20 @ "买之前看近一个月，年化收益有四五个点，持有近1年收益就2%左右。"投资者王女士道出了不少理财 参与者的困惑。近日，一种利用信托专户估值规则打造理财产品短期高收益的操作，再次引发了市场对 理财公司通过"打榜"制造高收益幻觉的关注。 新"打榜"方式引关注 近日，一种新的理财产品"打榜"方式引发市场关注。所谓"打榜"，即部分理财机构为吸引投资者、扩大 产品规模，通过短期操纵业绩或不当展示收益的方式，使新发理财产品在短期内呈现出较高收益率，从 而在银行渠道或市场排名中占据优势的行为。 有报道指出，部分理财公司正尝试利用信托专户的T-1估值规则，实现新老产品之间的价值转移从而进 行"打榜"。 有机构分析，上述"估值套利"可能是理财公司将多只产品资金汇集于同一信托专户，形成实质上的"资 金池"。投资经理在交易日（T日）收盘、已知市场涨跌的情况下，利用信托可按前一日（T-1）净值申 赎的规则进行双向套利：当市场上涨时，安排打榜新产品以较低的T-1净值申购，全额捕获T日上涨收 益；当市场下跌时，安排其以较高的T-1净值赎回，将当日亏损转嫁于资金池内。 通过上述操作，本属于众多老产品持有人的收益，被定向转移至少数打 ...

Core Viewpoint - The resumption of public market treasury bond trading by the central bank in October signals a positive outlook for the bond market, with expectations for long-term interest rates to decline and related investment products to benefit [1][2][3]. Group 1: Market Signals and Economic Impact - The central bank's resumption of treasury bond trading is seen as a signal for stabilizing growth, which is expected to boost confidence in the bond market [2][3]. - The People's Bank of China (PBOC) indicated that the overall operation of the bond market is good, with current interest rates in a policy-consistent range, which supports market expectations [2][3]. - The operation size of 20 billion yuan, while modest, carries significant signal value, enhancing confidence in the bond market, particularly for medium to long-term interest rate bonds [2][3]. Group 2: Interest Rate Trends and Investment Opportunities - Long-term interest rates for treasury bonds have begun to decline since late October, with expectations for further decreases, presenting investment opportunities in related financial products [3][4]. - The resumption of bond purchases by the central bank is expected to create a favorable environment for long-term interest rates to decline, benefiting bond-related investment products [4][5]. - Investors are advised to focus on bond products with longer durations and stable historical returns, as these are likely to benefit from the anticipated rise in bond prices [5][6]. Group 3: Strategic Investment Approaches - Institutions suggest increasing allocations to medium and short-term credit bonds, as the central bank's actions are expected to improve liquidity and compress credit spreads [6]. - Investment strategies should include optimizing portfolio structures, increasing liquidity through open-end or short-term products, and diversifying into "fixed income plus equity" products to balance risks [6][5]. - The current market environment allows for the inclusion of reasonably valued equity assets in investment strategies, leveraging "fixed income plus equity" products for better returns [6].

Core Insights - The bank wealth management market experienced significant fluctuations in Q3 2025, with the total outstanding scale decreasing to 30.82 trillion yuan, a reduction of 151.47 billion yuan from the end of June [2][3] - The average annualized yield of wealth management products fell to 2.47%, down 0.18 percentage points from the end of June, influenced by bond market volatility [3][4] - In contrast, the A-share market showed strong performance, with the Shanghai Composite Index surpassing 3,800 points, and gold prices exceeding $4,000 per ounce during the National Day period, leading to a migration of funds among different asset classes [2][3] Wealth Management Market Overview - As of the end of September, the wealth management market saw a total of 7,865 new products launched in Q3, a decrease of 58 products compared to the previous quarter [3] - The market exhibited a "rise then fall" trend, with growth in July and August followed by a decline in September [3] - Seasonal factors contributed to the decline in September, as wealth management companies typically align product maturities with quarter-end liquidity assessments [3][6] Product Performance - Cash management and fixed-income wealth management products saw average annualized yields of 1.45% and 2.48%, respectively, both declining from June [4][5] - Conversely, mixed and equity-based wealth management products achieved average annualized yields of 5.03% and 13.72%, respectively, with significant increases of 1.89 and 9.97 percentage points from June [5][6] - Notable high-performing products included those linked to gold and technology sectors, with some achieving returns exceeding 100% [5][6] Asset Class Characteristics - The report emphasizes that no asset class can be deemed a "constant winner," highlighting the unique characteristics and cycles of each asset type [6][7] - Stocks are characterized as high-elasticity assets, while bonds are viewed as low-risk assets with limited yield potential [6][7] - Gold is identified as a safe-haven asset, influenced by various factors including the dollar's performance and geopolitical events [6][7] Investment Strategies - The "fixed income plus" products have gained popularity as they combine stable fixed-income assets with a small allocation to equities, allowing for potential enhanced returns [8] - A simulated portfolio consisting of 80% fixed income and 20% equity has shown superior performance during bullish markets while minimizing losses during downturns [8]

