债市调整影响逐步消退，理财净值企稳回升

Investment Rating - The report does not explicitly provide an investment rating for the banking wealth management industry Core Insights - The adjustment in deposit rates by major state-owned banks is the fifth reduction in 2023, with significant cuts in long-term deposit rates, particularly a cumulative reduction of 110 basis points for 3-year and 5-year deposits [5][6] - The recent decline in deposit rates is part of a broader strategy to stabilize net interest margins for commercial banks, following a reduction in the central bank's policy rates [5][6] - The performance of wealth management products is stabilizing, with an increase in the average compliance rate of maturing products to 58%, up 13 percentage points from the previous week [11] Summary by Sections 1. Deposit Rate Adjustment - On October 18, major state-owned banks announced a reduction in RMB deposit rates, affecting both demand and time deposits, with the one-year deposit rate adjusted to 1.10% [5][6] - Following the state-owned banks, several joint-stock banks also lowered their deposit rates, aligning closely with the reductions made by state-owned banks [5][6] 2. Cash Management Product Yield - As of October 20, 2024, the annualized yield for cash management products over the past 7 days was 1.73%, a decrease of 2 basis points from the previous week [8] - The yield for money market funds remained stable at 1.54%, resulting in a narrowing yield gap of 19 basis points between cash management products and money market funds [8] 3. Wealth Management Product Performance Review - The annualized yield for daily open fixed-income non-cash wealth management products over the past month was 2.41%, an increase of 24 basis points from the previous week [10] - The annualized yield for closed 6-12 month fixed-income wealth management products was 3.39%, up 14 basis points, while the yield for closed 1-3 year fixed-income products was 3.76%, an increase of 7 basis points [10] 4. Maturity and Compliance Status - From October 14 to October 20, the scale of maturing products from wealth management companies was 260.1 billion, with an average compliance rate of 58% [11] - Closed-end products showed a higher average compliance rate of 79%, outperforming the overall compliance rate [11]