Core Viewpoint - Banks and their wealth management subsidiaries are focusing on cash management products to enhance attractiveness and capture a larger share of the stable wealth management market amid declining deposit rates and increasing competition for market funds [1][2]. Group 1: Product Optimization - Many institutions are optimizing the performance of cash management products by adjusting investment portfolios and introducing high-quality underlying assets [1]. - For instance, Guangfa Bank announced an upgrade to its cash management product "Smart Gold" to improve overall yield starting from July 14 [1]. - The average yield of cash management products remains competitive, creating a significant interest rate spread, which is crucial for retaining customers [2]. Group 2: Sales Channel Expansion - Several wealth management subsidiaries are actively collaborating with regional banks to expand sales channels, allowing products to reach a broader investor base [1]. - Previously, many cash management products were only sold through parent bank channels, limiting their market reach [1]. - Top wealth management subsidiaries have added over ten regional banks as distribution partners to enhance product accessibility [1]. Group 3: Holding Limit Adjustments - In response to the needs of high-net-worth clients and institutional investors, some banks have raised the single investor holding limit from 1 million yuan to as high as 100 million yuan [2]. - For example, Zhaoyin Wealth Management announced an increase in the holding limit for its cash management product from 1 million yuan to 100 million yuan [2]. - This adjustment provides more flexible funding allocation options for corporate clients and high-net-worth individuals [2]. Group 4: Market Strategy and Future Outlook - Banks are enhancing product appeal through improved yield rates, liquidity management, and expanded holding limits to prevent fund outflows to other investment channels [2]. - The strategy is both a reactive measure to deposit outflows and a proactive approach to adapt to the low-interest-rate environment and optimize asset structures [2]. - Future designs of cash management products are expected to become more refined, focusing on optimizing underlying asset allocation and providing differentiated services to enhance customer loyalty [3].

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 ...

Group 1 - The decline in deposit interest rates has led to a competitive "customer acquisition battle" among banks, with wealth management products becoming a popular alternative for investors [1] - As of the end of June, the scale of the bank wealth management market has returned to over 30 trillion yuan, with cash management products being a key focus for banks [1][2] - The average annualized yield for cash management wealth management products remains above 1%, making them attractive compared to the current deposit interest rate of 0.05% [1] Group 2 - Guangfa Bank announced an upgrade to its cash management product "Smart Gold" starting July 14, which will involve the removal of three money market fund products and the addition of three new ones [2][5] - Other banks are also optimizing their cash management products, with adjustments to sales channels and single account holding limits [5][8] - For example, the single account holding limit for "Zhaoying Daily Gold" products has been significantly increased, indicating a trend towards accommodating larger investments [5][7] Group 3 - Several banks, including Zhaoyin Wealth Management and Guangfa Wealth Management, have initiated a "fee reduction wave" to attract customers, with management fees being lowered to as low as 0% [8][9] - Guangfa Bank has issued over 40 announcements regarding fee reductions for various wealth management products, with reductions of up to 25 basis points [9] - The current fee reduction strategy is seen as a short-term measure to attract clients and respond to interest rate cuts, while also indicating a shift towards service optimization in the industry [9][10]

Overall Performance - In June, bond market yields declined, with government bond yields for 3 years and under significantly dropping, while the yields of pure fixed-income wealth management products slightly retreated. The average net value growth rate for public pure fixed-income products over the past six months was 1.13%, down by 17 basis points compared to May 22. 76.2% of the products achieved positive monthly returns over the past six months [5] - The top-performing products also saw a slight decline in net value growth rates, with none exceeding 3% in the past six months [5] Highlighted Product Analysis - The top ten products in terms of yield primarily have a six-month investment period. The "富竹纯债日申半年赎1号E" product from Minsheng Wealth features a unique subscription and redemption mechanism, allowing daily subscriptions and semi-annual redemptions starting February 12, 2025. The product mainly invests in high-grade credit bonds and maintains a low duration and leverage strategy [5] Cash Management Products - Cash management products have seen a downward trend in yields due to falling funding and deposit rates. As of June 26, most cash products had a seven-day annualized yield between 1% and 2%, with only 138 public cash products exceeding a mean yield of 2% over the past three months, representing just 2.7% of the total [9] - The highest yield was recorded by "华夏理财现金管理类理财产品77号F" at 3.435%, followed by "启源货币3号G" at 3.148% and "启源现金1号N" at 2.949% [9] "Fixed Income + Options" Products - The net value growth rates for "fixed income + options" products over the past three months were all below 1.5%, with the top product being "鸿锦封闭式2025年第12期" from Zhongyou Wealth, achieving a growth rate of 1.42% [14] - The products employ various strategies, including automatic triggering strategies linked to gold and U.S. Treasury yields. Notably, the "阳光青睿跃乐享29期" product utilizes an options-based insurance strategy linked to gold [13][15] - The early termination of structured products due to triggering events allows investors to quickly recover principal and agreed returns, although it may limit potential profit margins in bullish markets [16]

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 ...

