农银理财按照风险偏好分层布局，形成"保守+稳健+进取"产品体系。现金管理类产品"农银时时付"76号支持每日开放申 赎，近7日年化收益率为2.08%；稳健型产品"农银安心·天天利"（票息优选）近1月年化收益率为2.19%；进取型产品"农银进取· 灵动"180天（多元衡享）近1月年化收益率达5.66%。 工银理财则构建全场景产品体系，聚焦固收增强类产品，满足投资者稳健增值的需求。其中"天天鑫添益"采用宏观对冲策 略，近1月年化收益率达2.3%，成为此次开工季专属方案中的亮点产品。 民生理财则主打高流动性、全期限覆盖，重点满足活钱管理、短期持有与中长期配置需求。其R1级产品"天天增利现金管 理261号"起购金额仅0.01元，2月6日至12日的近7日年化收益率为2.19%，适合日常零钱灵活管理。 "今年开工季专属理财产品热度明显高于往年同期。"一位国有大行理财经理告诉记者，在存款利率下行背景下，稳健型理 财需求持续上升，近期客户咨询与申购量显著增加。 本报记者 彭妍 春节过后，居民闲置资金集中进入配置窗口，银行理财市场迎来新一轮布局热潮。多家理财公司抢抓开工季节点，密集推 出各类理财产品，一场面向节后回流资金的理财" ...

分析师登记编码：S0890525040001 电话：021-20321070 邮箱：zhoujiahui@cnhbstock.com 2026 年 02 月 25 日 证券研究报告|银行理财周报 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） 分析师：蔡梦苑 分析师登记编码：S0890521120001 电话：021-20321004 邮箱：caimengyuan@cnhbstock.com 021-20515355 捕捉高确定性收益—银行理财周度跟踪 （2026.2.2-2026.2.8）》2026-02-11 2、《银行存续理财持续压降，理财"收益 打榜"再获关注—银行理财周度跟踪 （2026.1.26-2026.2.1）》2026-02-04 3、《2025 年报：规模高增，结构优化， 增配基金和存款—银行理财周度跟踪 （2026.1.19-2026.1.25）》2026-01-28 4、《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）》2026-01-21 ...

2026 年 02 月 25 日 证券研究报告|银行理财周报 捕捉高确定性收益—银行理财周度跟踪 （2026.2.2-2026.2.8）》2026-02-11 2、《银行存续理财持续压降，理财"收益 打榜"再获关注—银行理财周度跟踪 （2026.1.26-2026.2.1）》2026-02-04 3、《2025 年报：规模高增，结构优化， 增配基金和存款—银行理财周度跟踪 （2026.1.19-2026.1.25）》2026-01-28 4、《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）》2026-01-21 5、《公募销售新规正式落地，理财子深化 推进新直联系统上线—银行理财周度跟 踪（2025.12.29-2026.1.4）》2026-01-07 投资要点 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） 分析师：蔡梦苑 分析师登记编码：S0890521120001 电话：021-20321004 邮箱：caimengyuan@cnhbstock.com 分析 ...

Core Viewpoint - The phenomenon of "yield ranking" in bank wealth management has attracted regulatory attention, leading to penalties for certain financial institutions involved in this practice [1][3]. Group 1: Yield Ranking Phenomenon - "Yield ranking" refers to the practice where wealth management companies manipulate the yields of smaller, newly launched products to make them appear more attractive, thereby attracting investors quickly [3][4]. - The manipulation involves using technical methods to smooth out returns and shifting yields from larger products to smaller ones, which can mislead investors about the actual performance of their investments [3][5]. - Examples of manipulated products include a 14-day fixed income product from a city commercial bank that saw its annualized yield drop from over 14% to 1.54% within a quarter, and a 7-day fixed income product from a Beijing-based bank that fell from nearly 24% to around 1.04% [3][4]. Group 2: Regulatory Response - Regulatory authorities have begun to penalize institutions for engaging in "yield ranking," with two banks facing a three-month suspension on issuing new related products due to their involvement in this practice [1][8]. - The new regulations from the National Financial Regulatory Administration aim to standardize information disclosure for asset management products, prohibiting misleading marketing practices such as selective performance disclosures [8]. Group 3: Industry Implications - The "yield ranking" phenomenon reflects a broader issue within the banking wealth management sector, where high yield and low volatility preferences create competitive pressures that may lead to unethical practices [6][7]. - Institutions adhering to regulations may face competitive disadvantages, as others engage in yield manipulation to attract clients, potentially leading to a homogenization of industry behavior [7].

