银行理财大事记：养老理财试点扩全国，数据基建升级

Investment Rating - The report does not explicitly state an investment rating for the banking wealth management industry Core Insights - The banking wealth management market is experiencing steady growth, with the total market size reaching 31.60 trillion yuan in October, reflecting a 1.16% month-on-month increase and a 7.50% year-on-year increase [4][9] - The annualized yield of wealth management products has generally increased, with pure fixed-income products recording an annualized yield of 3.09%, up by 1.60 percentage points month-on-month [4][9] - The report highlights the expansion of pension wealth management trials nationwide, with a new mechanism for automatic connection to enhance product accessibility [11][17] Summary by Sections 1. Market Overview - As of October, the total market size of wealth management products is 31.60 trillion yuan, with a month-on-month increase of 1.16% and a year-on-year increase of 7.50% [4][9] - The market is seeing a shift in product types, with cash management products decreasing while fixed-income products maintain steady growth [4][9] 2. Product Performance - The annualized yield for cash management products is recorded at 1.29%, down by 2.73 basis points month-on-month, while pure fixed-income products have an annualized yield of 3.09%, up by 1.60 percentage points [4][9] - The report indicates a decrease in the net value ratio of wealth management products to 3.10%, down by 2.3 percentage points month-on-month [4][9] 3. New Product Launches - In October, the issuance of new wealth management products decreased, consistent with seasonal trends, with the majority of new products being fixed-income and closed-end products [4][9] - The report notes that many new products have seen a downward adjustment in performance benchmarks, reflecting a consensus on the long-term low interest rate environment [4][9] 4. Regulatory Developments - The National Financial Supervision Administration has expanded the pilot areas for pension wealth management products nationwide, enhancing the scale and accessibility of these products [11][17] - The report discusses the approval of regulatory measures to support the development of pension wealth management, including the establishment of an automatic connection mechanism for product compliance [11][17] 5. Industry Innovations - Several wealth management companies are innovating their product offerings, such as introducing multi-subscription wealth management products to improve capital efficiency [4][9] - The report highlights partnerships between leading wealth management firms and technology platforms to enhance service capabilities and investor education [11][17]