"理财公司为降低波动，减持长久期债券，进一步加剧理财产品收益率下行。此外，纯固收类产品因缺 乏权益类资产对冲，债市回调时净值波动更显著，叠加信用利差走阔压缩票息收益空间，导致其收益率 降幅较大。"星图金融研究院副院长、苏商银行特约研究员薛洪言分析称。 "权益市场走强，债市保持震荡，让'固收+'产品的多元配置策略优势凸显。"某国有大行理财公司投研 负责人告诉记者。 7月以来，理财产品底层资产收益表现呈现分化。纯固收类理财产品收益率出现回调，部分"固收+"、混 合类、权益类产品收益率较为可观。多位理财公司人士向记者透露，将持续深耕"固收+"产品，"+资 产"的部分主要聚焦于优先股、指数ETF、高股息股票、黄金、美股等。业内人士认为，在债市震荡及 优质资产荒背景下，"固收+"理财产品的配置价值将进一步显现。 ● 本报记者 石诗语 资产收益表现分化 7月下旬以来，债市出现一定幅度调整，由于理财产品的底层资产以债券为主，部分纯固收类理财产品 收益率也出现回调。 普益标准数据显示，7月21日-7月27日，理财公司存续开放式固收类理财产品（不含现金管理类产品） 近1个月年化收益率平均水平为2.81%，环比下跌0.23个百分 ...

普益标准数据显示，7月21日-7月27日，理财公司存续开放式固收类理财产品（不含现金管理类产品） 近1个月年化收益率平均水平为2.81%，环比下跌0.23个百分点；到期开放式固收类理财产品的平均兑付 收益率（年化）为2.43%，环比下跌0.21个百分点，落后其平均业绩比较基准0.23个百分点。对此，普 益标准研究员张璟晗表示，固定收益类理财产品的底层资产主要是债券，债市回调引发理财产品净值回 撤。 "理财公司为降低波动，减持长久期债券，进一步加剧理财产品收益率下行。此外，纯固收类产品因缺 乏权益类资产对冲，债市回调时净值波动更显著，叠加信用利差走阔压缩票息收益空间，导致其收益率 降幅较大。"星图金融研究院副院长、苏商银行特约研究员薛洪言分析称。 中邮理财认为，近期债市调整的影响因素主要包括：市场对"反内卷"政策的预期增强，叠加股市走强， 投资者风险偏好提升，促使部分资金从债市流向权益市场，形成"股债跷跷板"效应；同时，此前债券市 场交易拥挤，久期水平处于历史高位，杠杆率接近历史高点，信用利差被压缩至低位，市场脆弱性加 剧。在此背景下，经历前期上涨的债市投资者止盈情绪上升，引发连锁抛售，令市场波动加大；出口数 ...

Core Viewpoint - The bond market is experiencing fluctuations due to various factors, impacting the performance of bank wealth management products, particularly pure fixed-income products, which have seen a short-term decline in yields. However, with the recent recovery in equity and commodity markets, some "fixed income+" products have shown strong performance [1][2]. Group 1: Market Performance - Since late July, the bond market has undergone adjustments, leading to a decline in yields for pure fixed-income wealth management products, which primarily invest in bonds. For instance, from July 21 to July 27, the average annualized yield for open-ended fixed-income products was 2.81%, down 0.23 percentage points from the previous period [2]. - The average redemption yield for open-ended fixed-income products was 2.43%, a decrease of 0.21 percentage points, lagging behind the average performance benchmark by 0.23 percentage points [2]. Group 2: Investment Opportunities - Industry experts believe that the configuration value of "fixed income+" wealth management products will become more prominent in the second half of the year. These products are seen as important tools for balancing returns and volatility due to their moderate risk levels and higher yield elasticity [3]. - There is an expectation for the continued expansion of the scale of rights-inclusive wealth management products, driven by structural contradictions in the market, such as ample funds and a scarcity of quality assets [3]. Group 3: Asset Allocation Strategies - Financial institutions are encouraged to move beyond traditional fixed-income reliance and explore project-based asset values, focusing on stable cash flow assets like infrastructure REITs. They should also capture structural opportunities in the equity market through quantitative index enhancement strategies and other financial instruments [3]. - Future asset allocation may reduce dependence on bond coupons and increase the allocation to interest rate bonds to seize trading opportunities, with public funds being a significant channel for this diversification [3].