外资控股理财公司规模猛增 贝莱德建信理财和法巴农银理财存续规模均突破500亿元元 智通财经7月14日电，自去年开始，外资控股合资理财公司的管理规模呈现出增速显著高于理财行业均 值的趋势，且这一趋势还在延续甚至加码。从贝莱德建信理财内部获悉，其存续产品余额以于近日突破 500亿元。在今日举办的贝莱德中国2025年年中投资展望会上，贝莱德建信理财总经理张鹏军用覆盖四 个风险等级、构筑八大产品线、累计发行288只产品、产品业绩和达标率双领先、唯一一家获得养老理 财试点与个人养老金业务"双资质"等标签，来概括其成立四年多以来的展业亮点。另据记者从业内获 悉，得益于母行渠道大力支持，成立刚满两年的法巴农银理财的存续规模也在稍早时候突破了500亿元 关口。 (证券时报) ...

Core Viewpoint - The introduction of a floating management fee structure in wealth management products signifies a shift from a focus on scale to a focus on quality and performance in the industry [1][2] Group 1: Product Launch and Features - The "Zhao Zhi Rui Yuan Balanced (An Ying You Xuan) 68th" product was launched on July 8, with an issuance scale of 20 billion yuan and a closed period of 36 months [1] - The product is classified as R3 (medium risk) and primarily invests in high-grade credit bonds, high-dividend stocks, bank preferred shares, and low-correlation quantitative neutral strategies [1] Group 2: Management Fee Structure - The management fee is linked to the product's annualized return, with three tiers: 0.25% for returns at or below 1.5%, up to 0.4% for returns between 1.5% and 4%, and up to 0.5% for returns above 4% [1] - This innovative fee structure aims to align the interests of the management company and investors, enhancing transparency and trust [1][2] Group 3: Industry Trends and Implications - The wealth management industry has seen a trend of fee reductions, but reliance on low fees is deemed unsustainable for long-term growth [1] - The floating fee mechanism encourages wealth management companies to focus on performance rather than merely expanding their asset base, fostering a culture of risk-sharing and accountability [2] - Experts suggest that this shift will compel companies to enhance their research and risk management capabilities, ultimately benefiting investors through better product offerings [2]

Group 1 - The wealth management industry is showing positive signals, with the average annualized return of closed-end products at 2.78%, trailing the benchmark by 0.16 percentage points [1] - The actual payout returns of various products are increasingly approaching their performance benchmarks this year, prompting deeper discussions about the attractiveness of performance benchmarks in the wealth management industry [1] Group 2 - There is a noticeable divergence in returns between open-ended and closed-end fixed-income wealth management products, with open-ended products achieving an average payout return of 2.73%, up 7 basis points (0.07 percentage points) from the previous month, exceeding their average performance benchmark by 4 basis points [2] - Closed-end products, on the other hand, saw an average payout return of 2.78%, down 3 basis points, and lagging behind the average performance benchmark by 16 basis points [2] - This divergence is attributed to differences in portfolio structure and market conditions, with open-ended products benefiting from flexible redemption mechanisms and better capturing market fluctuations [2] Group 3 - Analysts indicate that closed-end products require investors to sacrifice some liquidity for potentially higher returns or lower volatility, but their returns are significantly influenced by the timing of establishment and maturity [3] - Historical data shows that the deviation between the actual payout returns of closed-end products and their performance benchmarks has narrowed significantly over time, indicating reduced volatility in these products [3] Group 4 - The concept of performance benchmarks and the associated assessment of wealth management product performance has sparked increasing discussion within the industry, with some critics arguing that certain benchmark ranges have lost their reference value for investors [4] - Industry leaders emphasize the importance of logically setting performance benchmark ranges to reflect product positioning, investment strategies, and risk limits [4][5] - The establishment of performance benchmarks is deemed necessary for guiding investment managers in strategy formulation and ensuring a client-centered approach [5]

