1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The period from 2022 - 2024 was a significant turning point for the wealth management industry, with notable changes in the asset - liability structure, risk, and return of wealth management products. In 2025, the industry is entering a new stage of net - value transformation. Short - term low - volatility remains the core goal of bank wealth management, and in the long run, there are two potential breakthroughs: continuing to create deposit - alternative products and adopting the "fixed income + multi - asset" strategy [13][70]. 3. Summary Based on Relevant Catalogs 3.1 2022 - 2025, Changes in the Yield and Drawdown of Wealth Management Products - **2022: Representative shock after the full net - value transformation of the wealth management market** - In Q4 2022, after the extreme compression of credit spreads, the bond market reversed, leading to a redemption negative feedback shock in the wealth management market. The industry scale dropped from 31.4 trillion yuan in Oct 2022 to 25.0 trillion yuan in Mar 2023. About 76% of products had a maximum drawdown exceeding 50bp, and nearly half of the products had an annualized yield falling below 2% [2][12][14]. - **2023: The "repair year" after negative feedback** - The wealth management industry shifted its focus to stabilizing yields, introduced net - value smoothing operations, and reshaped the product layout and asset allocation. The weighted annualized return rose to 3.30% from 1.47% in 2022. Over 70% of products had an annual maximum drawdown below 20bp [20][21][24]. - **2024: The "final year" of the low - volatility era of wealth management** - Regulatory tightening ended the low - volatility era. The product structure concentrated more on short - duration products. The proportion of products with an annualized yield between 2.5% and 3.5% increased to 49%, and about 60% of products had a drawdown within 10bp [28][30]. - **2025: Valuation rectification may be carried out in an orderly manner** - Regulatory focus is on the "closing price valuation". As of May 31, 2025, the scale of Shanghai Stock Exchange private bonds held through trust was still 2.49 trillion yuan. As of May 31, 19% of products had a drawdown exceeding 20bp, and 6% had a drawdown over 50bp, but 73% of products had a drawdown within 10bp [35][40]. 3.2 Returning to "Net - value", What Changes Have Occurred in Wealth Management? - **Liability side: Expand scale and reduce costs** - In 2025, wealth management institutions aimed to expand scale. By May 31, wealth management had increased by 1.58 trillion yuan compared to the beginning of the year. The liability side shifted from absolute drawdown sensitivity to partial yield sensitivity, and the weighted duration of products started to rise. Wealth management also actively lowered the lower limit of the performance benchmark [44][45][50]. - **Asset allocation: Emphasize liquidity and gradually enter the new stage of "certificates of deposit + short - term bonds"** - In 2025, there were three transformation signals in asset allocation: continued reduction of the deposit position, increased allocation of certificates of deposit, and increased allocation of bond - related assets, especially interest - rate bonds. The proportion of public funds in the first - quarter allocation also increased by 0.1 pct to 3.0% [55][56][63]. 3.3 Looking Ahead, Seeking Opportunities in Changes - In the short term, low - volatility remains the core goal of bank wealth management. In the long run, there are two potential breakthroughs: continuing to create deposit - alternative products and adopting the "fixed income + multi - asset" strategy [70].

Core Viewpoint - A "fee price war" led by bank wealth management companies is emerging in a continuously declining interest rate environment, with many firms reducing management and service fees for their products to enhance competitiveness and adapt to market pressures [1][3]. Group 1: Fee Reductions - Several wealth management companies, including Bank of China Wealth Management and Everbright Wealth Management, have significantly lowered management fees for various products, with reductions such as Bank of China's fixed management fee dropping from 0.30% to 0.05% [2]. - According to data from Puyi Standard, the average management fee rate for bank wealth management products is expected to decrease by approximately 8% year-on-year in Q1 2025, with fixed income and mixed products seeing declines of 7.82% and 11.65%, respectively [2][3]. Group 2: Market Dynamics - The reduction in fees is attributed to intensified market competition and a return to the essence of asset management, as firms seek to attract customers amid increasing pressure from new entrants and product homogenization [3][4]. - The trend reflects a shift from extensive growth to refined operations within the wealth management industry, driven by market forces, competitive pressures, and regulatory guidance [3][5]. Group 3: Long-term Implications - While larger institutions can more easily absorb the pressure of fee reductions, smaller firms may face greater profitability challenges, leading to increased industry differentiation [5]. - The long-term strategy for wealth management firms should focus on evolving their fee structures and fostering customer loyalty, potentially through enhanced advisory services [5][6]. Group 4: International Insights - Drawing from international experiences, high fees for equity asset management products have become unsustainable, with U.S. equity product fees dropping from over 100 basis points to 50 basis points over the past 20 years [6]. - The introduction of investment advisory models, which emphasize long-term client relationships and a composite fee structure, is becoming increasingly relevant in the context of declining interest rates and the need for innovative asset management solutions [6].

