估值整改年中考核在即：理财公司“缩久期”降波动

Core Viewpoint - The regulatory requirements for the valuation of wealth management products are being implemented steadily, with many institutions reporting that they have completed about half of the necessary adjustments by the end of June [1][2]. Group 1: Valuation Rectification Progress - Regulatory authorities have mandated that wealth management companies rectify their valuation methods by the end of June, focusing primarily on closing price valuations [1][2]. - The rectification involves prohibiting the use of closing prices, smoothing valuations, and self-built valuation models, requiring companies to adopt valuations provided by recognized financial institutions [1][2][3]. - The main focus of the rectification is on closing price valuations, which have been used to smooth daily net value fluctuations of products, particularly for illiquid assets [3][4]. Group 2: Impact on Asset Allocation - As the rectification progresses, net value fluctuations of wealth management products are expected to increase, prompting companies to adjust their asset allocation strategies [3][5]. - Companies are likely to shorten bond durations, adjust leverage, and select investment targets more carefully to mitigate overall portfolio volatility [5][6]. - The demand for multi-asset and multi-strategy products is anticipated to rise as companies adapt to the changing landscape [6][7]. Group 3: Enhancing Research and Investment Capabilities - Despite the increased volatility in net values, wealth management products still possess a diversified asset allocation advantage compared to public funds [6][7]. - Companies are focusing on improving their research and investment capabilities to maintain competitiveness in a net value-driven market [6][7]. - The ability to innovate and manage risks effectively is becoming a crucial competitive edge for wealth management firms, with leading institutions likely to capture a larger market share [6][7].