Core Viewpoint - Recent short-term low-risk (R2 level) wealth management products have seen rising yields, with some achieving annualized returns around 10% in the past month, driven by favorable short-term bond market conditions and strategies like "fixed income plus" [1][2][4] Group 1: Product Performance - Several R2 level short-term wealth management products have reported high yields, with examples like "交银理财灵动慧利9号7天持有C" showing an annualized yield of 9.63% over the past month [1] - The underlying assets of these low-risk products are primarily bonds, making their net value highly sensitive to bond market trends [2] - New products often exhibit high initial yields due to strategies aimed at quickly gaining market visibility, a practice known as "new product ranking" [3] Group 2: Investment Strategies - Wealth management companies are increasingly adopting a "multi-asset, multi-strategy" approach to asset allocation, which helps reduce volatility and enhance returns in a low-interest-rate environment [4][5] - The trend is shifting from focusing solely on asset types to emphasizing investment strategies, with a push towards diversified asset classes such as stocks, bonds, and alternative investments like REITs and gold [5][6] - Companies are encouraged to innovate differentiated products that align with investor needs while maintaining a focus on safety and stability [6]

Macro Dynamics - As of June 2025, China's foreign exchange reserves reached $331.74 billion, an increase of $32.2 billion from May, representing a growth rate of 0.98% [1] Company Dynamics - Industrial Fulian expects a net profit of 6.727 billion to 6.927 billion yuan for Q2 2025, a year-on-year increase of 47.72% to 52.11%, and for the first half of 2025, a net profit of 11.958 billion to 12.158 billion yuan, up 36.84% to 39.12% [12][13] - Guoli Co. anticipates a net profit of 34 million to 38 million yuan for the first half of 2025, reflecting a year-on-year growth of 130.91% to 158.08%, driven by the booming electric vehicle industry and effective cost management [14] - Changhong High-Tech is planning to acquire 100% equity of Guangxi Changke New Materials Co., Ltd., with the transaction expected to constitute a major asset restructuring [15] - Chuanjinno expects a net profit of 168 million to 188 million yuan for the first half of 2025, a year-on-year increase of 152.25% to 182.28%, supported by strong market demand and optimized production plans [16]

Core Insights - The report focuses on the performance of three categories of wealth management products: "Fixed Income + Equity," mixed-type, and equity-type products, highlighting their returns and risk metrics over specified periods [1][6][13]. Group 1: Performance Overview - As of July 3, 2025, the average net value growth rate for "Fixed Income + Equity" products over the past year is 3.04%, with an average maximum drawdown of 0.37%. Notably, 88.46% of these products achieved positive quarterly returns throughout the year [6]. - For mixed-type public wealth management products with a 1-3 year investment horizon, the average net value growth rate is 3.66%, with a maximum drawdown of 1.31%. Among these, 31.25% of products exceeded a 4% growth rate, and four products surpassed 10% [13]. - Equity-type public wealth management products have shown an average net value growth rate of 5.13% over the past six months, with a maximum drawdown of 10.75%. Only two out of 36 sample products reported negative performance [16]. Group 2: Highlighted Products - The top-performing products in the "Fixed Income + Equity" category include: - Hangyin Wealth's "Happiness 99 Abundant Fixed Income Multi-Asset (Balanced Preferred FOF) 742 days" with a net value growth rate of 7.54% [8]. - Hangyin Wealth's "Happiness 99 Added Income Fixed Income Multi-Asset 540 days" with a growth rate of 7.47% [8]. - Beiyin Wealth's "Jinghua Vision Infrastructure Public REITs Jingpin No. 1" with a growth rate of 7% [8]. - The performance of these products is primarily supported by fixed income asset yields, supplemented by a small allocation to equity funds, convertible bond funds, and public REITs [7]. - In the mixed-type category, notable products include: - Ningyin Wealth's "Ning Win Individual Stock Selection No. 2" with a growth rate of 13.06% [10]. - Ningyin Wealth's "Ning Win Long Triangle Development" with a growth rate of 11.67% [10]. - In the equity-type category, the standout product is "Tian Gong Ri Kai 8" (Precious Metals Index) with a leading growth rate of 25% [16].

