大额存单一直是商业银行揽储利器，也是不少高净值投资者理财的首选，为何现在集体下架？ 近日，工行、建行、招行等多家大中型商业银行以及多地农村商业银行纷纷下架5年期大额存单产品 ， 3年期大额存单投放量也较少。 5年期大额存单下架，意味着投资者依赖中长期储蓄实现家庭财富保值增值的机会越来越少，做好多元 财富投资尤为必要。 "随着存款利率走低，投资者转向银行理财等资产管理业务时，应基于家庭财务状况与风险承受能力， 明确短期、中期、长期理财目标，短期资金优先配置货币基金等流动性强的产品。"中国银行研究院研 究员梁斯认为，投资者应进行跨产品对比，关注利率走势与期限结构，选择综合收益更优的产品。通过 深入研读产品说明书，明晰收益计算方式、申赎规则及费率结构，避免因信息不对称影响投资决策。 专家建议，在低利率时代的家庭理财规划中，一方面要采用"固收+"策略，配置中短期债基；另一方面 通过全球资产配置捕捉全球范围内的经济增长机会。据了解，目前国内已有不少全球资产配置的基金组 合。 梁斯认为，投资者还可适度配置高评级债券及债券型基金，利用其收益稳定性与储蓄形成互补，获取稳 定收益。风险偏好较高的投资者可布局权益类资产，通过指数 ...

文 | 银行螺丝钉 （转载请注明出处） 今天大盘整体上涨，截止到收盘，还在4.9星。 大中小盘股都上涨，涨幅也相近。 价值风格微涨微跌，成长风格比较强势。 2.月薪宝、365等策略，属于固收+类品种。 这些品种通常是含有股票、债券等不同资产。 这两年受益于存款利率下降，固收+类品种，2023年之后的收益比之前高了不少。 收益来自三个部分： （1）股票部分 像365、月薪宝，底层持有的股票部分，是偏价值风格。 价值风格，代表指数是红利、价值、低波动、自由现金流等策略指数。 价值风格的特点： 科技、创业板、包括医药生物科技等上涨较多。 港股昨天上涨，今天略微下跌。 港股红利继续上涨。 最近12周港股红利只有一周下跌，这在历史上也比较少见。 人民币港币美元，今年利率齐齐下降，对港股红利也是利好。 除了港股红利之外的港股，最近低迷一些。 港股前段时间连续上涨，比A股多涨了15-20%。 最近变成A股补涨，港股低迷一些，风水轮流转。 港股过去一两年上涨，经常是进三退一或者进三退二这样。 后面港股二季度如果业绩继续增长，也会有下一波行情的。 1. 今年上半年结束了。 月薪宝在最近，也创下历史新高。 打算对月薪宝组合做调仓 ...

Core Viewpoint - Major Chinese banks, including ICBC, CCB, and CMB, have recently suspended the issuance of 5-year large-denomination certificates of deposit (CDs) as a strategy to reduce funding costs amid low net interest margins in the banking sector [1] Group 1: Banking Sector Actions - Several large and medium-sized commercial banks, along with rural commercial banks, have withdrawn 5-year large-denomination CDs from the market [1] - The issuance volume of 3-year large-denomination CDs has also decreased significantly [1] Group 2: Financial Strategy - The banking industry is currently facing low net interest margins, prompting banks to explore ways to stabilize these margins by reducing funding costs [1] - Deposits are a primary source of liabilities for banks, making it essential to lower the costs associated with deposits [1] Group 3: Expert Recommendations - Experts suggest that in a low-interest-rate environment, households should adopt a "fixed income +" strategy by allocating investments in medium- and short-term bond funds [1] - Additionally, global asset allocation is recommended to capture economic growth opportunities worldwide [1]

