【银行理财】资管协会更名筑牢协同根基，理财打新聚焦硬科技赛道——银行理财周度跟踪（2025.11.24-2025.11.30）

Core Viewpoints - The article discusses the recent changes in the asset management industry in China, particularly the renaming of the "China Banking and Insurance Asset Management Association," which signifies a shift towards a more integrated self-regulatory framework in the asset management sector [5][6][7]. Regulatory and Industry Dynamics - The official renaming of the "China Banking and Insurance Asset Management Association" has been completed, marking a significant step in the association's integration process [5]. - The association's membership has expanded to include various financial institutions, indicating a move towards a cross-industry self-regulatory platform [6]. - The evolution of the association reflects a shift from "institutional regulation" to "functional regulation" in China's asset management industry, particularly following the implementation of the asset management new regulations in 2018 [6][7]. Innovations in the Industry - On November 24, the domestic GPU company, Moer Thread, launched its IPO on the Sci-Tech Innovation Board with an issue price of 114.28 yuan per share, raising 8 billion yuan, marking the largest IPO on the board in 2025 [8]. - Ningyin Wealth Management and Xingyin Wealth Management participated in the IPO, with Ningyin's six products receiving approximately 3.93 million yuan in allocations, the highest among wealth management companies [8]. - Zhongyou Wealth Management has introduced a multi-asset and multi-strategy product series aimed at addressing investment challenges in the current low-interest-rate environment [10]. Performance of Financial Products - Cash management products recorded a 7-day annualized yield of 1.28%, a 1 basis point increase week-on-week, while money market funds saw a decline to 1.16% [11]. - The bond market experienced fluctuations, with yields generally rising due to mixed market factors, including expectations of interest rate cuts and ongoing economic pressures [12]. - The current environment for the bond market remains generally favorable, but significant constraints exist, including low sensitivity to fundamental factors and ongoing uncertainties related to public fund sales regulations [12][5]. Tracking of Net Asset Value - The net asset value of bank wealth management products rose to 2.32%, an increase of 1.12 percentage points week-on-week, while credit spreads widened by 5.11 basis points [20]. - The relationship between net asset value and credit spreads indicates potential redemption pressures when net asset values exceed 5% and credit spreads widen significantly [20].