超百款理财产品业绩比较基准“缩水”

Core Viewpoint - The recent adjustments in the Chinese banking wealth management market are primarily driven by the People's Bank of China's interest rate cuts, leading to a decline in market interest rates and subsequently affecting the performance benchmarks of various wealth management products [1][4]. Group 1: Market Impact - Since May, over a hundred wealth management products have announced reductions in their performance benchmarks, with some products' yield limits dropping below 2%, nearing the rates of fixed-term deposits [1][6]. - The decline in expected returns has prompted investors to reconsider their asset allocations, with conservative investors likely shifting towards cash management products or fixed-term deposits, while those with a higher risk appetite may focus more on "fixed income plus" products [2][4]. Group 2: Product Adjustments - Major wealth management firms, including Ping An Wealth Management and Bank of China Wealth Management, have adjusted their performance benchmarks in response to the declining policy interest rates, which have led to lower yields on underlying assets [3][5]. - The average performance benchmark for newly issued wealth management products in April 2025 was reported at 2.12%, reflecting a month-on-month decrease of 0.02 percentage points [7]. Group 3: Regulatory Environment - Regulatory bodies have been reinforcing the disclosure requirements for performance benchmarks of wealth management products, ensuring they accurately reflect market conditions and the risk-return characteristics of the products [4][5]. - The adjustments in performance benchmarks are aligned with regulatory expectations, aiming to provide a more transparent reference for investors regarding the expected returns of wealth management products [4][5]. Group 4: Future Trends - The low interest rate environment may lead to a reallocation of funds back to the deposit market, as many wealth management products' yields approach those of fixed-term deposits [6][10]. - Wealth management firms are encouraged to enhance their product offerings, particularly in "fixed income plus" products, to balance risk and return while adapting to the changing market landscape [11][12].