Overall Performance - In June, bond market yields declined, with government bond yields for 3 years and under significantly dropping, while the yields of pure fixed-income wealth management products slightly retreated. The average net value growth rate for public pure fixed-income products over the past six months was 1.13%, down by 17 basis points compared to May 22. 76.2% of the products achieved positive monthly returns over the past six months [5] - The top-performing products also saw a slight decline in net value growth rates, with none exceeding 3% in the past six months [5] Highlighted Product Analysis - The top ten products in terms of yield primarily have a six-month investment period. The "富竹纯债日申半年赎1号E" product from Minsheng Wealth features a unique subscription and redemption mechanism, allowing daily subscriptions and semi-annual redemptions starting February 12, 2025. The product mainly invests in high-grade credit bonds and maintains a low duration and leverage strategy [5] Cash Management Products - Cash management products have seen a downward trend in yields due to falling funding and deposit rates. As of June 26, most cash products had a seven-day annualized yield between 1% and 2%, with only 138 public cash products exceeding a mean yield of 2% over the past three months, representing just 2.7% of the total [9] - The highest yield was recorded by "华夏理财现金管理类理财产品77号F" at 3.435%, followed by "启源货币3号G" at 3.148% and "启源现金1号N" at 2.949% [9] "Fixed Income + Options" Products - The net value growth rates for "fixed income + options" products over the past three months were all below 1.5%, with the top product being "鸿锦封闭式2025年第12期" from Zhongyou Wealth, achieving a growth rate of 1.42% [14] - The products employ various strategies, including automatic triggering strategies linked to gold and U.S. Treasury yields. Notably, the "阳光青睿跃乐享29期" product utilizes an options-based insurance strategy linked to gold [13][15] - The early termination of structured products due to triggering events allows investors to quickly recover principal and agreed returns, although it may limit potential profit margins in bullish markets [16]

Core Insights - The bank wealth management market in China has shown a steady growth, with a total scale of 31.22 trillion yuan as of June 30, 2023, reflecting a 5.22% increase since the beginning of the year [1] - The decline in deposit rates and the cessation of manual interest supplementation by regulators have made wealth management products more attractive, leading to increased inflows into the market [1][2] Market Performance - As of the end of Q1 2025, there were 215 banks and 31 wealth management companies with active products, totaling 4.06 million products, a year-on-year increase of 0.67% [1] - The total scale of the wealth management market reached 29.14 trillion yuan by the end of Q1 2025, marking a 9.41% year-on-year increase [1] Factors Driving Growth - The bond market's performance has positively impacted fixed-income product yields, attracting risk-averse investors [2] - Seasonal trends in fund flows and increased marketing efforts by banks have contributed to the growth of cash management and short-duration products [2] - The decline in one-year deposit rates below 1% has created a significant yield gap, prompting a shift of funds from savings to wealth management [2] Regulatory Impact - The People's Bank of China implemented a combination of a 0.5% reserve requirement cut and a 0.1% interest rate cut, which may lead to a temporary expansion of low-risk wealth management products [3] - Regulatory measures have encouraged banks to optimize product structures and explore "fixed income plus" strategies to meet diverse investor needs [3] Wealth Management Product Trends - Fixed-income products dominate the wealth management market, providing stable returns and serving as a foundation for growth [3] - The performance of equity-based wealth management products has been volatile, with significant fluctuations in yields observed throughout the year [5][6] - Despite market recovery, investor enthusiasm for equity products remains subdued due to a lack of understanding and confidence [6] Competitive Landscape - The wealth management industry in China is highly concentrated, with state-owned and joint-stock banks holding approximately 80% of the market share [4] - Wealth management companies are encouraged to innovate and enhance customer experience through various strategies, including asset allocation and fee reductions [4] Information Disclosure and Investor Education - Recent regulatory drafts aim to standardize information disclosure for wealth management products, addressing issues of transparency and investor protection [8] - Middle and small banks are focusing on improving the effectiveness and timeliness of information disclosure to enhance investor understanding [9] - There is a growing emphasis on investor education to help clients navigate the complexities of wealth management products [9][10]

Core Viewpoint - The capital market is undergoing profound changes, presenting both opportunities and challenges, particularly for fixed-income products as traditional guaranteed wealth management products lose appeal due to declining bank deposit rates [1] Group 1: Company Strategy and Product Development - Huafu Fund has been deeply engaged in the fixed-income sector for nearly 20 years, launching a diverse range of products to meet the stable investment needs of clients in a low-interest-rate environment [2] - The company has introduced the "Huafu Fixed Income Family" sub-brand, covering various product lines including money market funds, bond index funds, and mixed-asset funds to cater to different risk preferences [2][3] Group 2: Performance and Achievements - Several fixed-income products have shown outstanding performance, with the Huafu Jifeng 60-day short-term bond fund achieving a return of 11.20% over the past three years, significantly outperforming its benchmark [3] - The Huafu Enhanced Return Bond Fund and Huafu Anxin Bond Fund have ranked in the top 13% and top 4% of their respective categories over the past year, showcasing the effectiveness of the company's investment strategies [3] Group 3: Team and Investment Approach - The success of Huafu Fund is attributed to the efficient collaboration and specialization within its team, led by experienced professionals who excel in various investment areas [4] - The fixed-income team employs a disciplined investment approach, utilizing quantitative credit rating models and risk hedging tools to manage credit risk and minimize portfolio volatility [6] Group 4: Future Outlook and Commitment - In response to the growing demand for stable investment options, Huafu Fund is actively exploring absolute return strategies, aiming to provide clients with investment tools that offer consistent performance regardless of market conditions [5] - The company is committed to enhancing investor experience through regular product dividends and stable returns, reinforcing trust between the fund and its investors [7]

