"就目前来看，本轮降准降息落地后，理财产品资产端利率在短期内未出现明显下降，反而有所回升。 实际上，今年市场上资产供给有所增加，理财公司'资产荒'的现象并未显著加剧，只能说是高收益资产 遭遇了激烈拼抢。"某股份行理财公司投研业务负责人告诉记者。 ● 本报记者 石诗语 从短期来看，央行降准降息政策对理财产品资产端收益率的影响相对有限，近期长债利率震荡回升，同 业存单利率有所上行。但从长期来看，理财产品底层资产收益率下行趋势明确，理财公司的"资产荒"局 面难以改变。 资产端收益率影响有限 从短期来看，央行降准降息政策对理财产品资产端收益率影响有限，上周存款降息、LPR下调等操作落 地，长债利率震荡回升。 "从2023年以来存款利率下降后的债券走势来看，1年期和10年期国债收益率的表现不一，存款降息并不 一定会带来债券收益率快速下行，更多需要考虑当时的基本面、政策环境和交易情绪。债券收益率对此 次存款降息的短期情绪反应已告一段落，但国有大行为了预防存款搬家而提价发行同业存单的情况将持 续。国有大行发行的同业存单配置价值上升。"东吴证券研究所相关分析人员表示。 具体来看，5月19日，债市尾盘出现存款利率下调预期，10 ...

Group 1 - 华夏均衡养老目标三年持有混合发起式（FOF） fund will enter liquidation on May 27, 2025, due to its net asset value falling below 200 million yuan as of May 26, 2025 [2][4] - The fund was established on May 24, 2022, with an initial size of approximately 13.39 million yuan, and has seen a decline of over 6% since inception, with a net value of 0.9341 yuan as of May 23, 2025 [4] - This marks the second pension target fund to be liquidated in May, following the liquidation of Guotou Ruijin's five-year holding period fund due to insufficient scale [4] Group 2 - Two new personal pension financial products have been added, bringing the total to 35, as reported by China Wealth Management Network [7] - The new products are issued by Bank of China Wealth Management and are both daily open fixed-income products [7] - Since the launch of the first batch of personal pension financial products in February 2023, a total of 33 products have been successfully issued by six wealth management companies [7] Group 3 - Recent changes in fund management include the appointment of Liu Shuxia as a co-manager for two funds, alongside Wang Ling, who is leaving her position for other work commitments [5][6] - Wang Ling's departure is effective May 24, 2025, but she will continue to serve on the FOF investment decision committee [6]

各期限人民币固定收益类理财破净率维持低位。其中，1~2年期限和3年以上期限产品破净率相近，分 别为1%和0.99%，1~3个月期限产品破净率为0.27%。1个月以内投资周期产品破净率为0.44%。 【新发情况】 南财理财通数据显示，32家理财公司上周（5月19日—5月23日）合计发行了505只理财产品（同一产品 登记编码下不同份额合并计算），股份行理财公司发行产品数量位居前列，华夏理财发行了46只产品， 民生理财、浦银理财和兴银理财分别发行了34只产品。 从新发产品特点看，理财公司上周新发产品仍以R2（中低风险）、封闭式净值型、固收类公募型产品 为主，混合类产品发行数量为15只，占比2.9%，权益类新发产品有1只。 值得注意的是，上周华夏理财天工指数产品迎来扩容，两款天工指数新品"天工日开理财产品11号(中诚 信可转债双低策略指数)"和"天工日开理财产品20号(中诚信股东回报优选指数)"正式成立。 编者按：《机警理财日报》作为南财集团、21世纪经济报道、南财理财通的金牌理财专栏，目前细分了 现金、纯固收、固收+期权、固收+权益、混合、权益、衍生品七大类，已实现对银行理财市场的每日 追踪。为了进一步反映银行理财 ...

