作 者丨 叶麦穗 编 辑丨周炎炎 图 源丨IC 新一轮银行集中下调存款挂牌利率后，银行理财子公司再次掀起"降费大酬宾"的活动。近 期，中银理财、交银理财、招银理财等多家银行理财子公司陆续下调旗下理财产品的费率， 包括固定管理费、销售服务费、托管费等多个种类，最低降至0.01%。 此外，5月16日，交银理财也发布公告称，旗下稳享灵动添利5号尊享版理财产品的固定管理 费率将由0.20%下调至0.05%，优惠于5月21日生效。 5月29日，湖南银行发布《关于调整融智理财添利系列-D540-5理财产品销售服务费、固定投 资管理费、浮动投资管理费收取比例及起点的公告 》，根据公告内容，因市场变化，湖南银 行拟对融智理财添利系列-D540-5人民币理财产品（产品代码：Y20305）销售服务费、固定 投资管理费、浮动投资管理费收取比例及起点进行调整， 其中销售服务费从年化0.2%调整为 0，固定投资管理费从年化0.6%调整至年化0.5%， 此外业绩提成也出现了调整。 浦银理财表示旗下浦银理财月月鑫臻享款（公司专属）1号理财产品的托管费有原来的年化 0.5%调整为最新的年化0.3%。 光大理财则在5月21日（含）至12月03 ...

Core Viewpoint - Bank of China Wealth Management has launched two new personal pension products to provide more investment options for retirement funds, emphasizing the importance of enhancing the third pillar of national pension systems [1][2]. Group 1: Product Offerings - The newly launched products include "Fu" Fixed Income Enhanced 368-Day Holding Period Wealth Management Product and "Ji" Fixed Income Gain 3-Year Holding Period Wealth Management Product, catering to diverse investor needs [1]. - The "Fu" series products have achieved an average annualized return of 3.98% since inception, with an average maximum drawdown of approximately 0.5%, indicating strong performance and investor acceptance [1]. - Both new products are classified under different risk levels, with "Fu" being R2 and "Ji" being R3, and they offer preferential fee rates without charging excess performance fees [1]. Group 2: Investment Strategy - The investment strategy for the new products focuses on constructing long-term investment portfolios that primarily allocate to high-grade credit bonds and fixed-income assets, while also incorporating a reasonable equity allocation [2]. - The "Ji" product will particularly target advantageous industries and high-quality companies in China, aiming to enhance portfolio yield through long-term investments [2]. Group 3: Service Enhancement - The company plans to improve the service quality of pension products by enhancing purchase convenience, strategy adaptability, and integration with retirement scenarios [3]. - Future initiatives include expanding sales channels for pension products to reach a broader investor base and developing a diversified product strategy that aligns with the lifecycle needs of investors [3]. - The company aims to integrate financial products with retirement services, creating a "Wealth Management + Pension" ecosystem to improve the quality of life for retirees [3].

实践中，理财资金入市存在诸多堵点，无法有效提升银行理财市场活力。普益标准研究员何瀚文表示， 理财资金入市堵点一是在市场层面，部分上市公司质量有待提高，中长期资金可投资的标的待进一步扩 充；二是在金融工具层面，缺乏有效的风险对冲工具；三是在投资者层面，投资者较低的风险偏好导致 其对权益类资产容忍度不高。 近日，上海外高桥集团股份有限公司公开披露了向特定对象发行A股股票发行情况报告书，报告书披露 了共11家发行对象，其中包括光大理财有限责任公司。这是首单银行理财资金直接参与投资上市公司定 增项目。业内人士认为，这为银行理财资金入市开辟了新路径。 普益标准研究员黄诗慧表示，此次银行理财直投定增有助于理财公司从产品和投资两个维度深化与上市 公司合作，并且使投资者间接参与定增项目，有效打通了中长期资金入市的堵点。 光大理财相关负责人表示，在有效管控风险的基础上，将逐步加大在资本市场领域的布局，近期已择机 增配了包括交易型开放式指数基金（ETF）在内的指数化投资工具，并将加大对上市公司定增、可转 债、可交债等工具品种的投资力度。 定增项目通常存在锁定期长、流动性低等风险，这对理财资金端提出更高要求。黄诗慧表示，理财公司 ...