Group 1 - The asset management institutions are adjusting their allocation strategies for the second half of the year, with a focus on increasing gold assets and new consumption sectors such as domestic brands and health industries [1][3] - The A-share market has shown an "N-shaped" trend in the first half of 2023, with the Shanghai Composite Index rising by 2.76% and the Shenzhen Composite Index increasing by 5.99% [1][2] - Insurance funds have significantly increased their equity asset allocation, with 44.8% of new investments in equities in the first quarter, up from 10.4% the previous year, indicating a shift from traditional fixed-income investments [3][4] Group 2 - The bond market is facing challenges such as an "asset shortage" and high competition, leading to a focus on timing trades and extending duration strategies [4][5] - The convertible bond market has gained attention due to its dual characteristics, with a notable increase in the China Convertible Bond Index, which rose by 2.1% in late June [5][6] - Some institutions are becoming cautious about the valuation risks associated with convertible bonds, planning to adjust their portfolios to focus on high-quality convertible bonds and sector ETFs, particularly in technology and new energy [6]

分析师：王骅 登记编号：S0890522090001 分析师：顾昕 登记编号：S0890524040001 分析师：冯思诗 登记编号：S0890524070001 投资要点 市场回顾： 上周（2025.06.23-2025.06.27）债券市场小幅下跌，中债-综合财富指数（CBA00201）收跌 0.05%，中债-综合全价指数(CBA00203)收跌0.09%。利率债收益率呈现短端下行而长端上行的变化，信用债收 益率普遍上行，信用利差有所走扩 。 市场观察： 跨季将至，央行呵护态势不改；理财资金回表，票息资产受压制；降息博弈持续升温，"大而美"法 案或加剧美债不确定性；REITs二级市场高位调整，新发产品首日涨停 。 公募基金市场动态： 2025年6月18日，中国人民银行副行长、国家外汇管理局局长朱鹤新在2025陆家嘴论坛上 表示，国家外管局将在近期开放最新一批合格境内机构投资者(QDII)投资额度，以满足境内投资人的需求。这 也将是继上一次QDII额度下发时隔一年后的再度"放开" 。 泛固收基金指数表现跟踪 短期债基优选：上周收涨0.02%，成立以来累计录得3.94%的收益。 高波固收+基金优选：上周收涨0 ...

Group 1 - The core viewpoint of the article is the establishment of China Life Asset Management's first global allocation product, named "China Life Asset - Chuangyuan FOF2518 Asset Management Product" [1] - The product is positioned with a "fixed income +" FOF strategy as its core focus [1]

Core Insights - The current market dynamics and investment strategies are influenced by macroeconomic factors, with a focus on minimizing errors and respecting market trends [1][2][4] - The investment philosophy emphasizes making sound purchasing decisions rather than merely acquiring "good assets" [3] - The integration of AI technology is enhancing research efficiency and decision-making processes within the investment framework [8][9] Group 1: Investment Philosophy - The importance of macro analysis is highlighted, as any investment behavior detached from the macro context poses significant risks [2] - The investment approach is centered around a framework that combines various asset classes, aiming for a dynamic balance to optimize returns [4][5] - The philosophy of "less error" in investment decisions is compared to sports, where maintaining a high success rate in critical moments is essential [1][3] Group 2: Market Dynamics - The current market is characterized by a profound restructuring of supply and demand, leading to a shift in investment strategies [3] - The concept of "asset scarcity" is discussed, indicating that the demand side has more choices rather than a complete disappearance of assets [3] - The bond market is expected to exhibit a different pattern in 2025 compared to the previous year, with increased volatility [3] Group 3: AI Integration - AI is viewed as a tool to enhance cognitive efficiency rather than a replacement for human analysts, allowing researchers to focus on value-creating tasks [8][9] - The use of AI in generating high-accuracy meeting records and developing complex risk evaluation models is noted as a significant advancement [8] - AI's role in credit research is emphasized, with the ability to analyze vast amounts of data and produce comprehensive reports [9]