Core Viewpoint - Multiple banks have recently announced early profit-taking on their "target profit" products due to achieving target yield rates, indicating a trend of declining yields in these financial products [2][3][4]. Group 1: Product Performance and Trends - Since July, several banks, including Bank of China Wealth Management and China Merchants Bank Wealth Management, have reported early profit-taking on multiple "target profit" products, with at least 31 products successfully achieving profit-taking this year [2][3]. - The average annualized yield for these products that have achieved profit-taking is around 3%, which is a decline compared to previous years where yields often reached 4% to 5% [2][6][7]. - The majority of the "target profit" products that have achieved profit-taking this year are linked to indices, gold, and U.S. Treasury bonds [2][4]. Group 2: Product Characteristics and Market Dynamics - "Target profit" products are designed to terminate and pay out once a pre-set yield target is reached, which can help investors avoid losses from market volatility [4][6]. - The issuance of "target profit" products has surged since their introduction, with the number of products increasing from 2 in 2022 to an expected 294 in 2024, and the total fundraising amount rising significantly [4][5]. - Currently, 214 "target profit" products are active, with a majority having a duration of 1-3 years [5]. Group 3: Market Conditions and Yield Expectations - The decline in yield rates for "target profit" products is attributed to lower risk-free interest rates and a general decrease in asset yields, leading to a downward trend in performance benchmarks [2][6][7]. - Recent profit-taking targets for these products have also been adjusted downward, reflecting the overall market conditions, with some products seeing target yields drop from 3.25% to 2.40% [7].