Core Viewpoint - The core viewpoint emphasizes that the definition of stability in bank wealth management should shift from "zero volatility" to achieving higher long-term performance while strictly controlling drawdowns in the context of the "Net Value 2.0 Era" [3][4][9] Group 1: Market Environment and Challenges - The reduction in coupon yields has led to increased volatility in wealth management product returns, as the protective "buffer" provided by higher yields has diminished significantly [4][5] - Regulatory policies are accelerating the transition to net value management in the banking wealth management industry, resulting in larger fluctuations in product net values compared to the past [4][6] Group 2: Investment Strategy and Performance - The company aims to create products with a high Calmar ratio, focusing on maximizing long-term performance while controlling drawdowns [5][6] - The investment strategy is driven by trading capabilities rather than asset-driven models, allowing the company to maintain yield levels despite market fluctuations [6][7] - The firm has been proactive in developing multi-asset and multi-strategy investment approaches to adapt to the low-interest-rate environment [6][7] Group 3: Client Adaptation and Trust Building - The company has categorized its product lines into low, medium-low, and medium volatility products to match client risk preferences accurately [8][9] - Building long-term trust with clients is crucial, and the company has implemented mechanisms such as weekly product reports and regular client education activities to foster this trust [8][9]

在低票息时代理解稳健 "票息'保护垫'变薄，是投资者近期感到理财产品收益波动变大的核心原因。"王阳用数字说明这一变 化，过去利率较高，较高的票息收益如同厚厚的"缓冲垫"，例如收益率为3.65%的债券，一周的票息收 益率约7个基点，即便短期内债市承压，丰厚的票息收益也能覆盖市场波动带来的损失。 "如今票息收益率已降至'1'字头，这层'垫子'薄了很多，覆盖市场波动的能力锐减。同时，存款类资产 的收益率也无法像过去那样为资产组合提供强力缓冲，体现到理财产品上，就是净值波动变大。"王阳 说。 政策层面，银行理财行业在监管政策指引下加速推进净值化转型。王阳表示，在波动显性化、常态化 的"净值2.0时代"，理财产品净值波幅较从前有所放大，但这并不意味着银行理财舍弃了稳健的基因。 "相较公募基金及其他资管产品，银行理财净值整体波动小的特点不会消失。关键是如何定义稳健，是 完全没有波动？还是在严控回撤的前提下，追求长期业绩达标率？我们在后者的定义下深耕。"王阳 说。 ● 本报记者 李静 随着票息变薄、估值整改等系列措施陆续出台，以及净值化转型不断深化，银行理财的稳健内涵亟待重 新定义。 对此，平安理财首席固收投资官王阳给出清 ...