【银行理财】理财公司加码指数化布局：跟踪现有指数、自主构建双策并行——银行理财周度跟踪（2025.9.15-2025.9.21）

Core Viewpoints - The article discusses the increasing trend of wealth management companies in China to develop index-based financial products, driven by the ongoing transformation towards net value management and the acceleration of medium to long-term capital entering the market [3][7]. Regulatory and Industry Dynamics - Wealth management companies are actively launching index-based financial products, with an increase in both the number and issuance of such products in the market [3][7]. - Major banks like 招银理财 and 交银理财 have introduced new index products, with 招银理财 launching its self-developed "湾区全球资产优选配置指数" and 交银理财 collaborating with 中诚信指数服务 to create a new index [7][8]. - The core motivations for this shift towards index-based products include reducing active management risks, enhancing strategy transparency, and meeting customized client demands [8]. Innovations in the Industry - 华夏理财 and 华夏基金 have signed a memorandum to deepen cooperation in the index business, aiming to build a market-influential "双华夏" index ecosystem [9][10]. - 中邮理财 participated in the successful IPO of 禾赛科技, marking it as the largest Chinese concept stock IPO in Hong Kong in four years, reflecting a strategic move towards IPO investments [11][12]. - 浦银理财 launched its first "上海科创金融主题" financial product, raising 220 million yuan, with 80% of the funds directed towards bonds issued by quality technology enterprises in Shanghai [13][14]. Performance of Financial Products - The annualized yield of cash management products was recorded at 1.29%, remaining stable, while money market funds saw a slight increase to 1.19% [15][17]. - The yield on 10-year government bonds slightly increased to 1.80%, influenced by market sentiment and the Federal Reserve's dovish rate guidance [17][19]. Tracking of Net Value - The net value break rate for bank wealth management products decreased to 2.04%, down by 0.61 percentage points, with credit spreads also narrowing [22]. - The relationship between break rates and credit spreads indicates that if credit spreads continue to widen, it may put upward pressure on break rates [22].