Core Viewpoint - The practice of "wealth management ranking" has resurfaced, where financial institutions package high-yield products to attract investors, but actual returns often fall significantly short of expectations, raising concerns about transparency and investor experience [1][4]. Group 1: Mechanisms of "Wealth Management Ranking" - "Wealth management ranking" involves frequent issuance of small financial products, known as "shell products," which invest in short-term high-yield assets to inflate returns [2]. - Some financial institutions manipulate returns by reallocating profits from one investor to another, artificially boosting the yield of new products [2]. - The strategy is primarily driven by the need for financial institutions to increase their scale and revenue, as management fees are tied to the volume of assets under management [3]. Group 2: Implications for Investors - Investors often experience disappointing returns, leading to feelings of deception and dissatisfaction with their investment experience [4]. - As the scale of financial products increases, it becomes challenging to maintain high yields, resulting in a significant drop in actual returns compared to initial expectations [4]. - A cycle of speculative investment emerges, where investors continuously seek new high-yield products, further perpetuating the "wealth management ranking" phenomenon [4]. Group 3: Industry Response and Future Directions - Some financial institutions have begun to prohibit "wealth management ranking" practices, focusing instead on enhancing investment capabilities to provide genuine returns [6]. - There is a shift towards distinguishing between long-term returns and those generated through ranking tactics, emphasizing the importance of investment performance and transparency [7]. - Financial institutions are encouraged to improve product suitability management, ensuring that investors understand the underlying assets and associated risks of the products they purchase [7].

产业研究 证 券 研 究 报 告 理财产品跟踪报告 2025 年第 13 期（11 月 01 日-11 月 14 日） 基金市场新发降温，分红险重回主导 银行理财产品： 根据普益标准数据，本期（11 月 1 日至 11 月 14 日）理财市场新发理财产品 1167 只，较上一期（10 月 18 日-10 月 31 日）的 1130 只基本持平。产品结构 延续"固收为主、理财公司主导、中短期限集中、低门槛普及"的特征，结构 分化依然较强：按投资性质划分，固定收益类产品仍占绝对主导地位，占比高 达 97.17%（前值 97.88%）；按机构类型划分，理财公司仍为主流，本期发行产 品 850 只，占比 72.84%；按投资起点划分，依然是 1 元及以下占比最高，新 发产品总数达 755 只（占比 64.7%），其次是 1 千元-1 万元（含）263 只（占 比 22.54%）。反映出理财行业向低门槛、普惠化转型的深化。 基金产品： 根据 wind 数据，2025 年 11 月 1 日至 11 月 14 日，全市场新成立基金共计 65 只，合计募集规模达 406.73 亿元，平均单只基金募集规模为 6.26 亿元。这 ...

没有足够的适配科技金融投资需求的产品供给，就难以为科技创新引入长期资本、耐心资本和优质资 本。为助力科技金融发展，在政策支持与市场需求双重驱动下，银行理财公司纷纷加速布局高科技和成 长赛道，引导长期资金进入科技金融领域。 "我们找到两大发力点，以主责主业适配科技型企业需求，全力以赴以高质量金融服务助力科技创 新。"吴茜表示，在投资方面，工银理财紧抓科创债这一"关键点"，积极发挥基金、股票和非标等多资 产投资优势，构建"一主多元"科技金融投资体系。在产品方面，紧抓科创主题产品这一"链接点"，打造 固收产品和含权产品"基本盘+特色盘"共同发展的多样化科创主题产品货架。 集成电路、人工智能、生物医药、先进材料……各个新兴赛道和科技领域迅速发展的背后，都少不了金 融的大力支持。在这一过程中，银行理财扮演着重要角色。近年来，在多重因素驱动下，银行理财加速 布局科创领域，但也面临着风险偏好、资金期限、缺乏历史业绩参考等各种问题。如何破解这些难题？ 记者采访了相关专家。 正视优势与短板 业内人士表示，科技创新具有高成长性，但也伴随着较高的不确定性。因此，更需要科技金融迎难而 上、聚焦重点。筑牢科技金融体系正是应对这一特性的 ...