Core Viewpoint - The banking wealth management industry is experiencing a "fee war," with major institutions adopting a strategy of "low fees + high value-added services" to build competitive advantages [1][8]. Fee Reduction Trends - Many wealth management companies have announced temporary fee reductions, with management fees for mainstream products dropping to a range of 0.05% to 0.15% [1][5]. - Specific examples include Bank of China Wealth Management reducing the fixed management fee for a product from 0.3% to 0.05% per year, and other institutions following suit with similar reductions [3][4]. Market Dynamics - The significant decline in management fees is attributed to intensified market competition and regulatory guidance, indicating a shift from "extensive growth" to "refined operations" in the industry [5][6]. - The current market environment, characterized by declining deposit rates and lower yields on fixed-income assets, is driving wealth management firms to lower fees to maintain product attractiveness [5][9]. Competitive Landscape - The fee reduction strategy is expected to enhance the market share of leading institutions, further increasing industry concentration [8][9]. - Smaller institutions may face greater profit pressure if they do not follow suit with fee reductions, necessitating differentiation in products and performance [9][12]. Long-term Implications - While low or zero management fees may become a common strategy among leading firms, the sustainability of such low fees for smaller firms is questionable due to operational costs and profit pressures [9][12]. - The focus on low fees alone is insufficient; firms must enhance their investment research capabilities and product innovation to remain competitive in the long term [10][12]. Strategic Recommendations - Wealth management companies should prioritize product innovation, investment research capabilities, and digital financial investments to improve competitiveness [12]. - Balancing safety, profitability, and liquidity remains a significant challenge for banks and wealth management firms, requiring ongoing adaptation to market conditions and investor needs [12].

Industry and Regulatory Dynamics - On May 23, the Financial Regulatory Bureau released the "Management Measures for Information Disclosure of Asset Management Products of Banking and Insurance Institutions (Draft for Comments)", aiming to standardize information disclosure for public bank wealth management products [4] - Several wealth management companies have responded to regulatory calls by joining the Insurance Asset Management Association, with five companies including Huaxia Wealth Management and Agricultural Bank Wealth Management becoming members as of May 27 [4] Fee Rate Adjustments - Multiple wealth management companies, including Bank of China, Industrial Bank, China Merchants Bank, and Everbright Bank, announced reductions in fees for various wealth management products, affecting management fees, sales service fees, and custody fees [5][6] Innovation in the Industry - Xingyin Wealth Management launched a humanoid robot-themed product "Ruili Xinghe Huaxia Humanoid Robot 6M Holding No. 1 A", which aims to achieve excess returns through active stock selection and model enhancement based on the China Securities Robot Index [7] - China Merchants Bank Wealth Management introduced the Antai ESG Technology-themed wealth management product, aligning with the policy direction of "green finance" and "technology finance" [7] - Pudong Development Bank Wealth Management issued its first aid to Tibet-themed product "Aid to Tibet Exclusive - Enjoying Benefits Closed No. 372", which quickly sold out with a fundraising limit of 50 million [7] Yield Performance - Last week, cash management products recorded a 7-day annualized yield of 1.44%, unchanged from the previous week, while money market funds reported a 7-day annualized yield of 1.36%, down 1 basis point [8] - The yield of pure fixed income and fixed income + products across various maturities fell to varying degrees, with interest rate bonds showing overall fluctuations and credit spreads continuing to converge [9] Net Asset Value Tracking - The net asset value (NAV) ratio of bank wealth management products was 1.29% last week, an increase of 0.29% from the previous week, indicating a slight divergence from credit spreads, although the NAV ratio remains low [14]

