中经记者 张漫游 北京报道 日前，因美元资产收益达标速度超预期，部分美元理财产品触发止盈条件提前终止。 与此同时，理财机构正加速布局美元理财市场，2025年6月新发美元理财产品达161只，同比增幅为 31.97%，7月发行量有望维持高位。 《中国经营报》记者从普益标准方面获得的数据显示，2025年上半年新发美元理财产品数量总体保持上 升趋势，1—4月稳步增长，5月虽短暂回落，但6月迅速反弹至161只，创上半年新高，显示出发行端的 强劲动力。进入7月后，市场热度未减，截至7月15日，全市场新发美元理财产品已达68只，按此节奏推 算，7月全月发行量有望继续维持高位，进一步印证了理财机构对美元理财市场的布局积极性。 普益标准研究员何雨芮表示，2024年6月全市场新发美元理财产品仅122款，而2025年6月同比增加39 只，增幅达31.97%，反映出理财机构对"降息前高息窗口"的快速响应。 为何机构如此热衷于布局美元理财？北京财富管理行业协会特约研究员杨海平认为，主要原因包括三方 面：其一，理财公司积极寻求提升收益率的可行策略；其二，近期市场对美联储降息预期有所增强，美 债投资出现"票息+价差"收益机会；其三，布局美 ...

$\sqrt{6}$ . 曾几何时，各大机构的美元理财产品以其"高收益""低风险"，被不少投资者追捧。但近几个月来，风向悄悄有了变化！ 虽然目前全国多地高温连创记录，但今年以来，随着美联储降息的预期时有耳闻，美元理财产品似乎感受到的却不是火热，而是微微的寒气——美元理财 的"高息"大厦，地基似乎有些动摇！ 现在买美元理财，是赚是赔？ 据时代财经报道，有投资者表示"今年年初按7.35的汇率换了10万美元，然后投资了一笔年化4.0%的美元理财，当时觉得比人民币（存款）产品收益高出 不少，本来想着能赚点利息的，没想到汇率越来越低，现在折算成人民币已经亏本了。" 年化4.0%的美元理财究竟是个什么水平呢？这要从横向和纵向两方面来比较！ 和人民币理财横向比，确实有着明显的优势：据法询货币网统计，银行理财现金类产品收益从2024年初的2.39%降至2025年初的1.6%。而据普益标准监 测，今年上半年，银行理财全市场平均收益2.4%，下行22个基点。具体数值根据统计口径略有差异，比起美元理财低了很多！ 但近一年纵向比下来，美元理财的收益几乎是"肉眼可见"波动：从2024年末的4%以上，部分产品甚至接近5%，到今年3月份的 ...

Core Viewpoint - The strong performance of the stock market, particularly the robust rise of the CSI 1000 index, has significantly impacted the bank wealth management market, leading to early termination of several products linked to this index, allowing investors to lock in expected returns [1] Group 1: Product Performance - Multiple products have triggered the knockout mechanism to achieve profit-taking, such as the six wealth management products from Xingyin Wealth Management, which were set to last 372 days but ended early due to the CSI 1000 index meeting preset standards, achieving an annualized return benchmark of 4.05% to 4.35% [3] - ICBC Wealth Management's product also successfully triggered the knockout condition on June 30, leading to an early termination on July 3, driven by the strong performance of the CSI 1000 index [3] - Ningyin Wealth Management announced the early termination of its product originally set to mature on November 24, 2026, now maturing on July 2, 2025, due to the automatic knockout mechanism linked to the index [3] Group 2: Market Demand and New Product Launches - Following the triggering of knockout events, there has been a surge in interest for products linked to the CSI 1000 index, prompting wealth management institutions to accelerate the launch of new products to meet market demand [4] - Zhaoyin Wealth Management launched the Zhaorui Focus Linked Stable CSI 1000 Automatic Trigger Product, raising over 71.67 million yuan, indicating strong market demand for such products [4] - ICBC Wealth Management also introduced a new product on July 2, continuing its linkage to the CSI 1000 index, with an annualized performance benchmark of 1.30% to 3.15% [4] Group 3: Mechanism and Market Trends - The essence of the knockout mechanism is to "lock in profits once the target performance is met," allowing products to secure returns early when the underlying asset performs better than expected, thus mitigating risks from subsequent market fluctuations [5] - The CSI 1000 index has seen a cumulative increase of 2.25% over the past 60 days and a year-to-date increase of 6.46%, providing strong support for the performance of related wealth management products [5] - A significant portion of wealth management products currently in the sales and subscription phases are still focused on fixed income enhancement and mixed products, with many linked to indices like "A50," "A500," and "A1000," indicating a continued preference for passive index investment strategies in equity assets [5]