Core Insights - The scale of bank wealth management has returned to a historical high, reaching 31.35 trillion yuan as of May 29, 2023, marking a new peak since 2022, reflecting the urgent demand for stable returns in a low-interest-rate environment and the effectiveness of the net value transformation in the industry [1][2] Group 1: Supporting the Real Economy - Bank wealth management has played a significant role in supporting the development of the real economy, with approximately 20 trillion yuan allocated to support the real economy and 126 million investors as of the end of Q1 2023 [1][2] - There is a need for banks to innovate financial services and increase investments in equity and non-standard debt assets to better serve the real economy, especially as new industries have a strong demand for such funding [2][3] Group 2: Meeting Diverse Wealth Management Needs - With market interest rates declining, residents are seeking stable wealth management products that can replace traditional deposits, leading to a strong demand for products with yield flexibility [3][4] - To enhance competitiveness, banks should increase investments in equity assets and innovate product offerings, which will require improved risk control, innovation capabilities, and equity investment skills [3][4] Group 3: Increasing Market Participation - As of the end of Q1 2023, bank wealth management funds invested over 800 billion yuan in equity assets, accounting for only 2.6% of total investments, indicating significant room for growth [4] - Banks should steadily increase their market participation to become a crucial stabilizing force in the market, which will also enhance returns for investors and promote balanced capital market financing [4]

Core Viewpoint - The expansion of personal pension financial products in China continues, with the introduction of two new products by Bank of China Wealth Management, bringing the total number of such products to 35, primarily focusing on stable returns [2][3][6]. Product Expansion - The latest addition includes two products: "Fu" fixed income enhanced product with a holding period of 368 days and "Ji" fixed income gain product with a 3-year holding period, both launched on May 27 [3][4]. - The total number of personal pension financial products has increased from 7 to 35 since the first batch was released in February 2023, indicating a growing selection for investors [6]. Performance and Returns - All 33 existing personal pension financial products are currently in a floating profit state, with several achieving annualized returns exceeding 4% since inception [6]. - The average annualized return for the "Fu" series products since inception is 3.98%, with a maximum drawdown of approximately 0.5% [5]. Fee Structure - Both new products offer promotional fee rates, with "Fu" product management fees reduced to 0.05% and "Ji" product management fees to 0.07% starting May 29 [5]. Market Context - Six institutions are currently issuing personal pension financial products, with 29 being fixed income and 6 mixed products, reflecting a diverse market landscape [6]. - The development of pension financial products is seen as a way to enhance the third pillar of China's pension system and alleviate retirement pressure [7]. Future Outlook - The company plans to enhance the service capabilities of pension products by improving purchase convenience, adapting strategies, and integrating pension services with financial products [7].

分析师： 蔡梦苑 登记编号： S0890521120001 分析师：周佳卉 登记编码：S0890525040001 低利率环境对银行理财形成双重传导效应： 负债端受益于存款搬家效应，居民财富转化动能随 着存款利率持续调降而不断增强；资产端则面临收益持续下行的压力，倒逼理财机构加速构建 多元化资产配置体系，在利率下行周期中捕捉结构性机遇。 在此背景下， 银行理财市场围绕低利率环境展开战略调整，呈现三大演进特征： 存款搬家效应 强化，规模重返30万亿；产品业绩承压，驱动多资产配置转型；监管框架升级，重塑行业格 局。 01 存款搬家效应强化，规模重返30万亿 存款利率持续走低强化"存款搬家"效应。 2022年末，疫情防控优化叠加地产行业松绑引 发债市大幅调整，银行理财陷入"负反馈"困境，存量规模一度下行突破25万亿。2024年4 月监管部门取消"手工补息"政策，引发资金大规模转配理财，叠加存款利率持续下行， 存款加速向风险收益比更优的理财产品迁移，推动理财规模重返30万亿关口。 02 产品业绩承压，驱动多资产配置转型 理财公司持续下调新发产品业绩比较基准。 2024年，招银理财、兴银理财、农银理财等多 家银行系理财 ...

如果说，价值投资是穿透市场迷雾的灯塔，那么，长期主义便是跨越市场周期的舟楫。两者合力，让资本于喧嚣中沉 淀，令价值于浪潮里绽放。 2024年4月，资本市场新"国九条"出台，"大力推动中长期资金入市，持续壮大长期投资力量"作为重要议题之一，是金 融机构助力资本市场健康稳定发展的关键指引。此后，推动中长期资金入市的指导意见和实施方案先后出台，着力打 通各类中长期资金的堵点痛点，推动形成"长钱长投"的制度环境。 好风凭借力，扬帆正当时。30万亿体量的银行理财资金在政策支持长钱入市的号角下，持续为资本市场注入源头活 水，润泽实体经济、托举产业巨轮。近期，财经网发起"长期资金稳步入市 资管行业开启新篇"专题报道，对话中银理 财，就理财公司如何通过布局权益资产锚定价值投资航向、强化投研实力破除客户接受度边界等问题进行探讨。 发挥国有大行全资子公司的市场先导者和稳定器作用，中银理财在支持资本市场发展的行动中，以指数化投资为切入 点平衡风险与收益，推出超20只指数跟踪策略的含权产品，涵盖红利、科技、大盘价值等主流指数，通过资产组合降 低整体波动，匹配投资者多样化投资需求，在"理财资金入市"中抢占先机。 "中银理财将一方面在产 ...

