银行理财产品周观察：理财业绩基准下调是因为投资达标率不佳？

Investment Rating - The report indicates a downward trend in the performance benchmarks of wealth management products, with benchmarks for fixed-income products entering the "2" range as of February 2024 [1][5]. Core Insights - The performance benchmarks for wealth management products have been declining since 2020, with fixed-income benchmarks dropping from 4.14% to 3.33% by February 2024. Specifically, benchmarks for products with a duration of less than 3 months have fallen below 3% [5]. - The gap between long-term and short-term fixed-income product benchmarks has narrowed significantly, suggesting that the potential for higher returns on longer-term investments is diminishing [1][5]. - The decline in performance benchmarks is attributed to both objective market conditions, such as falling interest rates, and subjective adjustments to align with different investor goals [2][15]. Summary by Sections 1. Performance Benchmark Trends - As of February 2024, the performance benchmarks for fixed-income wealth management products have decreased, with benchmarks for products under 3 months now below 3% [5]. - The average annualized return for closed-end products is 2.95%, with varying returns based on duration [7][9]. 2. Performance Achievement Rates - The overall achievement rate for closed-end products is 46%, with short-term products performing better than medium to long-term products [8][9]. - For closed-end products, the achievement rates for durations of 1-3 months and 3-6 months are 97% and 83%, respectively, while only 12% and 28% of products with durations of 1-3 years and over 3 years meet their benchmarks [8][9]. 3. Investment Considerations - Investors are increasingly recognizing the importance of both performance benchmarks and achievement rates when selecting wealth management products. High achievement rates are seen as a better indicator of investment capability [2][15]. - The report suggests that investors should prioritize products with high achievement rates and consider their own risk tolerance and liquidity needs when making investment decisions [2][15].