Group 1 - The core point of the article is the launch of the 68th phase of the "Zhao Zhi Rui Yuan Balanced (An Ying You Xuan)" product on July 8, featuring an innovative fee structure [1] - The fixed management fee is set at 0.25% per year, which is lower than the conventional management fee rates of 0.4% to 0.6% for similar products [1] - There is a performance-based variable management fee that will be calculated in tiers, linking the fees to the product's performance [1]

Core Viewpoint - BlackRock Jianxin Wealth Management is exploring new innovations in the pension finance sector, having previously launched the first ten-year pension wealth management product and the first joint venture personal pension wealth management product in China [1][2]. Group 1: Product Innovations - The latest product, "Beijia Intelligent Heart," aims to enhance returns by introducing rare stock assets into the R2 low-risk personal pension product, utilizing AI for stock-bond allocation [3]. - This product is notable for filling the gap in stock allocation within R2 pension products, which typically focus on fixed income or similar assets [8]. Group 2: Performance Metrics - As of June 30, the total scale of pension wealth management products exceeded 1,040 billion yuan, with personal pension wealth management products surpassing 12 billion yuan [5]. - "Beijia Anxin," launched on May 10, 2022, achieved an annualized return of 5.30%, ranking first among 51 pension wealth management products [6]. - "Beijia Intelligent Heart," launched on April 15, 2023, reported annualized returns of 3.84% for A shares and 3.93% for L shares, ranking second among newly established personal pension wealth management products this year [7]. Group 3: Systematic Investment Strategy - The BSYS platform, a flagship strategy of BlackRock, employs machine learning and big data analysis to capture valuable investment signals, managing over 256 billion USD globally [9]. - "Beijia Intelligent Heart" utilizes a systematic approach for asset allocation, dynamically adjusting stock-bond ratios based on risk and return targets, while integrating various market indicators for timing decisions [10][11].

Core Viewpoint - The China Banking and Insurance Regulatory Commission has imposed a fine of 12.9 million yuan on Bank of China Wealth Management Co., Ltd. for various regulatory violations, including inadequate management of non-standard debt investments and failure to meet investment concentration and liquidity requirements [1][2]. Regulatory Actions - The company was fined 12.9 million yuan due to violations such as poor management of non-standard debt investments, non-compliance with investment concentration and liquidity requirements, and inadequate information registration management [1][2]. - In June 2024, the company was previously fined 2.5 million yuan for failing to effectively identify underlying assets and for having non-standard underlying assets maturing later than the maturity date of closed-end wealth management products [3]. Company Performance - As of the end of 2024, Bank of China Wealth Management reported total assets of 19.36 billion yuan, net assets of 18.85 billion yuan, and a product management scale of 1.88 trillion yuan, achieving an operating income of 2.96 billion yuan and a net profit of 1.96 billion yuan [3][4]. - The company ranks third in product management scale among state-owned bank wealth management subsidiaries but holds the first position in net profit [3]. Management Changes - Since 2024, several high-level management changes have occurred, including the appointment of Huang Danggui as chairman and director from February 2025, following the resignation of Liu Donghai due to age reasons [5][7]. - The board received a resignation from Song Funing in March 2025 due to work relocation, effective from March 3, 2025 [5][7]. Future Outlook - The company has stated that it takes regulatory feedback seriously and has completed all required rectifications by June 2024. It aims to enhance compliance management and risk control capabilities to protect investor interests and provide higher quality financial services [2][3].

Core Viewpoint - Zhongyin Wealth Management has faced significant regulatory penalties, highlighting systemic compliance issues within the wealth management industry amid tightening financial regulations [1][4][7] Group 1: Regulatory Penalties - Zhongyin Wealth Management was fined 12.9 million yuan for three violations, marking its third penalty in three years, totaling 20 million yuan [1][4] - The violations included inadequate management of non-standard debt investments, non-compliance with investment concentration and liquidity requirements, and poor information registration management [4][6] - Previous penalties included 4.6 million yuan in May 2022 for exceeding investment concentration and leverage limits, and 2.5 million yuan in June 2024 for failing to effectively identify underlying assets [4][6] Group 2: Business Performance - Despite regulatory challenges, Zhongyin Wealth Management's product management scale reached 1.88 trillion yuan by the end of 2024, a 15.3% year-on-year increase, ranking third among state-owned wealth management subsidiaries [6] - The company's net profit for 2024 was 1.963 billion yuan, reflecting a 20.6% increase year-on-year, leading among its peers [6] Group 3: Industry Context - The regulatory environment has become increasingly stringent since the implementation of the Asset Management New Regulations in 2020, which aimed to eliminate implicit guarantees and promote net value management [7][8] - The total penalties for wealth management companies in 2024 reached 31.2 million yuan, with Zhongyin Wealth Management and another company alone exceeding 30 million yuan in the first half of 2025 [7] - Future regulatory focus is expected to shift towards information disclosure and consumer protection, indicating a transition from a phase of scale expansion to one of quality competition within the industry [8]