Regulatory and Industry Dynamics - Recent high-level management changes have occurred in several wealth management companies, including Zhaoyin Wealth Management, Xinyin Wealth Management, Jiaoyin Wealth Management, and Beiyin Wealth Management, attracting widespread industry attention [6] - The wealth management industry is facing dual structural challenges: low interest rates are pressuring traditional fixed-income asset yields, while regulatory measures are reinforcing the authenticity and standardization of net value management, pushing funds towards technology innovation and green development [6][7] Innovation in the Industry - Jianxin Wealth Management has successfully launched a non-standard equity investment business, utilizing a "customized wealth management product + non-standard equity investment" model to guide market funds towards supporting technology enterprises [8][9] - Jiaoyin Wealth Management participated in the China International Import Expo for the first time, launching a comprehensive upgrade of its "ten categories" wealth management product system, focusing on innovative products such as "Cash+" and "Pension Wealth Management" [10] Performance of Financial Products - Last week, cash management products recorded a 7-day annualized yield of 1.29%, remaining flat week-on-week, while money market funds saw a slight increase to 1.17% [11] - The bond market exhibited a narrow fluctuation pattern, with the 10-year government bond yield remaining stable at 1.81% [12] - The overall environment for the bond market in the fourth quarter remains favorable, but significant constraints persist, including low sensitivity to fundamental factors and ongoing market risk preferences [12] Net Value and Credit Spread Tracking - The net value ratio of bank wealth management products decreased to 0.56%, down 0.17 percentage points week-on-week, with credit spreads also contracting [16] - The current credit spread is at a historical low since September 2024, indicating limited cost-effectiveness, and future trends in credit spreads will be closely monitored as they may impact the net value ratio [16]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Recent leadership changes in multiple wealth management companies have drawn significant attention within the industry, indicating a response to structural challenges posed by low interest rates and regulatory pressures [2][10][11] - Wealth management firms are increasingly exploring alternative investment paths, such as customized financial products combined with non-standard equity investments, to support technology-driven enterprises [3][12] - The introduction of new product systems by wealth management companies, focusing on cash management, pension products, and diversified asset strategies, reflects a shift towards meeting diverse client needs in a low-yield environment [3][14] Summary by Sections Regulatory and Industry Dynamics - A wave of high-level executive changes has occurred in several wealth management firms, including 招银理财, 信银理财, 交银理财, and 北银理财, highlighting the industry's response to dual structural challenges [2][10] - The industry faces pressure from low interest rates and regulatory demands for enhanced risk management and compliance, prompting firms to seek leaders with cross-industry experience to improve investment capabilities [10][11] Innovation in the Industry - 建信理财 has successfully launched a non-standard equity investment business, utilizing a model that combines customized financial products with equity investments to channel funds into technology enterprises [3][12] - 交银理财 has unveiled a comprehensive upgrade of its product system, emphasizing three innovative product categories: "活钱+", pension products, and "多元精选" multi-asset strategies, aimed at addressing various client needs [3][14] Yield Performance - For the week of November 10-16, 2025, cash management products recorded a 7-day annualized yield of 1.29%, remaining stable compared to the previous week, while money market funds saw a slight increase to 1.17% [4][15] - The yield on pure fixed-income products generally declined across all maturities, while fixed-income plus products mostly saw increases, indicating a mixed performance in the bond market [4][18] Net Value Tracking - The net value ratio of bank wealth management products decreased to 0.56%, down 0.17 percentage points week-on-week, with credit spreads also tightening, suggesting limited value for investors [5][23][24]

