银行理财产品周数据：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 banks is aimed at stabilizing net interest margins while responding to market conditions [5][6] - The performance of wealth management products is stabilizing as the impact of bond market adjustments diminishes [2][11] Summary by Sections 1. Deposit Rate Adjustment - On October 18, major state-owned banks announced a reduction in RMB deposit rates, with the interest rate for demand deposits dropping from 0.15% to 0.1% and term deposit rates decreasing by 25 basis points [5][6] - This marks the fifth reduction in deposit rates by major banks in 2023, with significant cuts in long-term deposit rates, totaling a cumulative reduction of 110 basis points for 3-year and 5-year deposits [5][6] 2. Cash Management Product 7-Day Annualized Yield - As of October 20, 2024, the 7-day annualized yield for cash management products 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 - As of October 20, 2024, the annualized yield for daily open fixed-income non-cash wealth management products 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. Wealth Management Product Expiry and Compliance Rates - From October 14 to October 20, 2024, the scale of expired products from wealth management companies was 260.1 billion, with an average compliance rate of 58%, up 13 percentage points from the previous week [11][12] - The compliance rate for closed products was notably higher at 79%, outperforming the overall compliance rate [11][12]