沦为银行理财“打榜”工具？第三方估值争议再起

Core Viewpoint - The article discusses the ongoing transformation of bank wealth management products towards "true net value" amid regulatory pressures, highlighting the introduction of new third-party valuation tools to stabilize product net value curves and the resulting industry debates on their implications for fair value and investor protection [3][4][10]. Group 1: Regulatory Changes and Industry Response - In December 2024, regulatory authorities mandated stricter valuation practices for bank wealth management products, prohibiting methods like closing price adjustments and requiring full compliance by the end of 2025 [4]. - In response to regulatory pressures and market competition, some wealth management subsidiaries have begun exploring new third-party valuation tools, such as those provided by China Chengxin Index Company [4][5]. - The introduction of these new valuation methods aims to mitigate the impact of short-term market fluctuations on net value, thereby addressing the "negative feedback" risks associated with bond market volatility [5][9]. Group 2: Valuation Methodologies and Their Implications - The new valuation approach by China Chengxin Index Company separates yield into "long-term true value" and "short-term emotional fluctuations," allowing for a more stable valuation that aligns with long-term investment strategies [5]. - Critics argue that while smoothing techniques can reduce net value volatility, they may also lead to a disconnection from actual market prices, potentially being misused for performance display and product ranking [9][10]. - The reliance on traditional valuation methods like China Bond and China Securities has shown limitations, particularly in their dependence on immediate transaction data, which can amplify market volatility [6][10]. Group 3: Market Divergence and Future Outlook - There is a growing divide in the market regarding the use of new third-party valuation tools, with some advocating for their necessity in reflecting true asset values, while others caution against their potential to distort market perceptions [10][12]. - The article emphasizes the need for clear industry standards and regulatory guidance to define the reasonable boundaries of valuation techniques, ensuring they serve the purpose of fair value assessment without disrupting market order [10][12]. - The future landscape is expected to feature a coexistence of multiple valuation sources, gradually moving towards a more regulated framework that balances traditional and new valuation methods [13].