Market Performance - In Q3 2025, the A-share market showed strong performance, with the ChiNext Index rising over 50%, while the Shanghai Composite Index and Shenzhen Component Index increased by 12.73% and 29.25% respectively, marking the highest quarterly gains since April 2019 [4] - The total trading volume in the A-share market reached 139.24 trillion yuan in Q3 2025, with a cumulative total of 301.92 trillion yuan for the first three quarters, surpassing the total trading volume of 257.28 trillion yuan for the entire year of 2021, setting a new record for A-shares [5] Sector Performance - Among the 31 Shenwan industry indices, TMT-related sectors performed exceptionally well, with telecommunications, electronics, power equipment, and non-ferrous metals all seeing gains exceeding 40% [6] Product Performance - The hot market led to a positive performance for equity public funds in Q3, with an average net value growth rate of 16.02%. Out of 40 sample products, 12 had growth rates exceeding 20%, while only one product recorded a negative return [7] - The top-performing products were heavily focused on strong industry attributes, particularly in new energy, AI computing power, and new energy storage, with the top three products achieving growth rates of 51.78%, 46.55%, and 43.99% respectively [8] Notable Products - The "Tian Gong Ri Kai Financial Product No. 5 (AI Computing Power Index)" from Huaxia Wealth achieved a net value growth rate of 46.55% in Q3, ranking second on the list. This high-risk product had a significant annualized volatility of over 31% [9] - The "Bai Bao Xiang Stock Preferred Weekly Open No. 1" ranked fourth, with a diversified asset allocation including 52.60% equity assets and 32.27% in public funds. However, its past performance has shown negative returns for the years 2022, 2023, and 2024 [10]

Core Insights - The A-share market showed strong performance in Q3 2025, with the ChiNext Index rising over 50% and both the Shanghai Composite Index and Shenzhen Component Index achieving their highest quarterly gains since April 2019, with increases of 12.73% and 29.25% respectively [4] - The total trading volume in the A-share market reached a record high of 139.24 trillion yuan in Q3 2025, surpassing the total for the entire year of 2021 [6] - Equity wealth management products also performed well, with an average net value growth rate of 16.02% in Q3 2025, and 12 products exceeding a 20% growth rate [7] Market Performance - The A-share market experienced significant upward momentum from July 1 to September 30, 2025, with major indices reflecting strong growth [4] - The TMT sectors, including telecommunications, electronics, power equipment, and non-ferrous metals, led the market with gains exceeding 40% [6] Product Performance - The top-performing equity wealth management products in Q3 2025 were heavily focused on sectors like new energy, AI computing power, and new energy storage, with returns exceeding 40% [8] - Specific products such as "Sunshine Red New Energy Theme A" and "Hua Xia Wealth Management Tian Gong Ri Kai Product No. 5" achieved net value growth rates of 51.78% and 46.55% respectively [8] - The "Tian Gong Ri Kai Product No. 5" is classified as a high-risk product with significant volatility, showing a year-to-date return of -3.59% prior to Q3 [8] Asset Allocation - The "Bai Bao Xiang Stock Preferred Weekly Open No. 1" product has a diversified asset allocation, including 52.60% in equity assets and 32.27% in public funds [9] - Despite past negative returns from 2022 to 2024, the investment manager remains optimistic about the market's recovery potential due to ongoing economic transformation and increased funding sources [9]

