存款、理财、基金，谁终将被替代？

Core Insights - The article discusses the competition and transition between bank deposits, wealth management products, and funds, particularly in the context of declining interest rates and changing investor preferences [1][2]. Group 1: Market Dynamics - With the backdrop of declining deposit interest rates, many depositors are seeking alternative investment products, leading to increased interest in short-term fixed-income wealth management products [1]. - Wealth management products have maintained a scale of approximately 31 trillion yuan, despite regulatory pressures and the need for companies to offer competitive returns [1][2]. - The shift towards low-volatility and stable investment strategies has become prominent among wealth management companies, contrasting with the initial ambition to offer higher-risk products [2]. Group 2: Product Comparison - Credit bond ETFs have seen a tenfold increase in scale, indicating a growing preference for these products due to their lower management fees compared to traditional wealth management products [3]. - Wealth management products may struggle to compete with ETFs if they solely rely on credit bonds for returns, as the advantages of wealth management products diminish in a fully net-value fluctuating environment [4]. - The importance of non-standard assets and strategies such as IPOs and private placements is highlighted as critical for wealth management products to differentiate themselves and maintain market share against funds [4].