【银行理财】新一代理财系统投产，理财估值套利手法再现——银行理财周度跟踪（2025.11.3-2025.11.9）

Regulatory and Industry Dynamics - The new generation of wealth management system was fully launched on October 3, 2025, marking a significant breakthrough in data processing capabilities and system stability for the wealth management market [6][7]. - Some wealth management companies are attempting to create "popular" products by utilizing the T-1 valuation rule of trust accounts, enabling value transfer between new and old products [8][10]. Peer Innovation Dynamics - China Post Wealth Management, in collaboration with the China Bond Valuation Center, launched two indices: "China Bond - China Post Wealth Management High-Grade Technology Innovation Bond Selection Index" and "China Bond - China Post Wealth Management High-Grade Green Bond Selection Index" to support technological innovation and green transformation [12][13]. Yield Performance - For the week of November 3 to November 9, 2025, cash management products recorded an annualized yield of 1.28%, a decrease of 1 basis point, while money market funds remained stable at 1.16% [14][15]. - The overall bond market yield is experiencing fluctuations due to lower-than-expected central bank bond purchases and tightening expectations from public fund sales regulations [15]. Net Rate Tracking - The net rate of bank wealth management products was 0.53%, a decrease of 0.24 percentage points, with credit spreads contracting by 5.56 basis points, indicating limited cost-effectiveness [21].