自2026年2月起，招银理财、中邮理财、中银理财、华夏理财、宁银理财和兴银理财等多家理财机构启动了业绩基准的"公式化"改革 1。这一转变将业绩基准从固定数值或区间形式改为与指数挂钩的复合公式，例如将"2.15%（年化）"调整为"中债-新综合全价（1年以下）指数收益率×85.00%+中国人民银行公布的个人活期存款利率×15.00%" 1。这一举措旨在提高产品信息披露的透明度，防止不规范操作，并满足《银行保险机构资产管理产品信息披露管理办法》的要求——该办法规定自2026年9月1日起生效后，银行理财披露的业绩基准原则上不得调整 1。
然而，新的披露方式在提升规范性的同时，也大幅提高了普通投资者的理解难度 1。截至2026年6月底，银行理财市场规模已突破33万亿元，个人投资者占比约98%，涉及接近1.5亿人次投资者 1。这意味着大量缺乏专业金融知识的个人投资者需要理解复杂的指数复合公式。此外，早在2022年9月，兴业银行和农银理财因业绩基准展示不合规相继受到监管处罚 1，反映出规范业绩基准披露的重要性。
Starting in February 2026, major Chinese asset management subsidiaries including China Merchants Wealth Management, China Post Wealth Management, Bank of China Wealth Management, Huaxia Wealth Management, Ningyin Wealth Management, and Xing Wealth Management have begun converting their performance benchmarks from fixed figures or ranges into formula-based indices linked to market indicators 1. This shift represents a fundamental departure from traditional disclosure practices in China's banking wealth management sector.
The transformation stems from regulatory requirements under the newly enacted "Asset Management Product Information Disclosure Management Measures for Banking and Insurance Institutions," which takes effect on September 1, 2026 1. Under the new rules, banks must lock in their disclosed performance benchmarks after that date and cannot make adjustments, creating urgency for institutions to establish more robust, defensible metrics 1. The change aims to enhance transparency and prevent irregular practices, yet it significantly raises the difficulty for ordinary investors to comprehend performance expectations 1. For example, one product previously displayed a simple benchmark of "2.15% annualized" but now shows a complex formula: "China Bond Index—New Composite Full Price (One Year and Below) Index Return Rate × 85.00% + People's Bank of China Published Personal Demand Deposit Rate × 15.00%" 1.
The banking wealth management industry has grown substantially, with assets under management exceeding 33 trillion yuan as of June 2026, with approximately 98% held by retail investors representing nearly 150 million accounts 1. This expansion makes the shift toward formula-based benchmarks particularly significant given the investor base's diversity. Regulatory action has previously targeted non-compliant benchmark disclosures—in September 2022, both Industrial Bank and Agricultural Bank Wealth Management received regulatory penalties for improper performance benchmark displays 1. The new standardization effort follows an established trend; by 2022, more than half of all bank wealth management products had incorporated excess return accrual clauses, a rate substantially higher than the approximately 20% adoption rate among private funds 1.
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