"Why are the bank's wealth management products the same as the funds? A net worth is reported every day, and the expected annualized rate of return has disappeared?"

Two years ago, he helped his mother buy wealth management products on mobile banking.

In his memory, each product has an "expected annualized rate of return", and the mother selects products based on this value.

Now it's his turn to work to make money and buy wealth management, but he finds that the bank's products have changed.

　　In the past two years, the banking wealth management market has indeed undergone great changes.

With the end of the transition period for the new asset management regulations at the end of 2021, the first year of the new asset management regulations in 2022 will officially begin, and the bank wealth management market has entered an era of comprehensive net worth.

　　"Expected annualized rate of return" is hard to find

　　Heading into 2022, only a handful of banks are still offering non-net worth products.

When opening the "wealth management products" of mobile banking of various banks, the words "expected annualized rate of return" cannot be found in the public information of most products, but replaced by "performance comparison benchmark", "unit net worth" and "historical rate of return".

Some banks also use conspicuous text below the "performance comparison benchmark" to remind investors that "the performance comparison benchmark does not represent the future performance and actual returns of the product".

　　Xiao Li said that in the past, mothers bought financial products based on the level of "expected annualized rate of return".

Although there is the word "expected", in his impression, he has never heard that the wealth management products bought by his mother did not meet the standard after expiration.

Now that the "expected annualized rate of return" has become a "performance comparison benchmark", he feels a little confused and doesn't know what it means.

　　Financial products are no longer "guaranteed"

　　For traditional expected return wealth management products, the bank will not disclose the operation information during the period before the product expires. After the expiration, the principal and income are automatically credited to the account, and the expected return rate can basically be achieved.

　　With current net worth products, banks must regularly disclose the net worth of wealth management products, and the way investors calculate returns has also undergone major changes.

Financial products, like funds, have an initial net value of 1 yuan.

At the time of purchase and redemption, it is calculated by the number of shares and the corresponding net value.

When calculating the yield, take a 1-year product as an example, if the net value becomes 1.05 yuan when redeemed after one year, the yield is (1.05-1)/1=5%.

　　理财产品的到期收益由净值的变化来决定，如果赎回时的净值高于购买时的净值，就会赚钱，低则赔钱。但银行不保证只涨不跌。因为理财产品向净值化转型，主要目的就是为了打破刚性兑付，理财产品不再保本，银行不再兜底，产品亏损只能由投资者个人承担。

　　据统计，截至2021年12月末，银行理财子公司有5240只人民币非现金管理类产品披露净值数据，其中37只产品累计净值低于1，占比0.71%；四季度首尾均披露净值的产品3315只，期间净值下跌的产品103只，占比2%。

　　从产品实际净值表现来看，净值波动较大的大多为中高风险理财产品，净值型产品整体亏损比例不高，投资者只要持谨慎态度，可以将风险控制在可承受范围内。

　　投资者要平衡风险收益

　　现在发行的银行理财产品都不再公示“预期收益率”，但都会标明业绩比较基准。这两者有何区别？

　　普益标准研究员唐燕妃表示，银行理财产品的业绩比较基准是银行根据理财产品的往期表现，或同类型产品历史业绩而计算出来的投资者可能获得的预估收益。它的实际收益会围绕业绩比较基准波动。业绩比较基准现在主要包括单一数值型、区间数值型和指数型。预期收益率是理财产品成立时预期能达到的折合成一年的收益率。业绩比较基准是银行理财产品给出的一个参考值，而预期收益率是一个不确定的估算值。

　　“过去投资者购买理财产品过于看重产品的预期收益率，但是理财产品打破刚性兑付后，投资要自负盈亏，购买理财产品不能只看业绩比较基准。”融360数字科技研究院分析师刘银平提醒投资者，要重点考察产品的风险，产品风险高低主要从风险等级、投资范围、资产配置比例、历史净值波动等方面判断。一般来说，业绩比较基准较高的理财产品，要么风险偏高，要么流动性偏差，投资者要能平衡产品风险、收益、流动性之间的关系。

　　文/本报记者 程婕

　　供图/视觉中国

　　净值型理财产品怎么选？

　　Tang Yanfei suggested that, first of all, investors can look at the performance comparison benchmark of wealth management products, which is the center of measuring the performance of the product in a certain period. The usual indicators are the annualized rate of return since its establishment, the annualized rate of return this year, and nearly three Monthly annualized rate of return, 7-day annualized rate of return, and previous day’s annualized rate of return, etc.

　　Secondly, investors can also check the net value trend of wealth management products.

The net worth trend chart can best reflect the operating ability of net worth products. Usually, the abscissa is the date of the net worth of the product, and the ordinate is the cumulative net worth of the product.

The investment goal of a good net worth wealth management product is more inclined to "stable", that is, to control the fluctuation range of net worth, control the degree of net worth drawdown, and try to minimize the net worth disturbance caused by short-term market fluctuations. Its net worth curve generally presents a smooth upward trend. trend.

　　Finally, there is no historical performance comparison when new products are released, and investors can also refer to performance comparison benchmarks to determine revenue targets.

　　Expert advice

　　1. Look at the historical volatility of the yield curve

　　Compared with the original expected rate of return products, the most obvious thing about net worth products is to use net worth to reflect the performance of this product every day. The first thing to pay attention to when choosing net worth products is the yield curve.

The greater the fluctuation of the curve, the higher the risk of the product.

The smaller the volatility of the product yield, the more robust the product is and more suitable for conservative investors.

　　2. Look at the maximum drawdown

　　The maximum drawdown refers to the extent that the net value of this product has dropped from the highest point since its inception to the lowest point since its establishment.

The drawdown reflects the maximum possible loss of the product.

The lower the product drawdown value, the more robust the product.