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。 未来， 我们将继续以买方视角为锚点 ，让研究成果如毛细血管般渗透到我们每个服务的触点 ——因为真正的跃迁，从来不是孤立的质变，而是生态系统的协同进化！ 图：2025中国金融产品年度报告完整目录 | 第一部分 -- 2024 年财富生态洞察 · | | --- | | 1. 存款替代产品的收益率会更低吗? … | | 2. 让客户接受净值型固定收益产品难在哪里? … | | 3. 胖东来对财富管理机构有哪些启示? | | 4. 基金与理财,投资者的选择背后隐藏着什么秘密? …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 10 | | 5.工具化浪潮,指数化投资如何改写金融产品竞争格局? …………………………………………………………………………………………… 12 | | 6. 不同人群如何用养老金规划安享晚年? . | | 7. ...

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。 未来， 我们将继续以买方视角为锚点 ，让研究成果如毛细血管般渗透到我们每个服务的触点 ——因为真正的跃迁，从来不是孤立的质变，而是生态系统的协同进化！ 图：2025中国金融产品年度报告完整目录 | 第一部分 -- 2024 年财富生态洞察 · | | --- | | 1. 存款替代产品的收益率会更低吗? … | | 2. 让客户接受净值型固定收益产品难在哪里? … | | 3. 胖东来对财富管理机构有哪些启示? | | 4. 基金与理财,投资者的选择背后隐藏着什么秘密? …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 10 | | 5.工具化浪潮,指数化投资如何改写金融产品竞争格局? …………………………………………………………………………………………… 12 | | 6. 不同人群如何用养老金规划安享晚年? . | | 7. ...

根据信托业协会数据，标品信托2024年6月末总规模较年初大幅增加1.78万亿元，增加规模占信托 资产规模总增加额的57.68%。标品信托规模的大幅增加，既得益于行业转型进程加速下信托公司 的主力推动，也有赖于标品信托的灵活性优势，再叠加债券市场的表现。那么2024年规模大幅提 升的优异表现还能延续吗？我们从两个角度展开： 01 因被"借道"而助推的规模增长 在监管持续清除制度套利死角、填补跨市场监管漏洞、拉齐金融子行业公平竞技起点后，因其他金融同 业利用信托制度优势而衍生的通道业务，所带来的规模增长已失去动力源。 当前针对标品信托的监管 细则尚未出台，实务中标品信托一般是在符合资管新规的统一框架下，参照公募基金及银行理财产品规 则执行，但相对来说产品运作的全过程，包括投资范围、合规风控、信评管理、久期管理、估值核算、 信息披露等各方面灵活性均相对更高，进而标品信托产品净值稳健性具备一定的技术空间。基于此制度 优势并结合2024年债券市场环境，衍生了大量的合作资金涌入标品信托，特别是青睐于低波动、低风险 偏好的银行理财资金。理财于2022年底的赎回潮事件后，探索的低波方法之一就包括进一步扩大与信托 公司的合作， ...

5月21日，农银理财发布多则公告，宣布旗下多款理财产品启动投资管理费率优惠计划。其 中，"添利天天利67号"现金管理类产品投资管理费率由0.3%（年化）大幅下调至0.01%（年化）； 托管费率从0.03%（年化）降至0.02%（年化）；销售服务费率从0.3%（年化）降至0.2%（年 化）。 建信理财近日发布了10余则减免产品费率的公告，涉及的多为固收类理财产品。其中一则公告显 示，2025年6月10日至2025年9月10日，"建信理财惠众日申月赎固收类产品第4期"的管理费率由 0.20%降至0.01%，销售费率降至0。 6月以来，中银理财已发布10款理财产品降费公告，基本也多为固收类理财产品。 例如，6月9日， 中银理财发布公告称，为回馈新老客户，公司将于2025年6月10日起对"中银理财-稳富全球配置 （180天持有期）"产品D份额费率进行优惠，即产品销售服务费率由0.15%下调至0.05%。本次费 率优惠截止时间将另行公告。 自5月20日存款利率开启新一轮下调以来，民生理财等多家银行理财子公司开启降费。 有银 行理 财子将产品的固定管理费降至0.01%，也就是说每年购买1万元理财，管理费仅需1元。 民生理 ...

