各期限人民币固定收益类理财破净率维持低位。其中，1~2年期限和3年以上期限产品破净率相近，分 别为1%和0.99%，1~3个月期限产品破净率为0.27%。1个月以内投资周期产品破净率为0.44%。 【新发情况】 南财理财通数据显示，32家理财公司上周（5月19日—5月23日）合计发行了505只理财产品（同一产品 登记编码下不同份额合并计算），股份行理财公司发行产品数量位居前列，华夏理财发行了46只产品， 民生理财、浦银理财和兴银理财分别发行了34只产品。 从新发产品特点看，理财公司上周新发产品仍以R2（中低风险）、封闭式净值型、固收类公募型产品 为主，混合类产品发行数量为15只，占比2.9%，权益类新发产品有1只。 值得注意的是，上周华夏理财天工指数产品迎来扩容，两款天工指数新品"天工日开理财产品11号(中诚 信可转债双低策略指数)"和"天工日开理财产品20号(中诚信股东回报优选指数)"正式成立。 编者按：《机警理财日报》作为南财集团、21世纪经济报道、南财理财通的金牌理财专栏，目前细分了 现金、纯固收、固收+期权、固收+权益、混合、权益、衍生品七大类，已实现对银行理财市场的每日 追踪。为了进一步反映银行理财 ...

Core Viewpoint - The announcement by the People's Bank of China and the China Securities Regulatory Commission aims to support the issuance of technology innovation bonds, enhancing financing channels for technology enterprises and attracting more investment into the sector [1][2]. Group 1: Policy Support and Market Impact - The new regulations encourage asset management institutions to increase their investment in technology innovation bonds, which is expected to attract more social capital into the technology innovation field [2][4]. - The influx of asset management funds is anticipated to provide more liquidity to the technology innovation bond market, thereby reducing financing costs for technology enterprises [2][4]. - The policy environment can be further optimized through tax incentives and risk compensation funds to encourage more investments in technology innovation bonds [2][4]. Group 2: Participation of Financial Institutions - Multiple wealth management companies have actively participated in the technology innovation bond market, with significant investments already made [3][6]. - ICBC Wealth Management has invested in 10 technology innovation bonds, targeting sectors like artificial intelligence and integrated circuits [3]. - Agricultural Bank of China Wealth Management has participated in 13 enterprises' bond issuances, with a total bid amount of approximately 3 billion yuan [3]. Group 3: Strategic Asset Allocation - Wealth management companies view technology innovation bonds as a new asset allocation opportunity, enhancing their service to technology enterprises [4][5]. - Major wealth management firms are establishing specialized teams to focus on technology finance, increasing the proportion of technology innovation bonds in their asset portfolios [5][6]. - The issuance of thematic products focusing on technology innovation bonds is being pursued to meet diverse investor needs [6]. Group 4: Challenges and Recommendations - Wealth management companies face challenges in balancing the fixed-income nature of their liabilities with the equity financing needs of early-stage technology enterprises [7]. - There is a need for in-depth credit analysis due to the high uncertainty and risk associated with technology enterprises [7]. - Recommendations include issuing long-term wealth management products to match the duration of technology innovation bonds and promoting a long-term investment mindset among investors [7].

