银行理财周度跟踪（2025.12.22-2025.12.28）：信披统一框架正式落地，苏银理财深耕持有型不动产ABS实践-20251231

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The formal implementation of the "Asset Management Product Information Disclosure Management Measures" by the National Financial Supervision Administration marks a new phase in the establishment of a unified regulatory framework for information disclosure in the asset management sector, effective from September 1, 2026 [4][11]. - Su Yin Wealth Management has actively participated in multiple market-first holding-type real estate ABS projects, including the first national guarantee rental housing ABS and the first industrial park ABS, totaling over 10 transactions, which highlights its strategic alignment with national priorities and the transition from traditional fixed-income investments to equity asset allocation [4][15]. Regulatory and Industry Dynamics - The "Asset Management Product Information Disclosure Management Measures" aims to address the fragmented and inconsistent disclosure rules for three types of asset management products, establishing a unified framework covering the entire lifecycle of products [11][12]. - The measures emphasize standardized channels for public products, detailed frequency requirements for reports, and strict content regulations to enhance transparency and prevent misleading marketing practices [12][13]. Yield Performance - For the week of December 22-28, 2025, cash management products recorded a 7-day annualized yield of 1.30%, up 3 basis points from the previous week, while money market funds reported a yield of 1.21%, an increase of 2 basis points [5][16]. - The yield difference between cash management products and money market funds increased to 0.10%, reflecting a positive trend in the yield performance of various fixed-income products [16][18]. Net Value Tracking - The net value ratio of bank wealth management products decreased to 1.03%, down 1.53 percentage points week-on-week, indicating a potential easing of redemption pressure [6][25]. - The credit spread widened by 2.93 basis points, remaining near historical lows since September 2024, suggesting limited value for investors [25][28].