向上滑动阅览 免责声明 本文转载自： 深交所投教 本文系转载自 深交所投教公众号。 本文不构成野村东方国际证券的任何投资建议、推介或宣传。野村东方国际证券没有独立核实过被转载文章的 内容，该文章中的任何观点不代表野村东方国际证券观点，野村东方国际证券不对投资者依赖本文的任何内容 而采取的行动承担任何责任。投资有风险，入市需谨慎。 ...

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 行业和监管动态： 5月23日，金融监管总局发布《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）》。理财公司响应监管号召加入保险资管业协会。多家理财公司宣布下调旗 下多款理财产品费率。 同业创新动态： 兴银理财发售人形机器人主题产品"睿利兴合华夏人形机器人6M持有1号A"。 招银理财发售安泰ESG科技主题理财产品。浦银理财发行首款援藏主题理财产品"援藏专属-悦享 利封闭式372号"。 收益率表现： 上周现金管理类产品近7日年化收益率录得1.44%，较前一周持平；同期货币型基 金近7日年化收益率报1.36%，环比下行1BP；现金管理类产品与货币基金的收益差环比小幅回 升1BP，但长期仍位于趋势性收敛区间。上周各期限纯固收和固收+产品年化收益率均环比不同 程度回落，利率债收益率先上后下整体震荡，信用利差持续收敛。 破净率跟踪： 上周银行理财产品破净率为1.29%，环比回升0.29%，破净率与信用利差略有背 离，但破净率仍处低位。 风险提示： 本报告部分数据基于数据供应商，可能为市场 ...

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 ...

冀中能源股份有限公司（以下简称"公司"）于2024年9月30日召开第八届董事会第七次会议，审议通过 了《关于利用自有资金开展委托理财的议案》，同意公司在确保资金安全、操作合法合规、保证正常生 产经营不受影响的前提下，使用合计不超过人民币10亿元自有资金用于委托理财，并授权公司管理层负 责办理具体投资事项，包括但不限于产品选择、实际投资金额确定、协议的签署等。具体内容详见2024 年10月8日，公司披露的《冀中能源股份有限公司关于利用自有资金开展委托理财的公告》（公告编 号：2024临-064）。 近日，公司将购买的理财产品部分赎回，现就具体情况公告如下： 一、理财产品部分赎回情况 证券代码：000937 证券简称：冀中能源 公告编号：2025临-034 冀中能源股份有限公司 关于理财产品部分赎回的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性陈述或者重大遗 漏。 ■ 1、理财产品业务确认书。 特此公告。 冀中能源股份有限公司董事会 二〇二五年六月六日 二、本次公告前十二个月内使用闲置自有资金购买理财产品情况 截至本公告披露日，公司前十二个月内使用闲置自有资金购买理财产品财达证 ...

Core Viewpoint - The banking wealth management industry is undergoing significant valuation rectification, driven by regulatory requirements aimed at standardizing valuation methods and ensuring fair competition among institutions [1][2][3] Group 1: Regulatory Changes - Regulatory authorities have mandated that banks must adopt third-party valuations for wealth management products, eliminating practices such as using closing prices or self-built models [1][2] - A clear timeline has been established for rectification, with half of the required changes to be completed by the end of June and full compliance by the end of the year [1][2] - The rectification process is expected to enhance market order and protect investors' rights by ensuring that product valuations accurately reflect underlying asset values [3][4] Group 2: Impact on Investment Strategies - In response to stricter valuation regulations, banks are adjusting their investment strategies, including shortening the duration of bond investments to mitigate net asset value fluctuations [2][3] - The new rules may lead to increased volatility in product net values, which could pressure risk-sensitive investors and alter their investment behavior [5][6] - The rectification process is likely to create a more competitive environment, with larger institutions potentially gaining market share due to stronger risk management capabilities [6][7] Group 3: Market Dynamics - The rectification is expected to impact the availability of certain assets, as banks may divest from assets valued using closing prices, which could lead to liquidity challenges [5][6] - The current low interest rate environment poses challenges for wealth management products to compete with traditional savings accounts, necessitating a focus on enhancing product offerings and investor education [6][7] - The industry may experience a shift in client preferences, with some investors opting for public bond funds if wealth management products do not differentiate themselves effectively [6][7]

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].

存款利率"0字头"时代已经到来！近期，多家国有大行及部分股份行进行了新一轮的存款利率下调。调整之后的国有六大行的定期存款整存整取一年 期利率在0.95%—0.98%。 降息浪潮下，存款收益不断"瘦身"，理财焦虑却在"增肥"。既想获取超越存款和货币基金的收益，又难以承受权益市场的高波动性；既想为资金保留"随取随用"的 灵活性，又希望闲置资金能够"积沙成塔"持续增值。钱该往哪里放，才能在安全与收益、灵活与增值间找到平衡？ 一类"低调"的资产正悄然走入越来越多的普通投资者视野：短债基金。Wind数据显示，万得短债基金指数发布以来连续19年实现年度正收益，堪称理财界的"常胜 将军"。兼具低波动性、高流动性、较为稳定的收益性，让短债基金成为破解"理财焦虑症"的"金钥匙"。 相较于往年，滚动持有期短债作为一种"现金管理"工具热度正在持续攀升，这类产品设定一定持有期，为投资者减少了频繁申赎造成的择时困境，具有平衡争取阶 段性回报与流动性管理且低风险的优势，成为"闲钱理财"的重要选择。鹏扬基金目前多只产品如鹏扬利沣、鹏扬利鑫60天滚持、鹏扬稳鑫120天滚持聚焦"活钱升 级"替代，专注 "准现金管理"细分领域，兼具高流动性和低 ...

