净值型理财产品缘何受债券市场波动影响?

Why Net Value Wealth Management Products Reflect Bond Market Fluctuations

2020年债券市场短期大幅调整成为了资管新规后理财产品净值化转型迎来的一次考验,部分产品净值发生下跌甚至跌破面值,投资者出现投诉银行的行为。产品端、资产端和负债端都会影响产品的表现,因此,在理财产品净值化转型道路上有如下三点启示:一是产品设计上应以封闭式为首、主推定开型,稳步推进按日开放型产品;二是投资运作上应关注资产配置、重视业绩归因,积极探索"固收+"产品;三是以完善的信息披露制度为基础,探索发展理财市场专业机构,帮助投资者识别挑选理财产品。

The short but sharp adjustment of the bond market in 2020 has become a test for the net value transformation of wealth management products following the issuance of new asset management regulations. The net value of some products has fallen, in some cases below face value, and investors have complained about bank practices. The product side, asset side, and liability side will all affect the performance of the product. Therefore, there are three key areas to keep in mind amid the transformation of the net worth of wealth management products. In product design, the closed type should be the first priority, and the daily open type products should be steadily promoted. Second, investment operations should focus on asset allocation, pay attention to performance attribution, and actively explore "fixed income +" products. Third, there is a need to explore the development of professional financial market institutions based on a sound information disclosure system to help investors identify appropriate financial products.