"绝不贪污孩子的压岁钱。"近日，社交平台上的一个帖子引发热议，也炸出一波"同款"家长。浙江的苏 女士表示，其2月24日将压岁钱存进了孩子的银行账户里，"银行网点全是存钱的小朋友，看来大家都把 压岁钱存小朋友账户了呀！" 余女士向记者展示其亲子账户未成年人专属定期存款和普通定期存款利率差别。 实际上，银行也"盯"上了这笔资金。南都湾财社记者采访发现，多家银行近期发力营销压岁钱储蓄产品 和理财产品，部分银行的未成年人专属定期存款产品年利率高于普通定期存款和大额存单。 专家分析称，银行集中发力压岁钱赛道、抢占"小客户"，背后是一场关乎未来的"卡位战"，核心是 以"留量思维"从第一张银行卡锁定客户全生命周期价值。但整体上我国亲子金融业务仍处于起步阶段， 产品同质化严重，未来应从内容赋能、适幼化改造、生态构建三方面入手，将亲子金融服务从"冷冰冰 的储蓄"升级为"有温度的成长伙伴"。 【现象】 银行发力营销压岁钱储蓄和理财产品 "孩子是个财迷，每年的压岁钱都让我帮他存起来，为此我还专门给他开了亲子账户。"成都的余女士对 南都湾财社记者表示，今年春节孩子回老家"收获"颇丰，收到各方亲戚给的压岁钱1万多元，她给凑了 个整，补 ...

随着春节假期临近，低风险基正在金批量发布"限购令"。 2月12日，多只货币基金、同业存单基金及中短债基金集中调低大额申购上限，部分产品单日申购额度降至1万 元甚至1000元，并明确将于2月24日前后恢复常态。相关安排显示，在长假窗口期临近之际，基金公司已提前 进入规模与流动性管控节奏。 业内人士指出，节前资金往往呈现阶段性"双向流动"特征，一方面部分资金出于现金安排集中赎回，另一方面 亦有资金短期涌入低波动产品以获取稳健收益。限购措施可以被视为对短期规模波动的前瞻性管理，有助于稳 定组合运作与持有人收益表现。 低风险基金批量发布"限购令" 券商中国记者注意到，随着春节假期临近，多类低风险产品已陆续披露节前限购安排。2月12日，多只低风险 基金集中发布"限购令"，通过调低大额申购上限等方式加强流动性管理。 事实上，春节前基金密集"关门谢客"并非偶发行为，而是节假日前的常规操作。每逢长假临近，资金面往往出 现阶段性扰动。 具体来看，一方面，部分机构与个人投资者出于资金安排需要，短期内集中赎回或调配资金；另一方面，也有 资金选择在节前转入货币类、同业存单等低波动产品，以获取相对稳健收益。这种"双向流动"容易在短时间 ...

持仓二十多只基金，净值却集体跳水；看似覆盖多赛道，回调时却一损俱损。 这种"伪分散"陷阱，让无数投资者越投越亏。 证监会调研显示，持有15只以上基金的投资者，平均收益率比持有3-5只的低4.2个百分点。 行为金融学揭示， 真正的分散投资，核心从不是数量堆砌，而是构建负相关性资产组合，让一部分资产的下跌，能被另一部分的上涨对冲。 | 000 | 0.00 | | 1290K | U.IU | 7765K | | | -1.40 | 00.231 | 69.000 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 000 | | | | 0.09 | | | | | 4.450 | | | | 450 | 0.00 | | 476K | 0.02 | 1290K | | | 32,300 | 32.300 | 4.450 | | | 476K | 1.03 | | 2827K | 0.08 | | 7.67 M | | 163.300 | 162.800 | 32.500 | | | 100 | 0.27 ...