Core Viewpoint - Qingyin Wealth Management has successfully transformed from a scale-driven model to a value-driven approach, focusing on high-quality development and aligning with the asset management regulations since its establishment five years ago [3][12]. Group 1: Company Development - Qingyin Wealth Management was established in 2020 as the first wealth management subsidiary of a city commercial bank in Northern China, following the implementation of the "Regulations on Wealth Management Subsidiaries of Commercial Banks" [1]. - The company has adhered to its founding principle of "trust and manage wealth for others," responding to market demands and supporting the strategic transformation of its parent company, Qingdao Bank [1][3]. Group 2: Business Model Transformation - The company has shifted its business model from "scale expansion" to "value creation," emphasizing high-quality development and compliance with asset management regulations [3]. - Qingyin Wealth Management has expanded its distribution channels from 3 to 104, improving product structure and increasing the proportion of products with a maturity of one year or more by over 11 percentage points since the beginning of the year [3][4]. Group 3: Product Innovation - The product offerings have evolved from "single fixed income" to "diversified allocation," creating a product matrix that includes cash management, fixed income, "fixed income +," equity, and thematic products [5]. - The "fixed income +" products have been a strategic focus, with a controlled risk exposure and a dynamic management approach to enhance returns while managing risks [5][6]. Group 4: Commitment to Investors - Over five years, Qingyin Wealth Management has issued 2,820 products, raising a total of 25,283.59 billion yuan and generating 536.40 million yuan in returns for clients [4]. - The company has successfully managed low-volatility products, with 291 products maturing at a scale of 462 billion yuan, achieving returns that meet or exceed performance benchmarks [4]. Group 5: Service to the Real Economy - Qingyin Wealth Management has positioned itself as a strategic partner for the real economy, directing funds towards national strategic areas and supporting green finance initiatives [8]. - The company has launched various themed products, including carbon neutrality and ESG, with a total issuance of 144 products and a fundraising scale exceeding 18.3 billion yuan [8]. Group 6: Technological Empowerment - The company has implemented a three-step strategy for digital transformation, focusing on online investment trading, data-driven operations, and intelligent management decision-making [9]. - Qingyin Wealth Management has developed a proprietary investment trading platform and a big data platform to enhance investment management efficiency and risk control [9][10]. Group 7: Future Outlook - The company aims to transition from a "scale-first" approach to a focus on "high-quality development" during the 14th Five-Year Plan period, becoming a key institutional investor in the asset management industry [12][13]. - Qingyin Wealth Management will continue to innovate products and upgrade services while maintaining a balance between quality and steady growth, reinforcing its operational foundation and risk resilience [12][13].

Core Insights - The personal pension system has shown steady growth in product offerings, account numbers, and investment scale, with a total balance of 110.36 billion yuan in personal pension financial products as of June this year [1][2][4] - The recent notification from the National Financial Regulatory Administration to expand the pilot areas for pension financial products nationwide is expected to inject strong momentum into the development of the pension financial business [1][7] Investment Performance - Personal pension financial products have generated over 390 million yuan in returns for investors, with an average annualized return rate exceeding 3.4% [1][4] - The performance of these products is attributed to sound investment strategies, optimized asset allocation, and strict risk control systems, supported by favorable policies [4][7] Market Expansion - The number of personal pension financial products has reached 37, indicating a rich and diverse product shelf that aids clients in achieving stable returns [2][3] - The number of account holders has surpassed 70 million, reflecting a multi-layered and widely covered market structure [2][3] Future Directions - The industry is encouraged to enhance the diversity of product offerings and to consider increasing the allocation of equity assets to improve the attractiveness of financial products [4][5][6] - There is a call for the exploration of innovative products with longer durations and targeted dates to enhance the investment experience for clients [8]

Core Insights - The collaboration between wealth management companies and trust companies has become a significant business model in the asset management industry, particularly in the context of restrictions on bond investment accounts [1][4][5] - Customized trust products are favored by wealth management companies, allowing them to specify valuation methods and investment targets, which enhances their operational flexibility [2][3] - The recent draft of the "Asset Management Trust Management Measures" has sparked discussions about the future of bank-trust cooperation, emphasizing the need for regulatory compliance and the exploration of new collaboration opportunities [1][7] Group 1: Market Dynamics - As of Q3 2025, the scale of trust products held by wealth management companies reached 1.31 trillion yuan, indicating a growing reliance on trust channels [1] - Wealth management companies have seen a significant increase in their customized trust product scale, with reports of a 100 billion yuan increase compared to the previous year [2][5] - The trust industry has expanded its "trillion club," with several trust companies managing assets exceeding one trillion yuan as of June [1] Group 2: Operational Practices - Wealth management companies often utilize "T-1" valuation methods to lock in profits during market upswings and avoid losses during downturns, which has raised concerns about valuation manipulation [3][6] - Tail difference adjustments in trust product valuations can create "invisible profits," allowing larger products to support smaller ones, thereby influencing net asset values [3][6] - The operational model of customized trust products involves wealth management companies making investment decisions while trust companies handle clearing and trading [2][4] Group 3: Regulatory Environment - The draft regulations limit the investment amount of a single institutional investor in the same trust product to no more than 80% of the product's actual trust scale, aiming to mitigate concentration risks [5][7] - The regulatory framework encourages trust companies to shift from being mere financing intermediaries to investment management institutions, promoting a focus on active management capabilities [7][9] - The ongoing policy reforms, including the "1+N" system and the revised "Trust Company Management Measures," aim to guide the transformation of the trust industry and reduce reliance on channel-based operations [9] Group 4: Future Outlook - The trust industry is expected to return to its core functions, emphasizing the establishment of comprehensive research and investment systems to enhance active management capabilities [8][9] - Wealth management companies are urged to break away from scale obsession and focus on improving their research capabilities and risk management practices [8][9] - The competitive landscape is anticipated to intensify, with institutions relying on channels likely to be phased out in favor of those with robust investment research capabilities [9]

