Core Viewpoint - The recent scarcity of long-term large-denomination certificates of deposit (CDs) in Chinese banks reflects a strategic shift in response to narrowing net interest margins and rising funding costs, prompting banks to limit high-cost deposit products and encouraging investors to reconsider traditional deposit reliance [1][3][4][5]. Group 1: Market Trends - Long-term large-denomination CDs, particularly 5-year products, have become increasingly difficult to find, with many banks ceasing to offer them [2][3]. - As of June 10, 2023, major state-owned banks have reduced the interest rates on 1-year and 2-year large-denomination CDs to 1.2%, and 3-year products to 1.55%, with no 5-year CDs available [2][3]. - The trend of banks discontinuing long-term large-denomination CDs has been observed since early 2024, indicating a proactive strategy to manage liabilities amid declining net interest margins [3][4]. Group 2: Financial Implications - The net interest margin for Chinese commercial banks fell to 1.43% in Q1 2025, a decrease of 9 basis points from Q4 2024, highlighting the pressure on banks to manage funding costs [4]. - The shift towards shorter-term deposits and alternative financial products, such as short-term wealth management and structured deposits, is becoming more prevalent as banks seek to attract funds while minimizing interest expenses [5][6]. Group 3: Investor Recommendations - Investors are advised to adjust their traditional reliance on deposits, as the overall deposit rates have entered the "1 era," which may lead to returns lagging behind inflation [8]. - It is suggested that investors consider diversifying their portfolios by including low-risk assets like government bonds and short-term bond funds, or adopting a "deposit + insurance + wealth management" strategy to balance liquidity and returns [8]. - For those with higher risk tolerance, a "fixed income +" strategy that includes equity assets may enhance long-term returns [8].

文/杨娜娜 精彩观点｜永赢基金绝对收益投资部负责人 刘星宇 1. "大类资产配置的选择往往是固收+投资的'胜负手'，只有做到极致、跑到最前面才有希望给客 户赚取更多的收益。" 2. "通过负相关性的资产组合，先控制整体波动率，再去追求收益率。" 3. "客户只承担1/3的风险就获得了平均水平的收益，这样的产品才能让客户拿得住、从而获得更 好的持有体验，也更符合高质量发展的目标。" 4. "投资不是拍脑袋，而是把每一个决策依据'钉'在系统里，错了也能找到bug修复。" 5. "我们所讲的'投研一体化'，是研究员输出的结果基金经理敢信、敢用且产生正回报，形成良性 循环。" 固收+领域涌现了一只现象级产品。据2 0 2 5年一季报数据，永赢添添悦6个月持有近一年的规 模从0 . 5 8亿元狂飙至9 3 . 1 5亿元，规模激增近1 6 0倍！其中主要的规模增加来自2 0 2 4年四季度 和2 0 2 5年一季度。 更惊艳的是，截至5月3 1日，该基金（A类）在最大回撤严控在0 . 9%以内的前提下，近两年收 益率突破1 0%，排名同类前9%（数据源于银河证券，具体排名2 9 / 3 2 4）。 永赢添添悦6个月持有 ...

Core Insights - The core viewpoint emphasizes that achieving superior returns for clients in fixed income plus investments requires extreme precision and proactive management [1][4][25] - The integration of subjective and quantitative research within the investment process is highlighted as a key driver of success [4][11][25] Group 1: Investment Strategy - The company believes that the choice of asset allocation is crucial for success in fixed income plus investments, with a focus on controlling volatility before pursuing returns [1][10] - The "万象系统" (Wànxiàng System) serves as a digital brain for fixed income plus investments, aiding in asset allocation, stock-bond timing, and sector rotation [5][7] - The system allows for cross-asset comparisons and provides signals for risk management, enhancing decision-making processes [8][9] Group 2: Performance Metrics - The fund "永赢添添悦" (Yongying Tiantian Yue) experienced a dramatic increase in assets under management, growing from 0.58 billion to 93.15 billion yuan, a nearly 160-fold increase [1][3] - As of May 31, the fund achieved a return exceeding 10% over two years while maintaining a maximum drawdown of only 0.9%, ranking in the top 9% of its category [1][4] Group 3: Research and Development - The company has developed multiple interconnected systems to support its investment research, including the "天玑" (Tianji) equity research system and the "牵星" (Qianxing) fixed income research system [11][12] - The integration of research and investment teams fosters collaboration and enhances the quality of investment decisions [12][25] Group 4: User-Centric Approach - The company has created a diverse product line that caters to different client needs, offering solutions that match varying risk appetites [21][24] - The growth in fixed income plus assets, reaching 347.1 billion yuan, reflects the company's commitment to providing high-quality investment experiences [24][25] Group 5: Future Outlook - The company aims to continue building a robust, integrated investment research platform that aligns with market trends and client expectations [25] - The focus on low-volatility, high-quality investment products is in line with industry trends advocating for stable, asset allocation-based products [25]

