以下文章来源于教你挖掘基 ，作者冰姐 教你挖掘基 . 投资理财有方法，我们手把手教你挖掘牛基~ 五年前，银行大额存单4%的利率，曾让百万本金每年稳享4万元利息，足够支撑低物欲的长 期"躺平"。 稳健增值的理财需求该向何处安放？接着看，小编带你好好捋一捋~ 01 认知重塑 ——从"收益率焦虑"到"配置思维" 面对低利率时代的投资困局，大多数人的本能反应便是急于寻觅"更高收益的替代品"。 这种普遍存在的"收益率焦虑"往往将市场参与者推向非此即彼的极端选择，要么盲目追逐高风险产品， 要么因恐惧波动而选择彻底离场。 如今，同样的100万，年利息收入已缩水至1万元出头，关于"财务自由"的财富叙事已经被彻 底改写。 货币基金收益率向1%靠近，定期存款利率步入"1时代"，而广义货币供应量仍在跟随GDP的正向发展滚 滚前行…… 如果在1990年将能在北京置换8平米住房的1万元存入银行，即便以能跑赢通胀的"CPI+1%"的收益率滚动至 今，其购买力也将缩水84%——从8平米萎缩至1.3平米。 | 参考对象 | 1990-2023年的变化 | 增长倍数 | | --- | --- | --- | | GDP规模 | 1.89万亿 ...

Core Viewpoint - The recent decline in deposit rates among major state-owned banks has led to a shift in consumer behavior, with many opting to move their funds into alternative investment vehicles rather than renewing deposits [1][3]. Group 1: Deposit Rate Trends - Major state-owned banks have seen their one-year fixed deposit rates drop below 1%, while the interest rate for demand deposits has fallen to as low as 0.05% [1]. - In April 2025, household deposits decreased by 1.39 trillion yuan, while deposits in non-bank financial institutions increased by 1.57 trillion yuan, reflecting a shift in financial management strategies [3][4]. Group 2: Changing Investment Preferences - A new trend termed "new three golds" has emerged among younger generations, with 9.37 million individuals from the post-90s and post-00s generations diversifying their investments into money market funds, bond funds, and gold funds [6]. - Young investors are increasingly favoring flexible investment options like Yu'ebao, which offers similar returns to bank deposits but with greater liquidity [6]. Group 3: Investment Strategies and Community Engagement - Investors are encouraged to adopt a diversified approach to asset allocation, with recommendations to allocate funds in a 3:5:2 ratio among money market funds, bond funds, and gold funds to mitigate risks [8]. - The low-interest-rate environment has spurred a surge in financial literacy, with many individuals participating in online communities to share investment experiences and strategies [8][9].

Group 1 - The core viewpoint of the articles highlights the increasing popularity and growth of bond funds and ETFs in the current low-interest-rate environment, with a significant number of new funds being launched and existing funds achieving record net asset values [1][2][3]. - As of June 9, 2023, a total of 107 new bond funds have been established this year, raising a combined total of 204.9 billion yuan, with 14 funds exceeding 5 billion yuan in fundraising [2]. - The total scale of bond ETFs has surpassed 300 billion yuan, with 29 bond ETFs collectively reaching this milestone, indicating strong market demand and liquidity [2][3]. Group 2 - Over 90% of bond funds have experienced net value growth this year, with 1,304 funds achieving historical highs in June, representing approximately 33.94% of the total [2][3]. - The low-interest-rate environment has made it challenging to secure stable returns, yet bond funds remain attractive due to their potential for steady income and lower risk compared to equities [3][4]. - Fund managers are encouraged to diversify their offerings by incorporating equity investments and developing index funds to meet the varied needs of investors, particularly in sectors aligned with national strategies such as technology innovation and green economy [4].

Core Viewpoint - The yield of money market funds is declining significantly, with major funds experiencing a drop of 30-50 basis points compared to the previous year, indicating a shift in the investment landscape as residents seek higher returns amid low interest rates [1][2][7]. Group 1: Current Yield Trends - As of June 6, 2023, the 7-day annualized yield of Yu'ebao reached a historical low of 1.18%, down from 1.56% a year ago [1][5]. - The top 15 money market funds show a general decline in yields, with most funds experiencing a decrease of 30-50 basis points compared to the previous year [2][5]. Group 2: Market Dynamics and Asset Allocation - The report from Everbright Wealth indicates that the proportion of financial assets in Chinese residents' portfolios has been increasing, reaching 54.6% in 2021 and projected to exceed 100% in 2024, marking a significant shift from non-financial assets [7][9]. - There is a noted trend of residents reallocating deposits towards higher-yielding investments such as stocks and wealth management products, as evidenced by a decrease in RMB deposits in April 2023 [9][11]. Group 3: Future Outlook - The money market fund sector is expected to face challenges as market interest rates decline further, potentially leading to a slowdown in the growth of fund sizes [13]. - The shift towards diversified asset allocation is becoming essential as reliance on deposit interest diminishes, prompting a need for investors to embrace volatility and risk [13][22].

