伴随着银行理财净值化转型持续深入以及中长期资金入市进程提速，银行理财子公司布局指数型理财产 品动作频频，市场上存续指数型理财产品数量和发行热度均有所提升。 投资吸引力凸显 近期，招银理财、交银理财两大银行理财子公司先后发布新的指数产品及相关的指数型理财产品。 具体而言，招银理财推出自研大类资产配置指数"招银理财湾区全球资产优选配置指数"；交银理财则在 已推出的指数矩阵基础上，联合中诚信指数服务(青岛)有限公司发布"中诚信—交银理财多元策略大类 资产配置指数"。 记者从招银理财了解到，公司发布该指数主要目的是通过量化模型，对全球范围内的股票、债券、商品 三大类资产进行量化评估与打分，利用大类资产之间的弱相关性进行风险分散，有机会从资产轮动中获 取跨周期收益。 交银理财发布的指数则以科学的分散化投资框架为依托，结合经济环境适配性、市场周期等指标，调整 红利、量化中性、REITs、质量、科技、黄金、均衡等细分策略的比重，力求在不同市场环境下实现风 险与收益的平衡。 目前，招银理财、交银理财旗下的多款理财产品均参照相关指数进行资产配置。例如，招银理财推出 的"增泰湾区全球优选日开370天持有2号A"产品以不超5%资产 ...

Group 1 - The conference "Investment for Good" focused on the importance of ESG (Environmental, Social, and Governance) investment as a significant innovation in investment philosophy and a crucial exploration of future development directions [1] - The company has been a pioneer in green finance in China, establishing a comprehensive green finance system over 19 years, which includes diverse products and carbon finance services [1] - The company integrates ESG principles into its product lines and continuously enhances its green finance product and service system [1] Group 2 - The company actively seeks high-quality ESG assets and emphasizes the performance of financing entities in ESG aspects, creating an ESG green asset index to support investment decisions [2] - The company has developed a comprehensive ESG product system in fixed income, covering short, medium, and long-term strategies, and is expanding into multi-asset and equity ESG products [2] - The company aims to leverage the forum to collaborate with various parties to promote the development of ESG investment and contribute to the construction of a beautiful China [2]

伴随公募基金费率改革第三阶段正式落地，公募债基"7日免赎"成为历史，短期赎回成本将提升，这对 于大量配置债券的银行理财而言，可谓"喜忧参半"。 上海证券报记者采访获悉，银行理财公司"喜"的是相比于债基，理财产品不收赎回费，流动性优势凸 显；"忧"的则是自身投资债基交易成本提高，原来高频申赎债基的操作行不通了。 银行业分析师认为，银行理财配置公募基金的模式，将从"短期套利，流动性对冲"转向"长期持有，工 具化使用"。叠加低利率环境，加强权益投资以增厚收益对于银行理财公司而言愈发重要。银行理财公 司应加强自身权益投资能力或与公募机构合作，增强产品的收益稳定性和满足投资者多元化需求。 债基赎回费调整银行理财公司有喜有忧 公募基金行业费率改革第三阶段正式落地，银行理财公司"喜忧参半"：一边为短期固收类理财产品因不 收赎回费、性价比高于债基而高兴，另一边也担心自身通过短债基金投资进行波段交易的成本陡增。 根据公募基金销售费率改革方案（征求意见稿），债券型基金等赎回费率拟调整为：持续持有期少于7 日的不低于1.5%；满7日至少于30日的不低于1%；满30日至少于6个月的不低于0.5%。 记者了解到，以往部分债基持有超过7 ...

Core Viewpoint - The article emphasizes the importance of stable returns and effective risk management in the banking wealth management sector, particularly through the practices of Ping An Wealth Management, which aims to provide a robust investment experience for clients amidst market volatility [1][2][3]. Group 1: Investment Performance - As of the end of July this year, Ping An Wealth Management's fixed income and fixed income+ products achieved an average annualized return of 3.46% over the past three years, ranking among the top in the industry [2]. - The probability of positive returns for investors holding fixed income and fixed income+ products until maturity is 98% and 99%, respectively [2]. - The proportion of products with negative returns is only 0.55%, significantly lower than the industry average, indicating effective management of drawdowns [2][3]. Group 2: Risk Management Strategy - Ping An Wealth Management has established a strong focus on drawdown management, aiming to control net value fluctuations while maintaining competitive returns [3][4]. - The company has adopted an "industrialization + platformization" investment management model to enhance efficiency and consistency in risk-return characteristics across its product offerings [4][5]. Group 3: Product Development and Branding - The company has launched a new product system called "An+Xin Stable and Long-term," which includes four product series: "Anxin" for cash management, "Anwen" for absolute return fixed income products, "Anzhi" for multi-asset strategies, and "Anyuan" for mixed products aimed at long-term value appreciation [7]. - This product upgrade aims to better meet the increasingly diverse wealth management needs of investors by providing clearer product positioning and richer functional scenarios [7]. Group 4: Strategic Growth and Market Position - Ping An Bank is focusing on enhancing its asset management scale (AUM) through a strategic shift towards wealth management, particularly in basic wealth management products, which are seen as a reservoir for high-quality AUM growth [6]. - The bank is adjusting its structure to increase the proportion of basic wealth management products, aligning with trends in resident wealth allocation preferences and enhancing the resilience of its AUM structure [6].

