Core Viewpoint - The recent trend of "early profit-taking" in USD wealth management products has drawn attention to their high yields, with average annualized returns exceeding 4.12% as of June, influenced by the Federal Reserve's monetary policy, U.S. Treasury yields, and the USD exchange rate [2][4]. Group 1: Performance and Trends - As of June, the average annualized yield for USD wealth management products over the past six months was 4.12%, with one-month and three-month yields at approximately 3.96% [5]. - The issuance of USD wealth management products is on the rise, with over 20 products currently in fundraising, and some offering performance benchmarks exceeding 4% [2][6]. - The number of newly issued USD wealth management products reached 161 in June, marking a new high for the first half of the year, with a year-on-year increase of 31.97% [6]. Group 2: Product Details and Adjustments - Several USD wealth management products, including those from 招银理财, have reached their profit-taking conditions and will terminate early, with some ending approximately 18 months ahead of schedule [3][4]. - 招银理财 has optimized the contract terms for seven USD target profit products, reducing the early termination observation period from five working days to three [4]. Group 3: Market Considerations - Despite high performance benchmarks, industry experts advise caution regarding the potential impact of the Federal Reserve's interest rate cuts and exchange rate fluctuations on USD wealth management products [8]. - The USD index has declined over 10% this year, and the exchange rate against the RMB has dropped from 7.35 to around 7.16, posing risks for investors who purchased USD at higher rates [8].