第八届（2025）西湖大会举行当天正值小满节气。主办方设置了以节气命名的特色对话环节——小满茶座。来自金融资本、产业资本和实体产业的相关负责 人，以实践为基石、以融合为导向，展开了一场资本与产业协同发展的探讨。 与会人士指出，各方耐心资本应携手共同构建金融助力科技型产业发展的矩阵，打造资本强引擎，为新质生产力发展持续注入动能。 浙银理财有限责任公司董事长武国元表示，理财机构应以"站位要高、业务要精、成果要实"为理念，聚焦居民财富管理与产业长期资本需求之间的价值闭环，打造 可持续的"共富型"资管模式，"公司成立后开发了'同善共富''同赢共富''同心共富'等共富系列理财产品"。 通过共富系列理财产品，浙银理财将居民零散资金转化为支持共同富裕示范区建设的长期资本，既实现了财富保值增值，同时又为实体经济注入了金融活水。武国 元表示，公司还构建大类资产配置模型，通过策略引领、专业配置和产品价值实现，有效引导居民财富向服务新质生产力的长期资本转化。 南华期货总经理贾晓龙表示，中国期货市场功能扎根于服务实体经济，帮助企业做好全方位的风险管理服务。在他看来，伴随着大宗商品以及海外贸易的快速发 展，企业境外避险需求逐步提升，中 ...

Group 1 - The eighth batch of personal pension financial products was released on May 27, increasing the total number of such products to 35 [1] - Two new products were added by Bank of China Wealth Management: "Bank of China Wealth Management 'Fu' Fixed Income Enhanced 368-Day Holding Period Product" and "Bank of China Wealth Management 'Ji' Fixed Income Gain 3-Year Holding Period Product," both of which are daily open fixed-income products with risk levels of 2 (medium-low) and 3 (medium) respectively [1] - The performance benchmark for the former product is set between 1.95% and 3.70% (annualized), while the latter's benchmark is based on a combination of the Bank of China RMB demand deposit rate, the CSI 300 index return, and the China Bond Composite Wealth Index (1-3 years) [1] Group 2 - As of March 31, 2025, the average annualized return of 14 existing personal pension financial products using enhanced strategies is estimated to be approximately 3.27%, indicating strong performance in terms of positive returns and stability [1] - The implementation plan for high-quality development of pension finance, issued in March, supports qualified commercial banks, insurance institutions, wealth management companies, and trust companies in providing enterprise annuity and occupational annuity fund management services [2] - This initiative is expected to enhance the pension management business of wealth management companies and raise the standards for their investment research capabilities and product operation management [2]

每经记者｜黄小聪 每经编辑｜彭水萍 今日，华夏均衡养老目标三年持有混合发起式（FOF）公告，由于基金触发合同终止情形，自2025年5月27日起，该基 金进入财产清算程序。 这也是本月第二只清盘的养老目标基金，5月中旬时，国投瑞银积极养老目标五年持有期混合在运作3年之后，也因规 模不满足要求而清盘。 2、又有养老目标基金变更基金经理 此外，中国理财网在今日发布第八批个人养老金理财产品名单，记者注意到，个人养老金理财产品数量增至35只，相 比此前的33只，又增加了2只。 1、又一只养老目标基金清盘 今日，华夏基金公告称，华夏均衡养老目标三年持有混合发起式（FOF），截至2025年5月26日日终，基金资产净值低 于2亿元，触发基金合同终止情形，基金合同自动终止。自2025年5月27日起，该基金进入财产清算程序。 资料显示，该基金成立于2022年5月24日，采用发起式的方式成立，成立时的规模约1339万元，其中基金公司自购1000 万元。 截至今年一季度末，该基金资产净值约为1294万元，相当于运作了近3年时间，整体规模没有太大变化，而截至2025年 5月23日，该基金的净值为0.9341元，成立以来亏超6%。 近日 ...