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含权类银行理财产品吸引力凸显
Zheng Quan Ri Bao·2025-08-21 16:43

Core Viewpoint - The recent strong performance of the equity market has led to a noticeable shift in investor preference from pure fixed-income products to "fixed income + equity" products, resulting in increased marketing efforts by banks for these products [1][4]. Group 1: Market Trends - The equity market's upward trend has caused some investors to redeem pure fixed-income products in favor of higher-risk, equity-inclusive "fixed income +" products [3]. - The average annualized yield of cash management and fixed-income products has decreased to 1.50% and 2.73% respectively in July, while mixed and equity products have seen increases to 3.64% and 9.93% [3]. - The average annualized yield of bank wealth management products has dropped from 2.94% in 2023 to 2.12% in the first half of 2025, indicating a downward trend in traditional fixed-income yields [4]. Group 2: Product Development - Banks are increasingly promoting "fixed income + equity" products, which typically allocate over 80% to fixed-income assets while including a small portion of equity assets, offering higher overall returns with moderate risk [2][5]. - Certain mixed wealth management products linked to passive indices have shown impressive annualized yields, such as a product from Bank of China with a yield of 12.70% over the past month [3]. Group 3: Challenges and Opportunities - The rise of equity-inclusive wealth management products presents both opportunities and challenges, as banks must navigate the low-risk appetite of traditional clients and the inherent volatility of equity markets [5][6]. - To enhance their research capabilities, banks are encouraged to incorporate experienced equity or quantitative teams and optimize product design to balance risk and return [5][6].