5月21日，农银理财发布多则公告，宣布旗下多款理财产品启动投资管理费率优惠计划。其 中，"添利天天利67号"现金管理类产品投资管理费率由0.3%（年化）大幅下调至0.01%（年化）； 托管费率从0.03%（年化）降至0.02%（年化）；销售服务费率从0.3%（年化）降至0.2%（年 化）。 建信理财近日发布了10余则减免产品费率的公告，涉及的多为固收类理财产品。其中一则公告显 示，2025年6月10日至2025年9月10日，"建信理财惠众日申月赎固收类产品第4期"的管理费率由 0.20%降至0.01%，销售费率降至0。 6月以来，中银理财已发布10款理财产品降费公告，基本也多为固收类理财产品。 例如，6月9日， 中银理财发布公告称，为回馈新老客户，公司将于2025年6月10日起对"中银理财-稳富全球配置 （180天持有期）"产品D份额费率进行优惠，即产品销售服务费率由0.15%下调至0.05%。本次费 率优惠截止时间将另行公告。 自5月20日存款利率开启新一轮下调以来，民生理财等多家银行理财子公司开启降费。 有银 行理 财子将产品的固定管理费降至0.01%，也就是说每年购买1万元理财，管理费仅需1元。 民生理 ...

Core Viewpoint - The recent trend of fee reductions in the banking wealth management sector, particularly for fixed-income products, is driven by market competition, regulatory guidance, and the need to enhance investor returns in a declining interest rate environment [6][7]. Group 1: Fee Reduction Trends - Minsheng Wealth Management has reduced the fixed management fee rate of a pure fixed-income product from 0.5% to 0.05% annually, reflecting a broader industry trend of fee reductions since the recent cut in deposit rates [1][4]. - Other banks, such as Agricultural Bank of China Wealth Management, have also announced significant fee reductions, with some products seeing management fees drop from 0.3% to 0.01% [2][4]. - The average fixed management fee rate across the banking wealth management market has decreased to 0.1865%, down 0.45 basis points from the end of 2023 [6]. Group 2: Market Dynamics - Large banks tend to adopt a more cautious approach to fee reductions, focusing on enhancing research and service quality, while smaller banks are more aggressive in cutting fees to rapidly expand their market share [1][5]. - The fee reductions are primarily aimed at management and sales fees, which are the most significant components of the total fees charged by wealth management products [3][4]. - The shift towards lower fees is seen as a strategic move to attract clients and respond to the pressures of declining interest rates, with short-term products being particularly sensitive to fee adjustments [5][6]. Group 3: Long-term Implications - While the current fee reductions may boost sales in the short term, sustaining product competitiveness will require banks to shift from a "scale-driven" approach to a "value-driven" strategy, focusing on asset quality and risk management [7]. - The trend of ultra-low fees may become a norm among leading wealth management firms, but smaller firms may struggle to maintain such low rates due to operational costs and revenue pressures [7].

"老招行人" 据了解，董方早年先后在深圳市赛格东方实业发展公司、交通银行深圳分行工作，2001年加入招商银行，直至 2023年8月调任招商基金。 券商中国记者今日（6月11日）获悉，招银理财当日内部会议宣布任命，招商基金原副总经理董方将出任招银 理财总裁。此前，招银理财原总裁钟文岳已于5月下旬调任招商基金总经理。 值得一提的是，董方曾在招商银行工作超过22年，直至2023年8月赴任招商基金。截至今年3月末，招银理财管 理规模约2.36万亿元，在理财公司中位列第一。 其间，他曾先后担任招行总行资产管理部副总经理、总行财富管理部副总经理、总行财富平台部副总经理等 职，拥有丰富的资产配置、财富管理及零售客群运营经验。 到任招商基金后，董方以党委委员、副总经理身份分管营销业务。而在他之前，该业务板块正是由钟文岳负 责，后者于2023年年中被任命为招银理财总裁。 银行理财子龙头迎来新任总裁！ "招商系"人事调动 董方的履新也是近期"招商系"金融机构高层人事变动中的一环。 其中，5月19日，招商基金发布高级管理人员变更公告显示，公司总经理徐勇因个人原因离任，由招银理财总 裁钟文岳接任。 6月3日，招商证券公告称，经董事会 ...

