银行理财高收益昙花一现，背后是信托T-1估值套利模式

Core Viewpoint - The article discusses the phenomenon of "yield illusion" in wealth management products, where high annualized returns advertised (up to 10%) may not reflect the actual returns received by investors, which can be over 1 percentage point lower than expected [1][6]. Group 1: Yield Trends - Many wealth management products have shown a "high then low" yield curve, with over 130 out of 177 products launched since August experiencing a decline in annualized returns [5][10]. - A specific example includes a product with an initial annualized return of 9.67% that dropped to just 0.82% within a month, highlighting the volatility in returns [5][6]. - The average annualized return for bank wealth management products has decreased to 1.68% as of September 2025, indicating a shift into the "1% era" for returns [11]. Group 2: Industry Practices - Wealth management companies are employing "yield maneuvering" techniques, such as injecting high-yield assets during the product establishment phase to attract investors, followed by a gradual decline in returns [6][12]. - The practice of issuing numerous similar products to create a competitive edge, known as "shell raising," has become common, with 10,000 new products launched in the third quarter of 2025 alone [8][12]. - The T-1 valuation arbitrage method allows companies to manipulate returns by using previous day's net asset values for transactions, effectively redistributing profits between new and old products [9][12]. Group 3: Market Impact - The competitive nature of the wealth management market has led to a cycle where firms feel pressured to inflate returns, which can mislead investors and potentially lead to widespread complaints [13]. - The reliance on high-yield products may distort the true price discovery process in the market, pushing up risk-free interest rate expectations and encouraging short-term investment behaviors [13].