Core Insights - The decline in deposit rates is driving banks to promote wealth management products as a key asset allocation choice for residents [1][2] - Banks are adopting a multi-faceted approach to attract more funds, including lowering fees, innovating products, expanding channels, and increasing product holding limits [1][2][4] Group 1: Market Dynamics - As deposit rates continue to decrease, the yield on bank wealth management products remains relatively stable, with some products showing impressive performance [2] - The total scale of the bank wealth management market has surpassed 31 trillion yuan as of June 19, 2025 [2] - Banks are expanding their distribution channels by increasing the range of selling institutions, including moving from joint-stock banks to city commercial banks and rural commercial banks [2] Group 2: Product Innovation - Several wealth management subsidiaries are launching "micro-rights" series products, which invest no more than 5% of net assets in equity assets, aiming to reduce risk while seeking appreciation [3] - For example, Qingyin Wealth Management recently introduced a product with a minimum investment of just 1 yuan and an annualized performance benchmark between 2.6% and 3.6% [3] - Wealth management subsidiaries are also reducing fees to enhance market competitiveness, with several institutions initiating fee reductions since June [3] Group 3: Strategic Responses - The multi-dimensional layout of wealth management subsidiaries is a strategic response to the decline in deposit rates, aiming to stabilize existing customer resources while capturing new funds [4] - The growth momentum of the bank wealth management market is strong, driven by the dual forces of declining deposit rates and the trend of "deposit migration" [5] - Head institutions are expanding market share through scale advantages, while smaller institutions need to focus on regional characteristics or niche markets for differentiation [5] Group 4: Future Outlook - Wealth management subsidiaries are actively exploring new growth points by developing cross-border asset allocation products and enhancing smart investment advisory services [6] - The future innovation direction will focus on optimizing diversified asset allocation strategies, deepening the innovation of dividend products, and developing medium to long-term closed-end products [6] - The bank wealth management market is expected to exceed 33 trillion yuan by 2025, with a shift from scale-driven to value-creating business models being essential for success [6]

Overall Performance - As of June 5, the average yield of public cash management products in RMB over the past six months is 1.58%, showing a slight decline compared to May 22 [10] - The average annualized yield of public cash management products in USD over the same period is 4.06% [10] - For pure fixed-income products with a 1-2 year investment cycle, the average yield is 3.08%, down by 0.07 percentage points from April 29 [5] Highlighted Product Analysis - The top-performing pure fixed-income product over the past year is "Nan Yin Wealth Zhulian Bihhe Xinyi Stable Two-Year 36th Closed Public RMB Financial Product C," with a net value growth rate of 4.79% [6] - The second highest is "Huaxia Wealth Fixed Income Debt Type Closed Financial Product 151th A," yielding 4.5% [6] - The third is "Happiness 99 Gain Fixed Income (Smart Enjoy Pure Debt) 540-Day Holding Period Financial Product," with a yield of 4.13% [6][7] Cash Management Products - The top three cash management products with the highest average annualized yield over the past six months are "Suyin Wealth Qiyuan Cash No. 5 J" at 2.91%, "Suyin Wealth Qiyuan Currency No. 2 (ESG Theme) G" at 2.63%, and "Bohai Wealth Silver Storage Series Add Gold Cash Management Financial Product No. 3 G" at 2.33% [11] "Fixed Income + Options" Products - The average net value growth rate for public "fixed income + options" products over the past six months is 0.6%, showing a slight decline compared to May 8 [14] - The top three products in this category are from Zhaoyin Wealth, with "Zhaoyin Global Asset Momentum Two-Year Fixed Income Plan A" leading the list [15]

