Eighty percent of pure fixed-income products have a half-year annualized return of less than 3%.

In the first half of 2026, the bond market as a whole experienced a slow bullish trend, with interest rates on government bonds fluctuating downwards, credit spreads generally tightening, and the central bank maintaining a moderately loose monetary policy stance. Amid abundant liquidity, weak domestic demand, and a continuation of the "asset shortage" trend, the yield on 10-year government bonds reached a high of about 1.9% in early January before falling back. By the end of June, the yields on 1-year and 10-year government bonds were around 1.12% and 1.73%, respectively, down approximately 22 basis points and 11 basis points from the beginning of the year. As for credit bonds, the yields on AAA-rated 3-year and 5-year local government bonds decreased by about 24 basis points and 21 basis points, respectively, while yields on AA-rated bonds declined even further. Pure fixed-income wealth management products also faced pressure from declining yields, with data showing that as of June 30, 2026, there were a total of 14,922 outstanding publicly offered pure fixed-income products. Looking at the distribution of net asset growth rates over the past six months, 82% of products had a net asset increase of less than 1.5%, translating to an annualized rate of less than 3%. Products with a net asset growth rate in the 1.5% - 3.5% range accounted for 17.9% of the total, while only 8 products had a growth rate exceeding 3.5%. Due to various factors, the yield on pure fixed-income products has entered a period of low volatility and may become the new normal.