针对这一调整，招银理财在公告中给出了详细测算说明：以产品投资固定收益类资产不低于80%为例， 根据当前市场环境下大类资产合意配置比例及大类资产收益情况，考虑杠杆和费率等因素，并结合产品 投资策略，确定本理财产品业绩比较基准。 《银行保险机构资产管理产品信息披露管理办法》将从9月1日起施行，理财行业由此迎来一轮调整业绩 比较基准的浪潮。近期，多家理财公司将旗下多款产品的业绩比较基准类型由原先的区间型转换为挂钩 指数型，旨在推动业绩比较基准更及时地反映市场变化，减少未来因市场波动引发的被动调整。然而， 如何在有限的时间内完成大量产品的业绩比较基准重构？如何让普通投资者理解并接受从"直观区 间"到"动态指数"的转变？在这场转型中，理财公司面临着系统、人力资源、信息披露与投资者教育的 多重考验。 ● 本报记者 李静 理财产品密集"换锚" 招银理财、兴银理财、恒丰理财等多家理财公司近日密集调整旗下多只理财产品的业绩比较基准，将原 本的区间型基准替换为挂钩指数型基准，涉及产品包括日开型、滚动持有型、最短持有期型、定开型等 类型固收类理财产品。 例如，招银理财于2月5日发布公告称，将"招睿日开30天滚动持有1号"的业绩比较 ...

日月其迈，岁律更新。草木蔓发，春山可望。值此辞旧迎新之际，我谨代表招银理财，向长期以来关心 和支持招银理财的广大投资者与合作伙伴，致以诚挚的问候与新春祝福！ 过去一年，中国经济高质量发展步伐坚实，资本市场春潮涌动。银行理财作为资本市场的重要参与者和 居民财富的"稳定器"，持续回归本源、稳健转型。截至2025年末，全市场理财规模已跨越33万亿元，承 载了亿万投资者对美好生活的托付。招银理财秉持"金融为民"初心，持续推动产品体系升级与产品功能 创新，提升服务实体经济质效，产品规模连续五年保持行业首位，累计服务理财客户超6500万户，为打 造全能型资管机构持续蓄力，助力高质量发展持续深化。 2026年是"十五五"规划开局之年，是崭新的起点。"十五五"规划蓝图铺展，金融改革持续深化，多层次 资本市场健康发展，为理财行业注入强劲动力，银行理财公司将迎来宝贵的战略机遇期。政策面上，宽 松的货币政策释放市场流动性，降低社会融资成本，推动居民资金向理财集聚；积极的财政政策助力基 建与实体经济，改善金融资产基本面，提振市场信心。外部不确定性有所缓和，有望利好国际资本流 入。市场面上，权益市场总体震荡向好，多资产轮动机会显现，为 ...

Investment Rating - The report maintains an "Outperform" rating for the banking sector, indicating expected performance above the market benchmark by more than 10% [4][41]. Core Insights - The banking wealth management sector is experiencing a slight increase in scale, with a focus on loan growth at the beginning of the year, leading to a stable overall scale in January [1]. - The industry is characterized by a significant "Matthew Effect," where leading wealth management companies dominate the market, while smaller firms are still in the early stages of development [1][10]. - The transition from pure fixed income to "fixed income plus" and multi-asset strategies is a gradual but firm trend in the industry, with mixed-asset products becoming the main battlefield for this transformation [1][2]. Summary by Sections Wealth Management Product Layout - As of the end of 2025, there are 191 institutions with active wealth management products, with wealth management companies holding 92.25% of the total market scale [10]. - The mixed-asset and equity products are primarily concentrated among large banks and leading joint-stock banks, reflecting a strategic focus on these areas [10]. Performance Metrics - In January 2026, the weighted average annualized yield of bank wealth management products rose to 3.62%, an increase of 181 basis points from the previous month [11]. - The initial fundraising scale for newly issued products in January was 423.8 billion, with most being fixed-income products [20]. Product Development Strategy - Wealth management subsidiaries are advised to prioritize mixed-asset products to build experience in equity and derivatives management before cautiously introducing pure equity products [2]. - Leading firms like Agricultural Bank Wealth Management and Everbright Wealth Management have established scale advantages in mixed-asset products, leveraging their channel and brand strengths [2]. Market Outlook - The investment strategy for 2026 should shift from focusing on yield elasticity to ensuring yield certainty, emphasizing risk budget management and the use of innovative tools and strategies [3]. - The report suggests increasing the development and application of structured products linked to broad or industry indices to meet the demand for stable returns in a volatile market [3].

