银行理财周度跟踪（2026.1.12-2026.1.18）：银行理财再掀“降费潮”，周开持有期新品亮相-20260121

Investment Rating - The report does not explicitly provide an investment rating for the industry [3] Core Insights - A new wave of fee reductions in bank wealth management products has emerged, with several institutions lowering management and service fees, some to as low as 0.01% per year or even zero [3][11] - The fee reduction trend is driven by three main factors: the beginning of the year marketing push, the declining deposit rates highlighting the attractiveness of wealth management products, and intensified competition leading to fee reductions as a direct competitive strategy [11][12] - The introduction of innovative products, such as the "HeTai Weekly Open 1" by Zhaoyin Wealth Management, which features a "micro-wave fixed income+" strategy and a weekly holding period, aims to attract investors through temporary fee discounts [4][13] Regulatory and Industry Dynamics - The report highlights the recent implementation of new public offering sales regulations and the deepening of wealth management subsidiaries' practices [2] - The fee reduction trend is characterized as a temporary measure, with varying durations from weeks to the entire year of 2026 [11] - The report notes that the current low fee model may not be sustainable in the long term, as it could erode the profitability of wealth management companies [12] Performance of Returns - Cash management products recorded a 7-day annualized yield of 1.26%, a decrease of 4 basis points from the previous week, while money market funds reported a yield of 1.16%, down 2 basis points [5][15] - Most pure fixed-income products saw an increase in yields, while yields for fixed-income plus products generally declined [19] - The report anticipates continued pressure on the bond market, with factors such as mixed expectations for monetary policy and significant government bond supply affecting market sentiment [19][20] Net Value Tracking - The net value ratio of bank wealth management products was 0.82%, a decrease of 0.19 percentage points week-on-week, with credit spreads also narrowing [26][30] - The report indicates a positive correlation between net value ratios and credit spreads, suggesting that if credit spreads continue to widen, it may put upward pressure on net value ratios [28]