2025年6月底，银行理财行业将迎来估值整改的关键"年中考"。这场始于监管对"伪净值"现象的强力整 治，正推动行业彻底告别"以丰补欠""自建模型调节收益"的旧模式，向真正的净值化管理加速转型。6 月11日，北京商报记者了解到，当前，各家理财公司整改进度虽有差异，但均在按时间表推进，在6月 底完成半年度整改计划，在2025年底前全部整改完毕。整改后，理财产品估值将实现"穿透式"管理，投 资者需直面净值涨跌，这一转变不仅倒逼行业打破"隐性刚兑"依赖症，更促使理财公司提升投研能力与 大类资产配置水平，以专业能力应对净值波动带来的挑战。 监管此举意在打破理财产品"伪净值"现象，此前，部分产品存在"以丰补欠"的操作，这种操作模式在市 场行情向好时，通过投资SPV（特殊目的实体）等结构，积累部分收益；而当市场环境恶化，便释放此 前积累的收益来补贴客户持仓，给投资者造成一种稳健的假象。看似"贴心"的做法，实则与净值化的要 求背道而驰。净值化要求产品的净值能够真实反映资产的实际价值，但"以丰补欠"的操作掩盖了市场风 险，使得投资者无法准确认知投资的真实风险状况，同时也为金融机构提供了监管套利空间。 还有一些理财公司采用的收盘 ...

分析师：蔡梦苑 登记编号： S0890521120001 分析师：周佳卉 登记编号： S0890525040001 投资要点 行业动态： 银行理财估值整改行至半程，目前行业整改进度呈现差异化特征，个别股份行理财 子在去年底已完成全面整改。随着新一轮降息潮的到来，大额存单的利率已全面进入"1"时代， 甚至多家银行下架了5年期大额存单产品，反映了银行在净息差压力下对负债结构的主动优化。 同业创新动态： 存款利率持续下行引发银行理财市场深度变革，农银理财等理财公司纷纷以创 新策略抢占市场先机，发力长周期与分红型理财产品。兴银理财为响应金融"五篇大文章"，通 过联动兴业银行各地分行，落地多单认股权业务，覆盖生物医药、国产超算、高端制造等多个 行业领域。浦银理财推出两款"鑫"系列绿色科技主题理财产品，紧密跟踪上证绿色公司债指数 和上证科技创新公司债指数，深度支持清洁能源、绿色交通、生态环保等主题，前瞻布局科技 创新、战略新兴产业等。 收益率表现： 上周（2025/6/2-2025/6/8，下同）现金管理类产品近7日年化收益率录得1.43%， 环比下行1BP；同期货币型基金近7日年化收益率报1.34%，环比下行2BP。现 ...

在市场持续震荡的环境下，很多理财顾问可能都遇到过类似场景：客户急于调仓、纠结 赎回，甚至对长期投资计划产生动摇。 这并不意味着客户不信任你，而是他们正在经历情绪波动或决策困境——这正是 "行为 引导"（Behavioral Coaching） 的用武之地。 不过，虽然行为引导在避免行为偏差、稳定客户关系中至关重要，很多顾问及投资者却 并未认识到它的价值。 那该如何去沟通与实践？这篇文章，带你重新认识行为引导，并 找到落地的方式。 01 难以脱离情绪做出判断 而行为引导的作用，正是帮助客户在关键时刻绕开这些"陷阱"。从贡献角度看，它是顾问最具 价值的服务之一——相关研究显示，行为引导每年可为客户带来约 1%~2% 的额外"行为收 益"，又称 "Gamma"价值 。 1 1 2 3 尽管纠正行为偏差很难，但投资者做出非理性决策的原因主要是下面几种： 对所投产品不够了解； 被社媒平台或"专家观点"的"信息汪洋"所淹没； 来源：《买方投顾促进公募基金高质量发展的 A, B, C, 和 Gamma 》 , 晨星全球高级战略顾问 陈鹏 Ph.D. ， CFA 尽管行为引导带来可观价值，但客户在过往的调研中却鲜少将其列为" ...

万亿理财"巨头"招银理财迎来新的总经理。记者从招银理财内部人士获悉，招商基金副总经理董方将出 任招银理财总经理，招银理财今天召开的内部会议宣布了该项任命。 此次任命为近期招商系金融机构高层人事变动中的一环。原招银理财总裁钟文岳5月20日已赴招商基金 担任总经理。董方将接替钟文岳担任招银理财总经理（总裁）。 作为银行理财行业"排头兵"，截至2024年末，招银理财管理规模2.47万亿，在理财公司中排第一。但近 年来面临规模和利润下滑压力。 董方加入或有助于加强与母行协同 董方在公募基金的任职经历或将有助于招银理财持续推进权益类布局。近年来招银理财坚持布局权益投 资，据了解，招银理财积极引入及培养专业的投研团队，搭建了专业的权益类投资团队，在理财公司中 属于积极探索权益特色的"先锋"之一。并且在多资产、多策略、大类资产配置方面积极探索。 南财理财通数据显示，2024年招银理财权益类理财产品、混合类理财产品平均回报在同业中居前，其中 权益类理财产品2024年平均回报15.14%，在同业中排第二，混合类理财产品2024年平均回报4.74%，排 第五。混合类理财产品2023年表现也不错，在同业中排第三，已经初步显现布局权 ...

