降息后现金理财周均七日年化收益率降至1.51%，港股策略再迎新品丨机警理财周报

Market Overview - The bond market saw a decline in funding prices, with short-term bonds performing better than long-term ones. The average weighted price of DR007 was 1.54% on May 9, and the yield on 10-year government bonds closed at 1.64% [2] - The A-share market experienced an overall increase, with the ChiNext Index, Shenzhen Component Index, and CSI 1000 Index rising by 3.27%, 2.29%, and 2.22% respectively. The defense, communication, and power equipment sectors led the weekly gains [2] Product Performance - The number of underperforming wealth management products continued to decrease. As of May 11, 2025, there were 23,230 active public wealth management products, with 156 having a cumulative net value below 1, resulting in a comprehensive underperformance rate of 0.67% for bank wealth management [3] - The underperformance rates for equity and mixed wealth management products were 55.26% and 7.41%, while fixed income products had a low underperformance rate of 0.19% [3] New Product Issuance - A total of 359 wealth management products were issued by 30 wealth management companies from May 5 to May 11, with the largest issuers being Huaxia Wealth Management and Xingyin Wealth Management, each launching 28 products [4] - The newly issued products were primarily R2 (medium-low risk), closed-end net value type, and fixed income public products, with only 7 mixed products launched [4] - Minsheng Wealth Management introduced a mixed public product targeting the Hong Kong stock market, with a performance benchmark of 2.6% to 3.8% annually and a one-year holding period [4] Pricing Trends - The performance benchmarks for newly issued fixed income products continued to decline, with an average benchmark of 2.67% for the week. Most products were priced below 3%, with some showing inverted yields [5] Yield Performance - Mixed and equity wealth management products showed positive average returns due to favorable market conditions, with average net value growth rates of 0.2119% and 1.6682% respectively for the week [6] - Fixed income products also reported positive average weekly returns, with 2-3 year term products achieving the highest growth rate of 0.0854% [6] Cash Management Products - The annualized yield for cash management products decreased, with average yields of 1.509% for RMB, 3.945% for USD, and 3.18% for AUD cash products [7] - A small percentage of wealth management products reported negative returns, with 1.47% of RMB public wealth management products experiencing losses in the past week [7] Industry Trends - The scale of bank wealth management has significantly rebounded, reaching 23.58 trillion yuan by the end of April, an increase of 1.89 trillion yuan from March and 1.16 trillion yuan from the beginning of the year [8] - Following the People's Bank of China's announcement of a reserve requirement ratio and interest rate cut on May 7, several banks adjusted their performance benchmarks downward, with some reductions exceeding 100 basis points [9]