【银行理财】银行理财大事记：协会更名深化“功能监管”，理财打新聚焦“硬科技”——2025年11月银行理财市场月报

Core Insights - The article discusses the significant developments in the banking wealth management sector in November, highlighting regulatory changes, industry dynamics, and product innovations [3][4][5]. Regulatory and Industry Dynamics - The new generation of wealth management systems has been fully launched, marking a critical breakthrough in market infrastructure and laying the technical foundation for future information disclosure improvements [3]. - Concerns have arisen regarding the use of T-1 valuation rules for cross-product value transfer, emphasizing the need to prevent arbitrage risks during the transition to net value management [3]. - Several wealth management companies have undergone management changes, reflecting active adjustments in operational strategies amid a low-interest-rate and highly regulated environment [3]. - The trend of open-ended amortized cost bond funds has emerged, with wealth management subsidiaries becoming the main players in seeking stable returns amid market volatility [3]. - The "China Banking and Insurance Asset Management Association" has completed its name change, promoting deeper functional regulation within the industry [3]. Innovations in Wealth Management Products - China Post Wealth Management launched index products focused on technology innovation and green bonds, while other firms like CCB Wealth Management are exploring customized products to support tech enterprises [4]. - Several wealth management companies have introduced diversified product systems to meet varied customer needs, such as the global commodity integration strategy index by China Merchants Bank Wealth Management [4]. - The trend of wealth management funds participating in equity investments, particularly in hard technology companies, is evident, showcasing a shift towards supporting the real economy [4]. Market Trends and Performance - The total market size of wealth management products reached 31.67 trillion yuan in November, reflecting a slight month-on-month increase of 0.12% and a year-on-year increase of 6.21% [5][13]. - The annualized yield for cash management products decreased to 1.28%, while pure fixed-income products saw a yield of 2.04%, down by 1.13 percentage points [5]. - The market's net value breach rate was recorded at 2.79%, indicating a slight decrease, while credit spreads also contracted [5]. New Product Launches - The scale of newly issued wealth management products decreased in November, consistent with seasonal trends, with a continued focus on fixed-income and closed-end products [5][13]. - Most new products have seen a downward adjustment in performance benchmarks, reflecting a consensus among wealth management companies regarding the long-term low-interest-rate environment [5]. Product Maturity and Compliance - The achievement rates for closed-end and open-end products were 84.09% and 62.16%, respectively, indicating a slight decline from October [6]. - The article emphasizes the importance of compliance and risk management in the evolving landscape of wealth management, particularly in light of regulatory pressures and market dynamics [3][4].