Core Viewpoint - The article discusses the recent surge in high-yield financial products offered by banks in response to declining deposit rates, leading to a shift of funds from traditional savings to wealth management products. However, the sustainability of these high yields is questioned as the market adjusts to lower interest rates [1][10]. Group 1: High-Yield Product Emergence - Many banks' wealth management subsidiaries are launching short-term high-yield products to attract customers, with some products offering annualized returns exceeding 6% [3][4]. - As of May 24, 34 wealth management products have performance benchmarks above 6%, indicating a significant increase in high-yield offerings [3]. - The issuance of new products has surged, with 506 new wealth management products launched in the week of May 5-11, 2025, marking a 104-product increase from the previous week [4]. Group 2: Investment Strategies and Market Behavior - Investors are adopting new strategies to secure high-yield products, with tactics such as timing purchases and selecting newly launched products [6][7]. - A notable trend is the emergence of "gold diggers" who monitor and quickly purchase high-yield products as soon as they become available, often using mobile apps [5][6]. - Investors are categorizing products based on their performance, with terms like "exploding gold coins" for high yields and "hanging eggs" for products with no returns [7]. Group 3: Market Dynamics and Future Outlook - The shift of funds from deposits to wealth management products is evident, with a reported decrease of 1.39 trillion yuan in household deposits in April, while non-bank deposits increased by 1.57 trillion yuan [9][10]. - The wealth management market's total scale reached 31.26 trillion yuan as of May 19, 2025, indicating potential for further growth [9]. - Analysts suggest that the current low deposit rates may continue to drive funds into wealth management, but uncertainties remain regarding the impact of interest rate changes and market volatility on future growth [10][11].

Group 1 - The core viewpoint is that the migration of funds from deposits to wealth management products is driven by declining deposit rates, but the sustainability of high returns on these products remains uncertain [1][7][8] - Wealth management companies are launching short-term high-yield products to attract customers, with some products offering annualized returns exceeding 6% [2][3] - The issuance of wealth management products is increasing, with a significant rise in the number of new products launched recently [2][6] Group 2 - Investors are employing strategies to "snatch" high-yield products, indicating a competitive environment for acquiring these financial products [4][5] - The shift of deposits to wealth management products is evident, with a notable increase in non-bank deposits and a corresponding rise in the scale of wealth management products [6][7] - There are concerns about the future expansion of wealth management scales due to potential downward pressure on product performance benchmarks and the impact of market volatility [8]

Regulatory Policies and Asset Management Market Insights - On April 21, the China Interbank Market Dealers Association released the "Self-Regulatory Guidelines for Bond Valuation Business in the Interbank Bond Market (Trial)" which emphasizes the need to standardize product net value measurement and restrict the use of valuation rules to avoid net value requirements [2][6] - The central bank introduced a package of monetary policy measures on May 7, aimed at guiding commercial banks to lower deposit rates, which may create a "double-edged sword" effect in the bank wealth management market [2][10] - The China Securities Regulatory Commission (CSRC) released the "Action Plan for the High-Quality Development of Public Funds" on May 7, indicating that the public fund industry may face short-term pain but will optimize its long-term ecosystem [2] Market Performance and Trends - In April, the total outstanding scale of wealth management products significantly rebounded, increasing by 7.58% month-on-month to 31.09 trillion yuan, with a year-on-year growth of 8.05% [3] - The annualized yield of cash management products fell to 1.49%, down 10.25 basis points, while pure fixed-income products saw an annualized yield rise to 3.10%, up 48.82 basis points [3] - New issuance of wealth management products saw a decline in April compared to March, with fixed-income plus products, closed-end products, and 1-3 year products dominating the new issuance landscape [3] Product Performance and Standards - The compliance rate of wealth management products reached 74.75% in April, an increase of 7.05% compared to March [4] - The "Valuation Guidelines" aim to enhance the scientific, fair, and transparent nature of the valuation process, addressing issues such as market volatility and the disconnect between primary and secondary market prices [7] - The guidelines also clarify that users of valuation products bear the primary responsibility for understanding and evaluating these products, especially during periods of market volatility [7]

