理财产品估值整改年中大考将至 机构进展分化净值波动加剧

Core Viewpoint - Regulatory requirements for the valuation of wealth management products are driving profound changes in the industry, with companies required to complete half of their rectification tasks by mid-year and fully by year-end [1] Group 1: Progress of Rectification - Different wealth management companies are showing varied progress in valuation rectification, with some in South China having completed their tasks by the end of last year, resulting in minimal operational impact [3] - Wealth management subsidiaries in East China are adopting a more cautious approach, shortening bond investment durations and being more selective in credit bond allocations to meet stricter regulatory requirements [3] - City commercial banks in North China generally find it manageable to complete rectification tasks due to the limited number of involved products [3] Group 2: Regulatory Requirements - Regulatory authorities have explicitly prohibited wealth management companies from using closing prices, smoothing valuations, or self-built valuation models, mandating the use of daily valuations provided by recognized financial institutions [3] - This regulation aims to eliminate unfair competition in the market and applies to both direct investment and outsourced business [3] Group 3: Impact on Asset Allocation Strategies - The deepening rectification work is expected to increase the volatility of net asset values, prompting wealth management companies to reassess and adjust their asset allocation strategies [4] - Shortening bond durations has become a common strategy among institutions to control net value fluctuations [4] - Companies are also managing leverage levels and selectively choosing investment targets to mitigate net value volatility, leading to opportunities for multi-asset and multi-strategy products [4] Group 4: Challenges for Short-term Products - Short-term wealth management products face significant challenges as the adoption of standardized valuations reflects market fluctuations directly, risking net values dropping below 1 yuan, which may lead to investor redemptions [4] - In contrast, long-term closed-end wealth management products have a natural advantage as investors tend to be more tolerant of net value fluctuations over longer periods [4]