银行理财产品周数据：理财估值监管从严，银行理财还会有稳稳的幸福么？

Investment Rating - The report does not explicitly provide an investment rating for the banking wealth management industry [1]. Core Insights - Regulatory authorities have issued a notice to banking wealth management subsidiaries, prohibiting them from adjusting product net value fluctuations through methods such as closing prices, smoothed valuations, and self-built valuation models. This aims to ensure compliance with asset management regulations and prevent a regression in true net value management [1][15]. - The impact of these regulatory changes is expected to be significant, particularly on short-term open-type products and cash management products, which may see a decrease in yields or increased net value volatility as a result of the new compliance requirements [19][20]. - Investors are advised to adapt to the new reality of fluctuating net values in wealth management products and consider longer investment horizons or diversified asset allocations to achieve more stable returns [23][21]. Summary by Sections 1. Regulatory Changes and Impact - The regulatory changes focus on three main valuation methods: closing price valuation, smoothed valuation, and self-built valuation models. The aim is to enhance transparency and protect investor rights [13][15]. - The scope of the impact is ranked as follows: closing price > smoothed valuation > self-built valuation models, with the most significant effects expected on products utilizing closing price valuations [16][19]. 2. Cash Management Product Performance - As of December 8, 2024, the annualized yield for cash management products was 1.66%, remaining stable compared to the previous week. The yield for money market funds increased by 3 basis points to 1.54%, narrowing the gap between cash management products and money market funds to 12 basis points [24]. 3. Wealth Management Product Performance Review - The one-month annualized yield for non-cash management fixed income products was 2.88%, up 14 basis points from the previous week. The six-month annualized yield for closed fixed income products was 3.36%, an increase of 5 basis points, while the one-year annualized yield for closed products was 3.83%, up 4 basis points [27][28][29]. 4. Product Expiry and Compliance Rates - From December 2 to December 8, 2024, the total scale of expired wealth management products was 261.767 billion, with an average compliance rate of 74%, which is a 6 percentage point increase from the previous week. Closed products showed a higher compliance rate of 79% [34].