When choosing bank financial products, how should you analyze the displayed yield? Some people say that it's OK to look at the figures of 5% and 6% displayed on the page. Here I want to remind you that it's not enough to just look at the numbers. You should also pay attention to the small line below the numbers, that is, the specific types of yield, such as performance comparison benchmark, annualized yield in recent 7 days, annualized yield in recent one month, annualized yield in recent three months, annualized yield since its establishment, etc. It is worth noting that, according to the requirements of the regulatory authorities, the yield of each type is only the performance of past earnings and does not represent the expected earnings. The Interim Measures for the management of the sale of wealth management products of wealth management companies issued by the China Banking and Insurance Regulatory Commission clearly states that it is prohibited to predict the investment performance of wealth management products and to issue and publicize the expected rate of return of wealth management products. The reporter found in a random interview with a number of bank outlets that at present, there are not many ordinary investors who can notice and distinguish different yield types. Many people still follow the old thinking in the period of breakeven financial management. When buying financial management, they only look at the yield figure, and default this yield to the yield that can be achieved in the due period. Many insiders reminded that after the formal implementation of the "new asset management regulations", investors must carefully observe and analyze the types of yield, and never look at the yield figures alone. Specifically, at present, the "performance comparison benchmark" is widely used in the industry. The so-called performance comparison benchmark, in short, is the income target set by the manager of financial products. "It does not represent the future performance and actual benefits of the financial management plan, nor does it constitute a commitment to the benefits of the financial management plan." The relevant person in charge of financial management of Bank of Hangzhou said that the performance comparison benchmark is the investment goal set by the manager of financial products based on the income risk characteristics, investment strategy, past experience and other factors of the financial management plan. It usually has two forms: one is a single value, such as the performance comparison benchmark of 4.25%; The second is the interval value, such as the performance benchmark of 3.5% to 4.5%. In addition to the performance comparison benchmark, there are various different expressions of "annualized yield", such as the annualized yield of recent 7 days, the annualized yield of recent one month, the annualized yield of recent three months, and the annualized yield since its establishment. What is the difference between these indicators? First of all, we should understand the meaning of "annualized yield". According to the above person in charge of Hangzhou bank financial management, the annualized rate of return is to calculate the rate of return of products in terms of years. Its purpose is to unify standards and facilitate comparison. For example, the term of a financial product is 362 days, the net value at the time of purchase is 1.00, and the net value of the product is 1.0615 after deducting all expenses such as custody fee, fixed management fee and sales handling fee. Assuming that the product has no floating management fee, its annualized yield is 6.20%. Since net worth financial products will regularly disclose net worth, such as daily, weekly, monthly and quarterly, the following types of yield will naturally occur: annualized yield in recent 7 days, annualized yield in recent one month, annualized yield in recent three months, etc. This is equivalent to calculating the yield of this product in different time periods, such as 7 days, 1 month, 3 months, etc., as of the net value release date, and then converting this yield annualized. "Starting from different time dimensions, provide several measurement scales for financial performance to assist investors in making investment decisions." The above person in charge of Hang Yin wealth management said that, therefore, the annualized rate of return since its establishment refers to the annualized rate of return from the date of product establishment to the latest net value disclosure date. Why is the past yield of financial products not unified? The reporter learned from the regulatory authorities that according to the requirements of the regulatory authorities, financial products cannot give the expected rate of return, but there is no rigid and unified standard in showing past performance. Financial institutions can show the corresponding types of past rates of return according to the different characteristics of products, especially net worth financial products, which can show the past rates of return of different periods according to the rhythm of net worth disclosure. After clarifying the meaning of different yield types, how should investors rationally use and refer to these yields? Many insiders said that the key is to combine their own investment period. If investors intend to hold a financial product for a medium to long term, that is, more than 6 months, it is recommended to focus on three rates of return, performance comparison benchmark, annualized rate of return in recent one year, and annualized rate of return since its establishment. If investors intend to hold in the medium and short term, that is, from one month to six months, it is recommended to pay attention to the short-term earnings performance of the product, such as the annualized yield of the last seven days, the annualized yield of the last month, the annualized yield of the last three months, etc. "In the medium and long term, most net worth financial products will fluctuate around the performance comparison benchmark. It is recommended that investors appropriately lengthen the investment period, trade time for space, and pursue relatively stable investment returns." The above person in charge of Hangzhou bank financial management said. (outlook new era)