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the financial management market, as a channel for investors to seek returns, has also been under pressure in recent years. according to the "china banking industry financial management market semi-annual report (2024 first)", as of the end of june this year, the existing scale of fixed-income products in the financial management market was 27.63 trillion yuan, accounting for 96.88% of the existing scale of all financial products, an increase from the beginning of the year 0.54 percentage points, an increase of 1.73 percentage points compared with the same period last year. among them, three wealth management subsidiaries, namely cmb wealth management, everbright wealth management and bocom wealth management, have allocated fixed income assets exceeding one trillion yuan. in addition, hengfeng financial management, nanyin financial management, suyin financial management, everbright financial management, huihua financial management, and bank of communications financial management all accounted for more than 90% of the allocation.

the phenomenon reflected behind this is that as policy directions and market sentiment change, investors' risk awareness and expectations for investment in financial products change, causing the net value of financial products to be affected. according to statistics from guosen securities, as of the end of august 2024, a total of 2,782 financial management products had a net net value per unit, with a net-breaking rate of 4.49%, an increase of 1.78 percentage points month-on-month. the average performance comparison benchmark of financial products across the market continued to decline, reaching 8 it had dropped to 2.82% at the end of the month.

the net value performance of some financial products has fluctuated recently. the semi-annual report of everbright wealth management's "sunshine bilewood no. 54" shows that all assets of this product, 8.1 billion yuan, were invested in fixed-income assets. wind data shows that since its establishment on june 12, the net value performance of this product has been relatively volatile. it once reached a net value level of 3.8700 at the end of june, then declined all the way in july, and experienced fluctuations again in september. as of the close of september 27, the latest net value report 1.8785.

however, some institutions also believe that the profit-taking trend in the bond market is unsustainable and that there is limited room for rising long-term interest rates. qin han, chief analyst of fixed income at zheshang securities, said that after eliminating the possible risks in the government bond transactions of some small and medium-sized financial institutions, the government bond yields should be determined by the market. there are still rrr cuts and interest rate cuts in the fourth quarter worth looking forward to. in 10 years the probability that the treasury bond yield will effectively break through 2.0% downwards continues to increase, and the low of the 10-year treasury bond yield during the year may be close to 1.8%.

investment strategy: rational response, steady development

in the face of complex market environments and policy adjustments, financial investment requires careful decision-making and analysis from multiple perspectives. first of all, investors need to stay calm and avoid blindly pursuing short-term gains; secondly, they need to pay attention to the impact of policy changes on the market and flexibly adjust investment strategies according to actual conditions; finally, they need to view risks rationally and choose financial products with robustness and long-term value. .