"投资理财这个行业是离监狱最近的一个行业，这是一个失败就成骗子的行业。我承认是我的经 营失败伤害到大家，但我不承认我在诈骗，因为我才是整个投资失败最大的受害者，亏损最多最 大的那个人。" 2025年4月中旬，在败光20亿后，广东省金钥匙控股集团董事长林春浩（以下简称"金钥匙集 团"）突然在公司群发布了一封公开信， 高调承认已跑路至英国，并声称"没带走一分钱" 。信 中，他坚称"经营失败非诈骗"，并誓言"未来偿还债务"，其言行被网友嘲讽为"贾跃亭翻版"。 消息曝光后，深圳、中山等地办公地人去楼空，深圳市公安局福田分局已立案调查，数千投资者 血本无归。 "130万打了水漂，大家都亏了多少？""我200万""30万""100万""448万"……随 着事件的发酵，各路投资者纷纷在网络上写下自己投入的金额。 一位普通投资者悲叹： "三年理 财，我只是个普通人，我再也不相信金融了。" 以下文章来源于凤凰网财经 ，作者凤凰网财经 凤凰网财经 . 你好，我们是凤凰网财经，全球华人都在看的财经公众号，传播最有价值的财经报道，你值得关注！欢 迎访问：http://finance.ifeng.com/ 作者： 凤凰网财经 来源： ...

Market Overview - The bond market saw a decline in funding prices, with short-term bonds performing better than long-term ones. The average weighted price of DR007 was 1.54% on May 9, and the yield on 10-year government bonds closed at 1.64% [2] - The A-share market experienced an overall increase, with the ChiNext Index, Shenzhen Component Index, and CSI 1000 Index rising by 3.27%, 2.29%, and 2.22% respectively. The defense, communication, and power equipment sectors led the weekly gains [2] Product Performance - The number of underperforming wealth management products continued to decrease. As of May 11, 2025, there were 23,230 active public wealth management products, with 156 having a cumulative net value below 1, resulting in a comprehensive underperformance rate of 0.67% for bank wealth management [3] - The underperformance rates for equity and mixed wealth management products were 55.26% and 7.41%, while fixed income products had a low underperformance rate of 0.19% [3] New Product Issuance - A total of 359 wealth management products were issued by 30 wealth management companies from May 5 to May 11, with the largest issuers being Huaxia Wealth Management and Xingyin Wealth Management, each launching 28 products [4] - The newly issued products were primarily R2 (medium-low risk), closed-end net value type, and fixed income public products, with only 7 mixed products launched [4] - Minsheng Wealth Management introduced a mixed public product targeting the Hong Kong stock market, with a performance benchmark of 2.6% to 3.8% annually and a one-year holding period [4] Pricing Trends - The performance benchmarks for newly issued fixed income products continued to decline, with an average benchmark of 2.67% for the week. Most products were priced below 3%, with some showing inverted yields [5] Yield Performance - Mixed and equity wealth management products showed positive average returns due to favorable market conditions, with average net value growth rates of 0.2119% and 1.6682% respectively for the week [6] - Fixed income products also reported positive average weekly returns, with 2-3 year term products achieving the highest growth rate of 0.0854% [6] Cash Management Products - The annualized yield for cash management products decreased, with average yields of 1.509% for RMB, 3.945% for USD, and 3.18% for AUD cash products [7] - A small percentage of wealth management products reported negative returns, with 1.47% of RMB public wealth management products experiencing losses in the past week [7] Industry Trends - The scale of bank wealth management has significantly rebounded, reaching 23.58 trillion yuan by the end of April, an increase of 1.89 trillion yuan from March and 1.16 trillion yuan from the beginning of the year [8] - Following the People's Bank of China's announcement of a reserve requirement ratio and interest rate cut on May 7, several banks adjusted their performance benchmarks downward, with some reductions exceeding 100 basis points [9]