Market Overview - The bond market showed a strong fluctuation with an overall balanced and loose funding environment. The weighted average of DR007 was 1.42% and the yield of 10-year government bonds closed at 1.64% [2] - The A-share market continued its upward trend, with the Shanghai Composite Index, CSI 300 Index, and ChiNext Index increasing by 1.4%, 1.54%, and 1.5% respectively [2] Product Performance - The number of underperforming wealth management products slightly decreased, with 123 out of 24,104 public wealth management products having a cumulative net value below 1, resulting in a comprehensive underperformance rate of 0.51% [3] - The underperformance rates for equity and mixed wealth management products were 43.9% and 6.08% respectively, while fixed income products had a rate of 0.13% [3] New Product Issuance - A total of 488 wealth management products were issued by 31 companies from June 30 to July 4, with the majority being R2 (medium-low risk), closed-end net value type, and fixed income public products [4] - The issuance of mixed products was limited to 11, accounting for 2.2%, while no new equity products were launched [4] - The pricing of new products saw a decline, with the benchmark performance rate for products with a term of less than one month dropping by 13 basis points to 2.17% [4] Product Innovation - Minsheng Bank's new product "Guizhu Fixed Income Enhanced Zhijiang Technology Innovation Semi-Annual Holding Period Wealth Management Product A" focuses on enhancing returns through equity investments in high-quality technology innovation companies in Zhejiang Province [5] - The product "Zhaorui Jiayi (Risk Balanced) Day Open 14-Month Holding No. 1" from China Merchants Bank features a detailed and transparent investment strategy, combining various asset classes [5] Weekly Returns - The overall performance of wealth management products benefited from the rise in the equity market, with fixed income products showing an average net value growth rate of 0.0761% [6] - Cash management products had annualized returns of 1.446% for RMB, 3.957% for USD, and 2.88% for AUD [7] Industry Trends - The total scale of bank wealth management products grew to 31 trillion yuan, with a slight increase of 3.4% compared to the end of last year, despite a decline in average yield by 22 basis points to 2.4% [8] - The redemption of several products from Jianxin Wealth Management was triggered, possibly due to seasonal cash flow returning to deposits [9] - The chief economist of Minsheng Bank anticipates a moderate growth trend in the wealth management market, focusing on deposit replacement and optimizing product structure [10]

21世纪经济报道记者叶麦穗 广州报道 股市近期表现强势，也影响到了银行理财市场。近期，兴银理 财、工银理财、宁银理财等多家理财公司发布公告称，旗下挂钩 "中证1000指数" 自动触发策略理财产 品因触发敲出条件提前终止。业绩提前"达标"，引起投资人"围观"，市场追捧，机构积极发行新产 品"补位"。 挂钩产品提前终止 7月2日，兴银理财发布公告，旗下丰利兴动多策略封闭式121号增强型固收类系列6只理财产品提前终 止。该系列产品成立于今年4月，原期限372天，因挂钩的中证1000指数在观察日收盘价格达标，触发敲 出事件，衍生品交易提前终止，产品提前终止。由于产品的敲出业绩比较基准为年化4.05%—4.35%。 从提前终止的结果来看，显然已达到这一收益水平。 无独有偶，工银理财鑫悦中证1000自动触发策略固定收益类封闭式理财产品也于6月30日触发敲出，于7 月3日提前终止，核心原因同样是中证1000指数表现强劲。 宁银理财7月1日当日发布公告称，旗下理财产品宁银理财皎月灵活稳利挂钩型封闭式理财107号，原定 产品到期日为2026年11月24日，根据产品说明书的约定，计划对产品进行提前到期，提前到期日为2025 年7 ...

