Core Viewpoint - The article discusses the ongoing adjustments in performance benchmarks by wealth management subsidiaries, indicating a significant decline in expected returns, with many products now having benchmarks below 2% [2][3][6]. Group 1: Performance Benchmark Adjustments - Multiple wealth management subsidiaries have recently lowered their performance benchmarks, with many products now below 2% [3][4]. - As of the end of January, the total annualized yield for existing products from wealth management subsidiaries was 3.05%, a decrease of 0.25% from the end of the previous year [3]. - The adjustments in benchmarks range from 10 basis points (BP) to 160 BP, reflecting a broader trend of declining yields in the market [3][4]. Group 2: Market Trends and Future Outlook - The wealth management market is facing challenges such as asset scarcity and declining absolute returns, which are expected to persist into 2025 [2][6]. - Analysts predict that the average performance benchmark for new products may drop by 40-50 BP, potentially falling below 2% [7][8]. - Despite a slight recovery in the number of new products in February, the downward trend in performance benchmarks continues [6][8]. Group 3: Strategic Shifts in Asset Management - Wealth management subsidiaries are increasingly focusing on a "multi-asset, multi-strategy" approach to enhance returns amid a challenging environment [10][11]. - There is a growing emphasis on diversifying asset classes beyond fixed-income assets to stabilize yields [11][12]. - Companies are exploring various asset types, including credit bonds and REITs, to balance stability, growth, and investor expectations [12].