当下，备受行业关注的银行理财估值整改工作已进入最后冲刺阶段。中国证券报记者近日获悉，多数理 财公司已提前完成相关整改任务。与此同时，中诚信指数等新型第三方估值工具正悄然进入行业视野。 这类工具旨在平滑净值锯齿状波动，同时保持对基础估值体系的锚定，但其合规性与适用性尚待检验。 2026年，理财产品将开启全面净值化的新起点。面对债市波动传导加剧、巨量高息存款到期的市场变 局，理财机构正将多元资产配置与精准风险防控作为核心的突围路径。 ● 本报记者 李静 多家机构"提前交卷" "我们在12月初就已完成估值整改工作，行业内多数机构都不会拖延至最后一天。目前来看，大部分机 构应该都完成了整改。"某股份行理财公司人士说。 从记者近期采访的情况来看，绝大多数理财公司都已提前落实估值整改任务，收尾工作主要集中在少量 非活跃券种的估值校准、历史浮盈核算返还等细节层面。 自资管新规实施以来，采用第三方估值已成为行业常态。目前，银行间债券普遍采用中债估值，交易所 债券多参考中证估值，这两大估值体系共同构成了行业定价的基石。而新型估值服务的本质在于，通过 复杂模型、拉长观察窗口期等技术手段，对基于单日成交数据的"原始公允价值"进行优 ...

2025 年的供需情况如何？ 供给端方面，2025 年的净融资约为 3 万多亿，其中产业债特别是央企产业债 贡献最大。城投债延续缩量趋势，今年规模约 2000 亿左右。央企加杠杆信号 明显，民企融资由负转正，为 21 年以来首次。地方国企因资本开支需求增加 也有融资需求。金融债方面，二永净供给与去年持平，而券商发债规模随权益 市场回暖而增加。此外，今年科创类金融和普惠性金融发行量显著增加。 需求 端方面，以理财和基金为主力，但理财对信用资产的持仓比例有所下降，即使 在理财规模增加情况下，对信用资产的绝对持仓体量微降。而基金中的短债基 金减仓较多，但 ETF 和二级债基提供了增量支持。今年 32 只信用类 ETF 规模 达 5,000 亿，而二级债基规模增幅接近 90%。 固收-2026，信用低静态、高动态 20251211 摘要 2025 年信用债净融资预计超 3 万亿，产业债尤其是央企产业债为主要 贡献者，城投债延续缩量趋势，规模约 2000 亿。央企加杠杆信号明显， 民企融资由负转正，为 2021 年以来首次，地方国企融资需求增加。 需求端方面，理财和基金是主力，但理财对信用资产的持仓比例有所下 降，绝对 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Recent leadership changes in multiple wealth management companies have drawn significant attention within the industry, indicating a response to structural challenges posed by low interest rates and regulatory pressures [2][10][11] - Wealth management firms are increasingly exploring alternative investment paths, such as customized financial products combined with non-standard equity investments, to support technology-driven enterprises [3][12] - The introduction of new product systems by wealth management companies, focusing on cash management, pension products, and diversified asset strategies, reflects a shift towards meeting diverse client needs in a low-yield environment [3][14] Summary by Sections Regulatory and Industry Dynamics - A wave of high-level executive changes has occurred in several wealth management firms, including 招银理财, 信银理财, 交银理财, and 北银理财, highlighting the industry's response to dual structural challenges [2][10] - The industry faces pressure from low interest rates and regulatory demands for enhanced risk management and compliance, prompting firms to seek leaders with cross-industry experience to improve investment capabilities [10][11] Innovation in the Industry - 建信理财 has successfully launched a non-standard equity investment business, utilizing a model that combines customized financial products with equity investments to channel funds into technology enterprises [3][12] - 交银理财 has unveiled a comprehensive upgrade of its product system, emphasizing three innovative product categories: "活钱+", pension products, and "多元精选" multi-asset strategies, aimed at addressing various client needs [3][14] Yield Performance - For the week of November 10-16, 2025, cash management products recorded a 7-day annualized yield of 1.29%, remaining stable compared to the previous week, while money market funds saw a slight increase to 1.17% [4][15] - The yield on pure fixed-income products generally declined across all maturities, while fixed-income plus products mostly saw increases, indicating a mixed performance in the bond market [4][18] Net Value Tracking - The net value ratio of bank wealth management products decreased to 0.56%, down 0.17 percentage points week-on-week, with credit spreads also tightening, suggesting limited value for investors [5][23][24]

