银行理财月度跟踪-20260108

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - The regulatory framework for information disclosure in the asset management sector has been further standardized, aiming to unify the disclosure rules for bank wealth management, trust, and insurance asset management products [4][12] - As of December 31, 2025, the scale of the wealth management market remains stable, with public fund size approximately 37 trillion yuan, a year-on-year growth rate of about 14%, and the wealth management balance around 33 trillion yuan, with a year-on-year growth of about 9% [6][12] Summary by Sections Wealth Management Market Dynamics - The new disclosure management measures require detailed reporting on performance benchmarks and investment asset types, enhancing transparency across the product lifecycle [5][12] - The wealth management market size has shown steady growth, with public funds and wealth management balances increasing [6][12] Wealth Management Product Yields - Cash management product yields have stabilized, with a 7-day annualized yield of 1.29% as of December 2025, unchanged from the previous value but down 54 basis points from the beginning of the year [7][16] - The average annualized yield for pure fixed-income products increased to 2.78%, while "fixed-income+" products saw an average yield of 2.44%, both reflecting upward trends due to market conditions [19][20] Wealth Management Product Break-even Rates - The break-even rate for pure fixed-income products rose to 3.2%, an increase of 1.4 percentage points from the previous month, while "fixed-income+" products had a break-even rate of approximately 3.7%, up by 1.2 percentage points [28]