今年以来，理财公司持续布局下沉市场，苏银理财、宁银理财、民生理财等理财公司均新增多家地方中 小银行为代销机构。 业内人士认为，监管要求非持牌机构存量产品于2026年底前清零，一方面推动中小银行向代销转型，另 一方面为理财公司提供了新的增长空间。随着理财代销渠道的持续拓展，三、四线城市及县域市场将成 为"必争之地"，理财公司可从产品、服务等方面打造差异化竞争优势。 2.9【★★★★★】银行理财 33万亿银行理财，新变局 2.9【★★★★】新发基金春节前近50只产品"同台竞技"，超20只产品"箭在弦上" 春节前的最后一个交易周，多只"固收+"、FOF、指数产品"同台竞技"。Wind数据显示，目前正在发行 的基金达47只，等待发行的基金有23只。 从上周新基金发行情况来看，多只FOF产品受到资金青睐，其中，不乏小爆款产品。 本周五（2月13日），上证基金指数跌0.16%收报7188.32点，深证ETF跌0.96%收报1872.44点，乐富指数 跌0.93%收报9311.23点。 2.11【★★★★★】基金分红创新高！节前"红包雨"来了 "以前过年只盼行情，没想到今年竟然提前拿到分红，这份'新年红包'真令人惊喜。"北 ...

来源：金融人事mini 近日，建信理财发布董事会成员变更公告，2026年1月30日，李丽杰、宋海林同时辞去公司董事等职 务。两人均为建行系老将，自2019年5月建信理财成立起就担任公司董事。 此外，建信理财1月份也已公告，首位女总裁杨晴翔的任职资格获准。 银行人事还了解到，建信理财将新任一副总裁，公司协同发展总监杨龙拟获提拔。 杨龙，2019年建信理财成立时担任公司协同发展部总经理，后出任协同发展总监。其曾在资管年会上表 示，理财子公司应与各类机构全面深入合作，拓展外部代销渠道，共同构建了差异化、特色化、多元化 的开放稳定资管生态圈。 不过，2026年1月银行理财规模却出现波动。多家机构数据显示，1月份最后一周，银行理财规模承压至 33.18万亿元，其背后有多重因素，是资金在存款、理财、保险与权益资产之间的再平衡，也是理财公 司在费率、产品与投资策略层面的主动调整。业内人士分析，随着到期存款陆续释放，理财市场或进入 新一轮结构调整期，2026全年规模有望增长3万亿元左右。 去年末，建信理财董事长齐建功参加财富50人论坛时也表示，居民存款向理财市场转移的"黄金窗口 期"正在打开，机构客户从"融资者"角色向"投资 ...

距离《银行保险机构资产管理产品信息披露管理办法》正式施行仅剩约半年时间，中国证券报记者从多 家理财公司处获悉，定期报告编制成为主要承压环节。究其原因，系定期报告豁免条款收紧、披露颗粒 度细化，导致机构人力成本与系统改造成本攀升。此外，多家理财机构透露，目前已完成对原有信息披 露系统的升级评估并启动初步改造工作，但系统改造的全面落地仍需等待行业统一标准与模板发布。 尽管行业短期面临整改压力，但从长期来看，统一、透明、高效的信息披露，将为理财行业提升营销服 务水准、锤炼核心投资能力、夯实高质量发展根基提供坚实支撑。这背后是监管端强化约束、基础设施 端提速建设、行业端主动探索的三方聚力。 ● 本报记者 李静 记者采访多位业内人士了解到，目前行业整体对办法顺利实施持乐观态度。"去年5月，国家金融监督管 理总局就办法草案公开征求意见，彼时多家机构就部分操作性存疑的条款提交反馈意见。从最终发布的 版本来看，监管部门对前期意见采纳度较高，规则的可操作性明显增强。"某理财公司运营管理部人士 说。 一个典型案例是，对于权益类产品与混合类产品，征求意见稿要求披露产品投资的每笔未上市企业股权 资产的融资企业名称、交易结构、投资金额 ...

