SWHY(000166) 证券时报网·2025-02-17 00:51Core Viewpoint - The controversy surrounding Shenwan Hongyuan Securities' "Baolixin" product highlights issues in customer experience and product supply, leading to dissatisfaction among investors who were unable to utilize their financial coupons effectively [1][5][6] Group 1: Customer Experience - Many investors, including Ms. Chen, expressed frustration over the inability to use their financial coupons due to a lack of available quotas, despite having earned multiple coupons through referrals [1][4] - The promotional activity allowed existing customers to invite new clients to earn high-interest financial coupons, but the actual purchasing experience was disappointing due to limited product availability [2][3] Group 2: Product and Activity Design - The "Baolixin" product is based on a repurchase agreement business model, which was marketed as low-risk with a promised annual yield of 8.18%, significantly higher than the typical 5%-6% in the market [2][6] - The activity was abruptly suspended, with the company citing system upgrades as the reason, indicating potential mismanagement in planning and execution [5][6] Group 3: Industry Implications - The incident reflects broader challenges in the wealth management sector, particularly the balance between attracting customers and managing operational costs [5][6] - The high yield offered in the promotional activity suggests that the company may have to absorb additional costs, raising questions about the sustainability of such high-return products in a declining interest rate environment [6]