【导读】基金业绩比较基准新规"落地"倒计时，基金公司已上报修改方案，获监管多轮反馈 北京一家中型基金公司表示，目前已上报了相关方案，将在维护产品稳定运作、安抚好投资者情绪的基 础上，审慎有序地推进存量产品业绩比较基准的调整，也会实时关注同业进度，交流借鉴成功经验。 "年前基准修改的整体报告已提交会里和局里，目前持续收到咨询和涉及部分产品的修改，有权益类产 品也有债券型基金。有些还处于方案拟定过程中，最终定稿和执行有待会里统一安排。"沪上一家大型 基金公司表示。 另外，还有多家基金公司表示，经评估，无需对存量产品进行业绩基准变更，调整工作无特别压力，后 期根据监管及行业节奏做规范性表述修订即可。 记者从多家基金公司了解到，监管对基金公司提交的基准修改材料已反馈意见。从反馈的内容来看，监 管关心的问题主要包括：基准调整是否降低了标准、基准与历史运作的匹配度、是否符合合同约定，以 及是否与未来产品定位一致等。 公募基金业绩比较基准新规"落地"倒计时。中国基金报记者从业内了解到，多家基金公司已向监管提交 了产品基准修改方案的相关报告材料，有基金公司已获多轮反馈。 多位业内人士表示，目前监管主要关心的是基准调整是否降低 ...

岁末洞见·2026湾区财富管理高端访谈 吴显鏖提到，充分依托大湾区联结内外循环的优势，中金财富建立了具备全球视野的资产配置能力，和以客户 为中心的买方投顾体系。面对粤港澳大湾区进一步金融开放带来的发展机遇，中金财富也在积极把握，以跨境 理财通业务为例，截至2025年末客户资产的配置量、保有量增幅分别近260%和90%。他还就未来如何做好跨 境财富管理服务，分享了最新思考。 跨境理财通配置规模同比增幅超200% 在粤港澳大湾区建设中，深圳以其改革创新基因，持续强化"科创+金融"双轮驱动，成为驱动区域高质量发展 的重要引擎。而这片创新热土，同样是财富管理行业深耕布局的沃土。深圳市政府相关负责人曾在2025年10月 的公开会议中提到，彼时深圳财富管理总规模已超过31万亿元，较年初增加7%，占全国20%，位列国内大中 城市第三。 作为中金公司财富管理业务平台，中金财富自创立起就以深圳为发展根据地。据吴显鏖介绍，过去几年，中金 财富全面整合财富管理业务平台，以深圳为境内业务总部，以香港为国际业务中心，将该公司的财富管理服务 能力广泛拓展至共建"一带一路"国家和地区。 编者按： 2026年正处于"十四五"收官、"十五五" ...

Core Viewpoint - The bank wealth management market is experiencing steady growth, with the total scale exceeding 33.29 trillion yuan by the end of 2025, reflecting an 11.15% increase from the beginning of the year, indicating a robust growth trend in the industry [3][8]. Group 1: Market Overview - As of the end of 2025, the bank wealth management market's total scale reached 33.29 trillion yuan, marking an 11.15% growth compared to the beginning of the year, continuing the trend of steady growth observed in recent years [3]. - The growth momentum is strong, with the market showing a consistent recovery in scale, particularly in the second half of the year, which reflects increased investor confidence amid the deepening asset management regulations [3][8]. Group 2: Investment Type Changes - Fixed income products dominate the market, with fixed income + and cash management products maintaining stable growth, reaching 16.47 trillion yuan and 6.44 trillion yuan respectively by January 2026, indicating a preference for low-volatility, stable-return products [5]. - The scale of mixed-asset products has increased for three consecutive months, rising from 2389.43 billion yuan in November 2025 to 2885.28 billion yuan in January 2026, reflecting a moderate increase in equity allocation to enhance returns [5][6]. - Equity products saw a slight decline, dropping to 94.87 billion yuan in January 2026, accounting for less than 0.1% of the total, indicating a cautious approach to equity asset allocation in a volatile market [5][6]. Group 3: New Product Issuance - From November 2025 to January 2026, the new issuance of bank wealth management products showed a fluctuating growth trend, with the total new issuance reaching 5674.73 billion yuan in January 2026, a 21.07% increase from the previous month [12]. - Long-term products (1-3 years) accounted for the highest proportion of new issuances, reaching 50.89% in January 2026, reflecting a growing preference for medium to long-term products [12][25]. - The average performance benchmark for newly issued products in January 2026 was 2.43%, slightly down from 2.46% the previous month, indicating a trend where longer-term products generally offer higher benchmarks [15]. Group 4: Performance Tracking - The overall performance benchmark compliance rate for wealth management products was 66.99% in January 2026, a slight increase of 1.42 percentage points from the previous month, reflecting marginal improvements in market conditions [35]. - The compliance rate for products with a holding period of 6-12 months was the highest at 75.62%, while products with a holding period of over 3 years had the lowest compliance rate at 25.0%, indicating improved stability in long-term product performance [35]. - Short-term products also showed significant recovery, with the compliance rate for 1-3 month holding period products rising from 50.0% to 58.33%, demonstrating enhanced liquidity management capabilities [35].

