告别估值“美颜”技术理财公司如何接住巨量到期高息存款

Core Viewpoint - The banking wealth management valuation rectification work is nearing completion, with most institutions having completed their tasks ahead of schedule. New third-party valuation tools are emerging in the industry, aiming to smooth net value fluctuations while maintaining compliance and applicability, which still need to be tested [1][2]. Group 1: Rectification Progress - Most wealth management companies have completed the valuation rectification tasks, focusing on minor details such as valuation calibration of inactive bonds and historical floating profit calculations [1]. - A specific wealth management company in the eastern region has formed a special team to ensure compliance with regulatory requirements, which directly impacts their future regulatory ratings [2]. - The regulatory focus includes rectifying improper valuation practices, such as using closing prices and self-built valuation models, requiring companies to adopt valuations from recognized institutions [2]. Group 2: Market Stability and Client Behavior - The overall market has remained stable during the rectification process, with no significant concerns about product redemptions or drastic declines in scale [2]. - There has been a structural change in the client base, with some clients returning to deposit markets due to difficulty adapting to net value fluctuations, while others are gradually accepting net value products [2]. - The proportion of R1 clients (lowest risk tolerance) has slightly decreased, while R5 clients (highest risk tolerance) have steadily increased, indicating a shift in risk appetite among investors [2]. Group 3: New Valuation Tools - New third-party valuation tools, such as the Zhongcheng Credit Index, are gaining attention as the industry seeks to manage net value fluctuations effectively [3]. - These tools aim to provide smoother reference valuation curves while adhering to the principles of fair value, differentiating themselves from previous net value smoothing tools [3][4]. Group 4: Future Challenges and Strategies - The industry anticipates challenges with the full net value transition in 2026, focusing on three core competitive dimensions: asset allocation diversity, precision in hedging tools, and depth in cross-market opportunities [5]. - A wealth management company has achieved over 100 basis points of excess returns through active trading strategies, despite a weak bond market, and is now looking to diversify into cross-border and equity assets [6]. - The impending maturity of approximately 30 trillion yuan in high-interest deposits by 2026 presents a significant opportunity for wealth management products, with a demand for stable products offering annual returns of 2.5%-3.5% [6].