Core Insights - The collaboration between wealth management companies and trust companies has become a significant business model in the asset management industry, particularly in the context of restrictions on bond investment accounts [1][4][6] - Customized trust products are favored by wealth management companies, allowing them to specify valuation methods and investment targets, which enhances their operational efficiency [2][4] - The recent draft of the "Asset Management Trust Management Measures" has sparked discussions about the future of bank-trust cooperation, emphasizing the need for trust companies to focus on active management and risk control [6][7][8] Group 1: Market Dynamics - As of the end of Q3 2025, the scale of trust products held by wealth management companies reached 1.31 trillion yuan, indicating a growing reliance on trust channels [1] - Trust companies have seen an expansion in their asset management scale, with several surpassing 1 trillion yuan in managed assets by mid-2023 [1][5] - The regulatory environment is shifting, with new measures aimed at clarifying the boundaries of trust company operations and preventing systemic risks associated with concentrated investments [6][7] Group 2: Operational Strategies - Wealth management companies are increasingly using "T-1" valuation methods to lock in profits during market upswings and avoid losses during downturns, which has raised concerns about valuation manipulation [3][4] - Trust companies are adapting by offering customized products that allow wealth management firms to maintain control over investment decisions while outsourcing operational tasks [2][4] - The reliance on trust companies is driven by the limitations faced by wealth management firms in accessing the interbank market for bond investments [4][5] Group 3: Future Outlook - The industry is expected to see a transition towards more active management practices among trust companies, as they are encouraged to build comprehensive research and investment frameworks [7][8] - The ongoing regulatory changes are likely to enhance the focus on risk management and reduce the dependency on traditional channel-based revenue models [6][7] - The competitive landscape is shifting, with firms that lack research capabilities facing potential obsolescence, while those with strong investment management skills are likely to thrive [8]

Core Viewpoint - The article highlights the phenomenon of "yield illusion" in financial products, where high initial annualized returns attract investors, but actual returns decline significantly over time, raising concerns about the authenticity of net asset values and the potential for "bad money driving out good" in the industry [2][7][10]. Group 1: Yield Trends - Many newly launched financial products exhibit a "high then low" yield curve, with initial annualized returns often exceeding 3%, but actual returns dropping below 2% shortly after [5][6]. - As of September 2025, the weighted average annualized return for bank wealth management products was only 1.68%, indicating a shift into the "1% era" for overall yield levels [10][11]. - Over 130 out of 177 products launched since August 2025, which initially boasted annualized returns over 10%, have seen their yields decline in the following month [5][6]. Group 2: Yield Manipulation Techniques - Financial institutions are employing "yield shifting" techniques, where high-yield assets are concentrated during the product's initial phase to inflate net asset values and attract investors, followed by a gradual return to normal yield levels [7][9]. - The practice of issuing numerous similar products allows companies to create a "shell" effect, where new products are specifically designed to boost performance rankings [8][11]. - The T-1 valuation arbitrage method has emerged as a new strategy, allowing companies to transfer value between new and old products, effectively manipulating perceived returns [9][10]. Group 3: Market Implications - The competitive landscape in the wealth management market has intensified, leading to a cycle where firms feel pressured to inflate product yields to maintain market position [12][13]. - Investors in older products may unknowingly have their potential returns shifted to newer, higher-yield products, leading to dissatisfaction and potential complaints [13]. - The reliance on yield manipulation may hinder genuine investment research and asset allocation efforts, ultimately affecting the industry's long-term quality and stability [12][13].