告别“削峰补欠” 银行理财打法全面升级

Core Viewpoint - The banking wealth management industry is transitioning to a "true net value era" due to regulatory requirements, necessitating strategies to reduce product net value volatility [1][2] Group 1: Industry Response to Net Value Volatility - Wealth management companies are focusing on optimizing asset allocation and employing diversified investment strategies to address net value volatility challenges [1][2] - Companies are releasing previously retained floating profits and are now enhancing product yields by increasing short-duration asset purchases and allocating funds to public funds [1][2] - The use of credit bond ETFs is becoming popular among wealth management firms as a means to improve investment returns [1][2][3] Group 2: Asset Allocation Strategies - Companies are increasing the proportion of stable asset allocations, such as deposits and preferred stocks, while limiting equity positions to avoid significant net value declines [2] - There is a focus on multi-asset strategies and exploring dynamic adjustment mechanisms to manage risks effectively [2][3] - Risk management is being conducted at both product and asset levels, with attention to liquidity reserves and monitoring deviations in actual yields [2][3] Group 3: Growth of Credit Bond ETFs - Credit bond ETFs are gaining traction due to their advantages in liquidity and the ability to provide leveraged exposure [3][4] - The market for credit bond ETFs has seen rapid growth, with a 60% market share in the bond ETF sector as of July 20 [3] - Wealth management firms are particularly interested in AAA-rated credit bond ETFs for their liquidity and suitability for short-term allocations [3][4] Group 4: Future Trends and Innovations - The banking wealth management sector is expected to bring additional funds into the equity market, with estimates ranging from 80 billion to 120 billion yuan annually [5][6] - Companies are innovating products around the dual themes of "stable returns + low volatility" and are increasingly incorporating equity assets to enhance product yields [5][6] - There is a shift from single asset strategies to multi-asset strategies, with a focus on optimizing asset allocation in a low-interest-rate environment [5][6]