【银行理财】银行理财大事记：政策重塑流动性管理，指数化布局与科技金融成创新焦点——2025年9月银行理财市场月报

Core Viewpoint - The article discusses the recent developments in the banking wealth management sector in September, highlighting regulatory changes, market trends, and innovative product offerings by various banks and wealth management companies [3][4][5]. Regulatory and Industry Dynamics - In September, significant regulatory changes were introduced, including new public fund sales fee regulations, which are expected to impact both the asset and liability sides of bank wealth management [3][8]. - The issuance of gold-linked wealth management products surged due to rising gold prices, with several banks actively launching these products to meet investor demand [4][9]. - Several banks in Sichuan province are collaborating to apply for wealth management company licenses, which could serve as a model for small and medium-sized banks [9][10]. Performance and Market Trends - The total market size of wealth management products in September was 30.80 trillion yuan, reflecting a slight decrease of 0.48% month-on-month but a year-on-year increase of 6.30% [5][12]. - The annualized yield for cash management products decreased to 1.30%, while pure fixed-income products saw a yield of 1.27%, down by 0.50 percentage points [5][12]. - The market's net value decline rate rose to 5.32%, indicating a continued upward trend in this metric [5][12]. Product Innovations - Wealth management companies are increasingly focusing on index-based products and actively participating in the investment of science and technology bonds ETFs, employing a dual strategy of expanding product offerings and enhancing research capabilities [3][4][10]. - Notable innovations include the launch of self-developed asset allocation indices by various banks, such as the "Bay Area Global Asset Selection Index" by 招银理财 and the "Technology Five Forces Model" by 浦银理财 [4][10][11]. - The trend of wealth management companies engaging in IPO investments has gained momentum, with 中邮理财 participating in significant IPOs like "禾赛科技" and "奇瑞汽车" [9][10]. Market Structure and Product Characteristics - The new wealth management products launched in September predominantly featured fixed-income and closed-end products, maintaining a consistent structure with a focus on solid returns [5][12]. - The performance benchmarks for many newly issued products have been adjusted downward, reflecting a consensus among wealth management companies regarding the long-term low interest rate environment [5][12]. - The closed-end product compliance rate reached 86.09%, while the open-ended product compliance rate was 54.35%, indicating varying levels of performance across product types [6][12].