【导读】银行代销逻辑从"卖产品"到"拼服务"，项目制合作渐成主流 中国基金报记者 曹雯璟 方丽 今年以来，银行与基金公司之间的合作模式正在悄然发生变化。相比以往以规模和销量为核心的合作逻 辑，银行端在产品准入、合作方式以及营销打法上，都呈现出更加精细化、体系化的趋势，其背后既有 公募基金行业改革的推动，也有存量时代客户经营压力加大的现实因素。 业内人士表示，整体来看，银行与基金公司的合作正在从"通道型代销"迈向"深度协同"，从"卖产品"转 向"共建客户长期价值"。在这一过程中，基金公司的投研实力、服务能力和组织协同水平，正成为能否 进入核心合作池的关键指标。 银行代销逻辑从"卖产品"到"拼服务" 项目制合作渐成主流 趋势一：合作逻辑重塑：从销量导向到综合能力评估 创金合信基金表示，随着公募基金行业改革的持续推进，银行与基金公司的合作逻辑正在发生明显变 化。相比以往更强调规模和销量，今年银行端更加聚焦客户体验与存量经营，合作模式也正从"单一产 品销售"向"综合服务与能力协同"转变。 比如合作评价维度更加多元。部分银行已引入"项目制"或"招标制"合作模式，不再仅以短期业绩作为核 心标准，而是从产品表现、投研能力、 ...

【导读】银行代销逻辑从"卖产品"到"拼服务"，项目制合作渐成主流 今年以来，银行与基金公司之间的合作模式正在悄然发生变化。相比以往以规模和销量为核心的合作逻 辑，银行端在产品准入、合作方式以及营销打法上，都呈现出更加精细化、体系化的趋势，其背后既有 公募基金行业改革的推动，也有存量时代客户经营压力加大的现实因素。 业内人士表示，整体来看，银行与基金公司的合作正在从"通道型代销"迈向"深度协同"，从"卖产品"转 向"共建客户长期价值"。在这一过程中，基金公司的投研实力、服务能力和组织协同水平，正成为能否 进入核心合作池的关键指标。 银行代销逻辑从"卖产品"到"拼服务" 项目制合作渐成主流 趋势一：合作逻辑重塑：从销量导向到综合能力评估 创金合信基金表示，随着公募基金行业改革的持续推进，银行与基金公司的合作逻辑正在发生明显变 化。相比以往更强调规模和销量，今年银行端更加聚焦客户体验与存量经营，合作模式也正从"单一产 品销售"向"综合服务与能力协同"转变。 比如合作评价维度更加多元。部分银行已引入"项目制"或"招标制"合作模式，不再仅以短期业绩作为核 心标准，而是从产品表现、投研能力、客户服务体系、投后陪伴等多个维 ...

