【银行理财】券商理财代销重启在望，适当性管理新规落地——银行理财周度跟踪（2025.7.7-2025.7.13）

Regulatory and Industry Dynamics - The China Securities Association (CSA) has released "28 Measures for High-Quality Development of the Securities Industry," emphasizing the need for effective communication with relevant departments to facilitate more compliant brokerages in obtaining licenses for selling bank wealth management and insurance products, thereby better meeting diverse investor needs [2][5] - The National Financial Regulatory Administration has issued the "Product Appropriateness Management Measures," which will take effect on February 1, 2026. The core of these measures is to ensure a proper match between product characteristics and customer needs [6] - The marketing of bank wealth management products is accelerating towards diversification, digitalization, and precision, while maintaining existing offline channel advantages and actively expanding all-channel layouts [7] Yield Performance - For the week of July 7 to July 13, 2025, cash management products recorded an annualized yield of 1.40%, down 4 basis points (BP) from the previous week, while money market funds reported a yield of 1.22%, down 5 BP. The yield difference between cash management products and money market funds increased by 1 BP [3][9] - The "see-saw effect" between stocks and bonds continues, with various term interest rates generally rising by 2-3 BP, reflecting market expectations of low inflation and ongoing pressure in the real estate sector [10] Break-even Rate Tracking - The break-even rate for bank wealth management products was 0.81% for the week, up 0.07 percentage points, remaining at a low level. The credit spread continued to narrow by 2.33 BP [17] - The break-even rate and credit spread are positively correlated, with a break-even rate exceeding 5% and a credit spread adjustment over 20 BP indicating potential redemption pressure on wealth management products [17] Product Innovation - Xingyin Wealth Management has launched a new index-themed wealth management product, the "Fuli Stock-Bond Index Theme 1M Holding No. 1," which employs a constant proportion allocation strategy between stocks and bonds to help investors maintain discipline and control risk [8]