理财估值腾挪术迭代 “开卷考”锁定收益打榜

Core Viewpoint - The article discusses the emergence of new valuation techniques in the wealth management industry, particularly the use of T-1 valuation methods, which allow companies to manipulate reported returns on investment products, leading to unfair treatment of investors and misleading performance metrics [1][2][10]. Group 1: Industry Practices - Wealth management companies are increasingly using T-1 valuation methods to shift returns between products, creating high-yield "showcase" products while older products suffer from lower returns [1][6][9]. - This practice results in unfair treatment of clients, where some investors see their returns diminished as their funds are redirected to support the performance of newer, smaller products [2][19]. - The industry is experiencing a trend of excessive product launches, with many small-scale products being introduced, leading to a dilution of focus on investment research and management [16][17]. Group 2: Regulatory Environment - Financial regulators have taken steps to curb previous practices that circumvented asset management regulations, prompting companies to seek new methods like T-1 valuation to maintain competitive returns [10][14]. - The regulatory landscape has become stricter, with some companies already prohibiting the use of T-1 valuation, while others continue to exploit it for higher reported yields [14][15]. Group 3: Market Impact - The reliance on T-1 valuation has led to a significant disparity in returns, with many products yielding only 1.7% annualized returns, which is not reflective of market conditions [19]. - This manipulation of returns contributes to a more short-term investment behavior among clients, undermining the potential for long-term value investing in the capital markets [19][20]. - The industry faces calls for regulatory action to ensure fair practices and transparency, as the current environment fosters potential investor deception [21].