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

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 time deposit rates, with many banks removing 5-year 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 innovating 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. Some subsidiaries have already completed their adjustments [10] - The interest rates for large-denomination time deposits 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 [10][11] Peer Innovation Dynamics - Wealth management subsidiaries are innovating to adapt to the declining deposit rates, launching long-term closed-end products and flexible dividend models to attract investors [11][12] - Xinyin Wealth Management has implemented multiple stock option businesses across various sectors, including biomedicine and high-end manufacturing, as part of its strategy to support specialized and innovative enterprises [11] - Puyin Wealth Management has introduced two "Xin" series green technology-themed products, aligning with indices that track green company bonds and technology innovation bonds, 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, 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 [13][16] - The annualized yields for pure fixed income and fixed income+ products generally increased during the same period, reflecting market reactions to the central bank's potential actions [16][19] Net Asset Value Tracking - The net asset value (NAV) ratio for banking wealth management products was 0.81%, a decrease of 0.56 percentage points, indicating a low level of NAV pressure. The NAV ratio is positively correlated with credit spreads, and ongoing monitoring of credit spread trends is essential [21][24]