一方面，实施"从混合到权益"的能力积累。理财子优先深耕混合类产品， 通过"固收打底、多策略增强"的模式，在控制波动前提下积累权益、衍生 品等实战管理经验，逐步搭建多资产配置框架。待投研体系与风控机制成熟 后，再审慎推出以追求长期资本增值为目标的纯权益类产品。 银行理财 2026 年 2 月月报 优于大市 从财报看理财子如何布局多资产 银行开年"心思"不在卖理财上，1 月份理财存量规模环比基本持平略有少 增。阶段性规模少增原因在于 1 月份银行重点抓贷款"开门红"，同时中收 营销力度着力"分红险"等更高销售佣金率的产品；不过随着居民定期存款 到期再配置，判断节后理财逐步将迎来显著增量。 本期月报中我们整理了市场各家理财子多资产产品布局：当前理财行业在多 资产产品布局上呈现"整体占比低、个体差异大、发展刚初期"的显著特征； （1）行业马太效应明显：根据 2025 年银行半年报数据披露，招银理财、兴 银理财、工银理财、中银理财、农银理财等规模领先，多数城商行理财子公 司规模在 1000 亿至 6000 亿元之间，让她合资理财公司（如贝莱德建信、汇 华理财等）及部分小型公司规模尚在百亿量级，处于差异化起步阶段：（2） ...

Investment Rating - The report maintains an "Outperform" rating for the banking sector, indicating expected performance above the market benchmark by more than 10% [4][41]. Core Insights - The banking wealth management sector is experiencing a low overall allocation in multi-asset products, with significant individual differences and early-stage development characteristics [1]. - The industry is transitioning from pure fixed income to "fixed income plus" and multi-asset strategies, with mixed products currently being the main battleground for this transformation [2]. - In January 2026, the average annualized yield for bank wealth management products increased to 3.62%, reflecting a recovery of 181 basis points month-on-month [11]. Summary by Sections Market Overview - In January, the wealth management product scale remained stable, with a total scale of 31.6 trillion yuan, showing little month-on-month change [13]. - The mixed product scale reached 6,383.7 billion yuan, significantly higher than the equity product scale of 271.5 billion yuan, indicating a preference for mixed strategies [12]. Product Performance - The newly issued products in January had an initial fundraising scale of 4,238 billion yuan, primarily consisting of fixed income products, with the performance benchmark remaining stable at 2.33% [20]. - Most of the closed-end bank wealth management products that matured in January met their performance benchmarks, demonstrating a strong performance in the sector [29]. Strategic Development - Wealth management subsidiaries are focusing on mixed products first, gradually building a multi-asset allocation framework before introducing pure equity products [2]. - Leading wealth management institutions are leveraging their channel and brand advantages to strengthen mixed products as core tools for wealth management clients [2].

Core Viewpoint - A new wave of "fee reduction" in bank wealth management products has emerged at the beginning of 2026, with over 300 fee adjustment announcements made by banks and wealth management companies in the past month, indicating a significant industry trend towards lowering fees [1][2]. Group 1: Fee Reduction Trends - Major institutions like Bank of China Wealth Management, CCB Wealth Management, and others have lowered fees on various products, particularly focusing on fixed income and cash management products, leading to an expansion of zero or near-zero fee products [1][2]. - Bank of China Wealth Management has issued numerous fee reduction announcements this year, including a reduction in the fixed management fee from 0.15% to 0.10% and the sales service fee from 0.30% to 0.10% for a specific institutional product [1]. - From January 14 to March 31, 招银理财 (Zhaoyin Wealth Management) reduced the management fee of its fixed income product from 0.15% to 0%, with several other products also approaching zero fees [1]. Group 2: Market Dynamics and Strategies - The emergence of "double zero fee" products, such as those from 中原银行 (Zhongyuan Bank), has sparked significant discussion in the industry, although these products are temporary and have already expired [2]. - Many wealth management companies are implementing fee reductions as a strategy to capture market share amid increasing competition, although these reductions are seen as temporary promotional measures rather than a standard operational strategy [2]. - Industry experts suggest that while fee reductions can enhance product attractiveness and help expand management scale, relying solely on price competition may lead to detrimental "internal competition," particularly for smaller firms lacking scale advantages [3]. Group 3: Future Directions - The industry is shifting from a phase of scale expansion to one focused on high-quality development, emphasizing the need for wealth management companies to enhance their investment capabilities and service quality rather than just competing on price [3]. - Experts recommend that wealth management firms should develop differentiated strategies based on their resources and client characteristics to create unique products and service systems [3].

