沦为银行理财“打榜”工具？第三方估值争议再起

Core Viewpoint - The article discusses the ongoing transformation of bank wealth management products towards "true net value" amid regulatory pressures, highlighting the introduction of new third-party valuation tools and the resulting industry debate on their implications for fair value and investor protection [2][3][6]. Group 1: Regulatory Context - In December 2024, regulatory authorities mandated further standardization of bank wealth management product valuations, prohibiting practices like closing price adjustments and requiring comprehensive reforms by the end of 2025 [3]. - The regulatory changes aim to clarify boundaries for previously used technical methods that "modified" net value curves [3]. Group 2: Introduction of New Valuation Tools - Several wealth management subsidiaries are now exploring new third-party valuation tools, such as those provided by China Chengxin Index and China Bond Rating, to address the need for more stable valuations in the face of market volatility [3][4]. - The new valuation methods combine financial engineering, machine learning, and big data to balance short-term trading information with long-term credit value [3][4]. Group 3: Industry Perspectives - Supporters of the new valuation methods argue they can help mitigate cyclical fluctuations in the bond market and stabilize investor expectations, while critics express concerns about potential deviations from fair value and misuse for performance enhancement [2][6]. - The debate reflects the challenges faced by the banking wealth management sector as it deepens its transition towards true net value [2][8]. Group 4: Technical Features of New Valuation Methods - The new valuation approach emphasizes three key features: increasing the weight of actual transaction prices after significant monetary policy changes, selecting optimal credit-rated entities for curve construction, and using historical transaction prices to reduce the impact of short-term market sentiment [4][5]. - This method aims to provide a more accurate reflection of long-term value, particularly for long-term investment funds like bank wealth management and insurance capital [4]. Group 5: Risks and Concerns - There are concerns that the smoothing of valuations could lead to a disconnect from actual market prices, potentially being used for performance display and product ranking, which may mislead investors [6][7]. - The reliance on smoother valuations could create persistent price discrepancies between different valuation methods, leading to accumulated unrealized gains or losses [6]. Group 6: Future Outlook - The industry is expected to see a coexistence of multiple valuation sources, with a gradual move towards standardization and clearer regulatory guidelines for third-party valuation institutions [8]. - The dual impact of new valuation methods on investor rights is acknowledged, as they can stabilize market expectations while also potentially amplifying differences in returns among investors during market turning points [8].