Core Viewpoint - The announcement by the People's Bank of China and the China Securities Regulatory Commission aims to support the issuance of technology innovation bonds, enhancing financing channels for technology enterprises and attracting more investment into the sector [1][2]. Group 1: Policy Support and Market Impact - The new regulations encourage asset management institutions to increase their investment in technology innovation bonds, which is expected to attract more social capital into the technology innovation field [2][4]. - The influx of asset management funds is anticipated to provide more liquidity to the technology innovation bond market, thereby reducing financing costs for technology enterprises [2][4]. - The policy environment can be further optimized through tax incentives and risk compensation funds to encourage more investments in technology innovation bonds [2][4]. Group 2: Participation of Financial Institutions - Multiple wealth management companies have actively participated in the technology innovation bond market, with significant investments already made [3][6]. - ICBC Wealth Management has invested in 10 technology innovation bonds, targeting sectors like artificial intelligence and integrated circuits [3]. - Agricultural Bank of China Wealth Management has participated in 13 enterprises' bond issuances, with a total bid amount of approximately 3 billion yuan [3]. Group 3: Strategic Asset Allocation - Wealth management companies view technology innovation bonds as a new asset allocation opportunity, enhancing their service to technology enterprises [4][5]. - Major wealth management firms are establishing specialized teams to focus on technology finance, increasing the proportion of technology innovation bonds in their asset portfolios [5][6]. - The issuance of thematic products focusing on technology innovation bonds is being pursued to meet diverse investor needs [6]. Group 4: Challenges and Recommendations - Wealth management companies face challenges in balancing the fixed-income nature of their liabilities with the equity financing needs of early-stage technology enterprises [7]. - There is a need for in-depth credit analysis due to the high uncertainty and risk associated with technology enterprises [7]. - Recommendations include issuing long-term wealth management products to match the duration of technology innovation bonds and promoting a long-term investment mindset among investors [7].

Core Viewpoint - The article discusses the recent surge in high-yield financial products offered by banks in response to declining deposit rates, leading to a shift of funds from traditional savings to wealth management products. However, the sustainability of these high yields is questioned as the market adjusts to lower interest rates [1][10]. Group 1: High-Yield Product Emergence - Many banks' wealth management subsidiaries are launching short-term high-yield products to attract customers, with some products offering annualized returns exceeding 6% [3][4]. - As of May 24, 34 wealth management products have performance benchmarks above 6%, indicating a significant increase in high-yield offerings [3]. - The issuance of new products has surged, with 506 new wealth management products launched in the week of May 5-11, 2025, marking a 104-product increase from the previous week [4]. Group 2: Investment Strategies and Market Behavior - Investors are adopting new strategies to secure high-yield products, with tactics such as timing purchases and selecting newly launched products [6][7]. - A notable trend is the emergence of "gold diggers" who monitor and quickly purchase high-yield products as soon as they become available, often using mobile apps [5][6]. - Investors are categorizing products based on their performance, with terms like "exploding gold coins" for high yields and "hanging eggs" for products with no returns [7]. Group 3: Market Dynamics and Future Outlook - The shift of funds from deposits to wealth management products is evident, with a reported decrease of 1.39 trillion yuan in household deposits in April, while non-bank deposits increased by 1.57 trillion yuan [9][10]. - The wealth management market's total scale reached 31.26 trillion yuan as of May 19, 2025, indicating potential for further growth [9]. - Analysts suggest that the current low deposit rates may continue to drive funds into wealth management, but uncertainties remain regarding the impact of interest rate changes and market volatility on future growth [10][11].

Group 1 - The core viewpoint is that the migration of funds from deposits to wealth management products is driven by declining deposit rates, but the sustainability of high returns on these products remains uncertain [1][7][8] - Wealth management companies are launching short-term high-yield products to attract customers, with some products offering annualized returns exceeding 6% [2][3] - The issuance of wealth management products is increasing, with a significant rise in the number of new products launched recently [2][6] Group 2 - Investors are employing strategies to "snatch" high-yield products, indicating a competitive environment for acquiring these financial products [4][5] - The shift of deposits to wealth management products is evident, with a notable increase in non-bank deposits and a corresponding rise in the scale of wealth management products [6][7] - There are concerns about the future expansion of wealth management scales due to potential downward pressure on product performance benchmarks and the impact of market volatility [8]

