【银行理财】多元资产配置新探索，银行理财收益延续回升——银行理财周度跟踪（2025.8.4-2025.8.10）

Core Viewpoints - The wealth management market has significant potential but is currently constrained by a "low interest rate, low growth, and low risk appetite" environment, leading to structural challenges for institutions [3][7] - Industry needs to focus on long-term investment philosophy, technological empowerment, asset allocation optimization, and enhancing customer experience [3][7] Regulatory and Industry Dynamics - On August 7, China Merchants Bank held the "Wealth New Journey Bay Area Co-creation - 2025 Wealth Cooperation Partner Forum," which has become an important window to observe changes in the wealth management market [3][7] - The bank's president proposed several development initiatives, including focusing on long-term value creation, enhancing global asset allocation capabilities, deepening AI and finance integration, and adhering to market standardization [7] Peer Innovation Dynamics - Huibin Wealth Management launched the "Star Huibin+" multi-asset multi-strategy product system, aiming to integrate various investment strategies to achieve a complete closed loop of investment strategy, strategy index, and product labeling [3][8] - Xingyin Wealth Management successfully completed Fujian Province's first stock option registration business, marking a breakthrough in the province's stock option registration from zero to one [3][9] Yield Performance - For the week of August 4-10, 2025, cash management products recorded an annualized yield of 1.34%, down 2 basis points, while money market funds remained stable at 1.21% [4][10] - Most fixed income and fixed income+ products saw a rebound in annualized yields, particularly for products with a maturity of over one month [4][12] Market Conditions - The bond market exhibited a volatile pattern due to the interplay of various factors, including the central bank's liquidity support and the ongoing stock-bond seesaw effect [5][12] - The 10-year government bond yield remained stable at 1.69%, with a slight narrowing of credit spreads [5][13] Net Value Tracking - The net value ratio of bank wealth management products was 0.91%, down 1.44 percentage points, with credit spreads also narrowing by 1.81 basis points [5][16] - The current credit spread is at a historical low since September 2024, indicating limited cost-effectiveness [5][16]