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. ...

Core Viewpoint - The banking wealth management market in January 2026 did not experience the traditional "opening red" seasonality, with a decrease in scale instead of growth, indicating a structural adjustment period ahead for the market [2][3]. Group 1: Market Performance - In January 2026, the banking wealth management market saw a decline of 178.8 billion yuan, bringing the total scale to 33.18 trillion yuan, which is a month-on-month decrease of 1.142 trillion yuan [3]. - The decline in January is notable as it contrasts with the seasonal growth observed in previous years, except for the significant drop in 2023 due to a "redemption wave" [3]. - Among the 14 wealth management companies with over 1 trillion yuan in management scale, the total scale decreased by approximately 122.2 billion yuan, marking a second consecutive month of decline [3]. Group 2: Product Issuance and Performance - The issuance of new wealth management products decreased, with 2,533 new products launched in January, down by 305 from the previous month [4]. - The average performance benchmark for newly issued products slightly decreased by 0.01 to 0.02 percentage points, with open-ended and closed-end products yielding 1.82% and 2.36%, respectively [4]. - Despite the scale decline, the net value of pure debt wealth management products maintained positive growth, although the growth rate has narrowed [4]. Group 3: Reasons for Scale Reduction - The decline in January's wealth management scale is attributed to several factors, including the inertia of the year-end return effect and increased cash demand from residents as the Spring Festival approaches [6]. - Banks' internal resource allocation has shifted focus towards loan and deposit marketing, which has temporarily weakened wealth management sales [6]. - Market sentiment has also shifted, with some funds reallocating towards equity assets due to improved stock market conditions [6]. Group 4: Institutional Responses - Wealth management companies are adjusting by reducing fees to enhance product competitiveness, with some institutions lowering management and service fees to zero for certain products [8]. - There is a noticeable acceleration in product innovation, with companies exploring diverse strategies to enhance returns, such as participating in A-share IPOs and launching new multi-asset products [8]. - The trend of refined management is emerging, with companies considering third-party valuation tools to smooth net value fluctuations and developing regular dividend products to enhance investor experience [9]. Group 5: Market Outlook - Analysts maintain a cautiously optimistic outlook, predicting a potential rebound of approximately 1 trillion yuan in February, with an overall annual growth forecast of around 3 trillion yuan [9]. - The release of maturing deposits and sustained low deposit rates are expected to channel funds into wealth management and insurance products [9]. - However, it is noted that deposits remain the primary choice for residents, indicating that growth in the wealth management market may stem more from structural shifts rather than an overall increase in risk appetite [9].