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【银行理财】央行或重启国债买入,银行理财产品收益回升——银行理财周度跟踪(2025.6.2-2025.6.8)
华宝财富魔方·2025-06-11 13:04

Core Viewpoint - The banking wealth management industry is undergoing significant changes due to regulatory adjustments and market dynamics, with a focus on innovation and adaptation to lower interest rates [2][5][6]. Industry Dynamics - The valuation rectification of bank wealth management is halfway through, with some wealth management subsidiaries having completed their adjustments by the end of last year [4][5]. - A new round of interest rate cuts has led to large-denomination certificates of deposit entering the "1" era, with many banks removing 5-year products, indicating a proactive optimization of liability structures under net interest margin pressure [5]. - The average interest rate for 3-year products is now between 1.55% and 1.75%, down approximately 80 basis points compared to the same period in 2024 [5]. Innovation in the Industry - Banks are innovating in wealth management products, focusing on long-term and dividend-type products to capture market opportunities amid declining deposit rates [6]. - Agricultural Bank of China Wealth Management and others are launching long-term closed-end products and flexible dividend models to enhance investor returns [6]. - Xingyin Wealth Management is implementing multiple stock option businesses across various sectors, including biomedicine and high-end manufacturing, as part of its strategy to support specialized and innovative enterprises [6]. Performance of Returns - For the week of June 2 to June 8, 2025, cash management products recorded an annualized yield of 1.43%, down 1 basis point, while money market funds reported 1.34%, down 2 basis points [8]. - The yield spread between cash management products and money market funds increased by 1 basis point, but remains within a converging trend [8]. Tracking of Net Asset Value - The net asset value (NAV) ratio of bank wealth management products was 0.81%, down 0.56 percentage points, indicating a low level of NAV [14]. - The NAV ratio is positively correlated with credit spreads, and if credit spreads continue to widen, it may put upward pressure on the NAV ratio [14].