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 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]