Core Viewpoint - The recent reduction in reserve requirements and interest rates by the central bank has led to a downward trend in interest rates, prompting banks' wealth management subsidiaries to adjust their strategies and product offerings to adapt to the low-interest environment [1][2][4]. Group 1: Market Response to Monetary Policy Changes - Major wealth management institutions, including ICBC Wealth Management and Agricultural Bank of China Wealth Management, have issued recommendations for asset allocation in a low-interest environment [1][2]. - The reduction in interest rates is expected to lower the yields on wealth management products, with many institutions adjusting their performance benchmarks downward [1][4]. - The anticipated "deposit migration" could lead to a significant increase in the wealth management market size, potentially exceeding 33 trillion yuan this year [1][6]. Group 2: Investment Strategies - Agricultural Bank of China Wealth Management suggests that investors should focus on short-term debt assets to capture opportunities before deposit rates decline further [2][7]. - ICBC Wealth Management recommends extending investment horizons to lock in favorable rates and mitigate short-term volatility [2][7]. - Experts indicate that the current low-interest environment may lead to a shift in asset allocation towards higher-risk assets, such as equities and credit bonds, as investors seek better returns [4][6]. Group 3: Performance Benchmark Adjustments - As of May 19, a wealth management product from China Merchants Bank will see its performance benchmark reduced significantly, reflecting the overall trend in the market [3]. - The average annualized yield for open-ended fixed-income wealth management products has decreased, with a notable drop of 0.29 percentage points in the past month [4]. - Several wealth management products have introduced temporary fee reductions to attract investors in the current market conditions [3][4].

Core Insights - The article discusses the strategies and opportunities for bank wealth management in the context of high market volatility, emphasizing the need for diversified asset allocation and risk management [1][2][3]. Group 1: Investment Strategies - Bank wealth management institutions should adopt a top-down approach to achieve "absolute return" goals, considering asset value and macroeconomic cycles for diversified allocation [2][3]. - Collaboration with fund companies can enhance the ability to identify alpha opportunities through long-term insights into individual stocks and industries [3]. - The focus should be on clear risk-return characteristics in equity tools, such as ETFs, to optimize asset allocation [3]. Group 2: Market Conditions and Challenges - The current low level of equity investment in bank wealth management is attributed to the industry's developmental stage, with many clients still viewing these products as savings alternatives [2][3]. - The volatility in equity markets presents challenges for achieving medium to long-term value investments, necessitating alignment with clients' risk tolerance [2][3]. Group 3: Multi-Asset and Multi-Strategy Solutions - A core framework based on target volatility can guide the assembly of multi-asset and multi-strategy solutions, allowing for dynamic adjustments based on macroeconomic conditions [4][5]. - The development of strategies based on volatility, such as convertible bonds and quantitative interest rate strategies, is crucial for enhancing returns while controlling risk [5]. Group 4: Future Outlook - The global financial landscape is characterized by increasing uncertainty, with rising public debt levels and potential de-leveraging processes in major economies [6]. - Domestic financial institutions are encouraged to manage volatility and engage in diversified global market participation to mitigate risks associated with global uncertainties [6]. - The focus on stable income-generating assets, such as domestic bonds and dividend-paying stocks, is essential for achieving reliable returns [6].

Core Insights - The report focuses on the performance of three categories of wealth management products: "Fixed Income + Equity," mixed-type, and equity-type products [1] - The analysis includes data from various financial institutions, highlighting their respective product performances over specified time frames [2] Group 1: "Fixed Income + Equity" Products - Six wealth management companies made it to the top ten list, with Ping An Wealth Management showing strong performance, having five products in the top ten [7] - The leading product, "Happiness 99 Hongyi (Dual Bond Enhancement) 100-Day Holding," managed by Hangyin Wealth Management, achieved a net value growth rate of 7.26% over the past six months [7] - The management team reduced bond holdings in Q1 2025, increasing cash and gold ETF positions, which contributed to the product's strong performance [8] Group 2: Mixed-Type Products - Seven wealth management companies appeared in the top ten list, with Ningyin Wealth Management securing three positions, including the top product "Ningyin Mixed-Type Hong Kong and Shanghai Theme Wealth Management No. 1," which had a net value increase of 7.89% over the past year [12] - The product primarily invests in Hong Kong stocks through public funds, with over 80% of its holdings in public funds as of Q1 2025 [12] - Other notable products include "Zhaoyin Wealth Management's Target 2035," which ranked second with a 6.80% increase in net value [12] Group 3: Equity-Type Products - In the equity-type product category, Huaxia Wealth Management and Guangda Wealth Management had multiple products in the top ten, with Huaxia's "Tian Gong Index Product" leading with a 16.74% increase over the past six months [16] - The products from Huaxia Wealth Management generally exhibited higher volatility and drawdown levels [16] - Guangda's "Sunshine REITs Preferred No. 1" showed lower maximum drawdown and annualized volatility compared to typical equity products, achieving a high Calmar ratio of 8.66 [16]

