【银行理财】银行理财再掀“降费潮”，周开持有期新品亮相——银行理财周度跟踪（2026.1.12-2026.1.18）

Regulatory and Industry Dynamics - A new wave of fee reductions in the banking wealth management sector occurred from late December 2025 to early January 2026, with institutions like China Merchants Bank Wealth Management and others lowering management and service fees, some to as low as 0.01% per year or entering a "zero fee" range [7][8] - The fee reduction trend is driven by three main factors: the need to enhance product attractiveness during the key marketing period at the beginning of the year, the declining deposit rates highlighting the yield advantage of wealth management products, and intensified competition leading to fee reductions as a direct competitive strategy [7][8] - The sustainability of ultra-low fee models is questioned, as they may erode the profitability of wealth management firms, particularly smaller institutions, and could lead to a shift in investor focus towards product strategy and risk-return characteristics rather than just pricing [8] Innovation in the Industry - China Merchants Bank Wealth Management launched a new product called "HeTai Weekly Open 1," featuring a "micro-wave fixed income+" strategy and an innovative "weekly open holding period" model, with a 10 basis point management fee discount for the first three months to attract investors [9][10] - Postal Savings Bank of China participated as an anchor investor in the Hong Kong IPOs of domestic GPU company Biren Technology and AI company MiniMax, marking a strategic investment in AI computing infrastructure and algorithm applications [11] Yield Performance - For the week of January 12-18, 2026, cash management products recorded an annualized yield of 1.26%, down 4 basis points, while money market funds reported a yield of 1.16%, down 2 basis points, with the yield spread between the two narrowing to 0.10% [13][14] - Most yields for pure fixed-income products increased, while yields for fixed-income plus products generally decreased during the same period [14] - The bond market sentiment improved due to various factors, including a rebound in the equity market and structural interest rate cuts by the central bank, with the yield on 10-year government bonds falling by 4 basis points to 1.84% [16] Net Value Tracking - The net value ratio of bank wealth management products was 0.82%, a decrease of 0.19 percentage points, with credit spreads also tightening by 0.13 basis points [20] - The relationship between net value ratios and credit spreads is generally positive, with significant changes in credit spreads potentially leading to upward pressure on net value ratios [20]