银行理财高收益昙花一现，背后可能隐藏着一个“收益幻术”

Core Viewpoint - The article highlights the phenomenon of "yield illusion" in financial products, where high initial annualized returns attract investors, but actual returns decline significantly over time, raising concerns about the authenticity of net asset values and the potential for "bad money driving out good" in the industry [2][7][10]. Group 1: Yield Trends - Many newly launched financial products exhibit a "high then low" yield curve, with initial annualized returns often exceeding 3%, but actual returns dropping below 2% shortly after [5][6]. - As of September 2025, the weighted average annualized return for bank wealth management products was only 1.68%, indicating a shift into the "1% era" for overall yield levels [10][11]. - Over 130 out of 177 products launched since August 2025, which initially boasted annualized returns over 10%, have seen their yields decline in the following month [5][6]. Group 2: Yield Manipulation Techniques - Financial institutions are employing "yield shifting" techniques, where high-yield assets are concentrated during the product's initial phase to inflate net asset values and attract investors, followed by a gradual return to normal yield levels [7][9]. - The practice of issuing numerous similar products allows companies to create a "shell" effect, where new products are specifically designed to boost performance rankings [8][11]. - The T-1 valuation arbitrage method has emerged as a new strategy, allowing companies to transfer value between new and old products, effectively manipulating perceived returns [9][10]. Group 3: Market Implications - The competitive landscape in the wealth management market has intensified, leading to a cycle where firms feel pressured to inflate product yields to maintain market position [12][13]. - Investors in older products may unknowingly have their potential returns shifted to newer, higher-yield products, leading to dissatisfaction and potential complaints [13]. - The reliance on yield manipulation may hinder genuine investment research and asset allocation efforts, ultimately affecting the industry's long-term quality and stability [12][13].