Market Overview - The bond market remained volatile with an overall balanced and loose funding environment, with the weighted average of DR007 at 1.51% and the 10-year government bond yield at 1.67% [2] - The Hong Kong stock market performed well, with the Hang Seng Technology Index and Hang Seng Index increasing by 5.53% and 2.84% respectively, while the A-share market also showed positive performance with the ChiNext Index, Shenzhen Component Index, and CSI 1000 Index rising by 3.17%, 2.04%, and 1.41% respectively [2] Product Performance - The number of underperforming wealth management products remained low, with 24,431 public wealth management products in existence as of July 20, 2025, and a comprehensive underperformance rate of 0.43% [3] - The underperformance rates for equity and mixed wealth management products were 41.46% and 5.45% respectively, while fixed income public wealth management products had an underperformance rate of 0.09% [3] New Product Issuance - A total of 457 wealth management products were issued by 31 wealth management companies from July 14 to July 18, 2025, representing a 17.48% increase from the previous week [4] - The majority of newly issued products were R2 (medium-low risk), closed-end net value type, and fixed income public products, with a slight increase in mixed products to 14, accounting for 3.0% [4] - Pricing for most products increased, with 3-6 month products rising to over 2.5% and products over 3 years rising to 2.35% [4] Target Yield Products - Five institutions launched five target yield public wealth management products, with the "Sunshine Jin Feng Li Enhanced Target Yield Phase 1" from Everbright Wealth Management aiming for a target yield of 2.80% [5] - As of the report date, 256 target yield products had been terminated early this year, with over 90% of these due to reaching their target yield [6] - Among the expired products, the highest target annualized yield was 6.29% for the "Feng Li Ling Dong Rui Yi Target Yield Fixed Term Open 1" from Xingyin Wealth Management [6] Industry Trends - Daily open-type products have become increasingly popular in the low-interest-rate environment, offering broader investment ranges and better yield potential compared to cash management products [10] - The scale of QDII wealth management products has surpassed 200 billion yuan, with 389 QDII products issued, primarily fixed income [11] - Joint venture wealth management companies have significantly increased their management scales this year, with notable growth from firms like BNP Paribas and BlackRock [12]