近日，商务部联合其他八个部门发布了《关于扩大服务消费的若干政策措施》，该文件提出了五个方面 共19条具体举措，旨在推动服务消费的增长。其中，八项举措专注于提升高品质服务的供给能力。这些 措施包括开展"服务消费季"系列活动、支持优质消费资源与知名IP的跨界合作、扩大电信和医疗等领域 的开放试点、逐步扩大免签国家范围，以及优化学生假期安排和相关政策。 此外，文件首次提出建设消费新业态、新模式、新场景的试点城市，进一步激发市场活力。这一系列政 策的推出体现了国家对服务消费市场的重视，旨在满足日益增长的消费需求，推动新经济形态的发展。 从房地产市场的表现来看，根据中国8月70个城市的房价数据，一线城市的新房价格环比下降0.1%，而 二线城市的房价环比下降幅度为0.3%。这些数据与上月相比，降幅均收窄了0.1个百分点。同时，在二 手房市场方面，一线城市的二手房价格环比降幅保持在1%，而二线城市的降幅则扩大至0.6%。仅长春 一城在当月实现环比上涨，显示出房地产市场仍然处于调整阶段，不过也有部分指标显示出边际改善的 迹象。 在政策的推动下，地方国资并购基金逐渐成为市场的重要力量。今年以来，上海、深圳、福建和浙江等 地相继 ...

Core Viewpoint - The rise of passive index investment strategies has led banks to actively develop index-based wealth management products, which are characterized by high transparency, low fees, and risk diversification [1][4]. Group 1: Product Overview - There are currently 116 index-related wealth management products available for sale, with issuers including 12 bank wealth management subsidiaries such as China Merchants Bank Wealth Management and Huaxia Wealth Management [1]. - Index-based wealth management products are designed to replicate index components directly or indirectly [2]. Group 2: Performance Analysis - Index-based wealth management products show impressive annualized returns across various risk levels. For instance, the "Huiying Xiang Fixed Income Enhanced" product from Xinyin Wealth Management achieved annualized returns of 15.17% over one month, 8.79% over three months, and 8.92% since inception [3]. - Huaxia Wealth Management's "Digital Infrastructure Index" product, with a risk rating of PR5, reported a year-to-date increase of 14.46% and a total increase of 52.33% since inception [3]. Group 3: Market Trends and Insights - The development of index-based products is supported by regulatory encouragement for long-term capital market participation, especially in a low-interest-rate environment where traditional fixed-income asset yields are declining [4]. - The advantages of index-based products include high transparency, low fees, and risk diversification, which meet investors' needs for clear understanding of product structures and return sources [4]. Group 4: Future Outlook - The future of index-based products is viewed positively, with suggestions for investors to understand the investment strategies and risks associated with these products, and to adopt a long-term investment perspective [5]. - Challenges remain, as the overall risk tolerance of bank wealth management investors is relatively low, which may limit acceptance of higher-risk index-based products [6].

目前市场上至少有20只混合类理财产品自成立以来年化收益率超10% 近期，多只以权益类资产作为重要配置方向的混合类理财产品业绩表现亮眼。《证券日报》记者注意 到，有多只混合类理财产品自成立以来的年化收益率超过10%。 目前，多家银行理财子公司的混合类理财产品展现出较强的收益能力。例如，民生理财发行的"民生理 财银竹混合灵动A股机遇理财产品"近3个月(6月19日至9月17日)区间涨幅达11.21%，年化收益率为 45.46%。在业绩比较基准方面，封闭期内，持有期间绝对收益目标为20%；封闭期结束后为4%-8%(成 立以来年化)。 此外，记者据法询金融理财网数据统计，目前市场上至少有20只混合类理财产品自成立以来年化收益率 超10%。 苏商银行特约研究员薛洪言在接受《证券日报》记者采访时表示，当前混合类理财产品表现较好的原因 有三点：一是权益市场回暖显著提升了产品收益弹性；二是多元资产配置策略发挥了关键作用，通过债 券资产提供稳定票息收益，同时借助权益资产捕捉市场机会，有效分散了单一市场风险；三是产品设计 上采用封闭期或最短持有期机制，有利于管理人在市场波动中把握中长期投资机会，避免短期频繁申赎 带来的干扰。 "在 ...