Core Viewpoint - The company, Jiangsu Hengshun Vinegar Industry Co., Ltd., has announced the use of idle funds for entrusted wealth management, totaling RMB 370 million, to enhance capital efficiency and generate investment returns [1][3][8]. Summary by Sections Entrusted Wealth Management Overview - The total amount for entrusted wealth management is RMB 370 million, sourced from the company's idle funds [3][8]. - The purpose is to improve fund utilization efficiency and obtain certain investment returns [3][8]. Investment Details - The company has subscribed to various financial products, including: - Guotai Junan Securities: RMB 50 million, expected annual yield of 1.65%-1.85%, term of 272 days [5]. - CITIC Securities: RMB 50 million, expected annual yield of 1.20%-2.46%, term of 272 days [5]. - CICC: RMB 50 million, expected annual yield of 1.20%-4.56%, term of 273 days [5]. - Zhongtai Securities: RMB 50 million, expected annual yield of 1.5%-1.9%, term of 272 days [5]. - CITIC Securities: RMB 50 million, expected annual yield of 1.20%-4.15%, term of 271 days [5]. - Guolian Minsheng Securities: RMB 70 million, expected annual yield of 1.60%, term of 272 days [5]. - Shenwan Hongyuan Securities: RMB 50 million, expected annual yield of 1.7%-2.5%, term of 271 days [5]. Approval Process - The board of directors and the supervisory board approved the wealth management plan during meetings held on April 18, 2025, and the annual shareholders' meeting on May 12, 2025 [2][6]. Financial Impact - The investment of RMB 370 million represents 70.67% of the company's cash balance as of March 31, 2025, and 18.54% of total assets [7][8]. - The company has a total wealth management limit of RMB 1 billion, with RMB 630 million remaining available for future investments [9]. Historical Context - In the past 12 months, the company has invested a total of RMB 1.57 billion in wealth management products, with a maximum single-day investment of RMB 720 million [9].

Core Points - The company is preparing for the 2024 Annual General Meeting (AGM) scheduled for June 25, 2025, to discuss various proposals including financial matters and governance [1][5] - The company plans to apply for a comprehensive credit limit of up to RMB 2.1 billion from banks and financial institutions for operational needs in 2025 [20][21] - The company intends to use up to RMB 300 million of temporarily idle funds for entrusted wealth management, involving related party transactions with China Post Securities [22][24] - The company proposes to authorize the board to handle small-scale rapid financing matters, with a total financing amount not exceeding RMB 300 million [27][30] Meeting Arrangements - The AGM will be held at the company's headquarters in Shanghai, with a combination of on-site and online voting [5][6] - Shareholders must register and present identification documents to participate in the meeting [2][3] - The meeting will include the reading of the meeting rules, election of vote counters, and discussion of various proposals [5][6] Proposals Overview - Proposal 1: Approval of the 2024 Annual Report and its summary [6][7] - Proposal 2: Approval of the Board's work report for 2024 [7] - Proposal 3: Approval of the Supervisory Board's work report for 2024 [8] - Proposal 4: Approval of the Independent Directors' work reports for 2024 [9] - Proposal 5: Confirmation of the directors' remuneration for 2024, with independent directors receiving RMB 100,000 annually [10] - Proposal 6: Confirmation of the supervisors' remuneration for 2024, with specific amounts detailed [10] - Proposal 7: Approval of the 2024 Financial Settlement Report [11] - Proposal 8: Proposal for no cash dividend distribution for 2024 due to lack of profit [12] - Proposal 9: Renewal of the accounting firm for 2025, specifically Tianjian Accounting Firm [12][13] - Proposal 10: Approval of the 2025 Financial Budget Report [18][19] Financial Management - The company aims to enhance fund utilization efficiency and increase returns through entrusted wealth management [24][25] - The company will ensure that the entrusted wealth management does not affect its main business operations [26] - The company plans to maintain a focus on core business areas and increase market development efforts in 2025 [19][20]

Core Viewpoint - The article highlights the increasing prevalence of telecom network fraud, particularly focusing on fraudulent investment schemes that pose significant threats to the financial security of consumers [1] Summary by Categories Types of Fraudulent Investment Schemes - **Fake Platform Type**: Fraudsters create counterfeit platforms that mimic legitimate financial institutions, often distributing them through unofficial channels. These platforms allow fraudsters to access personal information and manipulate data to show false investment returns [2] - **Expert Insider Type**: Scammers use social media to lure investors into groups where they impersonate investment experts, sharing fabricated success stories to gain trust and encourage investments in fake platforms [3] - **Image-Based Friendship Type**: Scammers build relationships on social media by presenting themselves as affluent individuals, eventually persuading investors to operate on fraudulent platforms under the guise of insider knowledge [4] - **Guaranteed High Returns Type**: This common scheme involves fraudsters promoting various legitimate investment concepts while promising unrealistic returns, such as annual yields exceeding 20%, to entice investors [5] - **Small Rebate Type**: Initially, fraudsters provide small profits to investors to build trust, then manipulate the situation to encourage further investments before ultimately preventing withdrawals and absconding with funds [6] Recommendations for Investors - Investors are advised to remain vigilant against potential scams, particularly those involving attractive personas on social media, and to avoid transferring funds to unknown accounts without verification [7] - It is crucial for investors to protect their personal information and refrain from engaging with untrustworthy platforms [8]