6月27日，招银理财官网发布公告称，公司董事会同意聘任董方为公司总裁，至董方总裁任职资格获得 国家金融监督管理总局核准之日前，由其代为履行总裁职责。 招银理财向南都·湾财社记者表示，董方作为招商系金融管理人员，深度参与了招商银行资管业务体系 搭建与财富管理创新，又具备公募基金行业的前沿经验，对财富管理及资产管理行业有着专业积淀和深 刻洞察。董方的加盟，有望深化以"固收+"为代表的全产品线布局，夯实招银理财投资研究核心竞争 力，加速招银理财向"全能型资管机构"的转型升级。 值得一提的是，董方的履新也是近期"招商系"金融机构高层人事变动的重要一环。5月19日，招商基金 发布高级管理人员变更公告显示，公司总经理徐勇因个人原因离任，由招银理财总裁钟文岳接任。 6月3日，招商证券公告显示，经董事会全票表决通过，聘任招商银行原副行长朱江涛为总裁，任期至第 八届董事会届满之日止。此前，招商证券前任总裁吴宗敏已于5月初到龄退休；5月23日，招商银行公告 亦显示，朱江涛因工作原因已辞去副行长职务。 随着董方履新招银理财，招商证券、招商基金与招银理财已陆续完成重要人事调整。 公开资料显示，招银理财成立于2019年11月，是国内首 ...

投资大师格雷厄姆和诺贝尔经济学奖获得者马科维茨都曾称资产配置是投资中唯一的"免费的午餐"。 分散投资容易实现，真正的困难在于有效分散，即分散到负相关性或低相关性的不同资产上。同时，投资者还在 要求更高的确定性。 有效分散带给投资结果的意义，在市场风平浪静时，可能不那么明显。但遇到如 2025 年 4 月 7 日，全球市场 因特朗普关税政策遭遇大幅回调，包括部分理财产品也出现较大损失这样的极特殊情况时，结果的分化就产生 了。 根据招行的官方 数据，我们观察到，成立于 2023 年 9 月 1 日的招银理财招睿嘉裕日开 360 天持有期 1 号增 强型固定收益类虽然在 当天出现了小幅回撤，但仅七个交易日就迅速修复，随后净值持续创下新高。 招银理财作为聪投长期关注的宝藏团队，之前也有过多次报道。 带着对这一净值表现的好奇，我们与债券投资部总经理助理，同时也是负责智远、增鑫等多个系列产品的 刘辉 ； 以及债券投资部资深投资经理，主要负责嘉裕系列、智远系列和增鑫系列的 罗婷元 做了一次深入交流，再次 加深了我们对招银理财固收团队的认知。 截至2025年6月25日，成立于2022年11月25日的嘉裕系列代表产品嘉裕日开1 ...

Core Insights - The report focuses on the performance of pure fixed income, "fixed income + options," and cash management financial products [1] - The analysis covers the average net value growth rates and highlights top-performing products in each category [5][8][11] Group 1: Product Performance - As of June 19, the average net value growth rate for pure fixed income products with a maturity of three months or less was 1.07%, outperforming cash management products [5] - Among pure fixed income products, 88.55% recorded positive returns each month over the past six months [5] - The top-performing product was Hangyin Wealth's "Happiness 99 Gain Fixed Income (Short Debt) Daily Open Type" with a net value growth rate of 2.89% [5] Group 2: Highlights of Fixed Income + Options Products - The average net value growth rate for "fixed income + options" products was 0.21%, with a maximum drawdown of 1.37% [8] - The leading products in this category were "Zhaoyin Global Asset Momentum Two-Year Fixed Open 8A" and "Zhaoyin Global Asset Momentum Fourteen-Month Fixed Open 8A," with growth rates of 1.91% and 1.55%, respectively [8] Group 3: Cash Management Products - The average annualized yield for RMB cash management products over the past six months was 1.562%, while for USD cash management products, it was 4.028% [11] - The top cash management products included "Qiyuan Cash 5 No. J" and "Qiyuan Currency 2 (ESG Theme) G," with yields of 2.925% and 2.626%, respectively [11]

