在新型浮动费率基金产品陆续发行之际，银行理财子公司也开始"试水"浮动管理费率的理财产品。"产 品不到10分钟就售罄了，受到了投资者的欢迎。"招银理财相关负责人告诉《金融时报》记者。 7月8日，招银理财今年首推的一款名为"招智睿远平衡(安盈优选)68期"的浮动管理费率理财产品开售， 该产品管理费采用分档计提模式，费率与产品业绩挂钩。 "和浮动费率的基金一样，浮动费率的理财产品强化了管理人与投资者'收益共享、风险共担'的机制， 不仅为投资者提供了更多的选择，也为理财市场注入了新的活力。"中国邮政储蓄银行研究员娄飞鹏在 接受《金融时报》记者采访时表示。 费率水平与产品业绩挂钩 一直以来，无论产品盈亏表现如何，投资者都要付管理费的情况，颇受诟病。 甚至部分银行理财产品的管理费率优惠至0.01%/年，这意味着，投资者购买1万元的理财产品，一年管 理费仅1元。费率几乎降到了"地板价"。 普益标准数据显示，2025年一季度，银行理财产品费率同比去年下降幅度显著，管理费率整体下降约 8%，其中，固定收益类、混合类产品下降最为明显，分别下降7.82%和11.65%。 "理财产品的管理费降低有利于吸引客户，但会对理财公司的业务收 ...

Group 1: Banking Wealth Management Products - A total of 1,217 new wealth management products were launched from June 28 to July 11, 2025, a significant decrease from 1,687 in the previous period, marking a decline of approximately 27.9%[9] - Fixed income products dominated the new issuance, with 1,124 products accounting for 92.36% of the total, although this represents a decrease of over 3 percentage points compared to the previous period[9] - The average performance benchmark for fixed income products was 2.53%, the lowest among all types, indicating pressure on yields[9] Group 2: Fund Products - During the same period, 47 new public funds were established, with a total issuance scale of 301.47 billion units, a sharp decline of 61.64% from 786 billion units in the previous period[23] - Bond funds led the new fund market with 11 products, totaling 213.42 billion units, which accounted for 70.79% of the total issuance scale[24] - Equity funds showed a trend of "more quantity, less scale," with 24 new products but an average size of only 2.61 billion units, indicating a structural differentiation in new fund issuance[28] Group 3: Insurance Products - A total of 36 new insurance products were launched, reflecting a slight decrease of 5.26% from the previous period, with life insurance products remaining stable at 17[35] - Traditional life insurance saw a decline in new issuances, with only 8 new products, down 27.27%, while dividend and universal life insurance products increased[36] - The new issuance of annuity insurance products decreased from 22 to 19, with traditional annuities continuing to dominate the growth[37] Group 4: Market Trends and Risks - The market is experiencing a clear differentiation in the positioning of financial institutions, with state-owned wealth management companies leading in product innovation and market reach[18] - The report highlights potential risks, including slower-than-expected policy implementation and increased uncertainty from overseas factors[41]

7月初，招银理财推出浮动管理费理财产品"招智睿远平衡（安盈优选）68期"，该产品设置了 3年封闭期和0.25%/年的固定管理费率，根据年化收益分档计提或有管理费。发行当日，该 产品开售不到10分钟实现20亿元满募，扩容后实现25亿元满募。 据了解，"招智睿远平衡（安盈优选）68期"是理财行业首只采用"固定管理费+按收益分档计 收或有管理费"的理财产品。 【 导读 】 强化与持有人利益绑定，银行理财推出浮动费率产品 中国基金报记者 陆慧婧 方丽 浮动费率产品渐成大资管领域的新风尚。 继公募基金推出两批新版浮动费率基金之后，银行理财也紧跟这一步伐。近日，招银理财推 出一款3年期封闭式混合型产品，按照"固定管理费+按收益分档计收或有管理费"的方式收取 管理费，引发行业关注。 业内人士表示，浮动费率产品扩容，有利于实现管理人与持有人利益绑定，反映了大资管领 域从"规模导向"向"业绩导向"转型的趋势，引导资管行业持续提升核心投研能力。 银行理财子公司推出浮动费率产品 招银理财表示："我们希望通过费率机制创新绑定管理人与投资者利益，向投资者传达信心。 随着新经济、新消费等产业升级渐成趋势，以及中长期资金入市等政策推动，今 ...

