中经记者 秦玉芳 广州报道 2026年开年以来，宁银理财、中银理财、中邮理财等多家理财公司纷纷上线全球配置主题的新发理财产 品，多为纯债固收及"固收+"的固收类产品，风险评级为R1、R2等级。 整体来看，理财机构对全球配置理财的布局热情呈现明显升温趋势。Wind数据显示，2025年12月至 2026年1月8日，10余家银行及理财公司发行近50只全球配置主题的理财产品，且挂钩资产包括美元、日 元、欧元、港币等，配置偏好更加多元化。 业内人士分析指出，当前低利率环境下，单一市场收益难以满足投资者的回报预期，理财机构越来越倾 向通过全球资产的配置以增厚收益、分散风险。整体来看，美元资产仍是当前全球配置的主角，但新兴 市场权益资产、黄金等多元资产的配置也在持续升温。 全球配置理财"上新"加速 普益标准监测数据显示，2025年全年全球配置理财产品新发数量为624款；2025年11月1日—2026年1月6 日新发数量为87款。 从期限结构和运作模式来看，华宝证券创新研究部指出，当前全球配置主题理财的产品期限主要集中在 6个月到3年之间，多采用封闭式或设定最短持有期的运作模式，既适配跨境资产的长期配置属性，又兼 顾资金灵活 ...

在汇率与利率双重波动的影响下，无论是配置美元资产，还是持有人民币债券理财，收益的不确定性均 有所上升。业内人士表示，这背后是全球货币政策转向与中国经济基本面修复共振的结果，意味着投资 者必须告别"绝对无风险"的旧有观念，重新学习在波动中寻找平衡。 境内外理财同时承压 这种变化，并非停留在宏观层面，而是已经传导至普通投资者的实际收益中。 年初，张华（化名）决定把一部分积蓄换成美元。他用约7.3万元人民币买入1万美元的美元理财产品， 希望在美债高利率环境下获取相对稳健的利息收益。几个月下来，这笔理财的累计收益率为2.53%，美 元资产增加到10253美元，账面表现并不差。 然而，汇率变化很快改变了最终结果。随着人民币持续走强，按最新汇率折算，这笔美元资产约合7.22 万元人民币，较买入时反而减少近800元。"利息赚到了，汇率变化却把收益吃掉了。"张华无奈地说。 这一经历，直观体现了汇率波动对外币理财收益的影响。在人民币升值背景下，即便美元资产本身获得 不错的利息收益，折算回人民币后，仍可能出现"赚息不赚钱"的情况。 来源：上海证券报·中国证券网 上证报中国证券网讯（记者 徐潇潇 张欣然）随着人民币汇率持续走强、债 ...

2025年12月2日，中国外汇交易中心的数据显示，人民币对美元汇率中间价报7.0794，较前一交易日下调35个基点。这一细微波动背后，是2025年以来人民 币累计升值近4%的强劲表现，创下五年来最佳年度成绩。有人说这是中国经济韧性的体现，也有人担心出口企业会因此承压。那么，人民币到底该不该升 值？这个问题最近在网上吵翻了天。 人民币为啥突然值钱了 要搞明白人民币为啥升值，得先看看这几个关键因素。首先是美元走弱，2025年以来，美国经济复苏乏力，美联储不得不降息刺激经济，导致美元指数一路 走低。美元不值钱了，人民币自然就显得更值钱了。 其次，中国经济基本面表现亮眼。2025年前三季度GDP同比增长5.2%，工业增加值、消费等主要经济指标都超出预期。国家统计局的数据显示，2025年10 月份制造业PMI为50.8%，连续8个月位于扩张区间。经济好了，外国投资者自然更愿意把钱投到中国，人民币需求增加，汇率也就上去了。 资本市场的活跃也是重要原因。2025年A股市场表现不错，外资流入明显。截至2025年11月底，北向资金累计净流入超过3000亿元，同比增长25%。同时， 中国国债被纳入更多国际指数，吸引了大量长期资金 ...

Core Viewpoint - The increasing interest in USD wealth management products is driven by the higher yield compared to RMB products, despite the risks associated with currency fluctuations and the need for careful timing in investments [1][4]. Group 1: Market Trends - The demand for USD wealth management products has surged, with the total outstanding scale reaching 282 billion RMB by December last year, doubling compared to the same period in 2023 [2]. - As of July 10, 2025, the total number of USD wealth management products reached 1,328, with an outstanding scale of 461.7 billion RMB, marking a 50.2% increase from the end of last year [2]. - Recent trends show that some USD wealth management products are being terminated early due to reaching profit-taking conditions, indicating a shift in investment strategies [3]. Group 2: Comparative Analysis - The average performance benchmark for newly issued wealth management products in June 2025 was 1.97% for open-ended and 2.54% for closed-ended products, while R2 and R1 level RMB products had benchmarks of 2.56% and 2.11% respectively, highlighting a significant yield gap of around 2% when compared to similar risk-level USD products [4]. - The attractiveness of USD wealth management products is attributed to the significant interest rate differential between the Federal Reserve's rates and domestic macro rates in China, despite the Fed entering a rate-cutting cycle [4]. Group 3: Investor Considerations - Investors are advised to consider their actual funding needs before purchasing USD wealth management products, as the risks associated with currency fluctuations can impact returns [1][5]. - The potential for the RMB to appreciate or for the Fed to cut rates could erode the returns on USD wealth management products, leading to a reassessment of their attractiveness [5].

Core Viewpoint - Shenzhen Yidao Information Co., Ltd. plans to continue using idle raised funds and self-owned funds for cash management, with a total amount not exceeding 1.6 billion RMB for raised funds and 1.5 billion RMB for self-owned funds [1]. Group 1: Cash Management Progress - The company held a board meeting on October 29, 2024, to approve the continued use of idle funds for cash management [1]. - The cash management products currently in use include various fixed-income products with different maturity dates and expected annualized returns ranging from 2.10% to 2.60% [2][3]. Group 2: Details of Cash Management Products - The company has invested 1.6 billion RMB in fixed-income products, including large deposits and structured deposits, with expected annualized returns of 2.60% and 2.50% [2][3]. - Specific products include large deposits with South Guangdong Bank and structured deposits with Bohai Bank, with maturity dates ranging from December 2025 to April 2026 [4][5]. Group 3: Financial Performance Indicators - The expected annualized return for some products is 2.00% to 2.25%, while others have shown negative returns, such as -3.00% for certain floating income products [6][7]. - The company is actively managing its cash flow through these financial instruments to optimize returns on idle funds [1][2].