银行理财产品周数据：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 pressure on net interest margins, which could help lower financing costs further [19][1]. - The anticipated decline in yields for cash management products and money market funds is projected to bring their returns below 1.5% [21][20]. Summary by Sections 1. Impact of Non-Bank Interbank Deposit Pricing Regulation - On November 29, new regulations were introduced to optimize the self-regulation of non-bank interbank deposit rates, effective from December 1, 2024 [13]. - The regulations require non-financial infrastructure institutions to reference the 7-day reverse repo rate (1.5%) for interbank demand deposits [13]. - The regulations are expected to lead to a decrease in interbank demand deposit rates to 1.5% or lower, significantly affecting the yields of cash management products and money market funds [20][21]. 2. Cash Management Product Yields - As of December 1, 2024, the 7-day annualized yield for cash management products was 1.66%, unchanged from the previous week [22]. - The 7-day annualized yield for money market funds was 1.51%, also unchanged, with a yield gap of 15 basis points between the two products [22]. 3. Performance of Wealth Management Products - The one-month annualized yield for non-cash fixed-income wealth management products was 2.74%, an increase of 37 basis points from the previous week [27]. - The six-month annualized yield for closed-end fixed-income products was 3.36%, up by 6 basis points [27]. - The one-year annualized yield for closed-end fixed-income products was 3.83%, an increase of 28 basis points [27]. 4. Maturity and Compliance of Wealth Management Products - From November 25 to December 1, the scale of maturing 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 showed a higher average compliance rate of 79%, outperforming the overall compliance rate [32].