理财收益"幻术"。 来自福建的投资者小菲（化名）向第一财经反映，她于今年8月购入某建信理财产品，尽管成立以来年 化收益率达7.29%，但近1月收益率回落至5.02%。"收益掉得有点多，但也不方便频繁换产品，只能偶 尔看看。"她对记者称。 （受访者供图） 小菲的经历并非孤例。记者调查发现，多家银行APP主推的"打榜型"理财产品中，多数成立时间不足3 个月，部分甚至在1个月以内。这些产品在成立初期年化收益率普遍高于3%，吸引投资者关注后却逐步 回落，实际收益率多跌破2%。 新产品成立年化收益率与行业实际数据间已出现温差。普益标准数据显示，2025年9月，银行理财规模 加权平均年化收益率仅为1.68%，整体收益水平步入"1%时代"。然而，Wind统计显示，近3个月新发的 理财产品中，仍有140余只产品成立以来年化收益率超过10%，其中不乏R2级中低风险品种。 高收益难以持续已成普遍现象。在8月以来成立的177只"成立以来年化收益率＞10%"的产品中，超过 130只近1月年化收益率出现下滑，呈现典型的"前高后低"走势。 记者随机从Wind平台选取了几只理财产品，以一家股份行理财子某日开型产品为例，10月27日成立以 ...

Core Viewpoint - The article highlights the existence of "financial assassins" in the banking wealth management sector, where investors are misled by high advertised returns but receive much lower actual returns due to manipulative practices by wealth management companies [1][14]. Group 1: Industry Practices - Wealth management companies are engaging in unfair competition by using T-1 valuation methods to shift returns between products, leading to discrepancies in actual returns received by investors [1][6]. - The practice of "sheltering" products allows companies to inflate the returns of newly launched products while older products bear the losses, creating an illusion of high performance [5][12]. - Regulatory measures have been implemented to curb previous practices like self-built valuation models, but companies continue to seek loopholes to maintain high returns [7][14]. Group 2: Investor Impact - Investors are often left with returns significantly lower than expected, with some reporting annualized returns as low as 1%-2% despite seeing advertised rates above 5% [1][14]. - The reliance on T-1 valuation creates a situation where investors in older products are unfairly treated, as their returns are used to support the performance of newer products [14][15]. - The high expectations set by advertised returns lead to a cycle of short-term investment behavior, undermining the potential for long-term value investment [15]. Group 3: Market Dynamics - The shift towards T-1 valuation methods has been driven by a combination of regulatory scrutiny and the need for wealth management firms to maintain competitive scales in a challenging market environment [7][8]. - The increasing reliance on trust products and the growing share of outsourced investments indicate a significant change in asset allocation strategies within the wealth management industry [8][9]. - The competitive landscape is becoming more challenging, with larger firms facing pressure to deliver returns while adhering to stricter compliance requirements [10][12].