一买就跌 谁在制造“高收益幻觉”？

Core Viewpoint - The recent emergence of a new "ranking" method in wealth management products has raised concerns about the manipulation of performance metrics to create an illusion of high returns, leading to scrutiny from regulatory bodies [4][7]. Group 1: New "Ranking" Method - The "ranking" behavior involves financial institutions artificially inflating short-term performance to attract investors and enhance product visibility in the market [4]. - Some wealth management companies are reportedly using trust accounts to exploit T-1 valuation rules, facilitating value transfer between new and old products [4][6]. - This "valuation arbitrage" allows fund managers to manipulate returns by timing purchases and redemptions based on market movements, effectively redistributing profits from older products to new ones [4][5]. Group 2: Impact on Investors - The "ranking" practices not only harm the interests of existing product holders but also create a misleading perception of returns for new investors, leading to a "return gap" [5][6]. - Many investors express frustration over the disparity between advertised returns and actual performance, often feeling misled by the presentation of data [5][6]. - The average annualized return for open-ended fixed-income wealth management products is significantly lower than the high returns displayed by some products, with recent data showing an average of 3.15% for the past month [6]. Group 3: Regulatory Response - Regulatory bodies have begun to address the issue of performance manipulation, with guidelines established to ensure that past performance does not mislead investors regarding future returns [7][8]. - The China Banking Association has released standards for displaying past performance, emphasizing the need for clear communication about the risks associated with wealth management products [7]. - New regulations set to take effect in 2026 will prohibit misleading practices in the promotion and sale of financial products, aiming to protect investors from deceptive marketing [7][8].