注：业绩比较基准不是预期收益率，不代表产品的未来表现和实际收益，不构成对产品收益的承诺。 以上理财产品信息仅供参考，具体应以《产品说明书》等销售文件为准。本文不构成任何投资建议，投 资者据此操作，风险自担。 8月13日，据中银理财披露，该公司发行的全球配置高评级美元封闭2570理财产品认购期为2025年8月13 日至2025年8月19日，募集规模上限为3亿美元，认购起点金额为1美元。产品类型为固定收益类非保本 浮动收益型，风险级别为1级（低风险），存续期限93天。A类、B类、G类份额业绩比较基准为 3.70%-4.00%（年化）；C类、D类、E类份额业绩比较基准为3.65%-3.95%（年化）；F类份额、H类份 额、I类份额业绩比较基准为3.80%-4.10%（年化）。 ...

Summary of Conference Call Records Industry or Company Involved - The discussion primarily revolves around the A-share market in China and the impact of "deposit migration" on it. Core Points and Arguments 1. **Deposit Migration Impact**: The phenomenon of deposit migration is expected to significantly influence the A-share market, with macroeconomic indicators like M1 showing an increase, reflecting enhanced economic vitality and potential recovery in corporate earnings by Q3 2025 [1][4][11]. 2. **Investor Asset Allocation**: The Investor Equity Asset Allocation (AIE) ratio is currently low, indicating a shift in residents' asset preferences, which may help predict future market trends [1][6]. 3. **Excess Deposits**: Despite a decrease in the growth rate of resident deposits from 14% to 10%, there remains approximately 60 trillion yuan in excess deposits, which are gradually moving towards non-bank institutions [1][8]. 4. **Liquidity and New Sectors**: The strong performance of the A-share market is attributed to liquidity support and structural prosperity in new sectors, with M1 and M2 indicators showing significant recovery [3][22]. 5. **Future Market Predictions**: The A-share market is expected to experience a volatile upward trend over the next three years, potentially exceeding 6,600 points, contingent on improved economic conditions and industry logic [2][12]. 6. **Channels for Incremental Funds**: Deposit migration is expected to bring in incremental funds through long-term investments (like insurance funds) and high-risk preference funds, with total long-term funds entering the market potentially exceeding 700 billion yuan [13][14]. 7. **Market Phases**: The current market is in a transitional phase, not yet fully in the second stage of a bull market, but poised for a shift when economic conditions improve [18][22]. 8. **Consumer Behavior**: While consumer willingness to spend remains stable, the desire to purchase homes is low, indicating a cautious approach to spending amid economic uncertainties [9][10]. Other Important but Possibly Overlooked Content 1. **AIE as a Predictive Tool**: The AIE ratio serves as a more effective indicator of asset allocation changes, with its current low level suggesting a potential for higher future market returns [6][7]. 2. **Long-term Trends in Deposits**: The total domestic deposits of residents have reached 160 trillion yuan, significantly above the normal level of around 100 trillion yuan, indicating a substantial amount of excess liquidity in the system [8]. 3. **High-Risk Preference Funds**: High-risk preference funds are expected to enter the market significantly only during bullish phases, which have not yet been realized [15][22]. 4. **Active Equity Funds**: Active equity funds are seen as having unique advantages in the current market, particularly in emerging sectors, which could lead to a positive feedback loop attracting more investments [20][21]. 5. **Market Sentiment and Future Inflows**: The sentiment around the market is expected to improve as deposit migration continues, potentially leading to increased inflows from high-risk preference funds through ETFs and active public funds [22][23].

Core Viewpoint - The article emphasizes the launch of "Wealth Management Encyclopedia" by Agricultural Bank Wealth Management, which aims to provide comprehensive knowledge and support for investors throughout their financial journey [1][2]. Group 1: Product Understanding - The "Wealth Management Encyclopedia" offers a structured approach to understanding financial products, helping investors recognize product systems and make informed choices based on market trends and foundational knowledge [3]. - It aims to educate investors on the rules of subscription and redemption, as well as risk matching, to assist them in selecting products that align with their investment needs [3]. Group 2: Practical Guidance - The platform provides clear and actionable guidance for managing investments, tailored to the actual needs of investors, serving as a practical resource for financial decision-making [3]. - It includes various engaging formats such as videos, comics, and stories to simplify complex financial concepts and enhance understanding [4][5]. Group 3: Market Insights - The "Wealth Management Intelligence Bureau" offers timely economic news and professional analysis, helping investors stay updated on market dynamics and make better wealth management decisions [6]. - The "Market Insights by Experts" section features insights from a selected team of experts, focusing on market policies and opportunities to aid in investment strategies [7]. Group 4: Product Information - The "Wealth Management Notes" section provides detailed information on the "6+N" product system and subscription rules, enabling investors to identify products effectively [9]. - The "Wealth Management Toolbox" offers a user-friendly visual guide to product information, making it easy for investors to access and understand [10].

