普益标准近期发布的数据显示，截至今年9月末，全市场存续现金管理类净值型产品规模在6.5万亿 元左右，而去年12月末的规模在7.3万亿元以上，规模下滑较为明显。 在低利率环境下，现金管理类理财产品的收益优势在收窄。一直以来，现金管理类理财产品凭借高 流动性、收益稳健等特点，深受风险偏好较低的投资者关注。然而，受底层资产收益下降等因素影响， 现金管理类理财产品近年来的收益呈现下滑趋势。中国邮政储蓄银行研究员娄飞鹏认为，今年以来，现 金管理类理财产品规模下滑，主要受市场利率持续下行、监管对投资范围与杠杆率的严格限制，以及高 息同业存款渠道收窄等多重因素影响。 尽管现管类产品短期内面临一定挑战，但长期来看，对于有日常消费提取与紧急用款需求的投资者 来说，活钱管理作用依然重要。刘思佳认为，接下来，对于理财公司而言，现管类产品的战略地位或从 过去的"规模主力"转为"基础配置"，且部分头部机构已率先开启产品结构优化。通过丰富多元的产品结 构提升规模增长动力，打造多元化"固收+"产品体系，挖掘权益、黄金、跨境资产等多类资产配置价 值，更好满足投资者对于收益弹性的需求。 （责任编辑：关婧） 从行业数据看，现金管理类理财产品的波 ...

Core Viewpoint - The 90-day investment advisory portfolio primarily selects short-term bond funds, which are expected to yield higher returns than money market funds in the long run while maintaining lower risk compared to long-term bonds [1][10][11]. Group 1: Investment Strategy - The portfolio aims to outperform money market fund returns with a maximum drawdown targeted between 1% to 2% [3]. - It focuses on high-safety investments, primarily in short-term bond funds and low-risk pure bond funds, with a significant portion of assets in interest rate bonds (such as government bonds) [3][13][15]. - The strategy allows for flexible investment, with no timing required for entry, suitable for funds that can be held for three months or more [4][17]. Group 2: Performance and Risk Management - The 90-day portfolio has outperformed the China Securities Money Market Fund Index since its inception, with a relatively small maximum drawdown [20]. - The investment strategy is designed for short-term funds that will not be needed for at least three months, providing a transitional option for funds originally intended for money market investments or stock investments [21]. - By selecting short-term pure bond funds, the strategy aims to achieve higher returns with minimal risk [23].

Core Viewpoint - The article introduces the concept of government bond reverse repurchase agreements (reverse repos) as a low-risk investment option suitable for managing short-term funds, especially during specific time periods like month-end and year-end when yields tend to be higher [1][15]. Summary by Sections Introduction to Reverse Repos - Government bond reverse repos allow individuals to invest with a minimum of 1,000 yuan, making it accessible for short-term fund management over 1 to 7 days [2][5]. Mechanics of Reverse Repos - Reverse repos function as a short-term financial tool where cash holders lend money against government bonds as collateral, ensuring high safety comparable to money market funds [5][23]. Types of Reverse Repo Products - Both Shanghai and Shenzhen stock exchanges offer various reverse repo products, differentiated by duration, such as 1-day, 2-day, and up to 182-day options [6][7]. Choosing Reverse Repo Products - Short-term reverse repos (1 to 7 days) are more commonly used for managing idle cash, while longer-term options (14 to 182 days) generally offer lower yields compared to bank wealth management products [8][9]. Yield Calculation - The yield from reverse repos can vary significantly, with typical annualized rates ranging from 1% to 2%, but can spike during high-demand periods like month-end or year-end [14][15]. Special Timing for Higher Yields - Reverse repo yields are notably higher during specific periods such as month-end, quarter-end, and year-end due to tighter liquidity in the market [15][16]. Practical Example of Yield Calculation - An example illustrates how to calculate net yield from a 1-day reverse repo, factoring in transaction fees to determine the actual return [18][19]. Conclusion on Investment Strategy - Reverse repos are recommended for managing short-term idle funds in stock accounts, while longer-term investments should focus on higher-yielding options like index funds for funds not needed for 3-5 years [23].