【银行理财】监管整治“收益打榜”，理财行业或告别短期业绩竞争——银行理财周度跟踪（2026.2.9-2026.2.22）

Core Viewpoint - The article discusses the regulatory actions taken against the "yield ranking" practices in the banking wealth management industry, indicating a shift away from short-term performance competition towards a more sustainable investment approach [3][7][8]. Regulatory and Industry Dynamics - In February 2026, regulators penalized two wealth management companies for engaging in "yield ranking" practices, which involved artificially adjusting yields to create temporary high returns [3][7]. - The root cause of such practices lies in investors' expectations for "high yield, low volatility" and their reliance on recent performance, which, combined with the scale-oriented assessment mechanisms of some wealth management companies, has led to a short-term competitive environment [8]. - The regulatory penalties serve as a warning for the industry, emphasizing the need for wealth management firms to transition towards research and service-oriented models, moving away from short-term yield chasing [8]. Innovations in the Industry - China Post Wealth Management successfully invested in the "CITIC Securities-NIO Battery Phase 1 Holding Type Real Estate Green Asset-Backed Special Plan," marking a significant innovation in the asset-backed securities (ABS) space [9]. - The project, with an initial scale of 501 million yuan, utilizes a framework that allows for institutional investor participation and aims to provide stable cash flows to support wealth management product yields [10]. - BOC Wealth Management and China Chengxin Index jointly launched two strategy indices, focusing on credit bonds and multi-asset risk parity, which aim to achieve stable excess returns while controlling risks [11][12]. Yield Performance - In the last trading week before the Spring Festival (February 9-15, 2026), cash management products recorded a 7-day annualized yield of 1.28%, remaining stable, while money market funds saw a slight increase to 1.19% [4][13]. - The following week (February 16-22, 2026), cash management products' yields decreased to 1.26%, and money market funds fell to 1.14%, indicating a downward trend in yields [4][13]. - The bond market showed a strong performance before the Spring Festival, with the 10-year government bond yield decreasing by 2 basis points to 1.78% [5][14]. Net Value and Credit Spread Tracking - The net value ratio of banking wealth management products was 0.41% before the Spring Festival, a decrease of 0.53 percentage points, with credit spreads also tightening by 0.46 basis points [5][18]. - 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 [18].