth management companies towards enhancing equity investment capabilities and transitioning to "fixed income plus" products [8] Fee Adjustments - Following a new round of deposit rate cuts, several bank wealth management subsidiaries have initiated a wave of fee reductions, with some fees dropping to as low as 0.01% [9] - This includes reductions in fixed management fees, sales service fees, and custody fees among various banks [9]

Group 1 - The core viewpoint of the news is the launch of Zhejiang Yin Wealth Management's first "common prosperity" themed financial product, "Congjian Fuchun No. 6," which aims to support social welfare and charity through product management fees [1][3]. - "Congjian Fuchun No. 6" is a closed-end net value financial product with a risk level of R2 (medium-low risk) and an annualized performance benchmark of 2.15%, with a product duration of 96 days [1][2]. - The product is part of the "Tongshan Gongfu" series, which focuses on using part of the product management fees for charitable purposes, including education in rural areas and poverty alleviation [3][4]. Group 2 - The "Cong" series, which includes "Congjian Fuchun No. 6," is designed to provide multi-level wealth management services, encompassing various types of products such as fixed income, mixed, and equity [2][3]. - The product primarily invests in fixed income assets like deposits and certificates of deposit, ensuring stability in the product's funding and enhancing performance management [2][3]. - Zhejiang Yin Wealth Management is committed to expanding its "common prosperity" product series and optimizing service models to enhance professional capabilities in supporting common prosperity initiatives [4].

Company Dynamics - Zhejiang Yin Wealth Management Co., Ltd. launched its first "Common Prosperity" themed financial product, "Congjian Fuchun No. 6," marking a significant step in promoting social responsibility and supporting the construction of the Zhejiang Common Prosperity Demonstration Zone [2] - "Congjian Fuchun No. 6" is a closed-end net value financial product with a risk level of R2 (medium-low risk), an annualized performance benchmark of 2.15%, and a product duration of 96 days [2] Wealth Management System - "Congjian Fuchun No. 6" belongs to the "Cong" series of six product systems, specifically the "Congjian" series, which focuses on fixed-income products [3] - The "Cong" series includes various types of products such as "Congshan," "Congjian," "Congrong," "Congxin," "Congchang," and "Congle," providing multi-level and comprehensive wealth management services [3] - The product primarily invests in fixed-income assets such as deposits, certificates of deposit, and interbank loans, ensuring stable funding and enhancing investment portfolio management [3] Promoting Common Prosperity - As a wealth management subsidiary rooted in Zhejiang, Zhejiang Yin Wealth Management has actively developed "Common Prosperity" series products to support the construction of the Common Prosperity Demonstration Zone [4] - The establishment of "Congjian Fuchun No. 6" is a key initiative under the "Common Prosperity" special activity, which plans to allocate part of the product management fees for charitable purposes, focusing on areas like rural education and poverty alleviation [4] - Future plans include enriching the "Common Prosperity" product system, optimizing service models, and enhancing professional capabilities to better serve the goal of financial support for common prosperity [4]