Regulatory Policies and Asset Management Market Insights - On April 21, the China Interbank Market Dealers Association released the "Self-Regulatory Guidelines for Bond Valuation Business in the Interbank Bond Market (Trial)" which emphasizes the need to standardize product net value measurement and restrict the use of valuation rules to avoid net value requirements [2][6] - The central bank introduced a package of monetary policy measures on May 7, aimed at guiding commercial banks to lower deposit rates, which may create a "double-edged sword" effect in the bank wealth management market [2][10] - The China Securities Regulatory Commission (CSRC) released the "Action Plan for the High-Quality Development of Public Funds" on May 7, indicating that the public fund industry may face short-term pain but will optimize its long-term ecosystem [2] Market Performance and Trends - In April, the total outstanding scale of wealth management products significantly rebounded, increasing by 7.58% month-on-month to 31.09 trillion yuan, with a year-on-year growth of 8.05% [3] - The annualized yield of cash management products fell to 1.49%, down 10.25 basis points, while pure fixed-income products saw an annualized yield rise to 3.10%, up 48.82 basis points [3] - New issuance of wealth management products saw a decline in April compared to March, with fixed-income plus products, closed-end products, and 1-3 year products dominating the new issuance landscape [3] Product Performance and Standards - The compliance rate of wealth management products reached 74.75% in April, an increase of 7.05% compared to March [4] - The "Valuation Guidelines" aim to enhance the scientific, fair, and transparent nature of the valuation process, addressing issues such as market volatility and the disconnect between primary and secondary market prices [7] - The guidelines also clarify that users of valuation products bear the primary responsibility for understanding and evaluating these products, especially during periods of market volatility [7]

Core Viewpoint - The newly developed classification and regulatory rating method for wealth management companies has entered the trial rating phase, with results recently distributed to companies, indicating a shift towards prioritizing quality over scale in the banking wealth management sector [1][10]. Summary by Relevant Sections Rating Methodology - The rating method emphasizes "quality over scale," discouraging wealth management companies from merely pursuing growth in size. Key evaluation factors include corporate governance, asset management capability, risk management, information disclosure, investor rights protection, and information systems, with asset management capability carrying the highest weight [1]. - The rating results are categorized into six levels, with higher numbers indicating lower scores and greater need for attention. Companies rated 1 or 2 can pilot innovative business, while those rated 5 or 6 are considered high-risk [1]. Trial Rating Results - Initial trial ratings for leading companies were reportedly poor due to the scientific evaluation logic and detailed indicator settings, which resulted in small score differences across companies. Larger companies faced disadvantages due to their scale being used as a denominator in the calculations [2]. - Some industry insiders noted that leading companies performed poorly because they engaged in practices like high-yield cash products, which negatively impacted their quality indicators [2]. Key Pressure Points - The performance benchmark achievement rate is highlighted as a significant pressure point for wealth management companies, with the need for adjustments in product performance metrics to align with asset conditions [4]. - The regulatory focus on increasing the scale of mixed and equity products is evident, with a target of raising the proportion of these investments [5]. Investment Strategy Adjustments - Companies are required to reduce the scale of external investments, as lower external investment ratios lead to higher scores. Many companies currently rely on external managers for asset allocation, which is now being scrutinized [7]. - The inclusion of preferred stocks in equity investments raises questions about the true nature of equity holdings among wealth management companies, as some may not hold traditional stocks or equity [6]. Distribution Channel Evaluation - The management of distribution channels is a critical evaluation metric, particularly affecting companies that distribute through smaller banks. The complexity of evaluating various distribution systems poses challenges for compliance [8][9]. Regulatory Implications - The introduction of the rating method signifies a more stringent regulatory environment for the wealth management industry, aimed at addressing irregularities and promoting compliance among companies [10]. - While the rating method may raise the bar for new company approvals, it is unlikely to deter interest in obtaining licenses, as the demand for such licenses remains high [11].