作者 | 第一财经 王方然 随着存款利率持续下行，一场"存款搬家"浪潮正席卷理财市场。央行数据显示，5月非银存款创近十 年同期新高，这表明相当部分普通存款流向了理财等非银部门。 2025.07. 13 本文字数：3016，阅读时长大约5分钟 面对汹涌的资金迁徙潮，银行理财子公司各出奇招。记者采访发现，当前理财市场出现多类趋势：一 是降费率，浮动费率产品"破冰"，招银理财等机构推出与业绩挂钩的阶梯式管理费产品，首日发售即 告罄；二是"贴息理财"兴起，该策略的核心在于，在传统货币基金收益基础上，由合作机构额外提供 数十个基点的收益补贴；三是定制化理财兴起，通过底层资产灵活配置控制回撤，在同等收益水平下 实现更优风险收益比。 这些创新背后，是理财机构在"资产荒"压力与"存款搬家"背景下的应对之举。然而专家提醒，部分创 新模式暗藏风险，如贴息操作可能损害其他持有人利益，而浮动费率产品也对机构的投研能力提出更 高要求。在创新与合规的"平衡木"上，理财子公司正面临转型关键期。 试水浮动费率、调整持仓上限 近期，理财子们在销售端频频出招，在费率、渠道上推出各项新举措。 内卷产品收益、降低波动性 在投资领域，有一个被广泛认知 ...

业内也在关注创新与风险之间的平衡。 随着存款利率持续下行，一场"存款搬家"浪潮正席卷理财市场。央行数据显示，5月非银存款创近十年 同期新高，这表明相当部分普通存款流向了理财等非银部门。 面对汹涌的资金迁徙潮，银行理财子公司各出奇招。记者采访发现，当前理财市场出现多类趋势：一是 降费率，浮动费率产品"破冰"，招银理财等机构推出与业绩挂钩的阶梯式管理费产品，首日发售即告 罄；二是"贴息理财"兴起，该策略的核心在于，在传统货币基金收益基础上，由合作机构额外提供数十 个基点的收益补贴；三是定制化理财兴起，通过底层资产灵活配置控制回撤，在同等收益水平下实现更 优风险收益比。 这些创新背后，是理财机构在"资产荒"压力与"存款搬家"背景下的应对之举。然而专家提醒，部分创新 模式暗藏风险，如贴息操作可能损害其他持有人利益，而浮动费率产品也对机构的投研能力提出更高要 求。在创新与合规的"平衡木"上，理财子公司正面临转型关键期。 试水浮动费率、调整持仓上限 近期，理财子们在销售端频频出招，在费率、渠道上推出各项新举措。 此前，银行理财为揽客通常直接将费率"一降到底"，甚至出现许多0费率产品。但在理财市场日趋成熟 的情况下，近期部 ...

Industry Focus - 17 listed banks have announced the cancellation of their supervisory boards, influenced by the revised Company Law and financial regulatory policies set to take effect in 2024 [1] Corporate Dynamics - Hangzhou Bank has completed the market-oriented conversion of 15 billion yuan in convertible bonds, marking significant progress in capital replenishment [4] - JiuTai Rural Commercial Bank is facing a pre-loss forecast of 1.7 billion to 1.9 billion yuan for 2024 and is set to delist following a voluntary conditional cash offer for its H-shares and domestic shares [5] - Chengdu Rural Commercial Bank plans to absorb and merge six village banks located in Sichuan Province [6] - Chongqing Rural Commercial Bank has obtained fund custody qualifications, becoming the first commercial bank to do so this year [7] - Shunde Rural Commercial Bank has withdrawn its IPO application after a prolonged lack of progress since its initial submission in 2019 [8] Financial Personnel - Zheshang Bank announced the resignation of Chairman Lu Jianqiang due to age, with Chen Haiqiang approved to take over as the new president [9][10]

Core Viewpoint - The banking wealth management market is undergoing a significant fee rate transformation, with at least 10 wealth management companies, including Bank of China Wealth Management and CCB Wealth Management, engaging in a "fee reduction war" by lowering various fees such as fixed management fees and sales service fees [1][3]. Group 1: Fee Reduction Trends - Numerous banks have recently announced fee reductions for their wealth management products, with adjustments varying across different products. Major state-owned banks like Bank of China Wealth Management and CCB Wealth Management have frequently optimized their fee structures, with reductions in sales service fees and fixed management fees typically ranging from 0.01% to 0.1% [3][5]. - For instance, CCB Wealth Management announced reductions in management fees for several products, with rates dropping to as low as 0.01% for certain offerings, effective from July 11, 2025, to October 11, 2025 [3][4]. - Other banks, including Everbright Wealth Management and Minsheng Bank, have also joined the fee reduction trend, significantly lowering their core fee rates to attract investors [5][6]. Group 2: Introduction of Floating Fee Rate Products - In addition to direct fee reductions, some banks are experimenting with floating management fee rate products to enhance competitiveness. For example, 招银理财 launched a product with a floating management fee set at 0.25% per year, which is lower than the typical range of 0.4% to 0.6% for similar products [6][7]. - This floating fee structure is designed to align the interests of management with those of investors, potentially increasing investor confidence and attracting more clients [7][8]. Group 3: Implications for Research and Risk Management - The introduction of floating fee rate products necessitates a comprehensive upgrade in the research and risk management capabilities of wealth management companies. Historically focused on fixed-income products, firms must now develop robust research frameworks that encompass various asset classes, including equities and alternative investments [8][9]. - The shift towards floating fee structures is expected to compel wealth management firms to enhance their investment research and risk control capabilities, promoting a transition from a focus on scale to a focus on quality [8][10].

