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

Investment Rating - The report does not explicitly provide an investment rating for the banking wealth management industry Core Insights - A new wave of fee reductions has emerged in the banking wealth management sector, with several institutions lowering management and sales 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 a significant fee reduction trend in the banking wealth management sector, with multiple institutions participating in lowering fees, primarily focusing on management and sales service fees [3][11] - The fee reductions are often temporary, lasting from a few weeks to the entire year of 2026, aimed at enhancing product attractiveness and driving sales growth [11] - The report notes that the ultra-low fee model may not be sustainable in the long term, as it could erode the profitability of wealth management companies, particularly smaller institutions [12] Peer Innovation Dynamics - Zhaoyin Wealth Management launched a new product called "HeTai Weekly Open 1," which employs a "micro-wave fixed income+" strategy and allows weekly subscriptions while requiring a one-year holding period for redemptions [4][13] - Zhongyou Wealth Management has invested in the IPOs of domestic GPU company BiRan Technology and AI company MiniMax, indicating a strategic focus on AI infrastructure and applications [4][14] Yield Performance - The annualized yield for cash management products was recorded at 1.26%, a decrease of 4 basis points week-on-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 [5][19] - The report anticipates continued pressure on yields for wealth management products due to ongoing valuation adjustments and a low-interest-rate environment [20] Net Value Tracking - The net value ratio for banking wealth management products was 0.82%, a decrease of 0.19 percentage points week-on-week, with credit spreads also narrowing [6][26] - The report emphasizes the need to monitor credit spread trends closely, as an expansion could put upward pressure on the net value ratio [28]