“贴息” 理财重现，对投资者是好事吗？

Core Viewpoint - The article discusses the recent rise in yields of money market funds, with some reaching close to 2%, driven by "interest subsidy" strategies employed by various wealth management companies [1][2]. Group 1: Interest Subsidy Mechanism - The "interest subsidy" phenomenon is primarily manifested through "money enhancement" strategies, which leverage time differences in fund settlement to create additional returns [3]. - By purchasing funds on Thursday, the funds remain in the sales agency's custody for four days, generating interest that is fully subsidized to the wealth management company, allowing for an annualized yield of approximately 1.96% when combined with the base yield of 1.5% [3][6]. - This additional yield is essentially borne by existing fund holders, leading to a dilution of their returns by about 0.3% annually [3]. Group 2: Market Dynamics and Regulatory Environment - The rise of this strategy is attributed to increasing deposit competition among banks and the lack of clear regulatory prohibitions, placing it in a compliance gray area [3]. - However, major state-owned banks typically avoid such practices due to the potential risk of harming other investors' interests [3]. Group 3: Sustainability and Risks - The sustainability of the subsidy strategy is questionable, as it relies on high-interest custodial accounts from smaller banks, which may not be maintainable long-term [7]. - Regulatory scrutiny is increasing, with potential violations of existing regulations regarding promised returns, which could impact the viability of these strategies [8]. - There are concerns about fraud risks associated with high-yield investments, as highlighted by previous warnings from regulatory bodies [9]. Group 4: Investor Strategies - Investors are advised to scrutinize product descriptions for terms like "subsidy" or "interest return" and to be cautious of products with "T+2" interest commencement clauses, which may indicate potential for interest subsidy [11]. - High yields above market averages should prompt careful risk assessment, as excessive returns often come with significant risks [12]. - It is recommended to avoid short-term speculative investments, as they may lead to additional fees and dilute returns for those holding positions for less than a month [13]. - Choosing reputable purchasing channels and products with clear underlying assets is crucial to mitigate risks associated with ambiguous labels like "money enhancement" [14].