净值波动变大、业绩比较基准修改 银行理财的“安稳日子”结束了吗？

Core Viewpoint - The recent trend in the banking wealth management sector shows a significant decline in the performance benchmarks of various financial products, reflecting a broader decrease in yields and increased regulatory scrutiny [1][2][3]. Group 1: Performance Benchmark Adjustments - Since the beginning of 2026, nearly 10 financial institutions have announced reductions in the performance benchmarks of hundreds of their products, with many now capped below 3.2% [2][3]. - For instance, Minsheng Wealth Management's product benchmark was drastically lowered from 4%-6% to 2.6%-3.1%, nearly halving the upper limit [2]. - Additionally, several institutions have shifted their benchmarks from numerical or range-based to index or market interest rate-based, aligning with regulatory requirements [3]. Group 2: Market and Regulatory Influences - The average yield of wealth management products fell to 1.98% in the second half of 2025, down from 2.12% in the first half, indicating a downward trend in returns [4]. - Regulatory changes, including the upcoming "Information Disclosure Management Measures for Asset Management Products," are prompting firms to stabilize their benchmarks to comply with new rules [3][6]. - The shift towards index-based benchmarks is also a response to the need for more stable performance metrics amid market volatility [3]. Group 3: Investor Sentiment and Market Dynamics - Investors are increasingly concerned about the volatility of net asset values, leading to a decline in the attractiveness of wealth management products despite their yields [8][10]. - In January 2026, the total scale of bank wealth management products decreased by 114.2 billion yuan, contrary to expectations of a market rebound [8]. - The gap between bank wealth management and public funds is widening, with public fund assets reaching 37.71 trillion yuan by the end of 2025, surpassing bank wealth management assets [9]. Group 4: Strategic Responses from Financial Institutions - To address the challenges posed by declining yields and regulatory pressures, banks are focusing on product innovation and extending the duration of their offerings to secure stable funding [11][12]. - The introduction of medium to long-term wealth management products has surged, now accounting for 34.81% of new offerings, as institutions seek to lock in higher yields [11]. - Financial institutions are increasingly relying on public funds and alternative investment strategies to enhance returns, reflecting a shift in asset allocation towards equities and other low-liquidity assets [12].