Core Viewpoints - The Chinese wealth management industry is entering a golden period due to the continuous expansion of the middle-income group, which provides a stable customer base and drives demand for diversified and professional asset allocation [4][5] - Recent regulatory measures, including the introduction of new QDII investment quotas, aim to facilitate reasonable overseas investment by domestic entities, marking a significant step towards financial openness [4][5] Regulatory and Industry Dynamics - At the 2025 Lujiazui Forum, the head of the State Administration of Foreign Exchange announced the upcoming release of new QDII investment quotas to meet the reasonable overseas investment needs of domestic entities [2][4] - The head of the National Financial Supervision Administration highlighted that China has the largest and continuously growing middle-income group globally, making it the second-largest asset and wealth management market, with a shift towards diversified and professional asset allocation [2][4] - The 2025 Golden Bull Wealth Management Forum emphasized the transition of China's wealth management industry towards a buyer advisory era, with a consensus on prioritizing client interests and adopting diversified, globalized, and flexible asset allocation strategies [5] Peer Innovation Dynamics - Xinyin Wealth Management made its first investment in a clean energy holding-type real estate ABS, which is seen as a new financing option that supports the development of a multi-layered REITs market [6] - China Everbright Wealth Management participated as an A-class investor in the offline issuance of new shares, marking a significant shift in the traditional structure of offline share issuance [7] - China Merchants Wealth Management launched an upgraded structured wealth management product with a new "drop knock" design to enhance the probability of triggering events [7] Yield Performance - For the week of June 16-22, 2025, cash management products recorded an annualized yield of 1.41%, while money market funds maintained an annualized yield of 1.30%, both showing no change from the previous week [3][8] - The yield of pure fixed-income and fixed-income plus products generally declined, with the yield on 10-year government bonds remaining around 1.64%, indicating a narrow fluctuation [10] Break-even Rate Tracking - The break-even rate for bank wealth management products was 0.83%, down 6 basis points from the previous week, remaining at a low level [16] - The credit spread has been compressed to historical lows since September 2024, indicating limited value for investors, and future trends in credit spreads will be closely monitored [16]

在科技创新成为经济增长核心驱动力的当下，理财公司正加速锚定科技金融这片"黄金赛道"，以产品创新与战略布局叩开科技与金融深度融合的大门。不久 前，交银理财发布的国内首只挂钩"上海清算所交银理财科技金融债券指数"的理财产品正式落地；招银理财同期推出ESG科技双主题产品，将ESG理念与科 技投资标的深度绑定；浦银理财、平安理财等亦纷纷入局，通过差异化策略抢占市场。分析人士预测，未来3—5年，在政策支持与投资者需求共振下，科技 金融理财产品规模将迎来快速增长，人工智能、新能源等赛道或成投资热点。 已有多家理财公司布局 政策层面的大力支持，是理财公司布局科技型理财产品的重要驱动力。近年来，国家出台了一系列鼓励科技创新的政策措施，为科技型企业的发展创造了良 好的政策环境。中央金融工作会议明确提出，要做好科技金融等金融"五篇大文章"，引导金融机构加大对科技创新的支持力度。 政策的出台，为理财公司投资科技金融领域提供了明确方向，北京商报记者注意到，已有浦银理财、平安理财等多家理财公司发布了类似的产品。 目前，科技金融理财产品大多以固定收益类资产为主要投资标的，旨在控制风险的同时，通过投资科技创新领域相关资产，获取一定的超额收 ...