银行理财高收益昙花一现，背后可能隐藏着一个“收益幻术”

Core Viewpoint - The article discusses the phenomenon of "yield illusion" in financial products, where high initial annualized returns attract investors, but actual returns decline significantly over time, revealing a potential manipulation of reported yields [1][3]. Group 1: Yield Trends - Many financial products marketed as "high-yield" show a pattern of high initial returns followed by significant declines, with over 130 out of 177 products launched since August 2025 experiencing a drop in annualized returns [5][9]. - The average annualized yield for bank wealth management products fell to 1.68% in September 2025, indicating a shift into the "1% era" for overall yield levels [19][20]. Group 2: Mechanisms of Yield Manipulation - Financial institutions employ strategies such as "yield transfer" by initially injecting high-yield assets during the product's establishment phase to inflate net value and attract investors, followed by a gradual return to normal yield levels [12][13]. - The introduction of T-1 valuation arbitrage allows institutions to manipulate reported yields by using previous day's net asset values for transactions, effectively transferring value between new and existing products [15][16][17]. Group 3: Industry Implications - The competitive pressure in the wealth management market leads institutions to rely on "high-yield" products to attract clients, which may result in a cycle of yield manipulation that undermines genuine investment research and compliance [21][22]. - The reliance on yield manipulation techniques can distort market expectations for risk-free rates and may encourage short-term trading behaviors among investors, countering the need for stable long-term capital in the market [22].