岁末年初，回望公募基金行业高质量发展的奋进之路，中银基金锚定本源、勇担使命，交出了一份亮眼答卷。 展望2026年，在坚定不移走好中国特色金融发展之路的过程中，公司将持续推动公募业务回归本源，努力打造深受投资者 信赖的资产管理平台，为自身与行业的高质量发展注入持久动力。 多维发力 夯实高质量发展核心底气 面对提升投资者获得感的行业主线，公司深刻认识到，唯有立足长期、回归本源，将投研能力建设作为根本路径，才是破 解高质量发展命题的关键。为此，公司正着力锻造"平台式、一体化、多策略"的投研体系，通过持续优化人才梯队、强化深度 研究与协同作战能力，筑牢能够持续创造长期回报的核心竞争力，切实将投资者利益优先转化为可感知、可持续的投资价值。 与此同时，公司将继续坚持权益化、零售化的转型方向，积极践行金融"五篇大文章"。在产品布局上，公司将主动把握市 场机遇，重点做大做强权益类与"固收+"类等产品，扎实布局FOF、ETF、公募REITs等领域，通过前瞻布局未来产业等科技主 题产品、完善养老金融产品线、打造特色化ETF矩阵，系统构建面向未来的产品竞争优势。 展望未来，公司致力于以更丰富、更优质的产品供给，有效承接居民财富配置 ...

2025年，理财公司产品发行量大幅增加，有32家理财公司发行了23525只净值型理财产品（以产品登记编码为统计标识），同比2024年的14099只大涨近 70%，发行产品仍以固收类产品为主，虽有拓展发行侧重多资产多策略的混合类和权益类产品但整体比重仍较低，同时，新发产品更侧重短期限和高流动 性。 此外，在利率下行的背景下，2025年理财产品业绩比较基准整体呈下行走势，理财产品的定价区间从原先的2.30%—3.00%下移至1.90%-2.70%，所有期限产 品的平均定价均跌至3%以下，业内普遍认为业绩比较基准下行压力仍将延续但降幅会收窄。 从"吸金"规模看，剔除部分理财公司产品募集规模未披露外，2025年理财公司单品平均募集规模为2.56亿元，低于3亿元，全年有三款募集规模超百亿的理 财产品。 新品结构：产品发行量同比大涨近70%，短期化高流动性成新品标签 据南财理财通数据，2025年，有32家理财公司发行了23525只净值型理财产品（以产品登记编码为统计标识），同比2024年的14099只大涨近70%，为 66.86%，理财公司产品发行量大幅增加。 从发行机构看，发行数量排名前七的理财公司均背靠股份行，其中华 ...

此外，在利率下行的背景下，2025年理财产品业绩比较基准整体呈下行走势，理财产品的定价区间从原先的2.30%—3.00%下移至1.90%-2.70%，所有期限 产品的平均定价均跌至3%以下，业内普遍认为业绩比较基准下行压力仍将延续但降幅会收窄。 从"吸金"规模看，剔除部分理财公司产品募集规模未披露外，2025年理财公司单品平均募集规模为2.56亿元，低于3亿元，全年有三款募集规模超百亿的理 财产品。 新品结构：产品发行量同比大涨近70%，短期化高流动性成新品标签 据南财理财通数据，2025年，有32家理财公司发行了23525只净值型理财产品（以产品登记编码为统计标识），同比2024年的14099只大涨近70%，为 66.86%，理财公司产品发行量大幅增加。 2025年，理财公司产品发行量大幅增加，有32家理财公司发行了23525只净值型理财产品（以产品登记编码为统计标识），同比2024年的14099只大涨近 70%，发行产品仍以固收类产品为主，虽有拓展发行侧重多资产多策略的混合类和权益类产品但整体比重仍较低，同时，新发产品更侧重短期限和高流动 性。 从发行机构看，发行数量排名前七的理财公司均背靠股份行，其中华 ...

Investment Rating - The report maintains an "Outperform" rating for the banking sector, indicating expected performance above the market benchmark by more than 10% [4][41]. Core Insights - The banking wealth management sector is experiencing a slight increase in scale, with a focus on loan growth at the beginning of the year, leading to a stable overall scale in January [1]. - The industry is characterized by a significant "Matthew Effect," where leading wealth management companies dominate the market, while smaller firms are still in the early stages of development [1][10]. - The transition from pure fixed income to "fixed income plus" and multi-asset strategies is a gradual but firm trend in the industry, with mixed-asset products becoming the main battlefield for this transformation [1][2]. Summary by Sections Wealth Management Product Layout - As of the end of 2025, there are 191 institutions with active wealth management products, with wealth management companies holding 92.25% of the total market scale [10]. - The mixed-asset and equity products are primarily concentrated among large banks and leading joint-stock banks, reflecting a strategic focus on these areas [10]. Performance Metrics - In January 2026, the weighted average annualized yield of bank wealth management products rose to 3.62%, an increase of 181 basis points from the previous month [11]. - The initial fundraising scale for newly issued products in January was 423.8 billion, with most being fixed-income products [20]. Product Development Strategy - Wealth management subsidiaries are advised to prioritize mixed-asset products to build experience in equity and derivatives management before cautiously introducing pure equity products [2]. - Leading firms like Agricultural Bank Wealth Management and Everbright Wealth Management have established scale advantages in mixed-asset products, leveraging their channel and brand strengths [2]. Market Outlook - The investment strategy for 2026 should shift from focusing on yield elasticity to ensuring yield certainty, emphasizing risk budget management and the use of innovative tools and strategies [3]. - The report suggests increasing the development and application of structured products linked to broad or industry indices to meet the demand for stable returns in a volatile market [3].

