银行理财月度观察（2024年11月）：理财“自建估值”的是与非

Investment Rating - The report maintains a "Buy" rating for the banking industry [1] Core Insights - The emergence of "self-built valuation models" by some bank wealth management subsidiaries aims to mitigate the impact of bond market fluctuations on product valuations, with other banks following suit in research [1][11] - The demand for low-volatility and stable products is a significant support for the expansion of wealth management scale, with a strong emphasis on controlling return drawdowns and enhancing liability stability [1][11] - Regulatory policies are increasingly stringent, focusing on promoting "true net value" and requiring rectifications in valuation techniques used in wealth management [1][11] Summary by Sections Wealth Management Product Trends - As of the end of 2023, cash and deposits accounted for 26.7% of wealth management asset allocation, a significant increase of 9.2 percentage points from the beginning of the year [1] - By the end of Q2 2024, the proportion of deposit-type assets slightly decreased to 25.3%, down 1.4 percentage points from the beginning of the year, but remains at a relatively high level [1][3] Self-Built Valuation Models - The "self-built valuation" practice is primarily aimed at bank perpetual bonds, with the potential for expansion into other credit bonds and equity assets [11] - The self-built valuation models are designed to provide smoother valuation curves compared to third-party valuations, which can be more sensitive to market shocks [11][12] Performance Metrics - In October 2024, the annualized yield for fixed-income wealth management products showed a fluctuating upward trend, with yields recorded at 2.9% for one month and 2.5% for three months as of November 25 [18] - The cash management wealth management products' annualized yield was 1.61%, with a narrowing spread of 10 basis points compared to money market funds [19] Market Dynamics - The number of newly issued wealth management products decreased by 8.4% in October, with a total of 1,324 net value-type products issued [44] - The total market wealth management scale rebounded to approximately 30 trillion yuan, reflecting a 0.4 trillion yuan increase from the previous month [54]