Overall Performance - The average net value growth rate of public "fixed income + options" wealth management products over the past six months is 0.49%, which annualizes to below 1%, indicating poor performance [5] - As of August 7, 2025, there are 146 existing "fixed income + options" wealth management products, with 30.8% of them showing negative returns over the past six months [5] Highlighted Product Analysis - The "Puxiang Zenghui Closed-end No. 10 (Exclusive)" from Puyin Wealth Management has the highest net value growth rate of 5.39% over the past six months, with an annualized return of 4.65% since its inception [6] - The product has shown high volatility, with an annualized volatility of 5.33%, but has seen a rapid increase in net value since mid-April this year [6] Product Breakdown - The "Global Momentum Two-Year Open No. 10A" from Zhaoyin Wealth Management has a performance benchmark of 0.70% to 7.70%, investing at least 90% of its principal in fixed income assets [8] - The main contributors to the index's positive returns in the first half of the year include stocks and commodities, particularly gold and the German DAX, while bond assets contributed less [8]

8月11日，渤银理财发布公告称，为回馈投资者，该公司决定对渤银理财理财有术系列持盈增利14天最 短持有期固收理财产品6号（理财信息登记系统编码：Z7008425000136）的固定管理费给予阶段性优 惠，固定管理费由0.60%优惠至0.00%，优惠生效日（含）为2025年8月14日。 ...

Core Insights - The first batch of pension financial products in China has been launched, with mixed performance in terms of net value and returns [1][2] - The expansion of pilot regions and institutions for pension financial products is expected to create more opportunities for investors [6][7] Group 1: Product Performance - Nine pension financial products have been issued, with the first four products showing net values slightly above 1, indicating modest returns [1] - Some products launched in early February have net values below 1, suggesting a gap between actual performance and the announced benchmark of 4.8% to 8% [2] - Market volatility since the end of 2021 has contributed to lower net values, but overall product operation remains stable [2] Group 2: Product Features and Flexibility - Pension financial products typically have a long investment horizon of at least 5 years, allowing for cross-cycle investment opportunities [3] - Some products are introducing regular dividend mechanisms to enhance liquidity for investors, with examples of quarterly and semi-annual dividends [3] - Newer products are emerging with higher flexibility, such as open-ended net value models, allowing for specific investment days and conditions for early redemption [3][4] Group 3: Expansion of Pilot Programs - The pilot program for pension financial products has expanded from four cities and four institutions to ten cities and ten institutions, significantly increasing the total fundraising cap from 400 billion to 2.7 trillion [6][7] - The increase in the fundraising cap for existing institutions from 100 billion to 500 billion allows for greater supply capacity of pension financial products [7] - The inclusion of foreign joint venture companies like BlackRock in the pilot program reflects the deepening of financial openness in China [7]

银保监会日前发布通知，从3月1日起，将养老理财产品试点范围由四个城市扩大到十个城市，将进 一步满足人民群众多样化的养老需求。 通知明确，从3月1日起，养老理财产品试点范围由"四地四机构"扩展为"十地十机构"。试点地区在 此前的武汉、成都、青岛、深圳四个城市基础上增加北京、沈阳、长春、上海、重庆、广州六个城市。 试点机构扩大到10家，新增的试点机构每家募集资金总规模上限为100亿元，首批四家试点机构募集资 金总规模上限由100亿元提高到500亿元。 【纠错】 【责任编辑:刘睿祎】 值得一提的是，养老理财产品普惠理财性质突出，投资门槛较低，适应大部分投资者需求；低费 率，申购、赎回环节低收费，最大限度让利于投资者；购买方便，可以通过银行广大网点或线上渠道购 买，操作尽量简单，产品说明通俗易懂。 在首批试点基础上，今年2月11日，银保监会发布《关于贝莱德建信理财有限责任公司开展养老理 财产品试点的通知》，明确贝莱德建信理财有限责任公司参与养老理财产品试点，试点城市为广州和成 都。据悉，贝莱德建信理财有限责任公司开展养老理财产品试点也参照该《通知》执行。 "银行和理财公司参与养老理财具有多方面优势。一方面，银行和理财 ...