据介绍,该产品成立于2022年10月,迄今运作时间超两年半,历经多个市场波动周期,自成立以来净值增长率 为10.33%,年化收益率达到3.80%,最大回撤仅-0.32%,其投资策略和业绩表现受到业界和客户的广泛认 可。 6月5日,由财视中国主办的第十八届"银行业·介甫奖评选"在上海举行。平安理财凭借专业精进的投研能 力、稳健优异的业绩表现等荣获"杰出银行理财子公司",旗下的启元策略(360天持有)1号获评"卓越创新 银行理财产品"。 作为在资管行业发展新格局大背景下成立的银行理财公司,平安理财以打造"国内品类最全的开放式理财 平台"为目标,持续提升专业投研、产品体系、渠道经营、运营服务、风险管理方面"五位一体"的能力,构 建多元化人才队伍和数据科技创新"双擎驱动"竞争优势,打造以"稳"为特色、聚焦绝对收益目标的产品 体系,致力于以更强的责任担当、更扎实的投研能力服务实体经济高质量发展,守护老百姓的钱袋子。 本届"介甫奖"评选中,平安理财旗下的启元策略(360天持有)1号固收类产品备受关注。"启元策略360天1 号A"是以绝对收益为目标的固收类理财产品,其以稳健资产打底、融入固收量化策略,基于机器学习和量 化模 ...

Core Viewpoint - The banking wealth management industry is undergoing significant valuation rectification, driven by regulatory requirements aimed at standardizing valuation methods and ensuring fair competition among institutions [1][2][3] Group 1: Regulatory Changes - Regulatory authorities have mandated that banks must adopt third-party valuations for wealth management products, eliminating practices such as using closing prices or self-built models [1][2] - A clear timeline has been established for rectification, with half of the required changes to be completed by the end of June and full compliance by the end of the year [1][2] - The rectification process is expected to enhance market order and protect investors' rights by ensuring that product valuations accurately reflect underlying asset values [3][4] Group 2: Impact on Investment Strategies - In response to stricter valuation regulations, banks are adjusting their investment strategies, including shortening the duration of bond investments to mitigate net asset value fluctuations [2][3] - The new rules may lead to increased volatility in product net values, which could pressure risk-sensitive investors and alter their investment behavior [5][6] - The rectification process is likely to create a more competitive environment, with larger institutions potentially gaining market share due to stronger risk management capabilities [6][7] Group 3: Market Dynamics - The rectification is expected to impact the availability of certain assets, as banks may divest from assets valued using closing prices, which could lead to liquidity challenges [5][6] - The current low interest rate environment poses challenges for wealth management products to compete with traditional savings accounts, necessitating a focus on enhancing product offerings and investor education [6][7] - The industry may experience a shift in client preferences, with some investors opting for public bond funds if wealth management products do not differentiate themselves effectively [6][7]

Market Performance - The A-share market experienced a pullback, with the CSI 300 index down by 1.08%, the ESG 300 index down by 1.31%, and the CSI ESG 100 index down by 0.45% during the week of May 26 to May 30, 2025[5] - The average daily trading volume for the entire A-share market was approximately 1.10 trillion RMB, indicating a contraction in liquidity[5] ESG Fund Issuance and Performance - No new ESG fund products were issued in June 2025; however, 143 ESG public fund products were issued in the past year, totaling 1,296.39 million units[8] - As of June 3, 2025, there are 666 existing ESG fund products, with the largest share being ESG strategy funds at 47.52% of the total net asset value of 823.88 billion RMB[10] Fund Returns - The top-performing fund for the week of May 26 to June 3, 2025, was Dongfanghong Medical Upgrade A, with a weekly return of 6.16% and a year-to-date return of 46.04%[11] - Other notable funds include Huatai-PineBridge Health Life One-Year Hold A and ICBC Health Industry A, which also showed strong returns[11] Green Bond Issuance - A total of 21 green bonds were issued in the interbank and exchange markets from May 26 to May 31, 2025, with a planned issuance scale of approximately 15.564 billion RMB[14] - In June 2025, 8 ESG bonds were issued, amounting to 500 million RMB, while a total of 921 ESG bonds were issued in the past year, totaling 1,035.2 billion RMB[14] Market Trading Activity - The total trading volume of ESG green bonds for the week of May 26 to May 30, 2025, was 474.62 billion RMB, with the interbank bond market accounting for 73.62% of the total trading volume[17] - Repo transactions dominated the trading methods, comprising 95.25% of the total trading volume[17] Bank Wealth Management Products - No new ESG bank wealth management products were issued in June 2025; however, there are 769 existing ESG bank wealth management products, with pure ESG products making up 62.68% of the total[20] Risk Factors - Potential risks include weaker-than-expected ESG policy enforcement, lack of standardized data reporting, and lower-than-expected product issuance scales[25]