1. Report Industry Investment Rating The document does not mention the industry investment rating. 2. Core Viewpoints of the Report - In January, the wealth - management scale continued to decline, with a monthly decrease of 1.142 billion yuan, contrary to market expectations of a rebound. Looking ahead, before the Spring Festival in February, the scale may show a moderate growth trend [1][9]. - The inter - bank leverage ratio continued to decline, while the exchange leverage ratio increased, and non - bank institutions increased leverage [2][35]. - Interest - rate and credit - type medium - and long - term bond funds compressed their durations, while medium - short - term and short - term bond funds slightly increased their durations [3][44]. - The supply scale of government bonds increased significantly in early February, with a planned issuance of 906.7 billion yuan in the first week of February [50]. 3. Summary According to Relevant Catalogs 3.1 1 - Month Wealth - Management Scale Decline 3.1.1 Weekly Scale - From January 19 - 23, the wealth - management scale continued to rise, with a week - on - week increase of 7.41 billion yuan to 33.35 trillion yuan, higher than the historical same - period level. From January 26 - 30, due to the drive of funds returning to the balance sheet, the scale decreased by 178.8 billion yuan to 33.18 trillion yuan, and the decline was more than seasonal [8]. 3.1.2 Wealth - Management Risks - Product net values continued to rise, and the proportion of negative yields remained low. The proportion of all products with negative yields in the interval remained low at 0.96%. The wealth - management break - even level slightly increased, with the break - even rate of all products rising by 0.03 pct to 0.2%. The proportion of products with unmet performance targets continued to decline, with the non - performance rate of all wealth - management products dropping by 0.3 pct to 23.9% [15][24]. 3.2 Leverage Ratio: Inter - bank Continued to Decline - From January 26 - 30, affected by cross - month demand, capital prices seasonally increased. The average weekly trading volume of inter - bank pledged repurchase decreased, and the average overnight proportion also decreased. The inter - bank leverage ratio continued to decline, the exchange leverage ratio increased, and non - bank institutions increased leverage [32][35]. 3.3 Interest - Rate and Credit - Type Medium - and Long - Term Bond Funds Compressed Durations - From January 26 - 30, due to insufficient incremental information at the end of the month, institutions were still cautious in their operations. The average weekly durations of interest - rate and credit - type medium - and long - term bond funds decreased. The durations of medium - short - term and short - term bond funds slightly increased [42][44]. 3.4 Government Bond Supply Scale Increased Significantly in Early February - In the first week of February (February 2 - 6), the planned issuance of government bonds was 906.7 billion yuan, a significant increase from the previous week. The estimated net payment scale of government bonds was about 460.4 billion yuan, still higher than the weekly median payment level since 2025. In terms of different types of bonds, the net payment scale of treasury bonds decreased, while that of local bonds increased [50][53].

Core Viewpoint - The article highlights the latest trends in FOF (Fund of Funds) investments, indicating a preference for low-risk products and a strategic shift from gold ETFs to gold stock ETFs amidst rising international gold prices [1][4]. Group 1: FOF Investment Trends - In Q4 2025, FOFs favored low-risk products, with short-term bond ETFs being the most heavily weighted, particularly the Hai Fu Tong Short Bond ETF, held by 95 FOFs with a total market value of approximately 4.17 billion [3]. - The Guotai Li Xiang Medium and Short Bond C fund saw significant increases in holdings, with a quarterly change of about 1.49 billion shares, indicating a strategic shift in FOF allocations [3]. Group 2: Gold Investment Strategy - Despite rising international gold prices, FOFs reduced their holdings in gold ETFs, with a total reduction of 40.68 million shares in the Huaan Gold ETF alone, while simultaneously increasing their investments in gold stock ETFs [4][5]. - The increase in gold stock ETFs was notable, with FOFs adding 50.74 million shares in Yongying Gold Stock ETF and 24.03 million shares in Huaxia Gold Stock ETF, reflecting a shift in strategy towards higher potential returns in gold equities [4][5]. Group 3: FOF Market Growth - The overall scale of FOFs has surpassed 250 billion, driven by strong support from banking channels such as China Merchants Bank and China Construction Bank, which have launched successful asset allocation programs [2][7]. - As of the end of 2025, the total scale of FOFs reached 252.11 billion, marking a significant milestone in the market [7].

Core Viewpoint - The article discusses the challenges faced by individuals with savings in 2026, highlighting the decline in interest rates and the pressures of social expectations regarding financial support [1]. Group 1: Declining Interest Rates - The interest rates for savings have significantly decreased, with some small and medium banks offering rates as low as 0.93% for three-month large deposits, marking a shift from previous higher rates [4]. - Long-term savings interest rates have also halved compared to three years ago, with major state-owned banks offering rates below 2% for three-year fixed deposits [4]. Group 2: Investment Challenges - The era of earning passive income from savings is over, leading many to consider investing their money, but the current investment environment is challenging due to tight entrepreneurial conditions and a lack of consumer demand [5]. - Suitable investment options for ordinary individuals are limited, with stock and fund markets being volatile, making it difficult to preserve capital during unstable economic conditions [5]. Group 3: Social Pressures - Individuals with savings often face pressure from friends and family seeking financial assistance for various reasons, creating a dilemma between maintaining relationships and protecting personal finances [7]. - The need to manage social expectations regarding savings can lead to significant psychological stress, as individuals navigate the complexities of discussing their financial situation [8]. Group 4: Recommended Strategies - The article suggests a three-pronged approach for managing savings: diversifying funds, avoiding high-risk investments, and learning to decline borrowing requests politely [9][10]. - Maintaining a balanced strategy can help individuals navigate the low-interest environment while preserving their financial security and mental well-being [10].

