Different destinies at the same level of crisis, financial products "universal basket" rating urgently needs refinement.

Financial products with the same R3 risk rating have vastly different net worth performances: some fluctuate slightly, while others have significant drawdowns. This has left many investors confused. According to data from China's financial website, there are currently over 26,000 R2-level products in existence, nearly 2,500 R3-level products, and less than 120 R4 and R5-level products combined. R2 and R3 level products have become the absolute "main force", but their internal structures are like a "universal basket", with equity investment ratios ranging from less than 5% to 40%, and their risk-return characteristics are vastly different while sharing the same risk rating. When customers are puzzled by the ratings of financial products, and frontline sales staff struggle to explain the products with "different fates at the same level", the crux of the problem points to the lack of unified risk rating standards. However, it seems difficult to implement a unified standard in the short term. Industry insiders generally believe that the key to breaking the deadlock lies in establishing risk sub-levels, quantifying key indicators, improving the clarity of financial product disclosure, and continuously strengthening investor education and reinforcing product suitability management.