Core Insights - The report focuses on the performance of three categories of wealth management products: "Fixed Income + Equity," mixed-type, and equity-type products [1][2]. Group 1: "Fixed Income + Equity" Products - The average net value growth rate for "Fixed Income + Equity" public wealth management products with a duration of over three years is 3.18%, which is generally below the preset performance benchmark [6]. - The number of long-term "Fixed Income + Equity" public wealth management products that have been in existence for over a year is less than 80, primarily operating in a closed format [6]. - Top-performing products in this category include ICBC's "Yixiang Antai Fixed Income Type Pension Wealth Management" and Postal Savings Bank's "Postal Wealth Tianyi · Hongjin Closed Series 2022 No. 2 Pension Wealth Management," both achieving a net value growth rate of 4.42% [7]. Group 2: Mixed-Type Products - The average net value growth rate for mixed-type wealth management products with a duration of 1-3 years is 2.68%, with significant performance variation among institutions [12]. - Xinyin Wealth Management's mixed-type products achieved an average net value growth rate of 4.27%, while Huaxia Wealth Management's products only reached 1.05% [12]. Group 3: Equity-Type Products - The average net value growth rate for equity-type wealth management products over the past six months is 2.75%, with a maximum drawdown of 11.19% [15]. - Notable products include Huaxia Wealth Management's "Tiangong Day Open No. 2 (Digital Infrastructure Index)" and Everbright Wealth Management's "Sunshine Red Infrastructure Public REITs Preferred No. 1," with growth rates of 17.81% and 16.63%, respectively [15].

公募基金市场动态： 2025年6月3日，上海市发改委发布《关于进一步加强项目储备谋划推动我市基础设施 REITs提质扩容的通知》，提出建立"愿推尽推"动态储备库，支持各区、各有关企业积极梳理暂不符合REITs发 行规模条件或储备资产较少、不适合首次发行REITs的优质项目，并加强与已上市REITs平台的合作交流，研究 通过资产重组等方式将项目作为扩募资产注入已上市REITs平台 。 泛固收基金指数表现跟踪 投资要点 市场回顾： 上周（2025.06.03-2025.06.06）债券市场小幅上涨，中债-综合财富指数（CBA00201）收涨 0.13%，中债-综合全价指数(CBA00203)收涨0.09%。利率债收益率普遍下行，且短端下行幅度高于长端。信用 债收益率以下行为主，信用利差有所走扩 。 市场观察： 央行提前续作万亿买断式回购呵护资金面；中美高层通话压制债市情绪；降息预期降温，海外市场 不确定性仍在；REITs规模突破2000亿，市场热度不减 。 短期债基优选：上周收涨0.04%，成立以来累计录得3.83%的收益。 中长期债基优选：上周收涨0.10%，成立以来累计录得6.24%的收益。 分析师：孙书娜 ...

（原标题：理财公司出手，加大"固收+"布局力度） 【导读】应对低利率环境，理财公司加大产品创新并积极布局"固收+" 例如，6月4日，农银理财推出了一款名为"农银安心·灵珑2025年第10期理财产品（鑫享）"的理财产 品。记者注意到，该产品期限为395天，业绩比较基准为2.3%至2.7%，高于同期存款利率；从该产品资 金投向来看，非标准化债券仓位在30%至50%。 徽银理财也于近期推出了一款名为"智盈添金目标盈19号理财"的理财产品，该产品非标债权类资产占比 控制在50%以内。渤银理财"财收有略系列固定收益类二年封闭式理财产品"则将非标资产配置比例锁定 在49%以下，平衡收益与风险。 除此之外，不少理财公司还积极创新分红模式，推出按月或按季分红的理财产品，为投资者提供更灵活 的理财收益获取方式。 例如，5月底农银理财推出了首只分红型理财产品"长辈悦享"。该产品在成立满3个月后可按月进行现金 分红，产品期限为390天，业绩比较基准为2.5%～3.00%。 上银理财和苏银理财也同步加入分红创新阵营，分别推出"安心颐选长盈3年（悠享分红款）""恒源封闭 三年鑫利系列"等产品，通过定期分红机制增强产品对投资者的吸引力。 ...