根据官方信息，5月9日，中银理财参与了市场首批科技创新债券发行。截至目前其已支持吉利控股、新微科 技、兴业银行等民营企业、地方国企及大型金融机构等多家主体的科创融资，参与品种涉及公司债、商业银行 债等多种工具。 中银理财甚至还有这么一句值得称道的表述："一直以来都优先配置高端装备等硬科技领域债券。" 这句看起 来再平常不过的话，要实现起来其实是有难度的。它需要整个理财公司的投研决策、审批机制、风控管理等环 节对科创型资产的理解与支持是高度适配的。 如果说在低利率、薄利差、强波动的新常态下，增配权益、基准下探、减费让利已成理财行业常规经营关 键词，那么5月份理财最具特色的经营动态，毫无疑问是"支持科创债"。 支持科创债，银行理财也来了，用的是提高科创债在资产组合中占比的方式。这一动向不仅折射出理财资金对 政策红利的敏锐捕捉，更构筑了其服务实体经济的新范式。 正在批量发行的科创债，可能与传统债券和权益资产有着不完全相同的风险收益特征，甚至与宏观经济周期的 相关性都呈现较低属性。目前科创债的发行人以国央企居多，如果发行人扩容至更多的民营企业、新兴企业， 这就意味着理财公司需要对科创债发行人的技术实力、市场前景、财务 ...

Group 1 - The new "National Nine Articles" has been in effect for over a year, accelerating the formation of a new ecosystem in the capital market, emphasizing the importance of promoting long-term funds into the market and establishing rational, value, and long-term investment concepts [1][2] - The "Three Investment" concept is seen as a timely principle that can guide social funds to invest long-term in emerging strategic industries and key transformation areas, ensuring sufficient funding for enterprises [2][3] - The banking wealth management sector, as a significant part of the asset management industry, is expected to actively implement the "Three Investment" concept to enhance long-term investment capabilities [1][4] Group 2 - The wealth management market, valued at approximately 30 trillion yuan, has seen the establishment of 32 "clean start" wealth management subsidiaries, which are now the main players in the market [3] - Despite the growth of the wealth management industry being driven by fixed income markets, there are still challenges in aligning short-term product liabilities with long-term equity market investments [3][4] - The industry is exploring adjustments in investment capabilities, culture, team building, and investor engagement to better support capital market development [3][5] Group 3 - The diversification of investment strategies is viewed as a significant leap following the net value transformation, with wealth management companies expected to leverage their advantages in macroeconomic insights and asset allocation [4][5] - The "Three Investment" concept is crucial for attracting long-term funds into the market and establishing a stable mechanism for the capital market [5][6] - Wealth management firms are encouraged to extend the duration of liabilities to attract more long-term funds and better utilize long-term investment scenarios [7][8] Group 4 - Wealth management companies are advised to design products that cater to different client needs and to expand their "fixed income plus" product strategy library [7][8] - The alignment of interests between wealth management firms and clients is being strengthened, with practices such as waiving management fees for underperforming equity products being implemented [7][8] - The trend of extending liability durations is becoming more common among institutions, allowing for a broader investment scope and increasing the potential for enhanced client returns [7][8]