一方面，实施"从混合到权益"的能力积累。理财子优先深耕混合类产品， 通过"固收打底、多策略增强"的模式，在控制波动前提下积累权益、衍生 品等实战管理经验，逐步搭建多资产配置框架。待投研体系与风控机制成熟 后，再审慎推出以追求长期资本增值为目标的纯权益类产品。 银行理财 2026 年 2 月月报 优于大市 从财报看理财子如何布局多资产 银行开年"心思"不在卖理财上，1 月份理财存量规模环比基本持平略有少 增。阶段性规模少增原因在于 1 月份银行重点抓贷款"开门红"，同时中收 营销力度着力"分红险"等更高销售佣金率的产品；不过随着居民定期存款 到期再配置，判断节后理财逐步将迎来显著增量。 本期月报中我们整理了市场各家理财子多资产产品布局：当前理财行业在多 资产产品布局上呈现"整体占比低、个体差异大、发展刚初期"的显著特征； （1）行业马太效应明显：根据 2025 年银行半年报数据披露，招银理财、兴 银理财、工银理财、中银理财、农银理财等规模领先，多数城商行理财子公 司规模在 1000 亿至 6000 亿元之间，让她合资理财公司（如贝莱德建信、汇 华理财等）及部分小型公司规模尚在百亿量级，处于差异化起步阶段：（2） ...

Core Viewpoint - Shanghai is well-developed in terms of "hardware" for building an international financial center, but it lacks in "software," particularly in talent acquisition for the financial asset management industry [1] Group 1: Talent Acquisition - There is a pressing need for Shanghai to attract high-end financial asset management talent, especially those skilled in AI, data, and quantitative techniques to address the integration of finance and technology [1] - The aging population in Shanghai necessitates the introduction of composite talents to support the evolving financial landscape [1] Group 2: Role of Public Funds - Public funds should play a crucial role in building a strong financial nation by guiding long-term capital from pensions and social security funds to support the real economy through technological innovation [1] - Public funds are increasing their support for the technology sector, with equity products investing significantly in leading technology companies and newly listed firms on the ChiNext and STAR Market [1] Group 3: Long-term Capital Management - Public funds face high liquidity management requirements, making it challenging to fully align with the long-term capital needs of technological innovation [2] - The establishment of government-led guiding funds is suggested to better direct long-term investment from public funds towards strategic emerging industries [2] Group 4: Focus Areas for Development - The focus on technological innovation and high-quality development is seen as a core driver of macroeconomic growth, with an emphasis on addressing social issues such as green low-carbon initiatives and solutions for the aging population and children [2]

Core Viewpoint - The report indicates a slight decline in the total scale of bank wealth management products, with a year-on-year growth of 5.7% but a month-on-month decrease, primarily driven by fixed income products [1]. Group 1: Wealth Management Scale - As of the end of January 2026, the total scale of bank wealth management products was 31.55 trillion, reflecting a year-on-year increase of 5.7% and a month-on-month decrease of 0.2% [1]. - The decline in scale was mainly attributed to fixed income products, which saw a decrease of 891 billion, while cash management and mixed products increased by 141 billion and 204 billion respectively compared to the beginning of the year [1]. Group 2: New Product Issuance - In January, 2,513 new wealth management products were issued, which is a decrease of 324 from December, with an initial fundraising scale of 4,238 billion, down 22.0% month-on-month [1]. - The breakdown of new products includes 54 cash management, 2,411 fixed income, 32 mixed, and 16 equity products, with respective month-on-month changes of -4, -261, -41, and -8 [1]. Group 3: Average Yield - The weighted average yield of bank wealth management products in January was 2.86%, an increase of 8 basis points from December [1]. - Specifically, the average yields for cash management and pure fixed income products were 1.78% and 2.65%, showing decreases of 8 basis points and 2 basis points respectively; while the yields for fixed income + type and mixed products increased by 5 basis points and 78 basis points to 2.89% and 4.19% respectively [1]. - Equity products saw a significant rise in yield from 4.57% to 12.33%, highlighting a pronounced shift in market dynamics [1]. Group 4: Product Performance - The number of underperforming wealth management products returned to a lower level in January, with 1,074 products breaking net value, accounting for 1.5% of the total, marking the lowest level in nearly two years [2].