银行业事件点评：理财公司评级办法征求意见，强调质量重于规模

Investment Rating - The industry rating is "Overweight" [4][11] Core Viewpoints - The new rating method for wealth management companies emphasizes "quality over scale," discouraging the mere pursuit of growth in scale [4][8] - The rating system will focus on investment research capabilities and risk prevention, aligning with the regulatory trend towards quality and effectiveness [5][9] - The competition of wealth management products has strengthened against deposits due to multiple adjustments in deposit rates, with the scale of wealth management products reaching nearly 27 trillion yuan by the end of 2023 [9][10] Summary by Sections Wealth Management Company Rating Method - The regulatory authorities are seeking industry opinions on the new rating method for wealth management companies, which prioritizes quality over scale [4][8] - The rating will be based on investment research capabilities, risk management, and other factors, similar to previous methods for insurance and trust companies [8][9] Enhancing Competitiveness of Wealth Management Products - Wealth management products have regained competitiveness against deposits due to declining deposit rates, with average yields rising from 2.09% in 2022 to 2.94% in 2023 [9][10] - The scale of wealth management products has seen a recovery, but they still lag behind public funds in competitiveness [10] - The focus on improving product diversity, asset allocation, and investment research capabilities is increasingly urgent to ensure financial stability [10][11] Investment Recommendations - The pressure on bank interest margins persists, and enhancing non-interest income through wealth management can stabilize bank performance [11] - Future fiscal spending is expected to increase, potentially boosting credit demand, while real estate market policies are likely to alleviate risks [11] - There remains investment value in high-dividend stocks of large state-owned banks and quality regional banks, maintaining an "Overweight" rating for the industry [11]