Core Viewpoint - The recent trend of early termination of bank wealth management products is attributed to increased market volatility and challenges in investment, which ultimately aims to protect investors' interests and reduce potential losses [1][2][3]. Group 1: Reasons for Early Termination - In 2023, over 2,000 wealth management products have been terminated early, primarily affecting fixed-income products with risk levels mainly at R2 and R3 [2]. - The early termination of products is seen as a normal response to macroeconomic conditions, market fluctuations, and unexpected events impacting performance [2][3]. - The trend reflects a shift towards net value management in the banking wealth management sector, indicating that early termination may be a strategy to adapt to this new environment [2]. Group 2: Impact on Investors - Early termination is intended to minimize investor losses and safeguard their interests, with many institutions citing "market conditions" and "protecting investor interests" in their announcements [3][4]. - The proportion of products being terminated early is relatively small compared to the total number of products, suggesting that the majority remain unaffected [3]. Group 3: Need for Improvement in Research and Management - The frequency of early terminations indicates a need for banks' wealth management subsidiaries to enhance their investment research capabilities and asset management skills [4]. - Long-term improvements in investment strategies and risk management are essential for better handling of market volatility and enhancing investor experience [4][5]. - There is a call for increased investor education to help clients understand the risks and benefits associated with wealth management products [5].

Core Viewpoint - The banking wealth management industry is undergoing a significant transformation towards true net value management, driven by regulatory reforms aimed at eliminating "pseudo net value" practices, with a key assessment scheduled for mid-2025 [1][3]. Group 1: Regulatory Changes - By the end of June 2025, all wealth management companies are expected to complete their rectification processes, with a mid-year assessment occurring at the end of June 2024 [3][5]. - Regulatory authorities have mandated that wealth management companies must not use closing prices, smoothed valuations, or self-built valuation models to mask product net value fluctuations, instead requiring the use of standardized valuations from recognized sources [3][4]. - The aim of these regulations is to dismantle the "pseudo net value" phenomenon, where companies previously used strategies like "using surplus to cover deficits" to create a false sense of stability for investors [3][4]. Group 2: Challenges Faced by Companies - Wealth management companies face several challenges in compliance, including the need to overhaul existing valuation systems, which involves system updates, process reengineering, and staff training [5][6]. - The methods for managing net value fluctuations are limited, and companies are struggling to control net value volatility in a challenging bond market environment [5][6]. - There is a concern regarding investor acceptance, particularly among older clients who may be sensitive to net value fluctuations, potentially leading to customer attrition [5][6]. Group 3: Investment Research and Asset Allocation - The core of wealth management product valuation lies in accurately assessing the value of underlying assets, with two main methodologies: cost method and market value method [6][7]. - The industry is expected to transition to true net value management, enhancing compliance and transparency, which will allow investors to experience net value changes more directly [7][8]. - Companies are encouraged to improve their investment research capabilities and optimize asset allocation strategies to mitigate the impact of individual asset volatility on product net value [8][9]. Group 4: Investor Education and Communication - Companies should focus on accurate, timely, and transparent information disclosure to help investors understand risks and make informed decisions [8][9]. - Enhancing the investor experience through better access to information and clear risk communication is essential for fostering long-term relationships with clients [8][9]. - There is a need for ongoing investor education initiatives to help clients understand the realities of net value fluctuations and the associated risks [8][9].

Core Viewpoint - Recent reports indicate that some elderly individuals have fallen victim to fraudulent "guaranteed return" investment products promoted by online "investment masters," leading to significant financial losses. The concept of "guaranteed return" in bank wealth management products is a product of specific historical stages in China's financial market, driven by investor demand for "risk-free returns," competitive pressure among banks, and previously lax regulations [1][2]. Group 1: Regulatory Changes - The introduction of the "Guiding Opinions on Regulating Financial Institutions' Asset Management Business" (referred to as "Asset Management New Regulations") in 2018 marked a significant shift in the market, requiring the dismantling of rigid guarantees and the implementation of net value management [1]. - The "Asset Management New Regulations" explicitly state that financial institutions are prohibited from promising capital protection and returns in their asset management activities [1]. - The "Measures for the Administration of Wealth Management Subsidiaries of Commercial Banks" also emphasizes that wealth management products cannot guarantee returns or engage in misleading promotions such as "risk-free profits" [1]. Group 2: Investor Awareness and Risk - Investors must recognize that there are significant differences in risk and return between wealth management products and traditional deposits, with the latter typically offering capital protection and guaranteed returns [2]. - It is crucial for investors to consider their investment experience, risk tolerance, and return expectations when selecting wealth management products to better balance asset safety and value appreciation [2]. - Consumers are advised to be cautious of "high return, no risk" promotional claims and to avoid being misled by short-term high returns. Continuous attention to educational content from financial regulatory bodies and banks is recommended to enhance risk identification and fraud prevention capabilities [2].