有产品提前止盈，存续规模再增长50%，美元理财优势还有多大？

Core Viewpoint - The increasing interest in USD wealth management products is driven by the higher yield compared to RMB products, despite the risks associated with currency fluctuations and the need for careful timing in investments [1][4]. Group 1: Market Trends - The demand for USD wealth management products has surged, with the total outstanding scale reaching 282 billion RMB by December last year, doubling compared to the same period in 2023 [2]. - As of July 10, 2025, the total number of USD wealth management products reached 1,328, with an outstanding scale of 461.7 billion RMB, marking a 50.2% increase from the end of last year [2]. - Recent trends show that some USD wealth management products are being terminated early due to reaching profit-taking conditions, indicating a shift in investment strategies [3]. Group 2: Comparative Analysis - The average performance benchmark for newly issued wealth management products in June 2025 was 1.97% for open-ended and 2.54% for closed-ended products, while R2 and R1 level RMB products had benchmarks of 2.56% and 2.11% respectively, highlighting a significant yield gap of around 2% when compared to similar risk-level USD products [4]. - The attractiveness of USD wealth management products is attributed to the significant interest rate differential between the Federal Reserve's rates and domestic macro rates in China, despite the Fed entering a rate-cutting cycle [4]. Group 3: Investor Considerations - Investors are advised to consider their actual funding needs before purchasing USD wealth management products, as the risks associated with currency fluctuations can impact returns [1][5]. - The potential for the RMB to appreciate or for the Fed to cut rates could erode the returns on USD wealth management products, leading to a reassessment of their attractiveness [5].