通过“打榜”制造高收益幻觉，理财产品是在透支信任吗？

Core Viewpoint - The recent emergence of a new "ranking" method for wealth management products has raised concerns about the manipulation of short-term performance to create an illusion of high returns, prompting scrutiny from regulators [4][10]. Group 1: New "Ranking" Method - A new "ranking" method involves wealth management institutions manipulating performance or improperly displaying returns to attract investors and enhance product visibility [4]. - Some wealth management companies are reportedly using trust accounts' T-1 valuation rules to achieve value transfer between new and old products, effectively creating a "fund pool" [4]. - This "valuation arbitrage" allows managers to exploit known market movements to maximize returns for new products while shifting losses to older products, redistributing benefits unfairly [4]. Group 2: Display of Wealth Management Returns - The practice of "ranking" has been ongoing and can harm existing product holders while misleading new investors about potential returns [6]. - Various banks employ different methods to display returns, which can create a "high yield illusion" for investors [6]. - For instance, a bank's app features a "golden list" showcasing products with varying holding periods, highlighting high annualized returns that may not be sustainable over time [8]. Group 3: Regulatory Attention and Market Dynamics - Regulatory bodies have increasingly focused on the display of past performance and the "ranking" practices, with guidelines established to ensure transparency and prevent misleading representations [10]. - The China Banking Association has issued guidelines emphasizing that past performance does not guarantee future results, urging investors to exercise caution [10]. - In a declining net interest margin environment, banks are increasingly focused on wealth management income, leading to competitive practices that may violate asset management regulations [11].