收益率逐月下降，有美元理财产品提前551天止盈，美元理财不如买美股？

Core Insights - Several dollar-denominated wealth management products have been terminated early due to reaching their target annualized return rates, with some products ending up to 551 days earlier than expected [1][2][4] Group 1: Early Termination of Wealth Management Products - Three dollar-denominated wealth management products from China Merchants Bank's investment arm were terminated early after reaching target annualized returns of 4.2% to 4.4%, compared to their originally expected maturity dates [1][4] - The specific products include "Zhaorui US Treasury QDII (Dollar) Target Profit Enjoyment Closed No. 1" which ended 551 days early with a target return of 4.40% [2] - Other products, such as "Zhaorui US Treasury QDII (Dollar) Target Profit Closed No. 8" and "Zhaorui Dollar Overseas QDII (Deposit Certificate and Treasury) Target Profit No. 6," also terminated early, achieving returns of 4.20% [4] Group 2: Market Trends and Investor Behavior - Following recent interest rate cuts in LPR and deposit rates, investors are seeking higher-yielding wealth management products, with some low-risk dollar products still offering annualized returns around 3.8% [1] - The average annualized returns for dollar-denominated wealth management products have been declining, with a notable drop in yields compared to the previous year [10][11] - Despite the decline in yields, the issuance of dollar-denominated wealth management products has increased, with a total of 1,335 products and a scale of 416.62 billion yuan as of July 30, 2025 [12][13] Group 3: Economic Factors and Future Outlook - Economic factors such as U.S. tariff policies and expectations of Federal Reserve interest rate cuts may impact the yields of dollar-denominated wealth management products [1] - Analysts suggest that investors should be cautious and understand the risks associated with these products, particularly in light of potential changes in macroeconomic policies [1][13] - The recommendation includes focusing on products with clear profit-taking mechanisms and considering short-term investments to mitigate risks associated with future interest rate cuts [13]