2025年6月底，银行理财行业将迎来估值整改的关键"年中考"。这场始于监管对"伪净值"现象的强力整 治，正推动行业彻底告别"以丰补欠""自建模型调节收益"的旧模式，向真正的净值化管理加速转型。6 月11日，北京商报记者了解到，当前，各家理财公司整改进度虽有差异，但均在按时间表推进，在6月 底完成半年度整改计划，在2025年底前全部整改完毕。整改后，理财产品估值将实现"穿透式"管理，投 资者需直面净值涨跌，这一转变不仅倒逼行业打破"隐性刚兑"依赖症，更促使理财公司提升投研能力与 大类资产配置水平，以专业能力应对净值波动带来的挑战。 监管此举意在打破理财产品"伪净值"现象，此前，部分产品存在"以丰补欠"的操作，这种操作模式在市 场行情向好时，通过投资SPV（特殊目的实体）等结构，积累部分收益；而当市场环境恶化，便释放此 前积累的收益来补贴客户持仓，给投资者造成一种稳健的假象。看似"贴心"的做法，实则与净值化的要 求背道而驰。净值化要求产品的净值能够真实反映资产的实际价值，但"以丰补欠"的操作掩盖了市场风 险，使得投资者无法准确认知投资的真实风险状况，同时也为金融机构提供了监管套利空间。 还有一些理财公司采用的收盘 ...

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].