银行理财估值整改行至半程，有理财子已提前“交卷”

Core Viewpoint - The banking wealth management industry is undergoing significant valuation rectification, driven by regulatory requirements aimed at standardizing valuation methods and ensuring fair competition among institutions [1][2][3] Group 1: Regulatory Changes - Regulatory authorities have mandated that banks must adopt third-party valuations for wealth management products, eliminating practices such as using closing prices or self-built models [1][2] - A clear timeline has been established for rectification, with half of the required changes to be completed by the end of June and full compliance by the end of the year [1][2] - The rectification process is expected to enhance market order and protect investors' rights by ensuring that product valuations accurately reflect underlying asset values [3][4] Group 2: Impact on Investment Strategies - In response to stricter valuation regulations, banks are adjusting their investment strategies, including shortening the duration of bond investments to mitigate net asset value fluctuations [2][3] - The new rules may lead to increased volatility in product net values, which could pressure risk-sensitive investors and alter their investment behavior [5][6] - The rectification process is likely to create a more competitive environment, with larger institutions potentially gaining market share due to stronger risk management capabilities [6][7] Group 3: Market Dynamics - The rectification is expected to impact the availability of certain assets, as banks may divest from assets valued using closing prices, which could lead to liquidity challenges [5][6] - The current low interest rate environment poses challenges for wealth management products to compete with traditional savings accounts, necessitating a focus on enhancing product offerings and investor education [6][7] - The industry may experience a shift in client preferences, with some investors opting for public bond funds if wealth management products do not differentiate themselves effectively [6][7]