"降息后，美元理财要不要赎回？"随着美联储降息"靴子"落地，美元相关的资产配置也引发网友热议。 9月19日，《国际金融报》记者走访上海多家银行网点后获悉，当前美元理财产品年化收益率大多维持 在3.6%左右，后续预期将继续下行。多位客户经理提醒投资者注意投资中的汇率风险。 受访专家指出，当前，汇率风险、利率下行风险和流动性风险是投资者重点需要考量的问题。长远来 看，构建具备韧性的多维资产组合，方能在利率中枢下移的新常态中稳健前行。 预计收益率将下行 "美元存了一年定期，到期是继续存定期还是买美元理财？"在社交媒体上，有网友发出上述疑问。还有 网友分享道，此前买入一只美元日开型理财产品，亏损了汇率也没赚到多少收益。 美联储降息将会如何影响美元理财表现？在黑崎资本首席战略官陈兴文看来，美联储降息对美元银行理 财产品的影响是深远且复杂的，背后逻辑在于降息会引发国际资本流出美国，重塑全球资产配置格局。 "从长期来看，短期理财产品虽具备流动性优势，但随着利差收窄，资金外流压力可能逐渐显现；长期 债券型理财产品受益于久期溢价，价格上行带来资本利得，而固定利率存款类产品则面临收益率下行与 再投资风险上升的双重挤压。这种分化反 ...

Core Viewpoint - The recent performance of the bond market shows a slight rebound, while the stock market faces some resistance, leading to a primarily fluctuating trend in investments [1] Product Overview - The product "智盈添金最低持有300天理财产品2号" from Huishang Bank has a minimum holding period of 300 days and focuses on fixed income investments [6] - As of the end of Q2 this year, the product's investment in funds reached 62.71%, which is significantly higher than typical fixed income products that primarily invest directly in bonds [4][13] Investment Strategy - The product employs a strategy that includes quantitative fund selection, with the top ten holdings consisting entirely of public funds, indicating a reliance on fund manager selection capabilities [4][13] - The product's investment strategy is categorized into three main approaches: asset allocation strategy, fund investment strategy, and bond investment strategy [17] Performance Metrics - The average yield of the "智盈添金" series products was 2.13% last year, with a net value growth rate of 1.42% in the first half of this year, annualized to approximately 2.84% [5] - The product scored 25 in yield, 92 in risk control, 11 in risk-adjusted return, and 58 in comprehensive fee rate, ranking it 128th, 238th, 189th, and 192nd respectively among 356 similar products [5] Risk and Fee Structure - The product has a risk level classified as secondary (medium-low), with a maximum drawdown since inception of 10.63% [12][18] - The new redemption fee structure introduced by the CSRC on September 5 requires a minimum redemption fee of 1.5% for holdings less than seven days, which may impact the product's fund investments [4] Comparative Analysis - The product's annualized return since inception is 4.52%, outperforming 67.13% of similar products, while its recent one-month annualized return is 2.41%, beating 40.17% of similar products [11][12] - The product's overall performance is considered average compared to peers, particularly due to the recent underperformance of some funds within its portfolio [8][17]

Core Insights - The article emphasizes the importance of absolute returns in the current investment landscape, particularly for bank wealth management products, which are heavily influenced by low-risk preferences [1][2][3] - Ping An Wealth Management has established a strong focus on managing drawdowns and achieving stable returns, with a notable average annualized return of 3.46% over the past three years for its fixed income products [1][3] - The company is transitioning towards a more industrialized and platform-based investment management model to enhance efficiency and consistency in risk-return profiles across its product offerings [6][7][8] Group 1: Investment Strategy and Performance - Ping An Wealth Management has maintained a low proportion of negative returns, with only 0.65% of products breaking net asset value and 0.55% showing negative returns as of July [1] - The company has created a product structure that aligns with customer risk preferences, offering various products with different holding periods and risk profiles [4][10] - The "启航增强稳盈定开" series of fixed income products achieved an average annualized return of 3.41% since its inception, demonstrating resilience in a low-interest-rate environment [5] Group 2: Market Position and Future Growth - Ping An Bank is focusing on enhancing its wealth management capabilities to capture a larger share of the retail investment market, particularly through its wealth management product offerings [2][9] - The bank aims to increase the proportion of basic wealth management products to improve the quality of its assets under management (AUM) and adapt to changing consumer preferences [9][10] - The newly launched "安+心稳致远" product system aims to meet diverse investor needs by providing clear product positioning and a variety of investment strategies [10]