监管政策及资管市场要闻解读： 5月23日，国家金融监督管理总局发布《银行保险机构资产管理产品信息披露管理办法（征求意 见稿）》： 直指公募银行理财产品，从三大维度强化信息披露框架：披露渠道标准化（国家金 融监督管理总局认可的信息披露平台）、披露频率精细化（各项时间节点更细化）、披露内容 规范化（重点聚焦业绩基准、过往业绩和资产穿透三大方面）。 分析师：蔡梦苑 登记编号：S0890521120001 分析师：周佳卉 登记编号：S0890525040001 投资要点 银行理财产品业绩比较基准与费率"双降"： 在低利率环境与资产荒压力下，为匹配市场实际收 益预期、缓解投资者因"预期落差"引发的赎回压力，理财子公司密集启动业绩比较基准下调机 制。基准下调增加了客户流失风险，理财公司通过费率让利稳定客户，形成"收益压力→基准下 调→降费稳客"的传导链条。行业可持续发展需突破短期价格战逻辑。 理财公司多角度响应"长钱长投"号召： 理财公司正由规模扩张迈向价值深耕，通过响应政策、 创新工具及构建产业生态，促进科技与资本深度融合。另一方面，科技型企业高风险、长周期 的特征，也对理财公司的深度投后管理能力（如技术估值模型构建、 ...

华宝证券出品的2025中国金融产品年度报告《生态跃迁》，已经正式发布了。这是我们 连续第 十四年 发布这个报告。 图：2025中国金融产品年度报告封面 每当这份沉甸甸的报告最终成稿，我们的心中总会涌起一种满满的收获感。这不仅是对过去一 年辛勤耕耘的总结，更是对未来探索的期待。十四年的坚守与沉淀，见证了市场的风云变幻， 也见证了我们在专业道路上的稳步前行。 去年的金融产品年度报告中，我们首次提出 财富与资管行业迈向服务化 的转型方向。令人欣慰 的是，这一理念在业内引发了广泛共鸣。回首2024年，我们也清晰地看到，整个行业在这条转 型之路上已然迈出了坚实的步伐，不断探索前行。 然而，迈向服务化的进程并非单个机构的孤立行动，而是需要整个行业的协同共进，需要财富 生态的重构与升级。这是一场全方位、深层次的蜕变，我们将其称之为生态跃迁—— 这就是今 年我们报告的主题。 作为金融市场深刻变革的见证者和参与者，我们深知， 研究服务的价值不仅在于洞察趋势，更 在于搭建认知跃迁的阶梯。 优秀的研究应该如同一盏明灯，照亮前行的道路，帮助从业者们从 纷繁复杂的市场变化中捕捉到那些关键的信号，为行业转型提供坚实的方向指引。 | 第二 ...

【导读】基金行业" 618 "氛围减弱，投教工作已日常化 中国基金报记者 方丽 张燕北 又是一年" 618"理财节。 与往年相比，今年基金行业的"618"年中大促氛围有所减弱，与此同时，重投教、轻营销的趋 势仍在延续。 业内人士指出，这种现象与行业发展现状密切相关：一方面，在当前政策导向和市场行情 下，行业整体愈发重视投资者教育；另一方面，投教工作已实现常态化，无需集中在特定时 间节点集中开展。 事实上，与前几年的"年中大促"相比，行业对"618"的定位已发生变化。国联基金指出，早 期"618"对于基金公司而言，更多是一个借助电商节流量红利进行产品营销推广的机会，活动 往往聚焦在产品推荐、费率优惠等层面。随着监管政策导向以及行业对投资者盈利体验的重 视，目前活动定位已逐渐转向投资者服务与陪伴。 诺安基金网络金融部则介绍称，公司系列活动比之往年更注重落实新"国九条"与高质量发展 要求，强调"以投资者为本"，因此活动上更精细化，更重视客户的获得感。 "理财节"需进一步精细化 在"618"活动重投教、轻营销的趋势下，由于基金公司已经将投教工作日常化，活动氛围不再 浓厚。 一位公募人士表示，2023年9月1日，中国证 ...

不过需要留意的是，小规模产品收益波动可能相对大一点，若规模出现猛增则收益率有走低的风险。因 为在规模达到一定体量后，若优质资产有限、在实现高收益方面没有特别的优势，原先的高收益容易被 摊薄，曾经的高收益产品可能沦为收益平平的产品。 曾几何时，凭借银行强大的销售能力，理财产品规模动辄上亿元，现在怎么越来越迷你了呢？主要跟现 在银行理财的销售模式发生了大变化有关，前几年为了加强风险隔离，银行陆续将理财业务从银行资管 部门剥离出来，成立理财公司负责管理理财资金，银行渠道只负责销售。并且近年来理财产品多渠道代 销发展迅速，一只理财产品在多家银行代销已成为普遍现象。据记者采访了解到，为了配合代销渠道的 节奏，理财公司通常先不管募集规模高低，先成立理财产品"养一养"，等到有了历史收益率、方便推广 了再拿到某家合作银行去卖，因此很多产品刚成立时规模较小，迷你产品也因此越来越多。 你敢信吗，现在几百块、几千块钱，甚至募集金额为0元都可以成立一只理财产品。据南财理财通数 据，2025年5月末有1591只产品份额规模低于100万元。越来越多小规模产品或份额发行，近几年迷你理 财产品占比明显提高。规模100万元以下的理财产品（份额 ...

