"筛选产品时，收益率从高到低排下来，排在前面的也没多高。"深圳投资者钱莫（化名）对比年前年后 的APP截图时感慨道。正如他所观察到的，近期银行理财产品的营销端正在经历一场"降温"。 目前部分银行APP在理财产品收益率展示、业绩比较基准的展示方面已经做出调整，用特别高并且难以 持续的高收益率吸引投资者的做法明显减少。 据第一财经不完全统计，2026年以来已有近10家理财公司下调数百只产品的业绩基准，更有部分机构将 产品业绩比较基准改为指数型或市场利率型。 面对收益下行与合规约束，理财公司正从负债端加码中长期产品锁定资金，从资产端借道公募基金增厚 收益，试图在净值化时代寻找新的破局之道。 业绩比较基准批量调整 一名理财公司人士透露，近期理财子普遍对存量产品的业绩比较基准进行梳理，背后与监管要求密切相 关。近期监管部门正指导行业自律组织加快制定银行理财产品信息披露、业绩展示等相关自律规则。与 此同时，即将于9月1日正式施行的《银行保险机构资产管理产品信息披露管理办法》（下称"信披新 规"）也对业绩比较基准的调整提出明确要求。 该人士表示，根据信披新规，产品管理人在披露业绩比较基准后，应保持其连贯性，原则上不得随意调 ...

目前部分银行APP在理财产品收益率展示、业绩比较基准的展示方面已经做出调整，用特别高并且难以 持续的高收益率吸引投资者的做法明显减少。 据第一财经不完全统计，2026年以来已有近10家理财公司下调数百只产品的业绩基准，更有部分机构将 产品业绩比较基准改为指数型或市场利率型。 面对收益下行与合规约束，理财公司正从负债端加码中长期产品锁定资金，从资产端借道公募基金增厚 收益，试图在净值化时代寻找新的破局之道。 业绩比较基准批量调整 据第一财经不完全统计，进入2026年以来，农银理财、民生理财、中邮理财、兴银理财等近10家机构相 继发布公告，下调旗下多只产品的业绩比较基准，涉及产品数量达数百只。多数调整后上限已降至 3.2%以下。 目前部分银行APP在理财产品收益率展示、业绩比较基准的展示方面已经做出调整。 "筛选产品时，收益率从高到低排下来，排在前面的也没多高。"深圳投资者钱莫（化名）对比年前年后 的APP截图时感慨道。正如他所观察到的，近期银行理财产品的营销端正在经历一场"降温"。 例如，近日，民生理财的"贵竹固收增强两年定开2号"产品，业绩比较基准从4%~6%大幅下调至 2.6%~3.1%，上限接近"腰斩"。 ...

作者：宫何 故事起点在20多年前。 2005年底，曾在资本市场叱咤风云、号称"江南第一猛庄"的金信信托，在违规经营与挪用资金的乱象 下，陷入了巨大的兑付黑洞。 随着停业整顿指令的下达，金信信托轰然垮塌，其背后数十亿元信托产品计划、涉及近万名投资者的违 约险境，加剧了这场兑付危机的外部性风险。 专题：行业首例！国投白银LOF补偿方案出炉！ 国投瑞银捡起了刚性兑付的剧本 来源：资管风铃 为了防止风险外溢，多方最终达成了一套特殊的风险处置方案——筹集专项资金：对个人投资者的信托 本金实施优先回购，而机构债权人则进入了漫长的破产清算严冬，承担了底层资产的崩灭代价。 回头来看，当年这起风险处置，深刻影响了中国资产管理市场此后十余年的发展脉络。 从早年的信托行业，到万亿体量的传统银行理财，后来的券商资管、基金子公司的报价式产品，乃至期 间席卷民间金融的P2P乱局，再到最终《资管新规》落地的乱而复治，这些故事上空都漂浮着一个幽 灵，它的名字就是： 刚性兑付 所谓刚性兑付，是指资管产品在底层资产面临风险冲击后的负债端处置中，对于个人投资者全额兑付的 一种父爱式保障。 纵然没有任何一条有据可查的监管规则曾约定管理人具有刚兑义务 ...