Core Viewpoint - Recent fluctuations in international gold prices have significantly increased volatility, impacting both gold itself and related bank wealth management products, which has prompted a reassessment of asset allocation capabilities in the context of risk awareness [1][2]. Group 1: Market Dynamics - The recent volatility in the gold market is attributed more to emotional and capital dynamics rather than fundamental shifts [2]. - The gold market experienced rapid price increases and decreases, driven by factors such as expectations of Federal Reserve interest rate cuts and geopolitical risks, followed by a reversal in market sentiment due to potential changes in Fed leadership [2]. - Institutions maintain a long-term positive outlook on gold, viewing it as a core asset in the new macroeconomic cycle, transitioning from a traditional safe-haven asset to a sovereign reserve asset [2]. Group 2: Strategic and Tactical Importance of Gold - Gold's strategic role in wealth management remains unchanged, serving as a hedge against currency credit risks, while its tactical importance is increasing as it adjusts within certain price ranges to address geopolitical and monetary uncertainties [3]. - The design of bank wealth management products positions gold as a "satellite" asset, enhancing portfolio resilience rather than determining absolute returns, with typical allocations ranging from 5% to 15% [5][6]. Group 3: Product Design and Risk Management - Most mainstream "fixed income + gold" products still primarily consist of fixed income assets, with only a small portion allocated to gold derivatives, ensuring risk control while seeking flexible returns [6]. - The impact of market fluctuations on wealth management products is considered manageable, as gold primarily serves a hedging and diversification role without cash flow returns [6]. Group 4: Investor Behavior and Education - The recent market dynamics have challenged the perception that safe-haven assets are free from volatility, necessitating a shift in investor expectations and understanding of risk [7][8]. - Investors are advised to align their product choices with their risk tolerance, with conservative investors recommended to stick to low-exposure "fixed income +" products, while aggressive investors may consider accumulating gold or ETFs for higher returns [7][8].

Core Viewpoint - Recent fluctuations in international gold prices have significantly increased volatility, impacting both gold itself and related bank wealth management products, which has prompted a reassessment of asset allocation capabilities in the context of risk awareness [2][3]. Group 1: Market Dynamics - The recent volatility in the gold market is attributed more to emotional and capital dynamics rather than fundamental shifts [2]. - The surge in gold prices at the beginning of the year was driven by expectations of Federal Reserve rate cuts and geopolitical risks, but market sentiment reversed with the potential appointment of a hawkish Fed chair [2]. - The concentration of profit-taking led to a significant market downturn, exacerbated by leveraged futures liquidations and quantitative trading strategies [2]. Group 2: Long-term Outlook - Despite short-term volatility, institutions maintain a strong long-term outlook for gold, viewing it as a core asset in the new macroeconomic cycle [3]. - Gold is evolving from a traditional safe-haven asset to a sovereign reserve asset, with its pricing logic shifting from financial cycles to monetary cycles [3]. Group 3: Strategic and Tactical Importance - The strategic role of gold in asset allocation remains unchanged, but its tactical importance is increasing, with a focus on flexible adjustments to respond to geopolitical and monetary uncertainties [4]. - Gold is viewed as a "satellite" asset in wealth management, enhancing portfolio resilience rather than determining absolute returns [6]. - The allocation of gold in investment portfolios is typically controlled between 5% to 15%, aimed at improving overall portfolio stability [6]. Group 4: Product Design and Risk Management - Wealth management products linked to gold have shown minor fluctuations, reflecting the transmission of underlying asset risks to higher-level products [5]. - The design of wealth management products emphasizes risk diversification and hedging against stock and bond volatility, with gold serving as a stabilizer due to its low correlation with mainstream assets [6][7]. - The impact of market shocks on most wealth management products is considered manageable, as gold does not provide cash flow returns and primarily serves a hedging function [7]. Group 5: Investor Psychology and Education - The recent market dynamics challenge the perception that safe-haven assets are devoid of volatility, necessitating a shift in investor expectations [8]. - Investors must recognize that gold allocation involves accepting price volatility in exchange for long-term stability in extreme conditions [9]. - There is a need for improved investor education to address misconceptions about the nature of gold as a financial instrument and the realities of net asset value fluctuations in a fully net-valued environment [9].

