银行理财周度跟踪（2025.6.2-2025.6.8）：央行或重启国债买入，银行理财产品收益回升-20250610

Investment Rating - The report does not explicitly provide an investment rating for the banking wealth management industry Core Insights - The banking wealth management industry is undergoing a valuation rectification process, with some wealth management subsidiaries having completed their adjustments ahead of schedule. The central bank's new round of interest rate cuts has led to a significant decline in large-denomination certificate of deposit (CD) rates, with many banks removing 5-year CD products, indicating a proactive optimization of liability structures under net interest margin pressure [10][11] - The continuous decline in deposit rates has triggered profound changes in the banking wealth management market, with companies like Agricultural Bank Wealth Management adopting innovative strategies to capture market opportunities, focusing on long-term and dividend-type wealth management products [11][12] - Recent discussions around the central bank's potential resumption of government bond purchases have increased, leading to fluctuations in interest rate bond yields and a slight widening of credit spreads after a period of convergence [13][16] Industry Dynamics - The valuation rectification in the banking wealth management sector is at its midpoint, with regulatory requirements mandating that asset management products adhere to standardized valuation methods by the end of the year. The progress of rectification varies among institutions, with some completing their adjustments as early as last December [10] - The interest rates for large-denomination CDs have entered the "1" era, with 3-year rates generally between 1.55% and 1.75%, down approximately 80 basis points compared to the same period in 2024. This shift has led some depositors to consider alternative low-risk options, such as high-quality short-term bond funds or structured deposits [10][11] Peer Innovation Dynamics - Wealth management subsidiaries are innovating to adapt to the changing market, focusing on long-term closed-end products and flexible dividend models to attract investors. Notable institutions include Agricultural Bank Wealth Management and others that are exploring non-standard debt assets to enhance long-term returns [11][12] - Xingyin Wealth Management has launched multiple stock option businesses in collaboration with local branches, targeting high-tech sectors such as biomedicine and advanced manufacturing [11] -浦银 Wealth Management has introduced two "Xin" series green technology-themed wealth management products, supporting themes like clean energy and ecological protection [12] Yield Performance - For the week of June 2 to June 8, 2025, cash management products recorded an annualized yield of 1.43%, down 1 basis point from the previous week, while money market funds reported a yield of 1.34%, down 2 basis points. The yield difference between cash management products and money market funds increased by 1 basis point, but remains within a converging trend [13][16] - The annualized yields for pure fixed income and fixed income plus products generally increased during the same period, reflecting market reactions to the central bank's potential actions [16][19] Net Value Tracking - The net value ratio of banking wealth management products was 0.81%, a decrease of 0.56 percentage points week-on-week, indicating a low level of net value pressure. The net value ratio is positively correlated with credit spreads, and ongoing monitoring of credit spread trends is essential [21][24]