Core Viewpoint - The introduction of a floating management fee structure in wealth management products signifies a shift from a focus on scale to a focus on quality and performance in the industry [1][2] Group 1: Product Launch and Features - The "Zhao Zhi Rui Yuan Balanced (An Ying You Xuan) 68th" product was launched on July 8, with an issuance scale of 20 billion yuan and a closed period of 36 months [1] - The product is classified as R3 (medium risk) and primarily invests in high-grade credit bonds, high-dividend stocks, bank preferred shares, and low-correlation quantitative neutral strategies [1] Group 2: Management Fee Structure - The management fee is linked to the product's annualized return, with three tiers: 0.25% for returns at or below 1.5%, up to 0.4% for returns between 1.5% and 4%, and up to 0.5% for returns above 4% [1] - This innovative fee structure aims to align the interests of the management company and investors, enhancing transparency and trust [1][2] Group 3: Industry Trends and Implications - The wealth management industry has seen a trend of fee reductions, but reliance on low fees is deemed unsustainable for long-term growth [1] - The floating fee mechanism encourages wealth management companies to focus on performance rather than merely expanding their asset base, fostering a culture of risk-sharing and accountability [2] - Experts suggest that this shift will compel companies to enhance their research and risk management capabilities, ultimately benefiting investors through better product offerings [2]

Investment Rating - The report does not explicitly provide an investment rating for the banking wealth management industry Core Insights - The banking wealth management market's total scale reached 31.22 trillion yuan by the end of June, reflecting a 5.22% increase since the beginning of the year, indicating resilience amid market pressures [12] - Recent trends show a recovery in the yields of bank wealth management products, with cash management products recording a 7-day annualized yield of 1.48%, up 5 basis points week-on-week [16][20] - The report highlights a significant increase in the issuance of QDII quotas, totaling 30.8 billion USD, aimed at enhancing the operational capacity of qualified domestic institutional investors [11] Regulatory and Industry Dynamics - The State Administration of Foreign Exchange has issued new QDII quotas to qualified domestic institutional investors, totaling 30.8 billion USD, to support healthy development in the foreign exchange market [11] - The banking wealth management market maintained a stable scale of 31 trillion yuan, driven by a "deposit migration" phenomenon due to a new round of deposit rate cuts [12] Peer Innovation Dynamics - 招银理财 has introduced a floating management fee model for its wealth management products, significantly reducing fees to 0.25% per year, which is lower than the conventional rates of 0.4%-0.6% [13] - 工银理财 participated in the cornerstone investment for the IPO of IFBH in Hong Kong, securing approximately 4 million USD, marking a significant move into the new consumption sector [14] - 交银理财 launched its first charitable wealth management product, successfully donating excess returns to a public welfare foundation [15] Yield Performance - The yields of various bank wealth management products have shown a general recovery, with cash management products and fixed-income products experiencing different degrees of yield increases [18][19] - The report notes that the credit spread has continued to narrow, remaining at historical low levels since September 2024, which may limit the attractiveness of credit investments [19] Net Value Tracking - The net value of bank wealth management products has a current break-even rate of 0.70%, which has increased by 0.26 percentage points week-on-week, indicating ongoing low levels [27][29] - The report emphasizes the relationship between the break-even rate and credit spreads, noting that a sustained increase in credit spreads could pressure the break-even rate further [27]

Core Viewpoint - The introduction of floating management fee rate products by bank wealth management subsidiaries marks a shift from fixed fee models, promoting a positive alignment between managers' performance and investor returns, thus fostering healthy competition and development in the wealth management industry [1][5]. Group 1: Product Features - The "Zhaozhi Ruiyuan Balanced (Anying Youxuan) 68th Phase" floating management fee product launched by China Merchants Bank on July 8 features a fixed management fee rate of 0.25%, significantly lower than the typical 0.4% to 0.6% for similar products, with a performance-linked fee structure [2][3]. - The product has a risk level of R3 (medium risk) and a closed period of three years, with an asset allocation of 0% to 40% in equity assets [2]. Group 2: Market Response - The product sold out on its first day of availability, indicating high investor interest and enthusiasm [4]. Group 3: Industry Implications - The floating management fee model is seen as a way to alleviate fixed fee burdens during poor market performance while allowing managers to earn higher rewards during strong performance, thus aligning interests between investors and managers [5]. - This model is particularly attractive in volatile or structural market conditions, helping wealth management subsidiaries expand their management scale and incentivize research teams to enhance performance [5][6]. Group 4: Requirements for Implementation - Bank wealth management subsidiaries need strong investment research capabilities, particularly in equity investments, to achieve excess returns that support floating fees [6]. - Enhanced risk management capabilities are essential to avoid excessive risk-taking while effectively controlling drawdowns during market fluctuations [6]. - A robust operational and IT system is necessary for real-time performance calculations and compliance with complex fee structures, alongside effective communication with investors regarding fee structures and performance [6].