Core Insights - The A-share and Hong Kong stock markets have shown strong performance this year, with equity public funds also recording good returns [5] - The average net value growth rate of equity public funds over the past six months is 15.56%, with all funds achieving positive returns [5] - The top ten products are evenly distributed among various financial institutions, with notable performances from Huaxia Wealth Management and Xinyin Wealth Management [5] Group 1 - The top-performing products include Huaxia Wealth Management's "Tiangong Rika 8" and Xinyin Wealth Management's "Baibao Elephant Stock Preferred Weekly 1," both exceeding a 40% growth rate over the past six months [5] - The maximum drawdown for Huaxia Wealth Management's "Tiangong Rika 5" is the highest at 18.24%, while the lowest is 8.23% for Everbright Wealth Management's "Sunshine Red ESG Industry Selection" [5] - The product with the lowest return in the bottom ranking is ICBC Wealth Management's "Quantitative Wealth Management - Hengsheng Allocation," with a return of only 1.74% over the past six months [5] Group 2 - In the past month, the ChiNext Index has led the A-share market with a growth of 25.20%, while the Shanghai Composite Index and Shenzhen Component Index have shown lower growth rates [6] - Everbright Wealth Management's "Sunshine Red New Energy Theme" and Huaxia Wealth Management's "Tiangong Rika Wealth Management Product 4" have benefited from the recent recovery in the new energy sector, with the former achieving a net value increase of 20.56% [6] - Dividend assets have regained investor interest, with the Dividend ETF (510880) experiencing consecutive weeks of net growth in fund shares and scale, reaching a new high of 19.193 billion yuan since June 30 [6]

Product Performance - The average net value growth rate of equity public funds in the past six months is 11.76%, with all products achieving positive returns [3] - Among the products, Huaxia's five industry index theme products ranked in the top ten, with the "Micro-Plate Growth Style" product achieving the highest growth rate of 28.84%, followed by Xinyin's "Baibao Elephant Stock Selection Weekly Open 1" at 25.48% [3] - The lowest performing products include ICBC's "Quantitative Wealth Management - Hengsheng Allocation" at 1.39%, Huaxia's "Tiangong Daily Open Wealth Management Product No. 2" at 2.71%, and Bank of China’s "Huifu Equity Dividend Strategy 180-Day Holding Period A" at 3.47% [3] Product Dynamics - Recently, the equity public fund market has seen expansion, with Minsheng Wealth Management's "Jinzhu Quantitative Enhanced Half-Year Holding Period No. 1" starting fundraising on August 19 and Huaxia's "Tiangong Daily Open No. 12" on August 22, both ending on August 25 [4] - Minsheng's product utilizes a quantitative strategy based on the CSI 500 index, aiming to exceed benchmark returns while controlling tracking errors [4] - The outlook for the market remains optimistic, with expectations of sustained positive beta contributions and active market trading under supportive policies [4] REITs Market Overview - Huaxia's new product "Tiangong Daily Open No. 12" tracks the "Zhongcheng-Huaxia Wealth Management Public REITs Selected Index," which selects at least 20 REITs based on various criteria [5] - The index primarily includes REITs in park infrastructure (33.98%), affordable rental housing (14.76%), and energy infrastructure (11.90%) [5] - Since the beginning of 2025, 14 public REITs have been issued, totaling over 25 billion, with 23 additional funds awaiting listing [5] Market Trends - The public REITs market has shown volatility this year, with a notable decline since August, where the CSI REITs total return index has increased by 9.9% year-to-date but has dropped by 3.95% since August [6] - Despite the short-term market pullback, public REITs are considered to have certain allocation value due to their high dividends and moderate risk [6] - Currently, only seven public REITs theme products have been issued by wealth management companies, indicating a relatively low number and scale in this segment [6]

Overall Performance - The average net value growth rate of equity public funds in the past six months is 10.96%, with all equity public funds achieving positive returns [2] - Among the products, Huaxia Wealth has four industry index theme products in the top ten, with two products focusing on micro-cap growth and precious metals ranking first and second, both with growth rates exceeding 20% [2] - The product "Bai Bao Xiang Stock Preferred Weekly Open 1" from Xinyin Wealth ranks third with a net value growth rate of 17.73% over the past six months [2] Highlighted Product Analysis - The product "Bai Bao Xiang Stock Preferred Weekly Open 1" is a medium-high risk open-ended net value product with a 7-day investment cycle, showing a net value increase of 6.7% in the second quarter and a year-to-date growth rate of 15.78% [2][3] - The product increased its holdings in stocks such as Pop Mart and Giant Network in the second quarter, with Pop Mart becoming the largest holding at 5.11% of the total assets, contributing significantly to the product's returns [3][4] - The product's performance has been affected by market conditions since its inception in early 2021, with a net value decline of 16.13% since establishment, and it remains below par with a latest disclosed net value of 0.8387 as of August 4, 2025 [4]