理财公司分类监管评级办法有了新的进展。近期，有媒体报道，酝酿已久的银行理财公司分类监管评级 办法已进入试评级阶段，相关结果近期已下发至各公司。自去年5月份评级办法征求意见稿发布以来， 已有一年时间。有理财公司人士表示，目前评级办法还在调整评估中。另一业内人士推断，银行理财公 司评级办法大概率会在今年底落地。 评级办法包括哪些内容？ 根据评级办法征求意见稿，银行理财分类监管评级办法整体导向是"质量重于规模"，不再鼓励银行理财 公司单纯冲规模。评级要素包括公司治理、资管能力、风险管理、信息披露、投资者权益保护和信息系 统六大方面，其中资管能力权重最高。监管评级结果分为1-6级，数值越大即评级得分越低，越需要重 点关注。评级结果为1级或2级的理财公司，可以优先试点创新类业务，评级为5级或6级的理财公司则为 高风险理财公司，4级及以上的理财公司可以限制非标资产投资、权益类资产投资、衍生品业务等。 在具体的评价指标中，有不少定量指标体现了一定的监管导向，包括强调产品业绩达标率、提高混合类 和权益类产品规模占比、提高长期限资金占比、压降现金管理类产品规模、压降委外投资规模等。 试评级结果如何？ 不过，也有理财公司人士认为 ...

Group 1 - The rapid development of private MOM products is highlighted, with 29 products registered by May 20 this year, surpassing the total of 23 for the entire year of 2024 and setting a new record since 2019 [2] - MOM (Manager of Managers) is defined as a unique investment management model that involves delegating investment advice to multiple qualified third-party asset management institutions, allowing for diversified asset allocation [2] - Compared to FOF (Fund of Funds), MOM offers advantages in investment concentration limits, rebalancing flexibility, and the authority of the parent fund [3] Group 2 - The implementation of the "MOM Product Guidelines" by the CSRC at the end of 2019 has led to a more regulated environment for MOM products, allowing securities and futures asset management to engage in private MOM business [3] - Many of the newly registered MOM products are structured with cooperative institutions (such as securities and futures asset management) as trustees, and multiple private fund managers as investment advisors [3] - There is a growing demand for diversified allocation from bank wealth management and insurance asset management, especially as interest rates decline and volatility increases [3] Group 3 - Despite the advantages, there are risks associated with outsourced investments, which require strong research and investment capabilities [4] - The performance of MOM products heavily relies on the management capabilities of private funds as investment advisors and the selection and risk control measures of the funding parties [4] - Recent incidents, such as the collapse of a major FOF private institution, have led some bank wealth management firms to suspend similar channel businesses due to associated risks [4] Group 4 - The use of FOF and MOM tools is not merely a simple investment choice; it requires robust quantitative algorithms and detailed due diligence to select suitable products and managers [5] - Wealth management subsidiaries are adopting outsourcing as a long-term investment strategy, but there is still a need for improvement in the research and investment capabilities related to FOF and MOM [5]

文 ｜ 明明 章立聪 史雨洁 杨宏宇 一季度债市波动中，理财负债整体稳定，但年初以来及4月理财子在现券市场净买入增长并不突出。我们认为出现这一现象，一 方面缘于目前委外投资仍是理财现阶段应对波动的核心工具；另一方面综合收益性价比考量，理财子对存款类资产及货币融出 的配置偏好出现阶段性提升，一定程度替代了信用债的配置需求。展望理财子后市，二季度是全年银行理财规模扩容的重要时 点，我们预计4月银行理财市场规模增长有望达到1 . 7 - 1 . 8万亿元，负债资金的扩容仍能对债市整体提供较强的支撑。 ▍ 一季度债市波动中，理财负债整体稳定。 2 5Q1银行理财市场规模先涨后跌，季度规模合计收缩8 5 0 0亿元；对比往年来看，一季度银行理财规模的降幅相对温和，考虑 到季节性的回表因素与市场调整，负债端压力整体可控；相较于同期债基产品的急涨急跌，银行理财在本轮债市波动中体现出 了较强的净值稳定性，成为其应对负债扰动的核心保障。 ▍ 二季度银行理财开启冲量行情。 二季度是全年银行理财规模扩容的重要时点，其中4月尤为关键；参考我们周度跟踪测算的规模数据，截至到2 0 2 5年4月2 0日 银行理财市场规模已完全修复一季度 ...