Multiple wealth management companies respond to net value drawdowns in "Fixed Income+" products

Last week, the issuance volume of bank wealth-management products declined, and several wealth-management companies posted statements in response to the net value pullbacks of their “fixed-income plus” (“固收+”) products.

According to data compiled by Jiemian Tonghuashun, from March 30, 2026 to April 5, 2026, the bank wealth-management market issued a total of 953 RMB wealth-management products (calculated separately by share; same below), down 449 products month-over-month. By operating type, there were 578 closed-end products and 375 open-end products.

In terms of issuing institutions, wealth-management subsidiaries are currently the main entities in the bank wealth-management market. In the previous week, 31 wealth-management companies issued 867 wealth-management products in total, accounting for nearly 91%. Among them, China Construction Bank Wealth Management (CCB Wealth) issued the most new products, at 101, followed by Xingyin Wealth Management and Xinyin Wealth Management, issuing 77 and 60 products respectively. In addition, 47 banks issued 86 wealth-management products. Zaozhou Bank, Ningzhou Bank, and HSBC China issued the most, with each launching 5 wealth-management products.

From the perspective of investment nature, among the 953 newly issued wealth-management products last week, 940 were fixed-income products, accounting for nearly 99%, mainly investing in fixed-income assets such as interbank certificates of deposit, bank deposits, and bonds. The issuance heat for mixed-type wealth-management products cooled; there were 9 products newly issued. These mainly invested in fixed-income assets such as deposits and bonds, as well as equity-type assets such as stocks and public funds with embedded rights, and other assets that comply with regulatory requirements; the proportion of each asset category was below 80%. In addition, HSBC China newly issued 4 client-entrusted offshore wealth-management products, whose investment nature was equity-type.

According to the review, last week, multiple wealth-management companies disclosed the performance of their “fixed-income plus” products and responded to the recent stage-based net value drawdowns of this type of product.

On March 31, Huaxia Wealth Management stated that, recently, affected by market volatility, the net values of its “fixed-income plus” wealth-management products have fluctuated. During this round of market adjustments, Huaxia Wealth’s fixed-income enhancement-related series products experienced a smaller overall drawdown compared with fluctuations in a representative “fixed-income plus” fund index in the market.

Huaxia Wealth Management disclosed that from February 26, 2026 to March 27, 2026, the average maximum drawdown of its Huaxia Wealth “fixed-income plus” steady-enhancement series products (equity allocation no more than 10%) was -0.15%; for its flexible-enhancement series products (equity allocation no more than 20%), the average maximum drawdown was -0.18%.

At the same time, Huaxia Wealth Management suggested that for investors who already hold positions, “sit tight and wait for the opportunity” is the better strategy. If there is additional incremental capital, it is also worthwhile to take positions in batches during the market adjustment period. Taking as an example the nearly 20-year trend of the representative “fixed-income plus” index, the Wind Mixed Bond Type Second-Class Index, while the fixed-income enhancement strategy is inevitably subject to fluctuations, over the long term it trends upward overall. Entering at a low level is beneficial for averaging down the cost of long-term holding and accumulating returns.

On April 1, Industrial and Commercial Bank of China (ICBC) Wealth Management posted that, in the context of market volatility, preferred stocks that combine fixed-income attributes with high dividend yield characteristics remain the “star players” on the fixed-income enhancement track. The strategy portfolio of ICBC Wealth’s fixed-income plus preferred stock continues to validate the configuration value of “diversified allocation and balanced offense and defense” in a volatile market.

According to ICBC Wealth Management’s disclosure, since the establishment of its “fixed-income plus preferred stock” products, the maximum drawdown has been kept for the long term within 10BP. During the market’s volatility and adjustment phase in March 2026, the products’ net values remained stable, validating the configuration value of the preferred stock strategy in a volatile market. Specifically, for ICBC XinYue Preferred Stock Strategy with a 60-day holding period and ICBC XinYue Preferred Stock with a 30-day holding period, the maximum drawdown for the mixed-type 2026 versions was 6BP and 9BP respectively.

On the same day, Ping An Wealth Management also disclosed that, in the current market environment, Ping An Wealth’s “fixed-income plus” product line adheres to the predefined product strategy, risk management, and allocation framework. On the one hand, it strictly controls position sizes to avoid downside risk; on the other hand, in style and sector allocation, it focuses on dividends and power and energy. Benefiting from the market stabilizing and rebounding, most of the key products under each strategy rose against the trend. Ping An Wealth Management highlighted the returns of strategy products such as preferred stocks+, convertible bonds+, diversified+, and dividend-focused+.

On April 3, Qingyin Wealth Management released a letter to investors. In the letter, it mentioned that, affected by recent market volatility, some “fixed-income plus” products may experience stage-based net value drawdowns. However, “fixed-income plus” wealth-management products achieve a certain level of risk hedging effect among major asset classes through diversified allocation across multiple asset classes and multiple strategies, including bonds, stocks, and commodities. Therefore, the overall drawdown magnitude of the products is relatively controllable.

Qingyin Wealth Management advised investors to take a long-term perspective, not let short-term market sentiment interfere, maintain a calm mindset, and view market and product net value fluctuations rationally without being overly anxious. In the current low-interest-rate market cycle environment, based on its multi-asset allocation strategy, the company strives to improve the returns and stability of wealth-management products through equity investments, alternative investments, and other approaches. In product management, it applies the concept of portfolio management to do a good job in drawdown control. In areas such as investment research, asset deployment, and product management, it adheres to professional and refined concepts, working hard to build wealth-management products with a good holding experience for investors.

Editor / Qian Xiaorui, Wang Xinyu

(Comprehensive from Tonghuashun, Huaxia Wealth Management, ICBC Wealth Management, Ping An Wealth Management, and Qingyin Wealth Management)

(Editor: Qian Xiaorui)

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