银行理财估值整改6月底收官，告别平滑净值！投资者将直面真实市场波动

Group 1 - The core viewpoint of the articles highlights that the valuation rectification of bank wealth management is entering a critical phase, with multiple institutions steadily advancing their work in accordance with regulatory requirements [1] - Since the issuance of regulatory notifications in December last year, banks have been actively responding to complete their semi-annual rectification plans by the end of June [1] - After the rectification is completed, wealth management products will no longer use methods to smooth net value fluctuations, and investors will need to face real market volatility risks directly [1] Group 2 - The progress of the rectification work shows significant differentiation among institutions, with some banks in southern China having completed their tasks ahead of schedule, while others strictly follow the regulatory timeline [3] - Many wealth management companies are focusing on resolving the closing price valuation issue, which has become the main content of their current work [3] - Regulatory authorities have prohibited wealth management companies from using methods such as closing price adjustments or self-built valuation models to smooth net value fluctuations, requiring the use of third-party valuations [3] Group 3 - The completion of the rectification will lead to a new normal of increased net value fluctuations for bank wealth management products, as investors will directly bear the value changes of underlying assets [4] - The fundamental change in the valuation method for bond assets is a core aspect of this rectification, moving away from using closing prices to a more accurate market value approach [4] - The new valuation system will reflect the fair market value more accurately, ensuring that product net values can promptly synchronize with market changes [4] Group 4 - Bank wealth management companies have begun to adjust their performance comparison benchmarks to guide investors' expectations, with over a hundred products having completed benchmark adjustments [5] - Some products have seen benchmark reductions exceeding 150 basis points, indicating a shift towards a more realistic net value fluctuation environment [5] - The new norm will be that net values of wealth management products will follow market conditions closely, requiring investors to adapt to this more authentic volatility [5]