理财“高收益幻觉”再引关注，谁在透支投资者信任？

Core Insights - The recent emergence of a new "ranking" method for wealth management products has raised concerns in the market regarding the manipulation of short-term performance to create an illusion of high returns [3][4] - Regulatory bodies have begun to pay closer attention to these practices, which not only violate asset management regulations but also create unfair conditions between new and existing investors [2][6] Group 1: Ranking Practices - Some wealth management firms are using T-1 valuation rules associated with trust accounts to artificially inflate the performance of new products, thereby gaining a competitive edge in rankings [3][4] - This "valuation arbitrage" involves pooling funds from multiple products into a single trust account, allowing managers to exploit known market movements for profit [3][4] Group 2: Investor Experience - Investors have expressed frustration over the disparity between advertised high returns and actual performance, often feeling misled by the presentation of short-term gains [4][5] - Many banks continue to showcase products with high annualized returns, despite the reality that these products are often newly established and may not sustain such performance over time [5][6] Group 3: Regulatory Response - The China Banking Association has issued guidelines to standardize the display of past performance for wealth management products, emphasizing that past performance does not guarantee future results [6][7] - New regulations set to take effect in 2026 will prohibit financial institutions from misleading clients through performance manipulation or improper presentation [6][7] Group 4: Market Dynamics - The ongoing decline in net interest margins has led banks to prioritize wealth management income, resulting in increased competition and the emergence of questionable practices among firms [2][7] - As regulatory scrutiny intensifies, the methods used to stabilize net asset values are expected to face greater limitations, potentially increasing volatility in product performance [7][8]