业绩比较基准密集下调 固收理财“降息”再袭

Core Viewpoint - The recent adjustments in performance benchmarks for fixed-income wealth management products are driven by both policy guidance and market conditions, indicating a shift towards a prolonged "low benchmark" period in the wealth management industry [3][4]. Group 1: Performance Benchmark Adjustments - Over 500 wealth management products have announced adjustments to their performance benchmarks since December, primarily affecting fixed-income products [1]. - Specific products, such as the "Wealth Management Art Series" and "Guizhu Fixed Income Growth," have seen their benchmarks reduced significantly, reflecting the declining yield of core underlying assets [2][4]. - The adjustments are attributed to a combination of lower market interest rates and stricter regulatory requirements, necessitating a shift towards net value transformation [2][3]. Group 2: Yield Performance Disparities - There is a noticeable divergence in yield performance among fixed-income wealth management products, with closed-end products showing higher average annualized yields compared to open-end products [1][5]. - As of November 2025, the average annualized yield for closed-end fixed-income products was 3.38%, while open-end products yielded 2.79%, indicating a trend of declining yields across the board [5][6]. - The "fixed income plus" products have also exhibited significant yield disparities, with a portion of products yielding over 3.5% while others reported negative returns [5][6]. Group 3: Strategic Shifts in Wealth Management - The wealth management industry is transitioning from a reliance on high benchmarks and non-standard assets to a focus on diversified asset strategies and professional management [6][8]. - New product designs are increasingly incorporating multi-asset strategies to adapt to the low-interest-rate environment, emphasizing stability and transparency over high returns [8][9]. - The industry is moving towards a service-oriented approach, prioritizing comprehensive client services and risk management over mere product sales [9][10]. Group 4: Investor Behavior Changes - Investors are shifting their preferences, focusing more on the underlying asset yields rather than historical performance, leading to increased interest in fixed-income products [6][7]. - There is a trend of low-risk preference investors reallocating funds towards savings accounts or short-term bond funds as yields decline [6][7]. - The adjustments in performance benchmarks reflect a deeper strategic shift within banks and wealth management firms towards genuine net value management, moving away from the illusion of guaranteed returns [6][9].