Strategy - The article discusses the accelerating trend of A to H listings in the Hong Kong stock market, with nearly 50 A-share companies planning to list in Hong Kong, of which 23 have submitted materials or have been approved [3][4] - The recent H-share listing of CATL has intensified this trend, achieving the highest IPO financing globally for the year and leading to a rare situation where H-shares are more expensive than A-shares [3][4] - Key questions addressed include the reasons behind the increasing A to H listings, the premium of H-shares over A-shares, and the implications for the Hong Kong market in both the short and long term [3] Macroeconomy - The article highlights three confusions regarding the RMB exchange rate, noting the recent appreciation of the RMB against the USD despite advancements in China's manufacturing technology and efficiency [7] - It points out the historical high gap between the nominal effective exchange rate and the real effective exchange rate of the RMB, as well as the unprecedented divergence between the nominal effective exchange rate and the USD exchange rate in recent years [7] - The article suggests that the RMB may have short-term appreciation potential against the USD due to unfulfilled depreciation pressures on the USD and the accumulation of funds awaiting settlement from China's current account [7]

Group 1 - Global stock markets did not rebound as expected after a recent phone call, with only the South Korean market showing significant gains [1] - A-shares showed a balanced performance with 2600 stocks rising and 2602 stocks falling, indicating a lack of excitement [2] - The S&P 500 and other indices experienced mixed reactions due to tensions between prominent figures in the U.S., reflecting internal divisions and struggles over resource distribution [2][4] Group 2 - Historical data shows that asset performance following U.S.-China leader calls lacks a clear pattern, but generally, the recent call appears to have more positive implications for A-shares [2][3] - The average performance of the S&P 500 and other indices on the day of the calls varies, with the S&P 500 showing an average increase of 10.38% over the past calls [3] - The recent phone call may indicate a pressing need from the U.S. that could benefit A-shares in the near term [2] Group 3 - The yield of money market funds, such as Yu'ebao, has dropped to a historical low of 1.165%, reflecting a broader trend of declining interest rates [9] - The article emphasizes the importance of recognizing the unprecedented low interest rate environment in asset allocation strategies [12] - The outlook remains positive for structural opportunities in the stock market while maintaining a neutral stance on the bond market [13] Group 4 - A significant net inflow of nearly 600 million into the Red Chip Low Volatility ETF indicates strong institutional interest in high-dividend strategies amid low interest rates [17][19] - The Red Chip Low Volatility ETF has shown a year-to-date increase of 4%, outperforming the broader Shanghai Dividend Index, which has declined by approximately 4% [21] - The article suggests that investors should consider various dividend indices for better asset allocation, including the Red Chip Low Volatility ETF and others [22] Group 5 - The bond market has seen a decline, with a notable drop of 2 basis points in the 10-year government bond yield, indicating market confidence in further declines [23][25] - The introduction of a new fixed income + investment strategy suggests a focus on long-term returns, with historical data indicating a potential yield range of 4-6% [28][30] - Current market conditions suggest that the fixed income + products are undervalued, presenting a good opportunity for continued investment [30][31]

"200万元买房就是稳赔，但200万元买顶流的快返年金，不仅本金一直在，第五年后每年还有2.7%的确 定利息直到终身……" 每经记者|袁园 每经编辑|陈旭 "低利率时代，银行定存收益跌破1.5%，而快返年金第五年就能领钱，活多久领多久，还能保本增 值……" "银行利率降到1%以下了，钱存银行是真没利息了，快返年金类似5年定存+n个一年期定存，一辈子领 利息，买定，就不降息了……" 以某险企的一款快返年金为例，王女士若为自己投保了这款产品，并一次性趸交10万元保费，保险期间 为终身，基本保险金额为2700元，领取频次为年领，则自该保单第六年起可以领取2700元的保险生存 金，直至王女士身故。 "快返型年金的核心优势在于返还速度与资金灵活性。相较于普通年金通常需等待至退休后才开始领 取，快返型年金最快第五年即可返还资金，且部分产品在第五年后现金价值超过已交保费，退保无损 失。"北京排排网保险代理有限公司总经理杨帆在接受《每日经济新闻》记者书面采访时表示，这种设 计既能满足教育金、婚嫁金等中期资金需求，又能通过搭配万能账户实现二次增值（需注意万能账户利 率不保证）。此外，快返型年金提供终身稳定现金流，合同约定领取金 ...

