Last week, the issuance volume of mixed-type financial products slowed down, with two financial companies launching new index-based products.

Financial companies continue to expand index-based products. Last week, Ping An Wealth Management and Xingyin Wealth Management both launched new products.

According to data from Tonghuashun, from March 2 to March 8, 2026, the bank wealth management market issued a total of 1,231 new RMB wealth management products (share classes counted separately), a decrease of 40 compared to the previous week. Based on the operation mode, there are 950 closed-end products and 281 open-end products.

In terms of issuing institutions, subsidiary wealth management companies are currently the main players in the bank wealth management market. Last week, 29 wealth management firms issued a total of 1,058 products, accounting for nearly 86%. Among them, Xinyin Wealth Management issued the most new products, totaling 99, followed by Huaxia Wealth Management with 93, and Xingyin Wealth Management with 70. Additionally, 65 banks issued 173 products, with Tianjin Rural Commercial Bank issuing the most at 12 new products, followed by Chouzhou Bank, Tianjin Bank, and Zhongyuan Bank, each with 8 products.

Regarding investment types, of the 1,231 new products issued last week, 1,216 were fixed-income products, accounting for nearly 99%. These mainly invest in interbank certificates of deposit, bank deposits, bonds, and other fixed-income assets. The number of hybrid products decreased, with 13 new issues, down 14 from the previous week. These invest in deposits, bonds, and other fixed-income assets, as well as equity assets like stocks and equity funds, and other assets compliant with regulatory requirements, with each asset class comprising less than 80%. Notably, Nanyang Commercial Bank (China) issued two new offshore wealth management products for clients last week, with an equity investment focus.

It is worth noting that last week, Ping An Wealth Management and Xingyin Wealth Management both launched index-based wealth management products. Ping An Wealth Management’s Xinxiang Index Enhanced Daily Open Product No. 1 was publicly offered from March 6 to March 13, with a risk level of R3 (medium risk). The product mainly invests in high-grade bonds, moderately linked to the CSI 500 Index, which helps reduce single-asset volatility and captures yield enhancement opportunities in a low-interest-rate environment, achieving true index enhancement, greater confidence, and more controllable risks.

Ping An Wealth Management also pointed out that the product mainly tracks the CSI 500 Index, which has the advantages of “mid-cap growth + policy alignment + reasonable valuation.” Its constituent stocks are mainly valued between 20 and 40 billion yuan, combining growth potential and stability, focusing on new productive forces that benefit directly from technological innovation policies.

Xingyin Wealth Management launched a product linked to the Lingxi Index—the Fengli Xingdong Multi-Strategy Global Allocation Closed-End Product No. 21 (Lingxi version) from March 3 to March 10. According to Xingyin Wealth Management, on March 31, 2025, it jointly released the “Lingxi Global Multi-Asset Rotation Index” with CICC, which is independently developed.

This index’s underlying assets include equities, bonds, main commodities, and gold from major economies (China, US, Germany, Japan), aiming to provide a systematic global multi-asset allocation solution through cross-cycle allocation, risk diversification, and volatility control. Since its release on March 31, 2025, until March 2, 2026, the index closed at 2,600.34, a 17.41% increase from its launch.

According to Xingyin Wealth Management, the Fengli Xingdong Multi-Strategy Global Allocation Closed-End Product No. 21 (Lingxi version) mainly adopts a “fixed income + derivatives” investment strategy. First, it builds a solid foundation with diversified global fixed-income assets, selecting high-quality fixed-income assets as the main holdings, combined with small positions in derivatives, such as call options linked to the Lingxi Global Multi-Asset Rotation Index, packaging mainstream global stocks, bonds, and commodities from the US, China, Japan, and Europe. Second, it has a clear structure, with options embedded as American-style call shark fin options, linked to the “Lingxi Global Multi-Asset Rotation Index,” aiming to diversify sources of returns and risks to enhance yield potential.

Editor: Qian Xiaorui, Wang Xinyu

(Compiled from Tonghuashun, Ping An Wealth Management, Xingyin Wealth Management)

Editor: Qian Xiaorui

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