Core Viewpoint - The recent reduction in bank deposit interest rates has led to a new wave of fee discounts on wealth management products, making them attractive to investors [1][6]. Summary by Sections Fee Reductions Announced - Several banks, including Bank of China Wealth Management, China Merchants Bank Wealth Management, and Everbright Wealth Management, have announced fee reductions for various wealth management products [1][5]. - Bank of China Wealth Management has reduced the sales service fee for its "Leisure Daily 10" product from 0.30% to 0.15% effective May 20, and the fixed management fee for "Enjoy Daily 86" from 0.30% to 0.05% from May 21 to June 21 [1]. - China Merchants Bank Wealth Management has lowered the fixed management fee for its "Stable Enjoy Dynamic 5" product from 0.20% to 0.05%, effective May 21 [2][4]. Competitive Landscape - Other banks, including China Everbright Bank and Xinyin Wealth Management, are also participating in the fee reduction trend, with Everbright reducing management fees from 0.15% to 0.07% and sales service fees from 0.20% to 0.08% for its "Sunshine Golden Abundant 198" product [5]. - Xinyin Wealth Management has announced significant fee cuts for its "Daily Profit 65" product, with management fees dropping from 0.30% to 0.01% and sales service fees from 0.30% to 0.20% starting May 23 [5]. Investor Sentiment - The reduction in fees is seen as a way to attract more clients, particularly small and medium-sized investors who are sensitive to costs [6][7]. - Some investors, however, remain skeptical, prioritizing past performance and stability over fee reductions when selecting wealth management products [7]. Long-term Considerations - Industry experts suggest that while fee reductions can enhance product competitiveness in the short term, they may not be sustainable long-term strategies [7]. - Recommendations include improving research capabilities and asset allocation to enhance returns rather than relying solely on fee reductions [7].

Investment Rating - The report does not explicitly provide an investment rating for the banking wealth management industry Core Insights - The banking wealth management market experienced a significant seasonal rebound in April 2025, with a month-on-month increase of 7.58% to reach 31.09 trillion yuan, reflecting an 8.05% year-on-year growth [4][19] - The issuance of fixed income plus (固收+) products dominated the new product offerings, indicating a shift in investor preference towards products that balance liquidity and yield [5][35] - Regulatory changes are expected to limit the operational space for banks to smooth returns through valuation techniques, impacting future product offerings [12][10] Regulatory Policies and Asset Management Market News - On April 21, the China Interbank Market Dealers Association released self-regulatory guidelines for bond valuation, emphasizing the need for standardized net asset value measurement [10][11] - On May 7, the central bank introduced a series of monetary policy measures aimed at stabilizing market expectations, which may have a dual effect on the banking wealth management market [13][14] - The China Securities Regulatory Commission announced an action plan for the high-quality development of public funds, indicating a shift towards long-term performance evaluation and transparency [15][16] Market Performance - The total market for wealth management products saw a significant recovery in April, with cash management products experiencing a decline in yield, while fixed income products saw an increase [22][26] - The annualized yield for cash management products fell to 1.49%, while fixed income products rose to 2.74%, indicating a divergence in performance [22][26] - The market's overall performance is influenced by the ongoing low interest rate environment and regulatory changes affecting product structures [26][31] New Product Issuance - In April, the issuance of new wealth management products decreased compared to March, with fixed income plus products leading the market [35][36] - The new issuance of fixed income plus products amounted to 272.99 billion yuan, significantly higher than pure fixed income products [35][36] - The majority of new products were in the 1-3 year maturity range, reflecting a trend towards medium-term investments in a declining interest rate environment [35][36] Product Maturity and Compliance - The compliance rate for wealth management products reached 74.75% in April, an increase of 7.05% from March, attributed to the recovery in the bond market [44][48] - Short-term products maintained higher compliance rates due to their flexibility in adjusting performance benchmarks in response to market fluctuations [44][48]