理财产品新“魔法”再起，第三方估值惹争议

Core Viewpoint - The article discusses the ongoing challenges and changes in the valuation methods of bank wealth management products, particularly focusing on the adoption of third-party valuation models and the implications for market competition and investor fairness [1][2][3]. Group 1: Regulatory Changes and Compliance - Regulatory authorities have mandated that bank wealth management products must not use methods like closing price adjustments or self-built valuation models to smooth net value fluctuations, with a deadline for compliance set for the end of 2025 [1]. - Many wealth management subsidiaries have completed the required adjustments to their valuation techniques as the deadline approaches [1]. Group 2: Adoption of Third-Party Valuation Models - Some wealth management subsidiaries have started using new third-party valuation methods provided by companies like China Chengxin Index and Zhongdai Credit Rating, which are seen as a way to stabilize product net values [1][4]. - There is a divide among industry professionals regarding the effectiveness and credibility of these new valuation models, with concerns about their simplicity and potential compliance issues [1][2]. Group 3: Market Competition and Investor Fairness - The use of third-party valuations may lead to asset yield manipulation for "ranking" products, raising concerns about fairness among investors and the potential for valuations to deviate from fair market value [2][3]. - Wealth management companies feel pressured to adopt these new valuation methods to remain competitive, especially when peers are achieving higher yields [2][3]. Group 4: Performance and Risk Management - In the first three quarters of the year, wealth management products generated a total of 568.9 billion yuan in returns for investors, highlighting the importance of maintaining competitive performance [3]. - There are calls for better regulation of sales channels and clearer communication of investment strategies to prevent misleading performance displays that could harm investor trust [3]. Group 5: Characteristics of New Valuation Models - The new valuation methods emphasize the importance of long-term value and aim to reduce the impact of short-term market fluctuations, which is beneficial for long-term investors like banks and insurance funds [7][9]. - The valuation models from China Chengxin and Zhongdai Credit Rating are designed to provide more stable estimates, particularly during extreme market conditions, to prevent panic selling and valuation distortions [11][12]. Group 6: Concerns Over Misuse and Market Dynamics - There are concerns that the smoothing techniques used in these new valuations could lead to significant deviations from fair value, especially if overused for competitive advantage [16][19]. - The article highlights the potential for "ranking" products to mislead investors, as high yields may not be sustainable and could lead to unfair treatment between new and existing product holders [17][18].