又降了！险守2%

Core Viewpoint - The average performance benchmark for newly issued open-ended wealth management products has dropped to 2.04%, while closed-end products have decreased to 2.59%, indicating a significant decline in returns due to falling bond yields [1][2]. Group 1: Performance Benchmark Trends - As of April 20, 2023, 624 new wealth management products were launched, with 208 being open-ended (average benchmark 2.04%) and 416 closed-end (average benchmark 2.59%), reflecting a week-on-week decline of 0.04 and 0.06 percentage points respectively [2]. - Since the beginning of 2023, the average performance benchmark for open-ended products has fallen from 4.01% to 2.04%, a decrease of nearly 200 basis points, while closed-end products have dropped from 3.84% to 2.59%, a decline of 125 basis points [2]. Group 2: Factors Influencing Decline - The continuous decline in performance benchmarks is attributed to two main factors: the low yields on government bonds (10-year yield at 1.66% and 1-year yield at 1.45%) making higher returns difficult, and wealth management companies adjusting benchmarks to lower investor expectations [2]. - The Central Committee's proposal for potential interest rate cuts may further reduce bond yields, impacting the performance benchmarks of wealth management products [2]. Group 3: Market Dynamics and Challenges - The widening gap between the performance benchmarks of open-ended and closed-end products has increased from 32 basis points to 55 basis points over the past year, indicating a growing disparity in returns [4]. - Open-ended products, which are more sensitive to interest rate changes, have experienced a larger decline in benchmarks compared to closed-end products, which have a time lag in adjustments due to their locked-in nature [4]. Group 4: Investment Strategies and Recommendations - In response to declining expected returns, industry experts recommend adopting multi-asset and multi-strategy investment approaches, focusing on absolute return strategies while managing risk and volatility [6][7]. - Wealth management companies are encouraged to innovate product offerings in areas such as retirement planning, green finance, and technology finance, while utilizing digital tools for better customer risk profiling [7].