Core Viewpoint - The Financial Regulatory Bureau is drafting a management method for information disclosure of asset management products in banking and insurance sectors to establish unified regulatory standards and enhance investor protection [1][2]. Group 1: Information Disclosure Management - The proposed method aims to standardize information disclosure for asset management trust products, wealth management products, and insurance asset management products, addressing the lack of a dedicated disclosure regulation [1][3]. - The method will regulate the entire lifecycle of asset management products, including fundraising, ongoing management, and termination, ensuring clarity in product information [1][2]. Group 2: Specific Requirements - During the fundraising phase, the method will specify requirements for product documentation, including performance benchmarks, to ensure transparency in product sales [2][3]. - In the ongoing management phase, it mandates accurate and comprehensive reporting of past performance and timely disclosure of significant events to clarify product risks [2][3]. - For the termination phase, it requires disclosure of fees and profit distribution in the final announcements and liquidation reports to ensure clarity in product returns [2][3]. Group 3: Performance Benchmark Disclosure - The method allows asset management products to not disclose performance benchmarks, providing flexibility to managers and avoiding unnecessary formalism [2][3]. - For products that do disclose performance benchmarks, strict requirements will be set to ensure that the benchmarks are relevant and accurately reflect the investment strategy and underlying assets [3][4]. Group 4: Regulatory Consistency - The method emphasizes a unified standard for information disclosure across the three types of products, enhancing regulatory consistency while respecting the unique characteristics of each product type [3][4]. - It distinguishes between public and private products, imposing stricter disclosure requirements on public products to enhance transparency for less knowledgeable investors [4][5].

充分保障投资者的知情权和选择权，是资产管理机构履行信义义务的必然要求。5月23日，金融监管总局发布了《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）》（以下简称《征求意见稿》）。《征求意见稿》按照资产管理产品生命周期，对募集、存续、终止各环节进行全面规范，旨在引导行 业将信息披露融入业务全过程，让产品销售"看得清"、让产品风险"厘得清"、让产品收益"算得清"。 图片来源：金融监管总局 在业内人士看来，这一全生命周期的信息披露规范，可以为投资者提供连贯、透明的信息环境，有效保护投资者的合法权益，也有助于提升资管行业的整体 质量和信誉，推动行业可持续发展。 对于《征求意见稿》如何规范产品全过程信息披露管理，金融监管总局有关司局负责人表示，在产品募集环节，重点规范产品说明书、合同、风险揭示文 件、托管协议、发行公告（或报告）等内容，明确业绩比较基准要求，让产品销售"看得清"。在产品存续环节，重点规范定期报告披露内容，要求真实准确 全面披露过往业绩，强化重大事项及时披露，让产品风险"厘得清"。在产品终止环节，要求到期公告和清算报告披露收费情况和收益分配情况，让产品收 益"算得清"。 对于资产管理产品的定期报 ...

Core Viewpoint - The Financial Regulatory Bureau has released a draft for public consultation on the "Management Measures for Information Disclosure of Asset Management Products by Banking and Insurance Institutions," aiming to standardize information disclosure for asset management trust products, wealth management products, and insurance asset management products, thereby enhancing investor protection [1][2]. Group 1: Regulatory Framework - The draft includes six chapters covering general provisions, disclosure requirements, internal management, supervision, legal responsibilities, and appendices, systematically regulating the information disclosure behavior of asset management products throughout their lifecycle [2][4]. - The draft aims to unify regulatory standards for similar businesses, addressing the current lack of a dedicated information disclosure regulatory system for asset management products [2][6]. Group 2: Disclosure Requirements - The draft specifies disclosure channels, responsibilities, methods, prohibited behaviors, and text requirements for asset management products, emphasizing the need for consistent disclosure channels [3][4]. - It mandates that public products must disclose information through a platform recognized by the National Financial Supervision Administration, while private products should disclose through agreed channels with investors [3][4]. Group 3: Performance Benchmarking - The draft outlines detailed requirements for performance benchmarking, including the necessity to clarify the relationship between the benchmark and investment strategies, underlying assets, and market performance [5][6]. - It states that if a performance benchmark is disclosed, it must be accompanied by a clear warning that it does not represent expected returns or guarantees on future performance [5][6]. Group 4: Transition Period - The implementation of the draft is expected to have a six-month transition period to allow banking and insurance institutions to adjust product documentation and systems accordingly [6]. - The draft distinguishes between public and private products, with stricter disclosure requirements for public products to enhance transparency, while allowing more flexibility for private products based on contractual agreements [6].

让产品销售"看得清"，让产品风险"厘得清"，让产品收益"算得清"。 5月23日，金融监管总局就《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）》（以下简称《办 法》）公开征求意见。 规范三类资管产品信披行为 起草《办法》是为了规范资产管理信托产品、理财产品、保险资管产品的信息披露行为，推动同类业务实施统 一监管标准，强化投资者合法权益保护。 "当前，资产管理信托产品、理财产品、保险资管产品均无专门的信息披露监管制度，现行要求分散在不同制 度中，存在标准不完全一致等问题，亟需构建适合三类资管产品特点的信息披露制度，统一监管规则，强化信 息披露行为监管。"金融监管总局有关司局负责人指出。 具体来看，《办法》包括总则、资产管理产品信息披露的一般规定、资产管理产品信息披露要求、资产管理产 品信息披露的内部管理、监督管理和法律责任以及附则六章内容。对资产管理信托产品、理财产品、保险资管 产品的信息披露行为进行了系统规范，全面覆盖产品募集、存续、终止各环节。 明确资管产品信披的禁止行为 在"资产管理产品信息披露的一般规定"章节中，《办法》明确了信息披露渠道、责任、方式、禁止行为和文本 要求。 一直以来，资管产品就 ...

证券研究报告 金融 股票 ETF 放量，理财收益回暖 华泰研究 2025 年 5 月 10 日│中国内地 行业月报 股票 ETF 放量，理财收益回暖 25 年 4 月银行理财产品存续规模 30.95 万亿元，环比+2.06 万亿元，规模环 比上升。公募基金新发份额环比减少，4 月发行份额为 925 亿份，环比 -8.36%。4 月末股票 ETF 份额、资产净值均环比提升，分别+4%至 2.03 万 亿份、+4%至 2.95 万亿元。当前资本市场改革深化，奠定资管产品发展基 础。建议把握优质个股，银行推荐零售及财富管理标杆招行（AH）；券商推 荐大财富管理产业链具备较强优势的广发证券、东方证券。 银行理财：存续规模上升，理财收益回暖 4 月关税政策落地，市场避险情绪提升，债市走强驱动理财收益率回暖。4 月全市场发行理财产品 5985 份，环比-3.2%，新发数量有所下降；理财产 品存续规模 30.95 万亿元，环比+2.06 万亿元，规模环比上升，主要由固收 类驱动，固定收益类产品余额环比+1.56 万亿元。4 月债市回暖，理财收益 率整体上行，破净比例下降；但股市波动下权益类理财产品收益率有所下行。 公募基金 ...