Group 1 - Over 60% of actively managed equity funds have recovered their net value to levels seen two months ago, with a strong performance from funds focused on innovative pharmaceuticals and AI sectors [1] - The upcoming mid-year assessment is prompting wealth management companies to optimize asset allocation strategies, including shortening bond durations to control volatility [1] - The Hong Kong IPO market is heating up, with 190 companies queued for listing, many of which are from mainland China, indicating a trend of A+H listings [2] Group 2 - The domestic robotics industry is experiencing a surge in IPO activity in Hong Kong, with nine companies disclosing plans to list, reflecting strong investor interest in hard technology [2] - Midea Group has initiated a voluntary recall of over one million window air conditioners in North America due to a rare issue with mold on a specific component, with a complaint rate of less than 0.01% [3] - Several major automotive companies have committed to a unified payment term of no more than 60 days, indicating a shift in industry payment practices [3] Group 3 - The launch of the world's first AI-based fully automated design system for processor chips marks a significant advancement in chip design, addressing the growing demand for specialized chips [4] - The successful listing of a leading company in the panoramic camera sector has attracted significant attention from capital markets, with the global market for panoramic cameras expected to grow at a CAGR of over 10% [4] - The summer grain wheat harvest in China has progressed to over 70%, with significant contributions from major wheat-producing provinces [5] Group 4 - OpenAI is investigating increased error rates affecting its API and ChatGPT services, with over 1,000 service interruption reports logged [5] - Haitian Flavor Industry plans to issue 263.24 million shares in its Hong Kong listing, with a price range set between HKD 35 and HKD 36.3 [6] - A food safety incident involving excessive bacterial counts at a specific store has led to regulatory actions against the establishment [7] Group 5 - The financial regulatory authority has imposed strict penalties on two insurance companies, marking a shift towards individual accountability in the insurance sector [8] - Tencent Music has signed an acquisition agreement with Himalaya, with assurances that the brand and management structure will remain unchanged post-acquisition [9] - A significant personnel change has occurred at Yanghe Co., with a board member resigning due to work relocation [10]

监管部门对理财产品估值整改的要求正在推动行业发生深刻变化。自去年12月相关规定下发以来，理财公司需在今年6月底前完成一半整改任务，年底前全 面完成。面对即将到来的年中考核节点，多家机构已基本达成阶段性目标，但整改进程呈现明显的差异化特征。 整改工作稳步推进但进展不一 各家理财公司在估值整改方面表现出不同的节奏和进度。部分华南地区的股份行理财公司早在去年底就已全面完成相关整改工作，当前业务运营几乎未受影 响。这些机构提前布局，避免了后续调整带来的压力。 华东地区的理财子公司则采取了更为审慎的策略。为应对监管要求的严格化，这些机构主动缩短债券投资久期，在信用债配置上表现得更加谨慎。华北地区 的城商行理财子公司普遍认为按时完成整改任务难度不大，涉及的业务和产品数量相对有限。 净值波动加大促使策略调整 估值整改工作的深入推进将不可避免地增加理财产品的净值波动幅度。这种变化正在倒逼理财公司重新审视和调整资产配置策略。缩短债券久期成为多数机 构的共同选择，通过降低久期风险来控制产品净值的波动程度。 理财公司还通过审慎控制杠杆水平、精选投资标的等方式来减小净值波动。多资产、多策略产品因此迎来发展机遇期。债券资产收益率下行且 ...

Core Viewpoint - The regulatory requirements for the valuation of wealth management products are being implemented steadily, with many institutions reporting that they have completed about half of the necessary adjustments by the end of June [1][2]. Group 1: Valuation Rectification Progress - Regulatory authorities have mandated that wealth management companies rectify their valuation methods by the end of June, focusing primarily on closing price valuations [1][2]. - The rectification involves prohibiting the use of closing prices, smoothing valuations, and self-built valuation models, requiring companies to adopt valuations provided by recognized financial institutions [1][2][3]. - The main focus of the rectification is on closing price valuations, which have been used to smooth daily net value fluctuations of products, particularly for illiquid assets [3][4]. Group 2: Impact on Asset Allocation - As the rectification progresses, net value fluctuations of wealth management products are expected to increase, prompting companies to adjust their asset allocation strategies [3][5]. - Companies are likely to shorten bond durations, adjust leverage, and select investment targets more carefully to mitigate overall portfolio volatility [5][6]. - The demand for multi-asset and multi-strategy products is anticipated to rise as companies adapt to the changing landscape [6][7]. Group 3: Enhancing Research and Investment Capabilities - Despite the increased volatility in net values, wealth management products still possess a diversified asset allocation advantage compared to public funds [6][7]. - Companies are focusing on improving their research and investment capabilities to maintain competitiveness in a net value-driven market [6][7]. - The ability to innovate and manage risks effectively is becoming a crucial competitive edge for wealth management firms, with leading institutions likely to capture a larger market share [6][7].