Core Insights - The demand for closed-end wealth management products is increasing, with 5,675 new products launched in Q3 2025, a rise of 33 products from the previous quarter [1] - Closed-end products are characterized by larger scales and more diverse types, requiring higher asset allocation standards compared to open-end products [1][2] - Long-term closed-end products are suitable for investors seeking stable growth with lower liquidity requirements, as they can mitigate short-term market volatility [1][2] Product Trends - The issuance of closed-end wealth management products has been on the rise since Q4 of the previous year, with joint-stock banks and city commercial banks adding 190 and 74 new products, respectively [2] - The majority of new products have a term of 1-3 years, totaling 1,900 products, which is an increase of 80 products, while those with a term of 6-12 months decreased by 41 to 1,080 products [2] Advantages of Long-term Closed-end Products - Long-term closed-end products offer benefits such as locking in current yields to avoid reinvestment risks and matching with long-duration bonds for better yield advantages [2][3] - These products provide stable funding without interference, allowing investment managers to implement strategies effectively [3] - They can invest in non-standard debt assets, which typically offer liquidity premiums compared to standardized bonds, enhancing yield potential [3] Selection Criteria for Investors - Investors should align their liquidity needs, risk tolerance, and return objectives when selecting long-term closed-end products [4] - It is crucial to assess the underlying asset's credit risk and the manager's operational risk, as not all closed-end products invest in bond assets [4] - Different investor profiles should consider various strategies: conservative investors may prefer pure fixed-income products, balanced investors might opt for "fixed income plus" strategies, and aggressive investors could look at mixed or "fixed income plus" strategies [4] Future Development Trends - The future of closed-end wealth management products may see increased safety and transparency under stringent regulations to reduce information asymmetry for investors [4] - There will likely be a rise in product diversity, offering a wider range of asset allocation options and enhancing the quality of financial services to the real economy [4]

Group 1 - The bank wealth management market continued to operate steadily in Q2 2025, with a total of 7,941 new wealth management products launched, an increase of 332 products from the previous quarter [1] - Among the new products, 1,939 were open-ended with an average performance benchmark of 2.08%, while 6,002 were closed-ended with an average benchmark of 2.57% [1] - Wealth management companies launched 5,658 new products in Q2 2025, reflecting a quarter-on-quarter increase of 286 products, indicating ongoing expansion in product issuance [1] Group 2 - Short-term yields have generally risen due to a temporary strengthening of the bond market, while medium to long-term yields have continued to decline, primarily due to a systematic decrease in the yield of newly allocated assets [2] - The cash management product yields have continued to decline, with a recent seven-day annualized yield drop of 0.13 percentage points, attributed to falling interbank certificate of deposit rates and an influx of risk-averse funds [2] - In the context of declining deposit rates, bank wealth management has become an important alternative for investors seeking to replace deposits [2] Group 3 - There is a strong demand from investors for low-risk, higher-yield wealth management products, prompting companies to innovate and optimize product design [3] - Companies are encouraged to deepen the "fixed income +" strategy, using relatively low-risk fixed income assets as a base while appropriately allocating equity and other assets to enhance returns [3] - Innovations in the issuance and dividend mechanisms of long-term closed-end products are also recommended, including the introduction of monthly or quarterly dividend products to enhance the long-term holding experience for investors [3]