Investment Rating - The report does not explicitly provide an investment rating for the industry [2]. Core Insights - The scale of bank wealth management products continues to shrink, with a significant reduction in the number of banks and the total value of existing products [3][10]. - There is a growing consensus in the market regarding the transformation towards agency sales, as banks face regulatory pressures to reduce their wealth management business [10][11]. - The phenomenon of "high-yield product ranking" is likely to attract regulatory scrutiny, as some wealth management companies may manipulate yields to attract funds [13][14]. Regulatory and Industry Dynamics - As of the end of 2025, there were 159 banks and 32 wealth management companies with existing products, a decrease of 59 banks from the end of 2024. The total scale of bank wealth management products reached 2.58 trillion yuan, a year-on-year decline of 29.12% [3][10]. - The market share of bank wealth management products fell from 12.2% in 2024 to 7.8% in 2025, indicating a simultaneous contraction in the number of entities, scale, and market share [10]. - Regulatory measures are tightening, with a focus on standardizing information disclosure for asset management products to prevent misleading marketing practices [14][15]. Peer Innovation Dynamics - Ningyin Wealth Management has actively participated in the new stock offline subscription business, with 7 products involved in inquiries for 40 new stocks, achieving a 90% success rate [17][19]. - The company has established a professional equity research team to support its investment strategies, focusing on key sectors such as technology and manufacturing [17][18]. Yield Performance - For the week of January 26 to February 1, 2026, cash management products recorded an annualized yield of 1.28%, a slight increase of 1 basis point from the previous week [20][22]. - In contrast, the annualized yield for money market funds decreased to 1.15%, resulting in a yield differential of 0.13% between the two product types [20][22]. Net Value Tracking - The net value loss rate for bank wealth management products was 0.61%, an increase of 0.08 percentage points from the previous week [29][32]. - The credit spread narrowed by 1.96 basis points, indicating a potential correlation between net value loss rates and credit spreads [29][32].

Investment Rating - The report does not explicitly provide an investment rating for the industry [2] Core Insights - The scale of bank wealth management products continues to shrink, with a significant reduction in the number of banks and the total value of products, indicating a market consensus on the transition to distribution models [3][10] - There is a growing concern regarding the "high yield showcase" phenomenon in wealth management products, which may attract regulatory scrutiny due to the manipulation of short-term yields to attract investments [3][13] - The report highlights the active participation of Ningyin Wealth Management in the new stock subscription market, indicating a strategic focus on equity investments to enhance returns [3][17] Summary by Sections Regulatory and Industry Dynamics - As of the end of 2025, there were 159 banks and 32 wealth management companies with active products, with a 29.12% year-on-year decline in the total value of bank wealth management products to 2.58 trillion yuan, reducing their market share from 12.2% in 2024 to 7.8% in 2025 [3][10] - The trend of banks transitioning to distribution models is becoming a consensus, especially among small and medium-sized banks, as they face restrictions on their wealth management operations [11][12] Peer Innovation Dynamics - Ningyin Wealth Management has actively engaged in the new stock subscription market, with 7 products participating in inquiries for 40 new stocks, achieving a 90% success rate in allocations, totaling over 15 million yuan [3][17] - The establishment of a professional research team by Ningyin Wealth Management supports its investment strategies in the equity market, particularly in the hard technology sector [18] Yield Performance - For the week of January 26 to February 1, 2026, cash management products recorded an annualized yield of 1.28%, a slight increase of 1 basis point, while money market funds saw a decrease to 1.15% [20][23] - The report notes a general decline in yields across various fixed-income products, influenced by market volatility and changes in monetary policy [24][31] Net Value Tracking - The net value ratio of bank wealth management products was reported at 0.61%, an increase of 0.08 percentage points, indicating potential pressure on the products if credit spreads continue to widen [29][32]