◎记者 徐潇潇 这类产品背后套路多多——为了在榜单上"出圈"，理财公司必须让"打榜"产品在特定时间窗口内展现出 远超同类产品的收益率。这其中的秘诀就在于借助估值"美颜术"，提高短期收益率。 估值是一种价格发现手段，采用何种估值法，直接影响理财产品净值。资管新规实施后，理财产品普遍 采用摊余成本法、市值法。为了稳住和提高产品收益率，不少理财公司就在估值法上做起了文章，逐渐 衍生出一些估值"美颜术"，且日趋技术化和隐蔽化。例如，利用"T-1估值"机制下的已知价申赎制造套 利窗口，在建仓期集中配置高息资产以拉高短期年化数据，通过信托通道在不同产品间腾挪收益，甚至 采用尾差调节等更不易察觉的操作。 其中，"T-1估值"成为近期部分机构"打榜"营销的新手段——即申购和赎回按前一日净值确认，而非当 日净值。在市场大涨时，投资者可按昨日较低净值买入，锁定当日涨幅；在市场大跌前，则可提前赎回 规避亏损。这种"已知价交易"虽看似便利，实则扭曲了产品的真实风险收益关系，还可能被用于将老产 品的收益输送至新发产品，制造短期高收益假象，以吸引资金流入。 从这一角度来看，借用估值手段过度"美颜"收益不仅掩盖了理财产品的真实风险，还可能 ...

Core Viewpoint - The practice of "wealth management ranking" has resurfaced, where financial institutions package high-yield products to attract investors, but actual returns often fall significantly short of expectations, raising concerns about transparency and investor experience [1][4]. Group 1: Mechanisms of "Wealth Management Ranking" - "Wealth management ranking" involves frequent issuance of small financial products, known as "shell products," which invest in short-term high-yield assets to inflate returns [2]. - Some financial institutions manipulate returns by reallocating profits from one investor to another, artificially boosting the yield of new products [2]. - The strategy is primarily driven by the need for financial institutions to increase their scale and revenue, as management fees are tied to the volume of assets under management [3]. Group 2: Implications for Investors - Investors often experience disappointing returns, leading to feelings of deception and dissatisfaction with their investment experience [4]. - As the scale of financial products increases, it becomes challenging to maintain high yields, resulting in a significant drop in actual returns compared to initial expectations [4]. - A cycle of speculative investment emerges, where investors continuously seek new high-yield products, further perpetuating the "wealth management ranking" phenomenon [4]. Group 3: Industry Response and Future Directions - Some financial institutions have begun to prohibit "wealth management ranking" practices, focusing instead on enhancing investment capabilities to provide genuine returns [6]. - There is a shift towards distinguishing between long-term returns and those generated through ranking tactics, emphasizing the importance of investment performance and transparency [7]. - Financial institutions are encouraged to improve product suitability management, ensuring that investors understand the underlying assets and associated risks of the products they purchase [7].

Core Viewpoint - The article highlights the existence of "wealth management assassins" in the banking wealth management sector, where investors are misled by high advertised returns that are not realized, leading to unfair treatment among clients and potential market manipulation [1][16]. Group 1: Industry Practices - Many wealth management companies are still pursuing scale blindly, leading to the development of new "ranking methods" that manipulate product returns [1][8]. - A prevalent method involves using the T-1 valuation model to shift returns between products, creating high-yield "ranking" products while older products suffer losses [1][5][7]. - This practice results in unfair treatment of clients, where some investors see their returns redirected to other products, leading to dissatisfaction and complaints [1][16]. Group 2: Regulatory Environment - Financial regulators have restricted various practices that circumvent asset management regulations, such as smoothing trust and self-built valuation models [1][8]. - The shift to T-1 valuation methods is partly a response to regulatory scrutiny, as companies seek new ways to maintain high returns amidst changing market conditions [8][12]. Group 3: Market Dynamics - The current market environment shows a significant shift, with increased volatility in the bond market and declining attractiveness of wealth management products compared to public funds [8][9]. - The reliance on trust companies for T-1 valuation has increased, with a notable rise in the proportion of outsourced investments in wealth management assets [9][10]. Group 4: Impact on Investment Behavior - The manipulation of returns leads to a short-term investment behavior among clients, as they adapt to fluctuating returns and are forced into quick buy-sell decisions [17]. - This environment hampers the ability of wealth management companies to engage in value investing, as they focus on managing client redemptions rather than long-term strategies [17]. Group 5: Ethical Concerns - The practices of shifting returns raise ethical concerns, as they may border on fraud by creating unrealistic expectations for investors regarding product performance [17][18]. - Industry insiders call for regulatory measures to ensure fairness and compliance, emphasizing the need for a level playing field in the market [18].