2024年11月银行理财市场月报：响应金融“五篇大文章”，慈善理财发行增多

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The non-bank interbank deposit pricing regulation is set to take effect on December 1, 2024, which aims to lower banks' funding costs and mitigate the pressure on net interest margins [12][33] - The total scale of public funds reached 31.99 trillion yuan by the end of November 2024, reflecting a month-on-month increase of 479.48 billion yuan [14][34] - The net interest margin of commercial banks decreased to 1.53% in Q3 2024, down 0.01 percentage points from Q2 2024, indicating a continued downward trend in profitability [15][35] Summary by Sections 1. Regulatory Policies and Asset Management Market News - The self-regulatory mechanism for market interest rate pricing was introduced to optimize non-bank interbank deposit management, effective from December 1, 2024 [12][33] - The new regulations will help standardize investment behaviors of asset management institutions and reduce risk-free arbitrage opportunities [13] 2. Monthly Overview of the Wealth Management Market - In November 2024, 2,582 non-principal guaranteed wealth management products were issued, a year-on-year decrease of 14.8% but a month-on-month increase of 11.9% [38] - The issuance of net value-type products included 2,435 fixed income products, 60 mixed products, 16 equity products, and 10 commodity and financial derivative products [38] 2.1 Non-Principal Guaranteed Wealth Management Products - The issuance of non-principal guaranteed products in November 2024 was dominated by fixed income products, which accounted for 94.3% of the total [38] 2.2 Wealth Management Subsidiary Products - In November 2024, wealth management subsidiaries issued a total of 1,691 products, with 1,626 being fixed income products [21][44] 2.3 Product Performance Comparison - The average performance benchmark for fixed income products with absolute values for different durations in November 2024 was as follows: 3 months or less at 2.25%, 3-6 months at 2.58%, 6-12 months at 2.62%, 1-3 years at 3.03%, and over 3 years at 3.13% [44][45] 2.4 Product Tracking - Charity Wealth Management - The issuance of charity wealth management products has increased, with new products launched by various financial institutions aimed at supporting specific charitable projects [55][56]