债市走势分化，银行理财产品收益回落

Investment Rating - The report does not explicitly provide an investment rating for the industry [1]. Core Insights - The financial regulatory authority released a draft for the management of asset management product information disclosure, aiming to standardize disclosure practices for public bank wealth management products [9]. - Several wealth management companies have responded to regulatory calls by joining the insurance asset management association and have announced fee reductions for various products [9]. - The cash management products' annualized yield remained stable at 1.44%, while money market funds saw a slight decline to 1.36% [11]. - The bank wealth management product's net loss ratio increased to 1.29%, indicating a slight rise in pressure on the liability side [20]. Industry and Regulatory Dynamics - On May 23, the financial regulatory authority published a draft for the management of asset management product information disclosure, focusing on public bank wealth management products [9]. - Wealth management companies, including Huaxia Wealth, Agricultural Bank Wealth, and others, have joined the insurance asset management association [9]. - Multiple wealth management companies have announced reductions in management fees, sales service fees, and custody fees for their products [9]. Peer Innovation Dynamics - Xinyin Wealth launched a humanoid robot-themed product, aiming for excess returns through active stock selection [10]. - Zhaoyin Wealth introduced an ESG technology-themed product, aligning with green finance and technology finance policies [10]. - Puyin Wealth issued its first aid to Tibet-themed product, which quickly sold out during the fundraising period [10]. Yield Performance - Last week, cash management products recorded a 7-day annualized yield of 1.44%, unchanged from the previous week [11]. - Money market funds saw a slight decline in their 7-day annualized yield to 1.36%, down by 1 basis point [11]. - The yield of pure fixed-income and fixed-income plus products decreased across various maturities [14]. Net Loss Ratio Tracking - The net loss ratio for bank wealth management products was 1.29%, an increase of 0.29% from the previous week [20]. - The net loss ratio is positively correlated with credit spreads, indicating potential redemption pressure when it exceeds certain thresholds [20]. - The recent increase in the net loss ratio suggests a need for close monitoring of credit spread trends [20].