Core Viewpoint - The article discusses the decline of bank wealth management products, highlighting their failure to adapt to equity investments, leading to reduced returns and a widening gap with public funds [2][3][5][31]. Group 1: Talent Movement and Industry Trends - The recent hiring of Dai Kang, a former top analyst, by Zhaoyin Wealth Management signifies a shift towards valuing equity investments within the traditionally conservative bank wealth management sector [2]. - As of June 2025, Zhaoyin Wealth Management's equity investments amounted to 66.768 billion yuan, representing about 10% of the total bank wealth management equity investment of 660 billion yuan [2]. Group 2: Performance Metrics - By the end of 2025, the total scale of bank wealth management products reached 33.29 trillion yuan, a year-on-year increase of 11.15%, yet the gap with public funds, which reached approximately 37 trillion yuan, has widened [3][4]. - The average yield of bank wealth management products fell to 1.98% in 2025, a decline of nearly 1 percentage point from 2.94% in 2023, marking the first time it dropped below 2% [5][6]. Group 3: Asset Allocation Issues - Despite a recovering equity market, bank wealth management's allocation to equity assets decreased, with only 0.66 trillion yuan allocated to equities, accounting for just 1.85% of total assets [6][15]. - The heavy reliance on fixed-income assets, which constituted 92.1% of total investments, has made bank wealth management returns highly correlated with bond market performance [11][12]. Group 4: Challenges and Constraints - The conservative nature of bank wealth management clients, primarily composed of risk-averse individuals, limits the willingness to increase equity investments due to low tolerance for volatility [25][26]. - Strict sales channel requirements further constrain banks from increasing equity allocations, as any significant drawdown could lead to product delisting [27][29]. Group 5: Industry Dynamics and Future Outlook - The article suggests that if bank wealth management continues to ignore equity market opportunities, it risks losing its client base and falling further behind public funds [35]. - The disparity in investment research capabilities and client demographics between bank wealth management and public funds is expected to persist, making it difficult for banks to catch up [34].

Core Viewpoint - The asset management industry in China has reached nearly 200 trillion yuan and is transitioning from scale expansion to high-quality development, with a focus on differentiated strategies to navigate challenges in a low-interest-rate environment and market volatility [1] Group 1: Differentiated Competitive Advantage - The company emphasizes inclusive finance as a core element of its strategy, targeting over 80% of conservative and stable individual clients who prioritize low volatility and stable returns over high yields [2][3] - The company aims to maintain the position of fixed-income products as a cornerstone, optimizing cash management and stable fixed-income product offerings to enhance clients' return certainty [2] - A product matrix is being developed to cover all life cycles and risk levels, simplifying processes for ordinary residents to access professional asset management services [3] Group 2: Commitment to the Real Economy - The company views serving the real economy as its fundamental mission, leveraging its unique advantages to connect resident wealth with the real economy [4] - It aligns its product offerings with national strategic directions, focusing on key areas such as advanced manufacturing and green development, while avoiding a "channelized" investment model [4][5] - The company has launched various thematic products, including carbon neutrality and ESG, to meet both economic and social responsibilities [5] Group 3: Strengthening Professional Capabilities - The company is shifting from an asset-driven to a strategy-driven model to ensure sustainable development, focusing on enhancing its research and investment capabilities [6] - A comprehensive investment research framework is being established to cover multiple asset classes, supported by financial technology tools to improve decision-making accuracy [6][7] - The company is implementing standardized management processes for products, ensuring risk control and compliance as core assessment indicators [7] Group 4: Strategic Direction and Future Outlook - The company is committed to maintaining strategic focus, enhancing professional capabilities, and deepening its engagement with the real economy to build a competitive asset management brand [8] - The "14th Five-Year Plan" period is seen as crucial for the asset management industry to improve quality and efficiency, balancing opportunities and challenges [8]

| 申万期货品种策略日报——股指 | 2026/2/12 | 星期四 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 申银万国期货研究所 贾婷婷（从业资格号：F3056905；交易咨询号：Z0016232 ）jiatt@sywgqh.com.cn;15921620356 | 申银万国期货研究所 柴玉荣 （从业资格号：F03111639；交易咨询号：Z0018586）chaiyr@sywgqh.com.cn;18802979529 | | | | | | | | | | | 一、股指期货市场 | IF当月 | IF下月 | IF下季 | IF隔季 | | | | | | | | 前两日收盘价 | 4728.20 | 4724.00 | 4690.20 | 4636.80 | 前日收盘价 | 4716.20 | 4714.80 | 4680.00 | 4625.80 | | | 涨跌 | -7.80 | -5.80 | -8.00 | -10.00 | 沪深300 | 涨跌幅 | -0. ...