银行理财降低波动的方法与影响分析：平抑净值波动，探索仍在途中

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [1][48]. Core Insights - The report highlights the increasing focus on "self-built valuation models" by banks to mitigate net value fluctuations in wealth management products, particularly in the context of regulatory changes that limit previous smoothing methods [2][3][4]. - The report discusses the implications of the Asset Management New Regulations, which require fair value measurement to accurately reflect the underlying assets' risks and returns, emphasizing the need for banks to adapt to these standards [2][17]. - Various methods for reducing net value fluctuations are explored, including smoothing funds, third-party valuation quotes, self-built valuation models, and multi-asset hedging strategies, each with its advantages and disadvantages [39][42]. Summary by Sections Section on Valuation Models - The emergence of "self-built valuation models" is noted, particularly among joint-stock banks, aimed at smoothing the impact of bond asset price fluctuations on product performance [3][4]. - The report indicates that these models are primarily focused on secondary perpetual bonds and may expand to include low-rated credit bonds, REITs, and preferred stocks [3][4]. Section on Regulatory Impact - The report emphasizes that the Asset Management New Regulations necessitate that financial institutions implement net value management that aligns with fair value principles, which must reflect the true earnings and risks of underlying assets [17][2]. - It is noted that the fair value measurement can utilize market, income, and cost approaches, with the cash flow discounting method being the most prevalent [17]. Section on Smoothing Methods - The report outlines several methods for reducing net value fluctuations: - Smoothing funds, which have been widely used but are now restricted due to regulatory changes [23][39]. - Third-party valuation quotes, which can provide a similar effect to amortized cost but may involve negative deviations, especially for lower-rated credit bonds [39][42]. - Self-built valuation models, which offer good smoothing effects but face challenges regarding credibility and potential negative deviations [39][42]. - Multi-asset hedging, which aligns with regulatory requirements but has uncertain effects and higher costs [39][42]. Section on Market Dynamics - The report discusses the negative feedback mechanism where bond asset price fluctuations lead to wealth management product net value fluctuations, triggering redemptions and further price declines [4][31]. - It highlights the importance of maintaining a balance between equity and bond investments to reduce overall portfolio volatility, especially given the historical negative correlation between stocks and bonds in the Chinese market [31][36].