推动中长期资金入市，培育耐心资本，既是深化资本市场投融资综合改革的需要，也是推动科技创新、 产业升级和高质量发展的重要举措。 30万亿银行理财在参与资本市场过程中，如何在践行"三投资"理念，壮大长期投资力量的同时，实现稳 健投资收益，提升投资者获得感？ 在近日由上海证券交易所、上海资产管理协会和第一财经共同推出的"资管行业践行'三投资'理念优秀 实践"系列访谈中， "我们对接下来资本市场的投资机会持积极乐观的态度。"交银理财多资产投资部总经理高歌结合政策支 持、基本面向好、市场环境优化、上市公司理念实践变化等因素提到，当下资本市场预期和生态都已明 显改善，理财公司等机构投资者不仅要会"借风使舵"，更要有穿越风暴的信心和勇气。 发挥稳健投资优势，全生命周期陪伴提升投资者体验 新"国九条"对资管机构的投研能力和产品创新服务都提出了更高要求，不仅督促树立"理性投资、价值 投资、长期投资"理念，还提出了从规模导向向投资者回报导向转变，把投资者获得感放在更重要位置 的要求。 强调投资者回报对理财行业意味着什么？高歌认为，理财产品与公募基金存在多方面不同。首先，理财 产品定位是以稳健投资、绝对收益为导向；其次，理财资金能 ...

降准今起实施 将向市场提供长期流动性约1万亿元 今日起，我国降准0.5个百分点，将向市场提供长期流动性约1万亿元。自5月7日一揽子金融政策宣布推 出以来，市场已经见证：降准降息实施；债券市场"科技板"横空出世，科技创新债券发行；5000亿元服 务消费与养老再贷款创设……增量金融政策火线落地，为进一步稳市场稳预期、支持经济回升向好、应 对内外部不确定性，营造了良好的金融环境。（上证报） 小微盘风格强势修复 相关基金拉响限购警报 近期，知名小微盘风格基金中信保诚多策略宣布暂停200万元以上的大额申购业务，鹏扬北证50成份指 数证券投资基金的限制申购金额也由此前的50万元降至5万元。业内人士提示，如果小微盘风格后期持 续上涨，或将面临部分投资者止盈风险，可能会出现阶段性回调。目前小微盘风格或进入情绪博弈阶 段，需警惕流动性收紧、部分个股业绩不及预期引发回调等风险。（中证报） 借势指数化投资浪潮 债券ETF规模突破2500亿 今年以来，债券ETF（交易型开放式指数基金）产品规模增量达825亿元，增幅为47.5%。数据显示，截 至5月14日，全市场29只债券ETF的总规模已达2565.46亿元。晨星（中国）基金研究中心 ...

Core Insights - The overall performance of the bond market has been strong since April, leading to a significant inflow of funds into the wealth management market, with the total scale of wealth management products reaching a historical high of 23.58 trillion yuan by the end of April, an increase of 1.89 trillion yuan from March and 1.16 trillion yuan from the beginning of the year [1] Group 1: Wealth Management Market Growth - The growth in the wealth management market has shown a significant "tiered differentiation," with state-owned banks leading the increase, generally exceeding 10% growth [2] - Six state-owned bank wealth management companies contributed approximately 1.13 trillion yuan to the market in April, accounting for nearly 60% of the total increase among the top 14 institutions [2] - The cumulative increase in wealth management products for several joint-stock banks has also been notable, with Everbright Wealth Management leading with an increase of over 230 billion yuan [2] Group 2: Factors Influencing Growth - The bond market has benefited from a "see-saw" effect due to stock market volatility, leading to a recovery in the net value curve of wealth management products [4] - The average annualized yield of open-ended fixed-income products reached 3.21% by the end of April, an increase of 1.41 percentage points from the previous month [4] - The "deposit migration effect" has intensified, with many banks lowering deposit rates, making wealth management products more attractive compared to traditional deposits [4] Group 3: Product Performance - Fixed-income and cash management products have directly benefited from the influx of new funds, with cash management product scales increasing by nearly 500 billion yuan in April [5] Group 4: Future Challenges - Despite maintaining high market scales, the wealth management market faces significant challenges in the context of a stable but low-demand market for fixed-income asset yields [6] - Analysts express concerns about the short-term funding sources for wealth management liabilities and potential adjustments in the bond market due to regulatory policies [7]