【银行理财】理财子抢筹摊余债基，AI重塑理财生态——银行理财周度跟踪（2025.11.17-2025.11.23）

Regulatory and Industry Dynamics - The amortized cost bond funds are entering a concentrated opening period from Q4 2025 to Q1 2026, with a total opening scale exceeding 480 billion yuan, marking a significant maturity peak [6][7] - The shift in the main allocation body of amortized cost bond funds from bank proprietary funds to wealth management companies is driven by market changes, with the latter viewing these funds as "volatility reduction tools" in a low-interest and high-volatility environment [6][7] - The application of AI in the industry has evolved from initial "human-machine interaction" trials to an "human-machine collaboration" exploration phase, with various wealth management companies implementing AI in trading, research, and customer engagement [9][11] Peer Innovation Dynamics - China Merchants Bank Wealth Management launched a global commodity integration strategy index on November 19, aiming to systematically allocate three mainstream strategies in the commodity CTA field, enhancing the ability to capture diverse returns in different market environments [12] - On November 25, Hangzhou Bank Wealth Management successfully completed its first fund share transfer through the Zhejiang Equity Exchange, marking a significant step for wealth management funds to enter the private equity investment field through a compliant secondary market [13][15] Yield Performance - During the week of November 17-23, 2025, cash management products recorded an annualized yield of 1.27%, a decrease of 2 basis points, while money market funds remained stable at 1.17% [16][17] - The bond market experienced a narrow fluctuation pattern, with the 10-year government bond yield remaining stable at 1.81%, influenced by the Federal Reserve's interest rate expectations and concerns over AI market bubbles [17][19] Net Asset Value Tracking - The net asset value (NAV) of bank wealth management products rose to 1.16%, an increase of 0.43 percentage points, while credit spreads widened by 0.16 basis points, indicating limited cost-effectiveness [22][24]