【银行理财】含权理财持续发力，中小银行代销热度不减——银行理财周度跟踪（2025.8.18-2025.8.24）

Core Viewpoint - The article highlights the increasing attractiveness of "equity + fixed income" bank wealth management products due to the rising equity market, leading to a shift in investor preferences from pure fixed income products [3][6] Regulatory and Industry Dynamics - The annualized yield of certain equity-linked bank wealth management products has shown impressive performance, prompting investors to reallocate funds from pure fixed income products to these hybrid options [3][6] - Bank wealth management subsidiaries are intensifying collaborations with local small and medium-sized banks to expand distribution channels and business scope [3][6] Peer Innovation Dynamics - On August 26, China Post Wealth Management launched two new personal pension wealth management products with different holding periods, designed to meet diverse retirement planning needs [7] - On August 23, Xingyin Wealth Management completed an equity investment in Beijing Mainline Technology Co., Ltd., driven by a long-term investment logic in smart driving [7][8] Yield Performance - For the week of August 18-24, 2025, cash management products recorded a 7-day annualized yield of 1.31%, remaining stable compared to the previous week, while money market funds reported a yield of 1.20% [4][9] - The yield of various fixed income and hybrid products has generally declined, with the 1-year government bond yield increasing by 0.4 basis points to 1.37% and the 10-year government bond yield rising by 3.5 basis points to 1.78% [4][10] Net Value Tracking - The net value ratio of bank wealth management products rose to 3.04%, an increase of 1.47 percentage points week-on-week, while credit spreads narrowed by 2.90 basis points [5][15] - Despite a weakening sentiment in the bond market, credit spreads remain at historically low levels, indicating limited value [5][15]