据调查，多家理财子公司通过"货币增强"策略，将底层年化仅1.5%的货币基金收益抬升至2%左右。 什么是贴息？ 当前市场的"贴息"主要表现为"货币增强"策略，其核心是利用资金结算的时间差创造额外收益，本质是 利用清算制度的时间差套利。 具体怎么操作的呢，下面来说一下： 也就是说如果在周四申购，资金会在代销机构托管账户停留 4 天之久，仅在下周一至周三实际投资3 天，却在周三赎回时获得6天收益。 期间产生的活期利息被代销机构全额补贴给理财公司（通常0.3%-0.4%），某货币基金底层收益率为 1.5%，叠加补贴后年化收益可达 1.96%。 来源：炼金术学堂 这款货币基金收益居然接近2%！ 2025年7月，不少投资者发现银行APP推荐的理财产品收益率悄然攀升。引发 21 世纪经济报道、第一财 经等权威媒体高度关注。 "贴息"现象重现了! 这多出的3天收益从何而来？沪上某货币基金经理直言："差额由基金资产承担，即全体持有人分 摊。"也就是说存量持有人每年有0.3%的收益蒸发了。 这种现象的形成，一方面是因为银行的揽储压力大和收益竞争越来越激烈，另一方面是因为目前监管未 明确禁止此类操作，属于合规灰色地带，但一般国有银 ...

Core Viewpoint - A wave of "deposit migration" is sweeping the wealth management market as deposit rates continue to decline, leading to a significant shift of funds from traditional bank deposits to wealth management products and non-bank financial institutions [1][10]. Group 1: Trends in Wealth Management - Wealth management companies are adopting various strategies in response to the influx of funds, including lowering fees, introducing floating fee rate products, and offering customized wealth management solutions [1]. - The emergence of floating fee rate products, such as the one launched by China Merchants Bank, links management fees to performance, which has garnered strong market interest, with products selling out on the first day [3][4]. - The rise of "interest-subsidized wealth management" strategies, where additional yield is provided by partner institutions, is becoming popular, although it may pose risks to other investors [1][11]. Group 2: Market Dynamics - The wealth management market is undergoing structural changes, with a record increase in non-bank financial institution deposits, indicating a shift in investor behavior towards money market funds and cash management products [10]. - Despite the growth in the market, there is a contraction in the supply of quality assets, leading to a situation where the demand for high-quality assets exceeds supply, putting pressure on product yields [10]. - The competitive landscape is intensifying, with firms innovating to differentiate their products, as even small yield advantages can significantly influence fund flows [10]. Group 3: Risks and Challenges - The introduction of floating fee rate products raises the bar for investment research and risk management capabilities within wealth management firms, as they must adapt to more complex product designs [12]. - The "interest-subsidized" model, while attractive for growth, may harm the interests of other investors and could lead to liquidity risks if not managed properly [11]. - Firms face challenges in educating investors about the complexities of floating fee structures, which may lead to misunderstandings and potential disputes [12].

Core Insights - The article discusses the balance between innovation and risk in the financial management sector, particularly in response to the ongoing trend of "deposit migration" as deposit rates decline [1][7] - Financial institutions are adopting various strategies to attract funds, including lowering fees, introducing floating fee rate products, and offering customized financial products [2][3][6] Group 1: Market Trends - A significant increase in non-bank deposits was reported, reaching a near ten-year high in May, indicating a shift of funds from traditional bank deposits to financial products [1][7] - The bank wealth management market is experiencing structural changes, with a notable growth in the scale of bank wealth management products, which increased by 340 billion yuan to 31.6 trillion yuan by the end of May [7] Group 2: Product Innovations - Floating fee rate products are being introduced, linking management fees to performance, which has garnered positive market response, as evidenced by the rapid sell-out of such products [2][3] - Customized financial products are emerging, designed to minimize volatility while maintaining competitive returns, appealing to high-net-worth clients and institutional investors [6][7] Group 3: Competitive Strategies - Financial institutions are adjusting single-account holding limits to attract high-net-worth clients, with some products increasing limits from 5 million yuan to 100 million yuan [3][7] - The "currency enhancement strategy" is gaining popularity, allowing financial companies to achieve higher yields through timing differences in fund settlement, potentially increasing annualized returns by around 30 basis points [5][6] Group 4: Risks and Challenges - Some innovative strategies, such as "interest subsidies," may pose risks to other investors, as they can lead to conflicts of interest and potential liquidity risks in the market [8][9] - The introduction of floating fee rates requires enhanced investment research and risk management capabilities from financial companies, which may face challenges in adapting to this complexity [9]

Core Viewpoint - The rise of "currency enhancement" strategies in wealth management products is a response to the diminishing high-yield, low-risk investment options in the current market environment, aiming to attract investors seeking better returns than traditional savings accounts and money market funds [1][2]. Group 1: Product Characteristics - "Currency enhancement" products typically offer yields around 2%, which, while lower than previous high-yield savings options, still exceed standard money market fund returns, making them attractive for liquidity management [2][3]. - These products involve wealth management companies purchasing money market funds through third-party distribution channels, allowing them to receive additional interest subsidies from these distributors [2][3]. Group 2: Market Dynamics - The demand for "currency enhancement" products has surged due to a persistent "asset shortage" and clients' extreme desire for stable returns, prompting wealth management firms to compete for higher yields [1][8]. - Third-party distributors and brokerages are increasingly involved in this market, with some brokerages starting to offer these products as they face shortages in subsidy resources from third-party institutions [2][7]. Group 3: Operational Mechanism - The operational model involves wealth management companies buying money market funds on a Thursday and redeeming them the following Wednesday, allowing for a strategic use of the time funds spend in the distributor's custody to generate additional interest [3][4]. - This model can enhance the annualized yield of money market funds by approximately 30-40 basis points, depending on the specific operational strategies employed [3][4]. Group 4: Stakeholder Implications - Wealth management companies benefit from stable net asset value increases without taking on additional risks, while distributors gain scale by offering these products [7][8]. - However, this practice can disadvantage existing money market fund investors, as the additional returns are derived from the profits of other fund holders, leading to potential systemic risks as more participants enter the market [7][8].