1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating in the given content. 2. Core Views of the Report - Residents' investment preference is rising, but there is still a demand for safe assets. They show a contradiction of "declining risk preference but still having a desire for returns" [3]. - The scale of wealth management products is expected to continue growing, but their yields still face challenges. In the context of deposit disintermediation, there is still room for growth in the scale of wealth management in 2026 [4]. - Public - offering bond funds and wealth management are interacting more deeply. Attention should be paid to the changing trends in product structure. The public - offering bond fund market is undergoing a pattern reshaping [5]. 3. Summary According to the Directory 3.1 Liability Side: Residents' Investment Preference Rises, and the Demand for Safe Assets Remains - **Limited Asset Allocation Options and Sustained Demand for Safe Assets**: Residents' asset allocation shows a contradiction between balancing safety and returns. They have a reduced risk - bearing capacity on the asset side and a demand for "elastic returns" in low - risk assets [11][13]. - **Strengthened Deposit Disintermediation and Changed Investment Will**: Deposit rate cuts have strengthened the deposit disintermediation trend. The improvement of the equity market has made residents more willing to invest, and they prefer fund trusts over stocks [16][18]. 3.2 Wealth Management Products: Scale Expected to Continue Growing, Yields Still Facing Challenges - **Wealth Management Scale: Returned Above 30 Trillion, Investment Returns Under Pressure**: In Q3 2025, the bank wealth management scale reached 32.13 trillion yuan. The number of products increased steadily, with fixed - income products dominating. The number of participants also continued to grow. However, the yields of underlying assets of wealth management products have declined [19][24]. - **Wealth Management Behavior: Strategies for Stable Scale and Reduced Volatility**: To achieve stable scale and reduced volatility, wealth management has adjusted its asset allocation. It has increased the proportion of cash and deposits and changed its bond investment preferences, such as increasing the preference for inter - bank certificates of deposit and avoiding corporate bonds [26][29]. - **Regulatory Environment: Systemic Tightening Continues, a Major Source of Risk**: The regulatory environment for wealth management is tightening. Net - value reform and regulatory policies such as the "Asset Management Trust New Regulations" may affect the underlying assets of wealth management products. In the future, wealth management will focus more on high - liquidity assets [32][34]. 3.3 Public - Offering Bond Funds: Deep Interaction with Wealth Management, Focus on Product Structure Changes - **Public - Offering Scale Keeps Growing, Bond Fund Redemption Pressure Emerges**: As of the end of November 2025, the total scale of public - offering funds exceeded 36 trillion yuan. The combined proportion of bond funds and money market funds decreased compared to the end of 2024. The scale of bond funds fluctuated upward, but they faced redemption pressure [38]. - **During the Concentrated Opening Period of Fixed - Open Funds, Wealth Management Takes Over as the Main Allocator**: From December 2025 to May 2026, fixed - open bond funds will have a concentrated opening period. Wealth management is likely to increase its allocation of credit - type coupon assets through these funds and reduce the allocation of interest - rate products such as policy - financial bonds [42][45]. - **Expansion of ETF Bond Funds, Growing Interest from Wealth Management**: In 2025, the scale of bond ETFs expanded significantly. Wealth management products may become an important force in bond ETF allocation. In the future, the public - offering bond fund market will undergo a pattern reshaping [46][52].

Core Insights - The central viewpoint emphasizes the importance of wealth management in supporting the real economy and achieving high-quality financial development in China, as outlined in the recent Central Financial Work Conference [1]. Wealth Management Market Development - The Chinese wealth management market is transitioning from a phase of rapid growth to one focused on high-quality development, with competition shifting from product quantity to long-term customer value realization [3][4]. - The market has seen significant changes, including a decline in interest rates and a diversification of residents' financial asset demands, indicating a shift from "incremental drive" to "stock optimization" [3][4]. Customer Demands and Transparency - There is a growing demand for product transparency among customers, who now seek detailed information about investment logic, underlying assets, risk distribution, and fee structures [2][3][4]. - Wealth management institutions are encouraged to enhance their disclosure methods from static to dynamic, focusing on process transparency rather than just results [2][5]. Technological Integration and Future Trends - The integration of AI and data capabilities is seen as crucial for the future of wealth management, shifting the focus from product-centric to customer goal-centric approaches [6][9]. - Institutions are expected to develop comprehensive research and investment capabilities, along with a deep understanding of customer needs through data-driven insights [6][9]. Green Finance and Risk Management - The concept of "green finance" is highlighted, with a focus on using financial technology to create quantifiable and verifiable systems for assessing green investments, thereby mitigating "greenwashing" risks [9][10]. - A dual scoring system for evaluating green projects is proposed, combining commercial viability and emission reduction effectiveness [10][12]. Investment Opportunities and Strategies - The wealth management market is projected to evolve towards net value-based products, with opportunities arising from lower interest rates and new themes in green and technology investments [14][15]. - Investment strategies should focus on stable cash flow and long-term growth, utilizing a "core + satellite" approach to asset allocation [16].

