公募销售新规正式落地，理财子深化推进新直联系统上线

Investment Rating - The report does not explicitly provide an investment rating for the industry [3] Core Insights - The implementation of the new public offering sales regulations by the China Securities Regulatory Commission (CSRC) aims to standardize sales practices, reduce investor costs, and promote long-term investment strategies [4][11] - The launch of the new direct connection system by China Everbright Bank Wealth Management marks a significant step in the industry’s standardization efforts, enhancing data reporting accuracy and efficiency [13][16] - The cash management products recorded a 7-day annualized yield of 1.35%, reflecting a 5 basis points increase week-on-week, while money market funds saw a slight decline [17][21] - The overall bond market exhibited a volatile trend, with the 10-year government bond yield remaining stable at 1.84% and the 30-year yield increasing by 3 basis points to 2.25% [19][28] - The report highlights a decrease in the net asset value (NAV) ratio of bank wealth management products to 0.86%, down by 0.15 percentage points, indicating a potential increase in redemption pressure if credit spreads continue to widen [28][32] Summary by Sections Regulatory and Industry Dynamics - The CSRC's new sales fee management regulations are set to take effect on January 1, 2026, marking the completion of the third phase of fee reform in the public fund industry [4][11] - The new direct connection system by China Everbright Bank enhances the efficiency of product and investor information registration, contributing to the overall transparency of the wealth management sector [13][16] Yield Performance - Cash management products showed a week-on-week increase in annualized yield, while money market funds experienced a slight decline, indicating a shift in investor preferences [17][21] - The bond market remains under pressure due to various factors, including monetary policy expectations and government bond supply dynamics [19][22] NAV Tracking - The bank wealth management products' NAV ratio decreased, suggesting potential challenges ahead if credit spreads continue to widen, which could lead to increased redemption pressures [28][32]