Core Viewpoint - The current interest rates for large time deposits in China have significantly decreased, with many banks offering rates below 1%, leading to concerns about the value of saving money in banks [1][11]. Group 1: Interest Rate Trends - As of January 8, over 40 banks have launched new large time deposits, primarily offering short-term products with rates for 3-month deposits dropping to 0.95% [1][3]. - The average interest rate for 3-month large time deposits is expected to be around 1.8% in 2024, indicating a significant reduction from current rates [3][6]. - One-year products from major state-owned banks are offering rates between 1.2% and 1.4%, while previously, rates could reach up to 2.25% [3][11]. Group 2: Bank Profitability and Strategy - Banks are reducing deposit rates to maintain profitability due to declining loan interest rates, with the average loan rate expected to be around 3.1% by 2025 [5][6]. - The net interest margin for commercial banks has narrowed, with state-owned banks reporting a net interest margin as low as 1.31% [5][6]. - To manage costs, banks are focusing on short-term deposits, as they require lower interest payments compared to long-term deposits [5][11]. Group 3: Investment Alternatives - For conservative investors, bank deposits remain a safe option, especially with deposit insurance covering amounts up to 500,000 [8][11]. - Alternatives such as money market funds and cash management products are recommended for those seeking better liquidity and returns, with annualized yields around 1.2% to 1.4% [8][11]. - For those willing to accept some risk for higher returns, transferable large time deposits and medium-short bond funds are suggested, with potential yields of 2.5% to 3% [8][11]. Group 4: Consumer Advice - Consumers are advised to verify the legitimacy of banks offering higher rates and to avoid blindly pursuing long-term products due to potential "interest rate inversion" [9][11]. - Diversification of deposits across different banks is recommended to enhance safety and flexibility [9][11].

Investment Keywords for 2025 - The article highlights key investment themes for 2025, including AI-driven financial management, proactive retirement planning, and a focus on new consumer trends [2][3] - It emphasizes the importance of understanding market dynamics and adapting investment strategies accordingly [2] AI-Driven Financial Management - AI is deeply integrated into investment processes, providing market analysis, fund diagnostics, and automated reminders for investment decisions, making investing more efficient and informed [5] Proactive Retirement Planning - Young individuals are increasingly taking charge of their retirement planning by utilizing tools like target-date funds (FOF) and commercial pension insurance to build long-term asset portfolios [7] New Consumer Trends - Investment in consumer sectors is shifting towards "emotional value" and "quality-price ratio," focusing on domestic tech products, gold jewelry, and local brands, reflecting changing consumer values in the capital market [9] Investment Philosophy Shift - There is a consensus among conservative investors to prioritize capital preservation while accepting reasonable volatility for returns, leading to increased popularity of "fixed income+" and short- to medium-term bond funds [11] Market Dynamics - The Shanghai Composite Index is expected to surpass 4000 points, symbolizing market confidence and indicating a new equilibrium in A-shares [14] - The 2025 market is characterized by structural and gradual growth, with quality stocks in technology sectors experiencing independent bull markets, shifting investment logic towards deep value exploration [16] Sector Focus - Hard tech sectors, such as AI commercialization and semiconductor independence, are becoming hotspots for investment, with related thematic ETFs and actively managed equity funds showing strong performance [18] - Under global monetary easing and risk-averse sentiment, gold assets are gaining traction, with gold ETFs rapidly growing in scale, becoming an important asset allocation choice beyond stocks and bonds [20]