Core Viewpoint - The forum hosted by China Merchants Bank focuses on the high-quality development of wealth management in the Guangdong-Hong Kong-Macao Greater Bay Area, highlighting both challenges and opportunities in the banking wealth management sector as it transitions to a net worth-based model [1][4]. Group 1: Current Market Situation - The wealth management industry is experiencing a dual challenge of opportunities and risks due to the deepening low-interest rate environment and the transition to net worth-based products [6]. - The shift to a fully net worth-based model is expected to reshape the industry ecosystem significantly, with the need for wealth management companies to align their investment capabilities with client expectations for sustainable returns [5][6]. - The current market shows a trend where most individual investors hold wealth management products for less than one year, indicating a preference for short-term, low-risk products [7]. Group 2: Demand and Client Expectations - There is a growing understanding among clients regarding net worth-based products, but many still hold strong expectations for capital preservation and stable returns, which may not align with the new market realities [7]. - The traditional client base is slow to adapt to the underlying logic of net worth-based products, creating a dependency that could limit future growth for wealth management companies [7]. Group 3: Asset Management and Investment Strategies - The wealth management industry is heavily reliant on fixed-income products, which constitute 97% of the product offerings, but the attractiveness of high-grade bonds is diminishing as yields decline [8][9]. - There is a pressing need for wealth management firms to enhance their research and asset allocation capabilities, particularly in equity assets, to meet the rising demand for stable returns in a volatile market [9]. Group 4: Future Development and Strategic Focus - Wealth management companies, such as Jianxin Wealth Management, are encouraged to adopt a client-centric approach, focusing on understanding and meeting diverse client needs through tailored product offerings [10][11]. - The strategy includes expanding product lines to include multi-asset and multi-strategy offerings, particularly targeting clients in the Greater Bay Area with innovative products like "fixed income plus" strategies [12]. - Emphasis is placed on enhancing IT capabilities and implementing digital transformation to improve client experience and operational efficiency [13]. Group 5: Regional Economic Support and Collaboration - Jianxin Wealth Management aims to leverage its unique position as the only major wealth management firm registered in the Greater Bay Area to support regional economic development and meet local financial needs [14]. - The company plans to explore investment opportunities in innovative industries and green finance, while also facilitating cross-border financial services to meet client demands for international asset allocation [14].

Group 1 - The asset management market is entering a new era characterized by low interest rates and high volatility, necessitating a reliance on technological management for investments and products [1][2] - The current environment shows a significant decline in high-yield assets as many have matured, leading to a scarcity of investment managers capable of meeting investors' demand for flexible returns [2][4] - The market is experiencing a shift where traditional fixed-income assets are under pressure, and the focus is now on generating excess returns beyond fixed income [4][5] Group 2 - The main challenges in the asset management industry include product classification and customer segmentation, with a need to provide suitable products for different client needs [5][6] - The investment strategy involves a diversified approach with three core teams: fixed income, innovation (REITs), and multi-strategy, focusing on various asset classes [6][9] - The company aims to differentiate itself from banks and public funds by seeking absolute returns rather than relative performance, utilizing derivatives and other strategies [7][10] Group 3 - The company is focusing on macro allocation and aims to become a specialized asset manager in this field, seeking excess returns through strategic asset allocation [10][12] - Current investment opportunities include precious metals like gold, agricultural products, and certain overproduced commodities, reflecting a cautious yet opportunistic approach [13][14] - The strategy emphasizes finding arbitrage opportunities across different asset classes, with a focus on macroeconomic conditions and market volatility [15]