Group 1 - The core viewpoint of the articles is that a "rate cut wave" has spread to small and medium-sized banks, resulting in historically low deposit rates across the banking sector [1][7] - Major banks have reduced their deposit rates significantly, with the one-year fixed deposit rate falling below 1% for the first time in history, now at 0.95% [1][7] - The interest rates for various fixed deposit terms have been adjusted downwards, with the three-year rate decreasing from 1.5% to 1.25% and the five-year rate now at 1.3% [1][7] Group 2 - The impact of these rate cuts can be illustrated with a hypothetical example of a 1 million yuan deposit over five years, showing a significant decrease in interest earnings from 200,000 yuan in 2020 to only 75,000 yuan by 2024 [3][4] - The cumulative effect of these rate reductions is likened to a slow and painful loss, where depositors may not immediately notice the impact until it becomes substantial [5][4] - The trend of rate cuts typically starts with large commercial banks, followed by joint-stock banks, and finally small and medium-sized banks, which tend to have higher rates due to their weaker brand image and deposit absorption capabilities [8][9] Group 3 - The phenomenon of "deposit special forces," where individuals would travel to different cities to find better deposit rates, is diminishing as current rates make such efforts impractical [10][11] - The articles emphasize the importance of understanding the three key attributes of financial products: yield, safety, and liquidity, which are crucial for making informed investment decisions [13][14][15] - Strategies for managing finances in a low-interest-rate environment include both "staying within banks" with safer products and "venturing outside banks" into various investment options [22][24]

Core Viewpoint - The recent decline in the government bond futures market reflects a silent struggle regarding the direction of the Chinese economy, driven by both funding and policy pressures [2][5]. Group 1: Policy Dynamics - The central bank's recent reverse repurchase operations, with a net injection of 58.5 billion yuan in a single day, signal a tightening stance despite appearing to be accommodative [2][5]. - The Ministry of Finance initiated bond market support operations, injecting 280 million and 260 million yuan of 2-year and 3-year bonds, respectively, indicating a subtle shift in market supply and demand dynamics [2][5]. Group 2: Interest Rate Environment - The current low interest rate environment has seen the interest rate on demand deposits from major state-owned banks drop to 0.05%, with 1-year fixed deposits falling below 1% [2][5]. - Despite this, the 30-year government bond ETF has shown a remarkable annualized return of 15.28% over the past year, highlighting a paradox where funds flee low-yield deposits but hesitate to enter riskier markets [2][5]. Group 3: International Market Influence - The cold reception of the U.S. 5-year Treasury auction, with indirect bidders receiving a record 78.4% allocation, indicates a global capital flight towards safe assets, contrasting with domestic capital fleeing the bond futures market [3][5]. - The significant increase in SOFR futures open interest by 173,000 contracts within three days suggests that the market may be anticipating larger upheavals [3][5]. Group 4: Market Behavior - The net short position in 5-year government bond futures among the top 20 positions reached 6,254 contracts, indicating a strong institutional presence in the short-selling camp [3][5]. - A "mini redemption wave" in the wealth management market has led to short-term products experiencing a withdrawal magnitude similar to last September, showcasing a stark contrast between retail panic selling and institutional arbitrage strategies [3][5]. Group 5: Economic Transition - The anticipated increase in government bond issuance in May and June may exceed expectations, with local government bond issuance aiming for 700 billion yuan in a single month [4][5]. - The decline in bank deposit rates has paradoxically strengthened residents' savings tendencies, with the proportion of demand deposits falling below 20% in April, indicating a growing conservative mindset among the populace [4][5].

Core Viewpoint - The recent monetary policy adjustments by the central bank, including a 0.5% reserve requirement ratio cut and a 0.1% interest rate reduction, present both challenges and opportunities for the banking wealth management market [2][3]. Group 1: Challenges and Opportunities in Banking Wealth Management - The primary challenges include a decrease in bond yields and interbank deposit rates due to interest rate cuts, leading to reduced returns on fixed-income wealth management products and exacerbating the "asset shortage" [2][3]. - Conservative investors, who are sensitive to declining yields, may face further pressure on bank net interest margins due to the lag in deposit rate adjustments [2]. - Potential opportunities arise from the release of over one trillion yuan in long-term funds due to the reserve requirement cut, which, combined with stock market volatility, may drive a temporary expansion in low-risk wealth management products [2][3]. Group 2: Impact of Monetary Policy on Banking Wealth Management - The interest rate cuts directly lower market interest rates, resulting in decreased expected returns on wealth management products [3]. - Banks may accelerate the transition to diversified strategies like "fixed income plus" to enhance returns by increasing the proportion of equity and derivative assets [3]. - The competitive landscape will further differentiate, with leading wealth management subsidiaries leveraging stronger research capabilities and brand effects to adapt more quickly to the low-interest environment, while smaller institutions may face pressure to shrink if they cannot effectively manage costs or optimize asset allocation [3]. Group 3: Future Changes in Banking Wealth Management Products - Expected further compression in the yield levels of wealth management products, with a downward trend in the performance benchmarks for fixed-income products [4]. - An increase in the proportion of short-term products to meet investors' liquidity needs [4]. - A diversification in product types, including low-volatility stable products and thematic products (e.g., technology innovation, rural revitalization), to cater to varying risk preferences and return requirements of investors [4]. Group 4: Investment Strategies for Individual Investors in a Low-Interest Environment - In a low-interest rate context, the relative value of equity assets becomes more pronounced, necessitating careful asset allocation based on individual risk tolerance [5]. - Emphasis on diversified asset allocation strategies to build a portfolio that includes defensive assets like cash and bonds alongside growth-oriented equity assets [5]. - Encouragement of a long-term investment perspective to smooth out short-term volatility and achieve steady capital appreciation over time [5].