Core Insights - The report highlights a significant decrease in the net loss rate of wealth management products in December, dropping to 0.51% overall, with equity products experiencing the largest decline from 23.81% in November to 12.35% in December [5][3][6]. Group 1: Product Performance - In December, the net loss rate for equity products fell to 12.35%, while mixed and fixed-income products decreased to 2.21% and 0.41%, respectively [5][6]. - By the end of December, 145 out of 28,363 public wealth management products had a cumulative net value below 1, resulting in a net loss ratio of 0.51% [3][6]. - The highest net loss rates were observed in fixed-income products with a 1-2 year term at 0.85%, while mixed products with a term of less than one month had a net loss rate of 4.27% [6][5]. Group 2: New Product Issuance - In December, 32 wealth management companies launched a total of 2,474 new products, marking a 17.42% increase from 2,107 in November [7][10]. - Publicly offered products accounted for 93.9% of new issuances, with fixed-income products making up 96.5% of the new offerings [10][11]. - Notable new products included 18 index-type products launched by Huaxia Wealth Management and a public product linked to the CSI Technology Index by Minsheng Wealth Management [11][12]. Group 3: Expiry and Performance Metrics - A total of 1,160 closed-end RMB wealth management products expired in December, with a performance benchmark lower limit achievement rate of 69.97% and a central benchmark achievement rate of 34.13% [19][24]. - The average annualized yield for fixed-income closed-end RMB public products was 2.31%, while mixed products yielded 2.24% [27][33]. - The highest average annualized yield for fixed-income products was recorded at 2.64% for those with a 1-2 year term [27][25]. Group 4: Investment Trends - The report indicates a shift towards equity investments in wealth management, driven by policy encouragement and a scarcity of assets, with index and thematic investments becoming mainstream [12][11]. - The average net value growth rate for public equity products reached 22.71%, while mixed products saw a growth rate of 4.54% [33][36]. - Fixed-income products continued to show the lowest returns, with an average net value growth rate of 2.24% [33][38].

Core Insights - The article highlights the increasing trend of bank wealth management products focusing on equity investments, driven by a low-interest-rate environment and the need for higher returns [2][4]. Group 1: Performance of Wealth Management Products - As of December 25, 2025, three wealth management companies, namely Hangyin Wealth Management, Zhongyou Wealth Management, and Ping An Wealth Management, had products listed in the "Fixed Income + Equity" public offering category, with Hangyin having the most products at five [1]. - The weighted annualized return of the listed products is generally high, with six products exceeding 7% and the top three products from Hangyin Wealth Management surpassing 8% [2]. - The top three products from Hangyin Wealth Management increased their equity asset allocation in Q3 2025, with equity asset proportions of 11.76%, 12.20%, and 8.80% respectively [2]. Group 2: New Product Launches and Market Trends - In December 2025, 19 new equity public offering products were launched by wealth management companies, with Huaxia Wealth Management releasing 18 index-based products linked to various sectors such as brain-computer interfaces and AI healthcare [2]. - Minsheng Wealth Management also introduced a new public offering product linked to the CSI Technology Index, focusing on technology innovation with a high-risk rating [3]. - A total of 81 equity public offering products have been issued by 13 wealth management companies, with over half (44 products) established in 2025, indicating a growing trend in equity investment [3]. Group 3: Market Dynamics and Future Outlook - Despite the increase in the number of equity products, the proportion of equity investments in bank wealth management remains low, accounting for only 2.1% of the total market size as of Q3 2025, with approximately 720.93 billion yuan in equity assets [3]. - The article suggests that bank wealth management is entering a more certain phase for equity investments, with policies encouraging increased equity allocations and various investment strategies like index and thematic investments becoming mainstream [4]. - Wealth management companies are expected to utilize multiple methods, including offline IPOs and cornerstone investments, to participate in capital markets and achieve stable returns [4].