银行理财周度跟踪（2025.8.25-2025.8.31）：信托新规冲击非标理财，银行半年报揭示理财业绩分化-20250903

Investment Rating - The report does not explicitly provide an investment rating for the industry [3]. Core Insights - The new trust registration regulations are expected to impact approximately 1.82 trillion yuan of non-standard financial products, as the new standards will restrict the pre-registration of trust plans with a single financing party [4][11]. - The recent half-year reports from banks reveal a divergence in performance within the wealth management sector, with some institutions experiencing a growth rate of up to 17% in their existing product scales [4][12]. - The cash management products recorded a 7-day annualized yield of 1.31%, remaining stable compared to the previous week, while money market funds saw a slight decline to 1.19% [5][13]. - The overall bond market remains in a fluctuating state, with short-term rates supported by the central bank's liquidity measures, while long-term rates face pressure from external factors such as U.S. Federal Reserve interest rate expectations [5][16]. - The bank wealth management product's net loss rate decreased to 2.11%, down by 0.94 percentage points, indicating a slight improvement in the market sentiment [6][21]. Summary by Sections Regulatory and Industry Dynamics - The implementation of new trust registration standards is set to affect the structure of wealth management products, pushing banks to shift from a "one-to-one" non-standard channel model to a "composite investment" approach for better risk diversification [4][11]. - The performance of wealth management businesses is becoming increasingly polarized, with banks that have established wealth management subsidiaries showing positive growth, while those without are facing contraction [4][12]. Yield Performance - Cash management products maintained a 7-day annualized yield of 1.31%, while money market funds decreased slightly to 1.19%, resulting in a yield differential of 0.13% [5][13]. - Various fixed-income products have shown a rebound in annualized yields, reflecting the ongoing adjustments in the bond market [5][16]. Net Loss Rate Tracking - The net loss rate for bank wealth management products is currently at 2.11%, indicating a decrease and suggesting a potential stabilization in the market [6][21].