21独家｜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 introduction of third-party valuation models and the implications for the industry [1][5][12]. Group 1: Regulatory Changes and Industry Response - Regulatory authorities have mandated that by the end of 2025, all bank wealth management products must rectify their valuation methods, prohibiting practices like using closing prices for smoothing net value fluctuations [1][3]. - Many wealth management subsidiaries have completed the required adjustments to their valuation techniques, but concerns remain about the adequacy and credibility of new third-party valuation models being adopted [1][2][3]. Group 2: Third-Party Valuation Models - Recent trends show that some wealth management subsidiaries are utilizing new third-party valuation methods provided by companies like China Chengxin Index and Zhongdai Credit Rating, which aim to stabilize product net values [1][5][12]. - These third-party models are seen as a way to mitigate net value fluctuations, but there are concerns about their simplicity and the potential for misrepresentation of fair value [2][3][12]. Group 3: Market Competition and Performance Pressure - There is a competitive pressure within the industry, where some wealth management firms feel compelled to adopt these new valuation methods to avoid losing market share, despite potential regulatory risks [2][3][14]. - The need for high returns in a competitive market has led to the creation of "high-yield" products that may not be sustainable, raising concerns about fairness among investors [15][19]. Group 4: Valuation Methodology and Market Impact - Valuation methods can be categorized into cost and market value approaches, with third-party valuations being increasingly favored for their perceived stability [4][6]. - The reliance on average transaction prices over extended periods is intended to smooth out volatility, but this approach may lead to significant deviations from fair market value [12][13][17]. Group 5: Industry Trust and Long-Term Viability - The industry faces a critical challenge in maintaining investor trust while navigating the pressures of performance and regulatory compliance [3][19]. - There is a call for unified standards in investment management to prevent "bad money driving out good," ensuring that high-yield products do not mislead investors [3][19].