证券研究报告 | 债券专题报告 2025 年 07 月 22 日 理财净值化与信用债变局 理财产品的资金动向是信用债市场中不可忽视的重要影响因素。本文梳理了在 净值化背景下理财规模和配债行为变化，从理财视角来丰富信用债分析框架。 一、理财规模平稳上升至 29.14 万亿元，具有较好灵活性的开放式产品更受投 资者的青睐，最小持有期型产品成为开放式产品首选投资对象之一 存款利率下行，存款搬家带来理财规模上升。理财以个人投资者为主，具有较 好灵活性的开放式产品更受投资者的青睐。主要原因是作为定期存款的替代产 品，理财产品在净值化管理后，叠加广谱利率下行，投资者对理财收益率的下 跌较为敏感。具体来看，为兼顾流动性和收益率，最小持有期型产品成为投资 者在选择开放式产品时的首选投资对象之一，因此也成为了 2024 年理财产品扩 容的主要力量。 二、理财面对"不可能三角"如何影响配债风格 理财面临着高收益、净值平稳和高流动性代表的"不可能三角"。为稳定理财 产品净值，近几年理财减少配置债券，增配流动性更高且估值波动较小的现金 及银行存款。虽然理财减配债券，但信用债仍占总投资资产的 41%，拥有票息 收益的信用债始终为理财资 ...

Industry Focus - 17 listed banks have announced the cancellation of their supervisory boards, influenced by the revised Company Law and financial regulatory policies set to take effect in 2024 [1] Corporate Dynamics - Hangzhou Bank has completed the market-oriented conversion of 15 billion yuan in convertible bonds, marking significant progress in capital replenishment [4] - JiuTai Rural Commercial Bank is facing a pre-loss forecast of 1.7 billion to 1.9 billion yuan for 2024 and is set to delist following a voluntary conditional cash offer for its H-shares and domestic shares [5] - Chengdu Rural Commercial Bank plans to absorb and merge six village banks located in Sichuan Province [6] - Chongqing Rural Commercial Bank has obtained fund custody qualifications, becoming the first commercial bank to do so this year [7] - Shunde Rural Commercial Bank has withdrawn its IPO application after a prolonged lack of progress since its initial submission in 2019 [8] Financial Personnel - Zheshang Bank announced the resignation of Chairman Lu Jianqiang due to age, with Chen Haiqiang approved to take over as the new president [9][10]

Core Insights - The scale of bank wealth management has returned to a historical high, reaching 31.35 trillion yuan as of May 29, 2023, marking a new peak since 2022, reflecting the urgent demand for stable returns in a low-interest-rate environment and the effectiveness of the net value transformation in the industry [1][2] Group 1: Supporting the Real Economy - Bank wealth management has played a significant role in supporting the development of the real economy, with approximately 20 trillion yuan allocated to support the real economy and 126 million investors as of the end of Q1 2023 [1][2] - There is a need for banks to innovate financial services and increase investments in equity and non-standard debt assets to better serve the real economy, especially as new industries have a strong demand for such funding [2][3] Group 2: Meeting Diverse Wealth Management Needs - With market interest rates declining, residents are seeking stable wealth management products that can replace traditional deposits, leading to a strong demand for products with yield flexibility [3][4] - To enhance competitiveness, banks should increase investments in equity assets and innovate product offerings, which will require improved risk control, innovation capabilities, and equity investment skills [3][4] Group 3: Increasing Market Participation - As of the end of Q1 2023, bank wealth management funds invested over 800 billion yuan in equity assets, accounting for only 2.6% of total investments, indicating significant room for growth [4] - Banks should steadily increase their market participation to become a crucial stabilizing force in the market, which will also enhance returns for investors and promote balanced capital market financing [4]