Core Insights - The LABUBU toy has become a marketing tool for banks to attract new customers and deposits, with significant demand in the secondary market where prices have surged over 600% [2][3] - Recent interest rate cuts have led to a "migration" of deposits, as customers seek better returns amid declining savings rates [4][8] - The banking sector is responding to these challenges by offering innovative products and lower fees to retain and attract customers [6][7] Group 1: LABUBU Marketing Strategy - Ping An Bank's initiative to offer LABUBU blind boxes for new customers depositing 50,000 yuan has generated substantial interest, leading to a surge in customer inquiries [2][3] - The LABUBU toy's popularity is evident, with a unique piece selling for 1.08 million yuan at an auction, highlighting its value in the market [3] Group 2: Deposit Migration and Interest Rates - In June, banks have lowered deposit rates significantly, with one-year fixed deposit rates dropping below 1%, prompting customers to reconsider their savings strategies [4][11] - In April 2025, there was a notable outflow of 1.39 trillion yuan in household deposits, indicating a shift in customer behavior towards seeking higher returns [4][9] Group 3: Financial Product Innovations - Financial institutions are introducing lower management fees and innovative products, such as monthly dividend-paying investment options, to attract customers [6][7] - The trend of "fixed income + gold" products is gaining traction, with a significant portion of funds allocated to fixed income assets and a small percentage to gold-related investments [7][12] Group 4: Investment Strategies and Market Trends - The concept of "new three golds" (money market funds, bond funds, and gold funds) is becoming popular among younger investors, reflecting a shift in investment strategies [9][12] - Experts suggest that investors should adopt a diversified approach to manage risks while seeking stable returns, emphasizing the importance of asset allocation [13]

Core Viewpoint - The banking wealth management industry is experiencing a "fee war," with major institutions adopting a strategy of "low fees + high value-added services" to build competitive advantages [1][8]. Fee Reduction Trends - Many wealth management companies have announced temporary fee reductions, with management fees for mainstream products dropping to a range of 0.05% to 0.15% [1][5]. - Specific examples include Bank of China Wealth Management reducing the fixed management fee for a product from 0.3% to 0.05% per year, and other institutions following suit with similar reductions [3][4]. Market Dynamics - The significant decline in management fees is attributed to intensified market competition and regulatory guidance, indicating a shift from "extensive growth" to "refined operations" in the industry [5][6]. - The current market environment, characterized by declining deposit rates and lower yields on fixed-income assets, is driving wealth management firms to lower fees to maintain product attractiveness [5][9]. Competitive Landscape - The fee reduction strategy is expected to enhance the market share of leading institutions, further increasing industry concentration [8][9]. - Smaller institutions may face greater profit pressure if they do not follow suit with fee reductions, necessitating differentiation in products and performance [9][12]. Long-term Implications - While low or zero management fees may become a common strategy among leading firms, the sustainability of such low fees for smaller firms is questionable due to operational costs and profit pressures [9][12]. - The focus on low fees alone is insufficient; firms must enhance their investment research capabilities and product innovation to remain competitive in the long term [10][12]. Strategic Recommendations - Wealth management companies should prioritize product innovation, investment research capabilities, and digital financial investments to improve competitiveness [12]. - Balancing safety, profitability, and liquidity remains a significant challenge for banks and wealth management firms, requiring ongoing adaptation to market conditions and investor needs [12].

作 者丨 叶麦穗 编 辑丨周炎炎 图 源丨IC 新一轮银行集中下调存款挂牌利率后，银行理财子公司再次掀起"降费大酬宾"的活动。近 期，中银理财、交银理财、招银理财等多家银行理财子公司陆续下调旗下理财产品的费率， 包括固定管理费、销售服务费、托管费等多个种类，最低降至0.01%。 此外，5月16日，交银理财也发布公告称，旗下稳享灵动添利5号尊享版理财产品的固定管理 费率将由0.20%下调至0.05%，优惠于5月21日生效。 5月29日，湖南银行发布《关于调整融智理财添利系列-D540-5理财产品销售服务费、固定投 资管理费、浮动投资管理费收取比例及起点的公告 》，根据公告内容，因市场变化，湖南银 行拟对融智理财添利系列-D540-5人民币理财产品（产品代码：Y20305）销售服务费、固定 投资管理费、浮动投资管理费收取比例及起点进行调整， 其中销售服务费从年化0.2%调整为 0，固定投资管理费从年化0.6%调整至年化0.5%， 此外业绩提成也出现了调整。 浦银理财表示旗下浦银理财月月鑫臻享款（公司专属）1号理财产品的托管费有原来的年化 0.5%调整为最新的年化0.3%。 光大理财则在5月21日（含）至12月03 ...