Core Viewpoint - The report highlights the performance and trends in the banking wealth management industry for May 2025, indicating a significant decline in the net loss rate of wealth management products and a shift towards longer-term products in issuance. Group 1: Net Loss Situation - The net loss rate of wealth management products reached a new low of 0.71% by the end of May, down 0.25 percentage points from the previous month [4][8] - The net loss rates for fixed income, mixed, and equity wealth management products all decreased, with fixed income products dropping to 0.25% and mixed products to 7.07% [9] - Most wealth management companies reported a decrease or maintained a net loss rate of zero for their public fixed income products [9] Group 2: New Issuance Situation - In May 2025, 32 wealth management companies issued a total of 1,806 products, a decrease of over 15% from April, likely due to the "May Day" holiday [10] - The proportion of products with a term of over one year increased by 1.24 percentage points, indicating a trend towards longer-term products [12] - The average pricing for products with a term of less than one month fell to 2.14%, with expectations of approaching the 1% era [15] Group 3: Expiry Situation - A total of 836 closed-end RMB wealth management products expired in May, a decrease of 17.64% from the previous month [5][21] - The overall performance benchmark compliance rate for expired products was 84.32%, with fixed income products achieving a compliance rate of 51.58% [24][28] - The average annualized yield for fixed income products at expiry was 2.89%, with 1-2 year products yielding the highest at 3.32% [25][26] Group 4: Ongoing Situation - As of the end of May, there were 27,163 ongoing wealth management products, with fixed income products making up 92.41% of the total [34] - The proportion of open-ended products increased to 54.04%, while closed-end products decreased correspondingly [34] - The performance of equity products was the best among all types in the first five months of the year, with an average net value growth rate of 2.88% [38] Group 5: Performance by Company - The highest average net value growth rate for fixed income products in the first five months was achieved by Huayin Wealth Management at 1.21% [44] - For mixed products, Ningyin Wealth Management led with an average growth rate of 2.54% [46] - The report indicates that the performance of wealth management products varies significantly among different companies, reflecting their management capabilities and client expectation management [28]

宣传内容聚焦社会关切和风险高发领域，重点针对养老诈骗、虚假投资理财、高利诱惑陷阱以及利用新 型科技概念（如虚拟货币、影视投资、消费返利等）实施的非法金融活动进行了深入浅出的讲解和风险 提示。宣传人员特别准备了通俗易懂的"适老化"宣传材料，耐心向老年群体讲解如何识别和防范非法集 资陷阱，守护好自己的"养老钱"。同时，积极宣传保单验真、非现金收付费的重要性，并告知非法集资 案件线索举报渠道，鼓励市民积极参与社会监督。 活动现场吸引了众多市民驻足咨询。宣传人员结合真实案例，以案说法，用通俗易懂的语言向市民传 递"天上不会掉馅饼，高利保本是陷阱"的核心理念，引导大家树立正确的投资理财观念，自觉远离非法 金融活动，切实守护好自身财产安全。活动累计发放各类宣传资料300余份，接受市民咨询百余人次， 取得了良好的社会宣传效果。 作为金融央企，人保寿险菏泽中支将持续以"专业+温度"的宣传模式，推动形成"全民防非、科学理 财"的社会共识，用实际行动诠释"人民保险 服务人民"的使命担当，为构建菏泽地区健康金融生态注入 人保力量。 为响应国家金融监督管理总局及上级公司工作部署，6月15日，人保寿险菏泽中心支公司在菏泽大剧院 广场启 ...

Core Insights - The article highlights a significant scam operation disguised as a marriage and dating service, which has defrauded victims of approximately 1.8 billion yuan, with individual losses exceeding 1 million yuan in 14 cases [1][5]. Group 1: Scam Operation Details - The scam involved a criminal group that used emotional manipulation to gain victims' trust, ultimately leading them to invest in fraudulent financial products [5][9]. - Victims were often targeted based on their personal information, which the scammers acquired illegally, allowing them to create tailored personas to deceive individuals [6][9]. - The group operated with a structured hierarchy, where each member had specific roles, from selecting victims to laundering the stolen funds [7][9]. Group 2: Victim Experiences - One victim, identified as Ms. Li, was lured into investing 4.7 million yuan after being convinced by a supposed romantic partner to help manage an investment account [3][5]. - The scam's endgame involved the victims attempting to withdraw their funds, only to find the scammers had disappeared or blocked them [3][5]. Group 3: Law Enforcement Response - Law enforcement has identified 139 cases linked to this scam, with confirmed losses amounting to over 61 million yuan, and has arrested 88 suspects involved in the operation [9][10]. - Authorities have returned over 8 million yuan to victims, indicating ongoing efforts to recover lost funds and dismantle the criminal network [9][10]. Group 4: Prevention and Awareness - The article emphasizes the need for increased awareness regarding online dating and investment schemes, warning that offers of guaranteed returns or insider information are often fraudulent [9]. - It calls for platforms to enhance their security measures and take responsibility for preventing data leaks that facilitate such scams [9].

