一文读懂非银同存定价规范如何影响普通投资者

Investment Rating - The report does not explicitly provide an investment rating for the industry [1]. Core Insights - The recent regulation on non-bank interbank deposit pricing is expected to impact the yields of cash management products and money market funds, leading to lower returns for individual investors [1][14]. - The adjustment in non-bank interbank deposit rates aims to reduce banks' funding costs and alleviate the downward pressure on net interest margins, which could help lower financing costs further [19][20]. - The anticipated decline in yields for cash management products and money market funds is projected to bring their returns below 1.5% [21]. Summary by Sections 1. Impact of Non-Bank Interbank Deposit Pricing Regulation - The regulation effective from December 1, 2024, aims to standardize non-bank interbank deposit rates, referencing the 7-day reverse repo rate of 1.5% for non-financial institutions [13]. - The regulation is expected to lead to a decrease in interbank deposit rates, which will directly affect the yields of cash management products and money market funds [14][20]. 2. Future Impact on Financial Product Yields - Cash management products and money market funds are expected to see significant yield reductions due to the new regulations, with interbank deposit rates anticipated to fall below 1.5% [20]. - The investment cap on certain types of deposits will be reduced, further contributing to lower product yields [20][21]. 3. Weekly Performance Review of Wealth Management Products - As of December 1, 2024, cash management products had a 7-day annualized yield of 1.66%, while money market funds had a yield of 1.51%, both remaining stable week-on-week [22]. - Non-cash fixed-income wealth management products showed a near 1-month annualized yield of 2.74%, an increase of 37 basis points from the previous week [27]. 4. Wealth Management Product Expiry and Compliance Rates - From November 25 to December 1, 2024, the total scale of expired wealth management products was 249.36 billion, with an average compliance rate of 68%, up by 9 percentage points from the previous week [32]. - Closed-end products exhibited a higher compliance rate of 79%, outperforming the overall compliance rate [32].