Core Viewpoint - The pilot program for pension financial products has expanded to "ten cities and ten institutions," with initial institutions like ICBC Wealth Management, Everbright Wealth Management, and China Merchants Wealth Management already issuing new products in the expanded regions [1][2]. Group 1: Product Launch and Features - ICBC Wealth Management launched its first pension financial product post-expansion, named "Yixiang Antai Fixed Income Closed-end Pension Financial Product," with a fundraising period from March 11 to March 21, and an annualized performance benchmark of 5.8% to 7.0% [2][3]. - The initial fundraising amount exceeded 30.88 billion yuan, with 13,900 customers participating, averaging 222,000 yuan per purchase [2]. - Everbright Wealth Management and China Merchants Wealth Management also initiated new pension financial products, covering all ten pilot cities in a single launch [3]. Group 2: Product Design and Risk Management - The new pension financial products maintain a focus on customer retirement needs, emphasizing stability and inclusiveness [4]. - Key features of the new products include long-term investment alignment with retirement planning, comprehensive risk control, balanced focus on returns and safety, and low entry thresholds starting from 1 yuan [4]. - The risk level of the new ICBC pension product is rated at level two, lower than the previous level three rating, indicating a reduction in risk [5]. Group 3: Market Potential and Regulatory Support - The expansion of pension financial products is expected to gain more development space under regulatory guidance, with the China Banking and Insurance Regulatory Commission encouraging banks and insurance institutions to enhance pension financial services [6]. - Approximately 40% of customers who purchased pension financial products last year were first-time investors in medium to long-term products, indicating a growing acceptance of such products [6]. - Financial institutions are planning to develop long-term products (5 years or more) to meet the specific needs of retirement-focused clients, utilizing diversified asset allocation strategies [7][8].

谈及养老理财产品的筹备经历，一家国有行理财公司人士告诉记者，不同于其他银行理财产品，养老理 财产品实行第三方托管，因此在产品筹备中，公司前期在托管机构的选择方面付出了诸多精力。 业内人士向记者介绍，由于养老理财设置了平滑基金机制，该机制的构建以及相关的系统改造也是养老 理财筹备的重点环节。 记者日前调研了解到，第二批养老理财产品试点机构产品正在密集筹备中，待监管部门批复后，有 望于近期发行。 中国理财网数据显示，截至7月26日，全市场共有31只养老理财产品登记备案，其中27只产品披露净 值，净值均大于1，运作稳健。 系统优化改造 今年以来，养老理财产品试点地区和机构迎来扩容，农银理财、中邮理财、兴银理财等机构成为第二批 试点机构。记者获悉，目前多家公司正在针对养老理财产品进行系统调试，部分机构已准备就绪，产品 有望在获得监管部门批复后，于8月上旬发行。 公开资料显示，今年6月，中邮理财曾就养老理财相关系统优化改造进行招标，一是第三方托管接口对 接，涉及TA交易、线上划款指令、估值对账、I9估值减值接口等；二是平滑基金专户设置、科目设 置、计提、回补等清算划拨、估值核算功能改造；三是监管报送、信息披露等相关功能 ...

自今年3月1日起，养老理财产品试点范围扩展为"十地十机构"后，时隔5个多月，第二批获批试点 机构中的首只养老理财产品正式面世。 8月3日上午9时，中邮理财有限责任公司（以下简称"中邮理财"）首只养老理财产品——中邮理财 邮银财富添颐·鸿锦封闭式系列2022年第1期养老理财产品公开发售。《证券日报》记者从北京丰台区邮 储银行一位理财经理处获悉，该产品初始计划募集规模上限为30亿元，截至当天下午18时，该产品已销 售29亿元，剩余额度为1亿元。 该产品信息显示，其业绩比较基准为5.8%至8%（年化），风险等级为PR2中低风险。 中国理财网信息显示，截至8月3日，市场上银行系理财子公司发行养老理财产品共计32只，除中邮 理财外，其余31只均为首批获试点的4家理财公司发行。多数产品业绩比较基准收益率在5.8%至8%之 间，较为稳健。 冰鉴科技研究院高级研究员王诗强对《证券日报》记者表示，银行养老理财产品想要脱颖而出，需 满足客户多样化需求。同时，由于产品期限一般较长，养老理财产品要努力在收益方面打消客户顾虑。 当前养老理财产品已进入常态化发行阶段，普益标准研究员崔盛悦对《证券日报》记者表示，养老 理财产品的发展将进一 ...