2025.06. 17 本文字数：3116，阅读时长大约6分钟 作者 | 第一财经 安卓 随着大中小商业银行存款利率普遍进入"1字头"，利差已极度收窄，曾经精打细算、逐利于不同银行 网点间辗转腾挪的"存款特种兵"们逐渐将目光转向理财市场，一个新型"兵种"正在悄然聚焦，这就 是"理财特种兵"。 与普通人购买理财产品的行为习惯不同的是，"理财特种兵"们通常会花费大量的时间去研究各种理财 产品，通过多维度比较优中选优，锁定每一分理财收益的高地，资金高频辗转于各个理财产品之间， 捕捉稍纵即逝的波段窗口。 收益"猎手"逐浪理财波段 几乎每一天，慧子（化名）都会在自制的表格中更新前一天手中理财产品的收益表现，如果发现某款 产品近期走势较弱，她就会马上调仓。 慧子对第一财经记者说，自今年年初她手中150万元的5年期定期存款全部到期后，就果断放弃了未 来的存款计划，"我当时这笔存款的利率高达4.8%，如今1.8%都没有，落差太大了。"她说。 但与定期存款的固定利息不同，银行理财收益每日波动，为此，慧子也下了一番苦功夫去摸索尝试， 现如今，她将150万的本金悉数投入到十余只比较看好的现金管理类产品中，并根据各个产品的阶段 收益 ...

Core Insights - The emergence of "wealth management special forces" is noted as individuals shift focus from traditional deposit accounts to wealth management products due to declining interest rates [1][2] - These individuals actively research and compare various wealth management products to maximize returns, often moving funds frequently to capture fleeting opportunities [2][3] Wealth Management Trends - A growing number of investors, referred to as "wealth management special forces," are increasingly engaging in active management of their investments, moving funds based on daily performance [2][3] - Social media platforms have seen a rise in discussions about wealth management products, with many users sharing insights on product performance and optimal timing for investment [2][3] Product Performance and Strategies - Specific products, such as WeBank's "Current + Plus," are highlighted for their attractive annualized returns and T+0 trading capabilities, making them popular among active investors [3][4] - For instance, the "Solid Bond Pure Debt 7R" product has shown an annualized return of 5.35% since inception, outperforming many traditional deposit options [4] Market Dynamics - The overall trend indicates a significant shift of funds from traditional bank deposits to wealth management and money market funds, driven by lower interest rates on deposits [7][8] - In May, RMB deposits increased by 2.18 trillion yuan, with non-bank deposits reaching a ten-year high, suggesting a potential shift in investor behavior towards alternative assets [7] Regulatory and Competitive Landscape - The competition among banks to offer attractive wealth management products is intensifying, with some institutions launching short-term high-yield products to attract investors [8][9] - The average annualized return for bank wealth management products in May was reported at 2.57%, with cash management products yielding 1.49% and pure debt products at 2.69% [9]

编者按：《机警理财日报》作为南财集团、21世纪经济报道、南财理财通的金牌理财专栏，目前细分了 现金、纯固收、固收+期权、固收+权益、混合、权益、衍生品七大类，已实现对银行理财市场的每日 追踪。为了进一步反映银行理财行业发展现状，南财理财通课题组增设机警理财周报专题，力求及时准 确研判理财行业趋势、洞悉理财产品表现，以期为银行理财行业转型发展带来参考价值。 【市场回顾】 债市方面，债市维持窄幅震荡，资金面整体均衡偏松。6月13日DR007加权均价为1.50%；10年期国债收 益率收至1.64%。股市方面，受伊以冲突影响，A股主要指数收跌，上证指数、深证成指和沪深300指数 周跌幅分别为0.25%、0.6%和0.25%。板块方面，有色金属、石油石化、农林牧渔板块周涨幅居前。 【破净情况】 破净理财产品数量变化不大。南财理财通数据显示，截至2025年6月15日，理财公司共有24,038只存续 公募理财产品，其中136只累计净值低于1，银行理财综合破净率为0.57%。各投资类别理财产品破净率 较此前一周变化不大，权益类、混合类理财破净率分别为51.28%和6.51%；固定收益类公募理财破净率 为0.15%；商品及金融 ...