Core Viewpoint - Some banks are displaying higher annualized returns on their wealth management products than the actual recent returns, leading to investor concerns about misleading information [1][11]. Group 1: Discrepancy in Returns - Many banks show annualized returns since inception that are significantly higher than the recent monthly returns, primarily due to a decline in bond market performance and previous high yields during a favorable market period [1][11]. - For example, a product from China Construction Bank shows an annualized return of 2.28% since inception, while its recent one-month return is only 0.75% [2][12]. - Similarly, a product from Changsha Bank shows an annualized return of 4.18% since inception, with a recent one-month return of -1.20% [5][15]. Group 2: Market Conditions - The overall trend in fixed-income assets, which form the basis of bank wealth management products, is downward, leading to higher returns since inception compared to recent returns [7][17]. - The bond market has seen a significant slowdown in yield growth, with the annualized yield for bonds this year at only 0.46% and a recent one-month yield of -0.43% [8][18]. - Experts indicate that the high returns displayed since inception are normal due to the higher yields in previous years, with many products achieving over 3% returns [8][18]. Group 3: Regulatory and Ethical Considerations - The Chinese Banking Association's guidelines state that past performance should help disclose information and risks to investors, ensuring transparency and informed decision-making [9][19]. - Experts argue that while displaying higher returns since inception is not inherently wrong, it is crucial to balance this with risk disclosures and comparisons to performance benchmarks [10][20]. - There is a call for standardized timeframes for performance displays across similar products to avoid misleading investors with selective data [10][20].