Core Viewpoint - The recent surge in spot gold prices has reignited interest in gold investment, particularly among young investors who are favoring low-weight gold products like "gold beans" for their accessibility and flexibility [1][2][7]. Group 1: Gold Investment Trends - "Gold beans" have become a popular choice for young investors, with discussions on social media platforms like Xiaohongshu increasing significantly [2][3]. - The price of 1 gram of gold beans is approximately 880 RMB, making it a low-pressure investment option compared to purchasing heavier gold bars [2][3]. - Banks are responding to this trend by launching "gold bean" marketing campaigns, allowing flexible purchasing options [2][3]. Group 2: Performance of Gold-Linked Financial Products - The market for gold-linked financial products has expanded, with many institutions launching new offerings [4][5]. - Recent data shows that the annualized yield for most gold "fixed income+" products is in the range of 2% to 4%, outperforming other fixed-income products [4][5]. - The introduction of structured products linked to gold, such as options and ETFs, is becoming more common among financial institutions [6][5]. Group 3: Market Outlook and Economic Factors - Spot gold prices have recently reached historical highs, with a peak of 3702.93 USD per ounce [7][8]. - Analysts predict that if the Federal Reserve initiates interest rate cuts, gold prices could strengthen further, potentially reaching 3800 USD per ounce [8]. - Despite potential short-term fluctuations, the overall trend for gold prices is expected to remain upward, with recommendations for investors to adopt a long-term investment strategy [8][7].

Core Viewpoint - The price of spot gold reached a record high of $3,674.27 per ounce on September 12, surpassing the previous peak of $850 per ounce set in January 1980, adjusted for inflation to approximately $3,590 [1] Group 1: Gold-Linked Financial Products - There has been a surge in the issuance of gold-linked financial products in China, with 47 existing products as of September 13, including 16 from bank wealth management subsidiaries [3][8] - Three new gold-linked financial products were issued in September, including the "Zhaorui Focus Linked Gold No. 5 Fixed Income Wealth Management Plan" by Zhaoyin Wealth Management and the "Sunshine Qingzhenying No. 7 (Gold Linked Strategy) Fixed Income Wealth Management Product" by Everbright Wealth Management [3][4] - The average annualized yield of gold fixed income products is reported to be between 2.00% and 4.00%, outperforming other fixed income products [14] Group 2: Market Trends and Predictions - The international gold price has increased by approximately 39% this year, with major financial institutions like UBS and Goldman Sachs raising their gold price targets significantly for the coming years [15][16] - UBS has adjusted its gold price target for the end of 2025 to $3,800 per ounce and for mid-2026 to $3,900 per ounce, citing expected monetary policy easing by the Federal Reserve and geopolitical risks [15] - The global gold ETF holdings are expected to exceed 3,900 tons by the end of 2025, approaching the record of 3,915 tons set in October 2020 [15] Group 3: Investment Considerations - Experts recommend that consumers interested in gold financial products should understand the characteristics, yield methods, and risk levels of these products, and invest based on their risk tolerance [16] - It is advised to maintain a rational investment approach, focusing on long-term asset preservation and value appreciation, especially in a volatile gold price environment [16]

Overall Performance - The average net value growth rate of RMB "fixed income + equity" public wealth management products over the past six months is 1.2%, with an average maximum drawdown of 0.07% [5] - 44.67% of the products recorded positive returns over the past six months [5] - In the list of products with positive returns, Jiao Yin Wealth Management has 4 products, Min Sheng Wealth Management has 3 products, Pu Yin Wealth Management has 2 products, and Xing Yin Wealth Management has 1 product [5] - Xing Yin Wealth Management's "Feng Li Xing Dong Duo Ce Li Zi Yuan You Shi 3 Months Shortest Holding Enhanced Fixed Income Class A" ranks first with a net value growth rate of 4.18% [5] - Jiao Yin Wealth Management's "Wen Xiang Ling Dong Hui Li Ri Kai 8 Hao (90 Days Holding Period) B" and Pu Yin Wealth Management's "Pu Xiang Zeng Yi Zhi San Months Shortest Holding Period 4 Hao A" rank second and third respectively [5] Highlight Product Analysis - Xing Yin Wealth Management's product employs a barbell strategy with a bond effective duration of 2-4 years, focusing on mid-to-short credit bonds for base configuration and long-end trading for phase gains [7] - The product's equity investments focus on companies with resource monopoly advantages in cyclical and technology sectors, with a moderate increase in cyclical and balanced growth companies to enhance portfolio elasticity and success rate [7] - As of the end of the first half, the product's net asset value is approximately 455 million, with equity investments accounting for 3.29%, and the top ten holdings mainly consist of bond funds and bonds [7]