Core Viewpoint - The article highlights the proactive response of wealth management companies, particularly banks, to the growing demand for diversified investment products amid policy encouragement for long-term capital market entry [1][3]. Group 1: Policy and Market Environment - The Central Political Bureau meeting in September last year emphasized the need to eliminate barriers for social security, insurance, and wealth management funds entering the market, paving the way for long-term capital investments [3]. - A joint implementation plan was issued in January this year, allowing various funds, including public funds and bank wealth management, to participate as strategic investors in listed companies' private placements, boosting market confidence [3]. Group 2: Product Innovation and Strategy - Banks are focusing on deepening "multi-asset, multi-strategy" product innovation to expand their investment boundaries, particularly in equity assets [4]. - For instance, Everbright Wealth Management launched the "Guangying+" product series, emphasizing diverse strategies such as index, quantitative, and global investments, aiming to enhance returns while managing risks [4]. Group 3: Investment Activities and Performance - Everbright Wealth Management is optimistic about the future of China's capital market and has increased its allocation to capital market investments, including ETFs and private placements [5]. - The company successfully participated in a private placement for Shanghai Waigaoqiao Group, marking a significant case of bank wealth management funds directly engaging in such activities, with an allocation of approximately 2 million yuan [5]. Group 4: Market Challenges and Responses - The current global financial market is characterized by uncertainty, with traditional fixed-income products facing pressure due to bond market volatility [6]. - To address these challenges, wealth management companies are accelerating the development of multi-asset strategies, particularly enhancing their capabilities in equity asset allocation [6]. Group 5: Performance Metrics - The "Guangying+" series has demonstrated effective asset allocation across various categories, achieving a 100% performance benchmark for closed-end products maturing by May 2025, with annualized returns exceeding benchmarks for all products established for over a month [7]. - The product series has seen a growth of over 16 billion yuan within the year, reflecting positive market feedback on the investment strategies and product designs [7].

近期，存款利率持续下行引发银行理财市场深度变革，银行理财子公司纷纷以创新策略抢占市场先机。 一方面，通过发行长封闭期理财产品，搭配"固收+非标"策略，合理配置非标债权资产，挖掘长期收益 潜力；另一方面，积极创新分红模式，推出按月或按季分红产品，为投资者提供更灵活的收益获取方 式。 受访业内人士表示，银行理财子公司的创新举措，不仅优化了理财市场产品生态，更精准对接了投资者 在低利率环境下的资产配置需求，或将成为推动理财规模阶段性增长的重要驱动力。此外，理财子公司 的策略调整，亦是其强化服务实体经济能力的重要实践，通过长期资金的有效配置，为实体经济发展注 入动能。 记者梳理发现，农银理财、徽银理财、渤银理财等机构纷纷布局"固收+非标"领域，推出长封闭期产 品。其中，农银理财"农银安心·灵珑2025年第9期理财产品（鑫享）"聚焦高评级非标资产配置；徽银理 财"智盈添金目标盈19号理财"将非标债权类资产占比控制在50%以内；渤银理财"财收有略系列固定收 益类二年封闭式理财产品"则将非标资产配置比例锁定在49%以下，精准平衡收益与风险。 银行理财创新突围"双路径" 长封闭期设计为资金运作带来多重优势：对理财子公司而言， ...

Core Viewpoint - The recent wave of fee reductions by bank wealth management subsidiaries is a response to the decline in deposit rates, aiming to attract more investments into wealth management products while facing pressure from lower returns on these products [2][8]. Group 1: Fee Reductions by Wealth Management Subsidiaries - Multiple bank wealth management subsidiaries, including Bank of China Wealth Management and CCB Wealth Management, have significantly reduced their product fees, with some fees dropping to as low as 0.01% [2][4]. - Bank of China Wealth Management announced a reduction in fixed management fees from 0.15% to 0.01% for specific products, indicating a substantial decrease in costs for investors [4]. - Other banks, such as CCB and Hunan Bank, have also announced similar fee reductions, with management fees adjusted from 0.20% to 0.05% and from 0.60% to 0.50%, respectively [5][6]. Group 2: Market Dynamics and Trends - The total scale of bank wealth management products has exceeded 31 trillion yuan, reflecting a recovery in the market [7]. - Analysts suggest that the current fee reductions are driven by two main factors: the migration of deposits to wealth management products due to lower deposit rates and the need to retain existing investors amid declining product performance benchmarks [8]. - The low interest rate environment is expected to deepen, leading to a structural "asset shortage" and pressuring wealth management firms to diversify their asset allocation strategies [8]. Group 3: Performance Benchmarks and Product Issuance - The performance benchmarks for bank wealth management products have declined, with 1-3 month products showing a benchmark of 2.28%, down 9 basis points from the previous month [10]. - In April, the issuance scale of bank wealth management products was 556 billion yuan, a decrease of 158.8 billion yuan from the previous month, indicating a slight contraction in new product offerings [9].