银行理财收益率回调，这类产品受青睐

Core Viewpoint - The bond market is experiencing fluctuations due to various factors, impacting the performance of bank wealth management products, particularly pure fixed-income products, which have seen a short-term decline in yields. However, with the recent recovery in equity and commodity markets, some "fixed income+" products have shown strong performance [1][2]. Group 1: Market Performance - Since late July, the bond market has undergone adjustments, leading to a decline in yields for pure fixed-income wealth management products, which primarily invest in bonds. For instance, from July 21 to July 27, the average annualized yield for open-ended fixed-income products was 2.81%, down 0.23 percentage points from the previous period [2]. - The average redemption yield for open-ended fixed-income products was 2.43%, a decrease of 0.21 percentage points, lagging behind the average performance benchmark by 0.23 percentage points [2]. Group 2: Investment Opportunities - Industry experts believe that the configuration value of "fixed income+" wealth management products will become more prominent in the second half of the year. These products are seen as important tools for balancing returns and volatility due to their moderate risk levels and higher yield elasticity [3]. - There is an expectation for the continued expansion of the scale of rights-inclusive wealth management products, driven by structural contradictions in the market, such as ample funds and a scarcity of quality assets [3]. Group 3: Asset Allocation Strategies - Financial institutions are encouraged to move beyond traditional fixed-income reliance and explore project-based asset values, focusing on stable cash flow assets like infrastructure REITs. They should also capture structural opportunities in the equity market through quantitative index enhancement strategies and other financial instruments [3]. - Future asset allocation may reduce dependence on bond coupons and increase the allocation to interest rate bonds to seize trading opportunities, with public funds being a significant channel for this diversification [3].