>南方财经全媒体集团 21世纪经济报道 (ga)南财理财通 司空空正收益 "固收+7 公募产品近一年业绩榜 (2~3年期限) | all gar | 产品名称 | 三世人 | 海圍牆长 财 | 最大回撤 | 年4487 M | | --- | --- | --- | --- | --- | --- | | | 京华远见鑫益盈余61 | 北银理财 | 7.68% | 1.16% | 4.36% | | | 름 | | | | | | | | 销售机构:北京银行 | | | | | | 幸福99主裕固收多资 产(平衡优选FOF)109 | 杭银理财 | 6.40% | 1.51% | 3.07% | | | 9天23007期 | | | | | | | | 销售机构:杭州银行/绍兴银行 | | | | | | 璀璨人生田园系列(共 | 青银理财 | 6.01% | 1.98% | 3.74% | | | 享)2023年001期 | | | | | | | | 销售机构:厦门银行/杭州银行/青岛银行等 | | | | | | 稳富固收增强(封闭 | 中银理财 | 5.58% | 0.74% | 1.26% | | ...

据介绍,该产品成立于2022年10月,迄今运作时间超两年半,历经多个市场波动周期,自成立以来净值增长率 为10.33%,年化收益率达到3.80%,最大回撤仅-0.32%,其投资策略和业绩表现受到业界和客户的广泛认 可。 6月5日,由财视中国主办的第十八届"银行业·介甫奖评选"在上海举行。平安理财凭借专业精进的投研能 力、稳健优异的业绩表现等荣获"杰出银行理财子公司",旗下的启元策略(360天持有)1号获评"卓越创新 银行理财产品"。 作为在资管行业发展新格局大背景下成立的银行理财公司,平安理财以打造"国内品类最全的开放式理财 平台"为目标,持续提升专业投研、产品体系、渠道经营、运营服务、风险管理方面"五位一体"的能力,构 建多元化人才队伍和数据科技创新"双擎驱动"竞争优势,打造以"稳"为特色、聚焦绝对收益目标的产品 体系,致力于以更强的责任担当、更扎实的投研能力服务实体经济高质量发展,守护老百姓的钱袋子。 本届"介甫奖"评选中,平安理财旗下的启元策略(360天持有)1号固收类产品备受关注。"启元策略360天1 号A"是以绝对收益为目标的固收类理财产品,其以稳健资产打底、融入固收量化策略,基于机器学习和量 化模 ...

21世纪经济报道记者 方海平 上海报道 这样的环境下如何布局投资策略？在银行理财、公募基金占据C位的资管格局中，券商资管如何定位自 己，又将走出一条怎样的特色之路？21世纪经济报道旗下《对话资管30人》栏目近期深度访谈了华一。 "我觉得资管市场今年其实是进入了一个全新的时代，一个纯粹低利率的、相对高波动，需要依靠技术 化管理投资和产品的元年。"华金证券副总裁、资管业务负责人华一在谈及当前资管市场形势时如此判 断。 他给出这一结论的根据有两点，一是低利率的环境已经十分明显，而前些年推出的长期限的、有一定高 收益的资产到目前为止基本都到期了，二是比如理财平滑净值的技术方法，也被监管明令禁止，被严格 要求在今年内要处理好。 华一是资管行业的一员老将，职业生涯起步于早年的工商银行资管部，后又在平安银行、天风证券等机 构任职资产管理相关岗位，亲历了我国资管行业近20年的发展转型，采访中回顾这一历程颇有感触，他 认为早期的资管本质上是一种信贷溢出，"资管新规"后开启净值化的真资管之路，彼时机构有一波大胆 尝试探索，但很快又在市场"教训"下有所收敛。 他觉得资管机构过去被纯债大牛市宠坏了，"既能上量，又能提供收益"，如今， ...

Core Insights - The article focuses on the performance of three categories of wealth management products: cash management products, pure fixed-income products, and "fixed income + options" products [1][5]. Cash Management Products - The average annualized yield for cash management products as of May 29 is 1.53%, remaining stable compared to May 21 [9]. - The highest yield among cash management products is from "Suyin Wealth's QiYuan Currency 1," with an average annualized yield of 3.095% [9]. Pure Fixed-Income Products - The average yield for pure fixed-income public products with a 6-12 month investment period is 2.51%, down by 0.21 percentage points from April 17 [5]. - Only 26.46% of these products achieved positive monthly returns over the past year, a decrease of 6.68 percentage points compared to April 17 [5]. - The top-performing product in this category is "Xinyin Wealth's AnYing Xiang Fixed Income Stable Nine-Month Holding Period 7," with a net value growth rate of 3.56% [5]. "Fixed Income + Options" Products - The top product in the "fixed income + options" category is "Zhaoyin Wealth's Zhaorui Global Asset Momentum Fourteen Month Fixed Income Plan A," with a net value growth rate of 1.14% over the past three months [12]. - Zhaoyin Wealth and Xingyin Wealth each have three products listed in the top rankings, while Ping An Wealth has two [12]. Investment Preferences - Many products favor non-standard assets and urban investment bonds, with some also investing in real estate bonds [6].