Market Overview - The bond market showed strength under the central bank's liquidity support, with credit bond yields declining across the board [1] - The A-share market experienced a high-level correction, with major indices showing volatility, particularly in the small and mid-cap growth indices [1] - Most sectors declined, with banking, coal, food and beverage, transportation, and textile and apparel sectors showing gains, while electronics, automotive, communications, machinery, and basic chemicals sectors faced significant losses [1] Break-even Situation - As of November 3, 2025, there are 30,539 active public wealth management products, with 92 products having a cumulative net value below 1, resulting in a comprehensive break-even rate of 0.3% for bank wealth management [2] - The break-even rates for equity and mixed wealth management products are 8.9% and 1.97%, respectively, while fixed income public wealth management products have a break-even rate of 0.18% [2] New Product Issuance - A total of 456 wealth management products were issued by 31 wealth management companies from October 27 to October 31, with the largest issuers being Ping An Bank Wealth Management (47 products) and Huaxia Wealth Management (30 products) [3] - The newly issued products primarily consist of R2 (medium-low risk), closed-end net value type, and fixed income public products, with only 4 mixed products and 1 equity product launched [5] Product Pricing - The pricing of newly issued products varied by duration, with products over three years increasing to 2.82%, reversing the previous inverted pricing trend [5] - Products with a duration of less than one month saw a 10 basis point increase to over 2%, while 1-3 month products decreased by 16 basis points, with other durations remaining relatively stable [5] Earnings Situation - As of November 3, the average net value growth rate for public RMB wealth management products over the past week was 0.10%, with equity products showing the highest growth at 1.73% [8] - Fixed income and mixed wealth management products had average net value growth rates of 0.1% and 0.26%, respectively [8] Negative Yield Situation - Approximately 14.35% of RMB public wealth management products experienced negative returns over the past week, with fixed income, mixed, and equity products showing negative return ratios of 11.99%, 20.37%, and 66.9%, respectively [11] - The proportion of negative return mixed products increased, while fixed income and equity products saw a decrease in negative return ratios [11] Industry Hotspots - The pilot program for pension wealth management has been expanded nationwide, with the fundraising limit for each wealth management company raised to five times the net capital after risk capital deductions [11] - In Q3, the scale of bank wealth management reached a new high of over 32 trillion, with fixed income remaining the dominant asset class, although there is a noted increase in equity investments [12] - Wealth management companies are diversifying their asset allocations, with some reporting a 3% increase in equity investments and growing allocations to gold, US stocks, US bonds, and technology innovation bond ETFs [12]

Market Overview - The bond market showed strength under the central bank's liquidity support, with credit bond yields declining across the board [2] - The A-share market experienced a high-level correction, with major indices showing volatility; most sectors declined, while banking, coal, food and beverage, transportation, and textiles saw gains [2] Product Performance - As of November 3, 2025, there are 30,539 active public wealth management products, with a comprehensive net asset value decline rate of 0.3% for bank wealth management [3] - The net asset value decline rates for equity and mixed wealth management products are 8.9% and 1.97%, respectively, while fixed income public wealth management products have a decline rate of 0.18% [3] New Product Issuance - From October 27 to October 31, 31 wealth management companies issued a total of 456 new products, with the largest issuers being state-owned banks [4] - The majority of new products are R2 (medium-low risk), closed-end net value type, and fixed income public products, with only 4 mixed products and 1 equity product launched [6] Product Characteristics - The pricing of new products varied; products with a maturity of over 3 years saw an increase in pricing to 2.82%, while products with a maturity of less than 1 month increased by 10 basis points to over 2% [6] Product Innovation - The expansion of equity public products includes the launch of Hangyin Wealth Management's first equity public product with a fundraising scale of 1.756 million yuan [8] - Qingyin Wealth Management also launched an equity public product in October, although its fundraising scale was relatively low at 400,000 yuan [8] Weekly Returns - As of November 3, the average net value growth rate for public RMB wealth management products was 0.10%, with equity products showing the highest growth at 1.73% [9] - Fixed income and mixed wealth management products had average net value growth rates of 0.1% and 0.26%, respectively [9] Cash Management Products - The average annualized yield for cash management public wealth management products in RMB, USD, and AUD is 1.310%, 3.695%, and 2.710%, respectively [11] - Approximately 14.35% of RMB public wealth management products reported negative returns in the past week, with the proportions of negative returns for fixed income, mixed, and equity products being 11.99%, 20.37%, and 66.9%, respectively [11] Industry Trends - The pilot program for pension wealth management has been expanded nationwide, with the fundraising limit for each wealth management company increased to five times the net capital after risk capital deductions [12] - In Q3, the scale of bank wealth management reached a new high of over 32 trillion yuan, with a noted increase in equity investments by 3 percentage points among some wealth management companies [13]

Market Overview - The bond market showed a strong performance under the central bank's liquidity support, with credit bond yields declining across the board [3] - The A-share market experienced a high-level adjustment, with major indices showing volatility and significant declines in small and mid-cap growth indices [3] Product Performance - As of November 3, 2025, there are 30,539 active public wealth management products, with a comprehensive net value decline rate of 0.3% for bank wealth management [4] - The net value decline rates for equity and mixed wealth management products are 8.9% and 1.97%, respectively, while fixed income products have a decline rate of 0.18% [4] New Product Issuance - In the week from October 27 to October 31, 31 wealth management companies issued a total of 456 products, with the highest issuance from joint-stock banks [5] - The majority of new products are R2 (medium-low risk), closed-end net value type, and fixed income public products, with only one equity product issued [5] - The pricing of products varied, with over three-year products increasing to 2.82%, and one-month products rising by 10 basis points to over 2% [5] Product Innovation - The issuance of equity public products is expanding, with Hangyin Wealth Management launching its first equity public product with a fundraising scale of 1.756 million yuan [6] - Qingyin Wealth Management also issued an equity public product in October, although its fundraising scale was relatively low at 400,000 yuan [6] Yield Performance - As of November 3, the average net value growth rate for public RMB wealth management products was 0.10%, with equity products showing the highest growth at 1.73% [7] - In cash management products, the annualized yield for RMB, USD, and AUD cash public wealth management products averaged 1.310%, 3.695%, and 2.710%, respectively [8] Industry Trends - The pilot program for pension wealth management products has been expanded nationwide, with the fundraising limit for each wealth management company increased to five times the net capital after risk capital deductions [9] - The asset allocation of wealth management subsidiaries is diversifying, with a notable increase in equity investments, rising by three percentage points this year [10] - Wealth management companies are increasingly considering diverse asset allocation strategies, including investments in gold, US stocks, US bonds, and innovative debt ETFs [10]