固收理财大变局

Core Insights - The trust industry is facing significant challenges due to regulatory changes regarding the valuation of bonds, particularly the end of the "closing price valuation" method, which has historically allowed for smoother returns on fixed-income products [2][4][10] - Trust companies are urged to enhance their professional capabilities and shift their focus towards wealth management and standardized product promotion to adapt to the changing landscape [10][11] Regulatory Changes - The regulatory requirement for trust companies to rectify the use of closing price valuation for fixed-income products is set to be completed by the end of 2025, leading to increased volatility and reduced yields for many products [2][4][5] - Various trust companies have already begun the rectification process, with some reporting that only a small portion of their products still utilize the closing price valuation [5][7] Market Impact - The shift away from closing price valuation is expected to result in a more challenging environment for generating stable returns, as many previously low-volatility products will now face increased risk [7][10] - The average annualized yield for fixed-income products has been reported at 2.3042%, with cash management products yielding even lower at 1.3915%, indicating a broader trend of declining returns in the market [8] Strategic Shifts - Trust companies are exploring "fixed income plus" strategies, diversifying into assets like REITs and convertible bonds to counteract the low yield environment [11] - There is a growing recognition that enhancing active management capabilities and expanding research into various asset classes will be crucial for maintaining product stability and meeting investor expectations [10][11]