Core Viewpoint - The recent trend of fee reductions in the banking wealth management sector, particularly for fixed-income products, is driven by market competition, regulatory guidance, and the need to enhance investor returns in a declining interest rate environment [6][7]. Group 1: Fee Reduction Trends - Minsheng Wealth Management has reduced the fixed management fee rate of a pure fixed-income product from 0.5% to 0.05% annually, reflecting a broader industry trend of fee reductions since the recent cut in deposit rates [1][4]. - Other banks, such as Agricultural Bank of China Wealth Management, have also announced significant fee reductions, with some products seeing management fees drop from 0.3% to 0.01% [2][4]. - The average fixed management fee rate across the banking wealth management market has decreased to 0.1865%, down 0.45 basis points from the end of 2023 [6]. Group 2: Market Dynamics - Large banks tend to adopt a more cautious approach to fee reductions, focusing on enhancing research and service quality, while smaller banks are more aggressive in cutting fees to rapidly expand their market share [1][5]. - The fee reductions are primarily aimed at management and sales fees, which are the most significant components of the total fees charged by wealth management products [3][4]. - The shift towards lower fees is seen as a strategic move to attract clients and respond to the pressures of declining interest rates, with short-term products being particularly sensitive to fee adjustments [5][6]. Group 3: Long-term Implications - While the current fee reductions may boost sales in the short term, sustaining product competitiveness will require banks to shift from a "scale-driven" approach to a "value-driven" strategy, focusing on asset quality and risk management [7]. - The trend of ultra-low fees may become a norm among leading wealth management firms, but smaller firms may struggle to maintain such low rates due to operational costs and revenue pressures [7].

Overall Performance - As of June 5, the average yield of public cash management products in RMB over the past six months is 1.58%, showing a slight decline compared to May 22 [10] - The average annualized yield of public cash management products in USD over the same period is 4.06% [10] - For pure fixed-income products with a 1-2 year investment cycle, the average yield is 3.08%, down by 0.07 percentage points from April 29 [5] Highlighted Product Analysis - The top-performing pure fixed-income product over the past year is "Nan Yin Wealth Zhulian Bihhe Xinyi Stable Two-Year 36th Closed Public RMB Financial Product C," with a net value growth rate of 4.79% [6] - The second highest is "Huaxia Wealth Fixed Income Debt Type Closed Financial Product 151th A," yielding 4.5% [6] - The third is "Happiness 99 Gain Fixed Income (Smart Enjoy Pure Debt) 540-Day Holding Period Financial Product," with a yield of 4.13% [6][7] Cash Management Products - The top three cash management products with the highest average annualized yield over the past six months are "Suyin Wealth Qiyuan Cash No. 5 J" at 2.91%, "Suyin Wealth Qiyuan Currency No. 2 (ESG Theme) G" at 2.63%, and "Bohai Wealth Silver Storage Series Add Gold Cash Management Financial Product No. 3 G" at 2.33% [11] "Fixed Income + Options" Products - The average net value growth rate for public "fixed income + options" products over the past six months is 0.6%, showing a slight decline compared to May 8 [14] - The top three products in this category are from Zhaoyin Wealth, with "Zhaoyin Global Asset Momentum Two-Year Fixed Income Plan A" leading the list [15]

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 行业动态： 银行理财估值整改行至半程，目前行业整改进度呈现差异化特征，个别股份行理财 子在去年底已完成全面整改。随着新一轮降息潮的到来，大额存单的利率已全面进入"1"时代， 甚至多家银行下架了5年期大额存单产品，反映了银行在净息差压力下对负债结构的主动优化。 同业创新动态： 存款利率持续下行引发银行理财市场深度变革，农银理财等理财公司纷纷以创 新策略抢占市场先机，发力长周期与分红型理财产品。兴银理财为响应金融"五篇大文章"，通 过联动兴业银行各地分行，落地多单认股权业务，覆盖生物医药、国产超算、高端制造等多个 行业领域。浦银理财推出两款"鑫"系列绿色科技主题理财产品，紧密跟踪上证绿色公司债指数 和上证科技创新公司债指数，深度支持清洁能源、绿色交通、生态环保等主题，前瞻布局科技 创新、战略新兴产业等。 收益率表现： 上周（2025/6/2-2025/6/8，下同）现金管理类产品近7日年化收益率录得1.43%， 环比下行1BP；同期货币型基金近7日年化收益率报1.34%，环比下行2BP。现 ...