Core Viewpoint - The implementation of new regulations by the China Banking and Insurance Regulatory Commission (CBIRC) aims to standardize the marketing of wealth management products and prevent misleading promotion of expected returns, which will challenge banks' investor education capabilities and the financial literacy of investors [2][9]. Group 1: Regulatory Changes - The CBIRC issued the "Interim Measures for the Sales Management of Wealth Management Products by Wealth Management Companies" on May 27, which took effect on June 27, with a six-month transition period [2]. - The new regulations explicitly prohibit the use of unsubstantiated performance benchmarks and the promotion of expected returns [3][9]. Group 2: Adjustments by Banks - Banks and wealth management subsidiaries have begun to optimize their sales methods in response to the new regulations, moving from a previous state of observation to active adjustments [2]. - Examples of adjustments include the addition of warning labels next to performance benchmarks and the inclusion of measurement bases in product descriptions [5][6]. Group 3: Performance Benchmark Display - The display methods for performance benchmarks among banks are varied, with some still showing absolute or range values while providing warnings [5][4]. - Some banks have started to provide detailed measurement bases for their performance benchmarks, while others have adopted annualized return rates for clearer presentation [5][7]. Group 4: Market Reactions and Challenges - Many banks remain in a state of observation and have not yet adjusted their performance benchmark displays according to the new regulations [8]. - The transition to the new regulations is complicated by the large scale of existing wealth management products and the low acceptance level among customers [8][9].