Core Viewpoint - The article discusses the current state, issues, and future of the 30 trillion yuan wealth management market, emphasizing the impending changes in competition and business models within the industry [7][11]. Group 1: Wealth Management Market Overview - The wealth management market is facing significant challenges as the previous model of "retained earnings" is nearing its end, which has historically allowed banks to manage returns during varying market conditions [8][9]. - The "wealth management ranking" business model, which attracted customers with high short-term returns, is becoming less effective as investors become more discerning [10][11]. Group 2: Future Directions for Wealth Management Companies - Future competition in the wealth management sector will focus on three key areas: investment research capabilities, product line structuring, and channel service capabilities [16]. - Companies like Ant Bank are leading the way with a focus on transparency and quality, offering clear performance metrics to users, which is becoming increasingly important in a market where traditional models are failing [17][25]. Group 3: Importance of Research in Wealth Management - Understanding the wealth management market is crucial as it serves as a benchmark for the risk-free rate in China, influencing asset pricing across various sectors, including the stock market [15]. - The decline in risk-free rates due to lower returns on pure debt wealth management products is expected to increase valuations in the stock market, potentially leading to more capital inflows [15]. Group 4: Key Insights from Recent Articles - A recent report highlighted that only one out of eight banks displays annualized returns on their wealth management products, indicating a lack of transparency in the industry [4][23]. - The article emphasizes the need for a user-centered approach in wealth management, moving away from asset under management (AUM) focused sales systems to enhance customer trust and satisfaction [22][25].

21世纪经济报道记者 周炎炎 李览青 银行理财估值江湖风波再起，这一次是第三方估值。 去年年末，监管部门对银行理财产品估值进行规范，要求理财估值、直投或委外均不得违规使用收盘价调整、平滑 估值、自建估值模型等估值方法来平滑净值波动，并明确进度表——2025年年底前全部整改完毕。临近2025年末， 监管预留给理财子公司整改的"交卷期"临近，多数理财子公司已经基本完成上述三项估值技术的整改。 近期，21世纪经济报道报道了银行理财通过信托专户"T-1"估值模式进行理财产品间收益的腾挪，包装出收益率超高 的"打榜"产品引流和募集资金。但最近部分理财子开始在产品中使用一种新的第三方估值方式，主要是由中诚信指 数公司和中债资信评估公司提供。 记者采访了多位理财行业人士，对这件事情态度不一。一部分理财子公司使用了这些估值模型，认为可以平滑波 动，但另一部分理财子认为其中的部分估值模型过于简单，估值的合理性和公信力有问题，内部合规难以认可。但 他们也担心如果其他理财子使用了又会导致劣币驱逐良币，竞争力需要靠放低"合规"才能够获胜。 值得注意的是，容易滋生问题之处在于，利用第三方估值，理财子公司有平抑理财产品净值波动的需求，但 ...

Core Viewpoint - The article highlights the deceptive practices in the wealth management industry, particularly the "ranking" strategy used by some financial companies to attract investors with high-yield products that often underperform in reality [1][2][3]. Group 1: Marketing Strategies - Some wealth management companies utilize a "ranking" strategy to promote new products by showcasing them as high-yield options through third-party platforms and media, which can mislead investors [1][2]. - The "ranking" products, referred to as "wealth management assassins," are designed to attract investors quickly, but they often result in disappointing returns upon redemption [1][2]. Group 2: Valuation Techniques - Companies employ various valuation techniques, such as "T-1 valuation," to artificially inflate short-term yields, which distorts the true risk-return profile of the products [2][3]. - The "T-1 valuation" allows investors to buy at a previous day's lower net value, creating an illusion of higher returns, but it can misrepresent the actual performance and risks involved [2]. Group 3: Market Dynamics - The wealth management market has reached a scale of 32.13 trillion yuan by the end of Q3 this year, indicating a shift from rapid growth to a focus on stability and capability-driven competition [3]. - Companies are recognizing the need to enhance their independent research and active management capabilities to remain competitive in the net value era [3]. Group 4: Investor Behavior - Investors are becoming more cautious and are advised to focus on the stability of returns rather than being lured by high-yield products, emphasizing the importance of understanding product contracts and performance metrics [4]. - It is recommended that investors develop a habit of regularly reviewing product reports and seek professional analysis to avoid common pitfalls associated with chasing high returns [4].

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].