Core Viewpoint - The Chinese banking wealth management market is experiencing significant growth, with the total scale exceeding 31 trillion yuan as of May 20, reflecting a transformation in banking operations amid a low-interest-rate environment [1][2]. Group 1: Market Growth and Trends - As of May 20, the wealth management market's total scale has surpassed 31 trillion yuan, marking an increase of approximately 1.6 trillion yuan since the beginning of the year [1]. - The bond market's declining interest rates have contributed to the recovery of wealth management product yields, with average annualized yields for open-ended fixed-income products rising to 3.21% in April, an increase of 1.41 percentage points [1]. - The trend of "deposit migration" has been observed, with wealth management scale growing by over 2 trillion yuan in April alone, driven by lower deposit rates [2]. Group 2: Impact of Interest Rates - The reduction in deposit rates has led to a significant interest rate differential between savings and wealth management products, prompting investors to shift funds towards the latter [2]. - Major banks have initiated a new round of deposit rate cuts, with one-year fixed deposit rates generally falling below 1.35% [2]. - Wealth management products are increasingly offering stable returns through investments in high-yield credit bonds and non-standard assets, appealing to investors seeking better returns [2]. Group 3: Product Innovation and Sales Strategies - Banks are actively adjusting product structures and sales strategies in response to declining deposit rates, focusing on closed-end and periodically open products to secure long-term funds [2]. - The promotion of net value-type and short-duration wealth management products has been intensified, enhancing liquidity and meeting diverse customer needs [3]. - The expansion of sales channels through partnerships with other banks and internet platforms has effectively captured funds flowing out of the deposit market [3]. Group 4: Future Outlook - The market is expected to continue growing, with predictions that the wealth management scale may exceed 32 trillion yuan by the end of the year, driven by further reductions in deposit rates and improved investor expectations [4]. - The differentiation within the wealth management market is anticipated to intensify, with net value-type products and diversified asset allocation becoming core competitive advantages [4]. - Financial institutions are expected to innovate and enhance services to meet the growing demand for wealth management products, leading to a richer variety of offerings [4].

家人们，有没有过这样的体验：每个月拼命存钱，看着银行账户里的数字一点点增加，心里却没有那 种"我变富了"的喜悦，反而觉得自己越来越穷，这到底是咋回事呢？今天咱们就来好好唠唠。 很多人存钱只是单纯地把钱放在银行活期账户里，以为这样就是在积累财富。其实，这种方式不仅收益 极低，还无法跑赢通货膨胀。 理财专家建议，我们应该根据自己的风险承受能力和理财目标，合理配置资产。比如，可以拿出一部分 钱投资基金、债券或者股票。有数据显示，长期投资优质基金的平均年化收益率可以达到8% - 10%，远 远高于银行活期存款的利率。如果我们只是一味地存钱，而不进行合理的理财规划，就相当于把钱放在 那里慢慢贬值。 越存钱越感觉自己穷，并不是我们的错觉。欲望的膨胀、物价的上涨以及缺乏理财规划等因素，都让我 们在存钱的道路上感到焦虑和无助。但是，我们也不能因此就放弃存钱。存钱是一种良好的习惯，它能 给我们带来安全感。 据一项消费心理调查显示，超过70%的人在收入增加或者开始存钱后，会对生活品质有更高的追求。就 像我有个朋友，本来租房住得好好的，开始存钱后就想着要买套自己的房子，这一对比，就觉得自己那 点存款根本不够，瞬间就觉得自己穷得叮当 ...

Investment Overview - The company intends to use idle self-owned funds to invest in financial products to enhance the utilization rate of these funds and increase returns for the company and its shareholders [1][2] - The maximum amount authorized for investment is up to RMB 100 million, with a usage period of 12 months from the date of board approval [1][2] Investment Products - The company will purchase low-risk financial products issued by legitimate financial institutions, characterized by high safety and good liquidity, with a maturity not exceeding 12 months [2] Implementation and Approval Process - The board of directors has authorized the management to make investment decisions within the specified limits and duration, including selecting qualified financial institutions and signing relevant contracts [2][3] - The investment proposal was approved during the board meeting on June 3, 2025 [2][3] Risk Management - The company has implemented risk control measures, including timely analysis and monitoring of the investment products, and will take necessary actions to mitigate risks if adverse factors are identified [3] - Despite choosing low-risk products, the company acknowledges potential market volatility and systemic risks [2][3] Impact on Operations - The investment in financial products will not affect the daily operations of the company and its subsidiaries, and is expected to improve capital efficiency and generate additional returns for shareholders [3][4] Sponsor's Verification Opinion - The sponsor, Guotou Securities, confirms that the investment decision has been approved by the board and complies with relevant regulations [4]