Competition Among Wealth Management Products Heats Up(AI Translation)
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- Some wealth management products in China showed a spike in short-term yields at year-end, attributed to market conditions and artificial manipulation, reflecting challenges in the transition to net-value transformation.
- Investors were attracted by high initial yields that later dropped, with some wealth management firms allegedly using high-yield assets and timing profit releases to inflate new product yields, potentially misleading customers.
- The trend towards low-volatility and short-duration investment products has grown, with customers preferring cash management and short-holding-period products over long-term investments due to conservative behavior following a redemption wave in November 2022.
文｜财新周刊 武晓蒙 范浅蝉 张宇哲
By Caixin Weekly's Wu Xiaomeng, Fan Qianchan, Zhang Yuzhe
岁末年初，一些短期理财产品收益率飙升引发关注，虽与资金面及市场行情有关，但亦不乏人为因素推波助澜。据财新多方了解，部分理财公司借新发产品较易做高收益率“吸金”，有误导销售之嫌，但也折射出银行理财在净值化转型中面临的挑战和困境。
As the year-end and the beginning of a new year approach, the soaring interest rates of some short-term financial products have drawn attention. While related to liquidity and market conditions, there are also artificial factors at play that exacerbate the situation. According to Caixin's comprehensive investigations, some wealth management companies leverage new product launches, which can more easily tout high yields to attract funds, raising concerns over misleading sales tactics. This also reflects the challenges and dilemmas faced by bank wealth management in their transition to net value-based operations.
35岁的林女士是一位普通上班族，平时会将闲余资金放在活钱理财里以备不时之需。近期，她买的一款现金管理类理财产品令她颇为不解。“元旦前发工资时买了这款产品，当时展示的七日年化收益率接近5%，我还以为捡了宝，腾挪不少资金进去，结果不到一个月收益率跌到2.5%了。”她向财新表示，虽然没有亏损，但收益率短期内快速下降还是让她体验不好；此外该产品管理费率已调整为新发产品时的3倍。
Ms. Lin, a 35-year-old office worker, usually puts her spare cash into money management financial products for unexpected needs. Recently, she was puzzled by a cash management financial product she purchased. "I bought this product right before New Year's Day when the salary was paid; at that time, the displayed seven-day annualized yield was close to 5%, and I thought I had found a treasure, so I moved quite a bit of funds into it. However, in less than a month, the yield fell to 2.5%," she told Caixin. Although there were no losses, the rapid decline in the yield rate over such a short period still resulted in an unsatisfactory experience; moreover, the management fee rate for this product has been adjusted to three times that of new issues.
上述案例并非孤例。不少投资者发现，短期理财在跨年节点前后的年化收益率有所提升，幅度有大有小。普益标准发布的理财报告显示，2023年12月全国精选的60款现金管理类产品周均七日年化收益率波动上行，由月初周均值2.19%升至月末周均值2.28%。
The above case is not an isolated one. Many investors have found that the annualized yield of short-term financial products tends to increase around the turn of the year, with varying degrees of change. According to a wealth management report released by Puyi Standard, in December 2023, the average weekly seven-day annualized yield for 60 selected cash management products across the country fluctuated upward, rising from an average weekly rate of 2.19% at the beginning of the month to 2.28% by month-end.
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