银行理财周度跟踪（2025.11.03-2025.11.09）：新一代理财系统投产，理财估值套利手法再现-20251112

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The new generation of wealth management systems has been fully launched, significantly optimizing data quality and reporting efficiency, laying a foundation for transparency in information disclosure [3][10][11] - Some wealth management companies are attempting to utilize T-1 valuation rules to create "explosive" products, enabling value transfer between new and old products [3][12][13] - The report highlights the potential risks of T-1 valuation arbitrage, including investor dissatisfaction and hindrance to research and development capabilities within the industry [17][18] Regulatory and Industry Dynamics - The new generation wealth management system was launched on October 3, 2025, enhancing data processing capabilities and system stability [10][11] - The T-1 valuation arbitrage method is being explored by some companies to quickly generate popular products, which may lead to unfair advantages for new product investors [12][14][17] Peer Innovation Dynamics - China Post Wealth Management has launched two indices focused on high-grade technology innovation and green bonds, supporting the transition to a low-carbon economy [18] Yield Performance - Cash management products recorded a 7-day annualized yield of 1.28%, a decrease of 1 basis point from the previous week, while money market funds remained stable at 1.16% [19][21] - The report indicates a general decline in yields across various fixed-income products due to tighter monetary policy and market conditions [21][22] Net Value Tracking - The net value ratio of bank wealth management products was 0.53%, a decrease of 0.24 percentage points, with credit spreads also narrowing [28][29]