新发：固收+产品发行占主导，业绩基准延续下行。 4月理财公司新发产品规模环比回落，与3月 季末冲量窗口期形成的发行高峰形成鲜明对比。 产品谱系呈三大特征： 固收+产品、封闭式产 品、1-3年期产品占据主导地位。新发理财产品业绩基准多数延续下调趋势，凸显理财机构对利率 中枢长期低位运行预期的定价共识，后续或与存款利率调降形成联动，延续下行通道 。 到期：达标率74.75%，较3月环比增加7.05%。 4月全市场理财产品达标率为74.75%，较3月环 比增加7.05%。 分析师： 蔡梦苑 登记编号： S0890521120001 分析师：周佳卉 登记编码：S0890525040001 投资要点 监管政策及资管市场要闻解读：4月21日，中国银行间市场交易商协会发布《银行间债券市场债券 估值业务自律指引（试行）》： 再次明确"应规范开展产品净值计量，不得利用估值运用规则的差 异规避产品净值化要求"，或预示未来银行理财通过"估值技术"平滑收益、控制回撤的操作空间进 一步受限。 5月7日国新办新闻发布会，央行推出一揽子货币政策措施： 面对资产端利率中枢不断 下移、银行净息差持续承压，监管机构通过利率自律机制，引导商业银行 ...

Investment Rating - The report does not explicitly provide an investment rating for the banking wealth management industry Core Insights - The banking wealth management market experienced a significant seasonal rebound in April 2025, with a month-on-month increase of 7.58% to reach 31.09 trillion yuan, reflecting an 8.05% year-on-year growth [4][19] - The issuance of fixed income plus (固收+) products dominated the new product offerings, indicating a shift in investor preference towards products that balance liquidity and yield [5][35] - Regulatory changes are expected to limit the operational space for banks to smooth returns through valuation techniques, impacting future product offerings [12][10] Regulatory Policies and Asset Management Market News - On April 21, the China Interbank Market Dealers Association released self-regulatory guidelines for bond valuation, emphasizing the need for standardized net asset value measurement [10][11] - On May 7, the central bank introduced a series of monetary policy measures aimed at stabilizing market expectations, which may have a dual effect on the banking wealth management market [13][14] - The China Securities Regulatory Commission announced an action plan for the high-quality development of public funds, indicating a shift towards long-term performance evaluation and transparency [15][16] Market Performance - The total market for wealth management products saw a significant recovery in April, with cash management products experiencing a decline in yield, while fixed income products saw an increase [22][26] - The annualized yield for cash management products fell to 1.49%, while fixed income products rose to 2.74%, indicating a divergence in performance [22][26] - The market's overall performance is influenced by the ongoing low interest rate environment and regulatory changes affecting product structures [26][31] New Product Issuance - In April, the issuance of new wealth management products decreased compared to March, with fixed income plus products leading the market [35][36] - The new issuance of fixed income plus products amounted to 272.99 billion yuan, significantly higher than pure fixed income products [35][36] - The majority of new products were in the 1-3 year maturity range, reflecting a trend towards medium-term investments in a declining interest rate environment [35][36] Product Maturity and Compliance - The compliance rate for wealth management products reached 74.75% in April, an increase of 7.05% from March, attributed to the recovery in the bond market [44][48] - Short-term products maintained higher compliance rates due to their flexibility in adjusting performance benchmarks in response to market fluctuations [44][48]

当下的投资理财市场正在面临低利率与高波动并存的复杂局面。 在这样的背景下，投资者不仅要收益，更要安全。对稳健性投资者来说，定期存款、货币基 金、债券基金、银行理财这四大主流品类，谁能实现"稳稳的幸福"？ 2 0 2 5年第一季度刚刚结束，网商银行稳利宝产品交出了一份"高分答卷"，成为兼顾收益、稳 定、灵活性的"优等生"。 债市回调影响传统投资产品收益 在开展详细测评前，首先要向大家明确一个市场的底层逻辑，即债市是影响货币基金、债券 基金、银行理财三大投资产品的核心要素。 债券市场收益率，尤其是国债收益率，被视为金融市场无风险利率的基准，也是稳健性投资 产品定价的"锚"。 特别是市场在2 0 2 4年走出债牛行情后，债券基金、银行理财都加大了对债券的配置力度，但 配置比例不同，风险收益差别也相对较大。 其中，对流动性要求最高的货币基金，一般将2 0%到4 0%的资金购买1年期以内的国债，剩余 资金主要配置央行票据、存款等固定收益类资产。 一方面，逆周期调节持续加强，市场降准降息预期升温。2 0 2 4年LPR下调推动存款利率不断 下行，存款资金开始"搬家"回流银行理财市场。 另一方面，全球经济环境复杂多变，地缘 ...