Core Viewpoint - The newly developed classification and regulatory rating method for wealth management companies has entered the trial rating phase, with results recently distributed to companies, indicating a shift towards prioritizing quality over scale in the banking wealth management sector [1][10]. Summary by Relevant Sections Rating Methodology - The rating method emphasizes "quality over scale," discouraging wealth management companies from merely pursuing growth in size. Key evaluation factors include corporate governance, asset management capability, risk management, information disclosure, investor rights protection, and information systems, with asset management capability carrying the highest weight [1]. - The rating results are categorized into six levels, with higher numbers indicating lower scores and greater need for attention. Companies rated 1 or 2 can pilot innovative business, while those rated 5 or 6 are considered high-risk [1]. Trial Rating Results - Initial trial ratings for leading companies were reportedly poor due to the scientific evaluation logic and detailed indicator settings, which resulted in small score differences across companies. Larger companies faced disadvantages due to their scale being used as a denominator in the calculations [2]. - Some industry insiders noted that leading companies performed poorly because they engaged in practices like high-yield cash products, which negatively impacted their quality indicators [2]. Key Pressure Points - The performance benchmark achievement rate is highlighted as a significant pressure point for wealth management companies, with the need for adjustments in product performance metrics to align with asset conditions [4]. - The regulatory focus on increasing the scale of mixed and equity products is evident, with a target of raising the proportion of these investments [5]. Investment Strategy Adjustments - Companies are required to reduce the scale of external investments, as lower external investment ratios lead to higher scores. Many companies currently rely on external managers for asset allocation, which is now being scrutinized [7]. - The inclusion of preferred stocks in equity investments raises questions about the true nature of equity holdings among wealth management companies, as some may not hold traditional stocks or equity [6]. Distribution Channel Evaluation - The management of distribution channels is a critical evaluation metric, particularly affecting companies that distribute through smaller banks. The complexity of evaluating various distribution systems poses challenges for compliance [8][9]. Regulatory Implications - The introduction of the rating method signifies a more stringent regulatory environment for the wealth management industry, aimed at addressing irregularities and promoting compliance among companies [10]. - While the rating method may raise the bar for new company approvals, it is unlikely to deter interest in obtaining licenses, as the demand for such licenses remains high [11].

Core Viewpoint - The recent reduction in bank deposit interest rates has led to a new wave of fee discounts on wealth management products, making them attractive to investors [1][6]. Summary by Sections Fee Reductions Announced - Several banks, including Bank of China Wealth Management, China Merchants Bank Wealth Management, and Everbright Wealth Management, have announced fee reductions for various wealth management products [1][5]. - Bank of China Wealth Management has reduced the sales service fee for its "Leisure Daily 10" product from 0.30% to 0.15% effective May 20, and the fixed management fee for "Enjoy Daily 86" from 0.30% to 0.05% from May 21 to June 21 [1]. - China Merchants Bank Wealth Management has lowered the fixed management fee for its "Stable Enjoy Dynamic 5" product from 0.20% to 0.05%, effective May 21 [2][4]. Competitive Landscape - Other banks, including China Everbright Bank and Xinyin Wealth Management, are also participating in the fee reduction trend, with Everbright reducing management fees from 0.15% to 0.07% and sales service fees from 0.20% to 0.08% for its "Sunshine Golden Abundant 198" product [5]. - Xinyin Wealth Management has announced significant fee cuts for its "Daily Profit 65" product, with management fees dropping from 0.30% to 0.01% and sales service fees from 0.30% to 0.20% starting May 23 [5]. Investor Sentiment - The reduction in fees is seen as a way to attract more clients, particularly small and medium-sized investors who are sensitive to costs [6][7]. - Some investors, however, remain skeptical, prioritizing past performance and stability over fee reductions when selecting wealth management products [7]. Long-term Considerations - Industry experts suggest that while fee reductions can enhance product competitiveness in the short term, they may not be sustainable long-term strategies [7]. - Recommendations include improving research capabilities and asset allocation to enhance returns rather than relying solely on fee reductions [7].

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]

Group 1 - The bond market in April experienced a relatively loose funding environment, with the 10-year government bond yield decreasing by 19 basis points to 1.62%. High-yield credit bonds and long-term interest rate bonds were favored by institutions [1] - International investors reassessed Chinese assets, leading to a stable overall market performance, with particular attention on sectors such as dividend value and domestic demand [1] - The average scale of "fixed income+" products listed in the April rankings was approximately 12.61 billion yuan, showing an increase in the number of products holding diversified assets and public fund allocations compared to March [3][5] Group 2 - The average scale of products in the "fixed income+" category for those with a holding period of six months or more was about 2.01 billion yuan, with average yield and volatility remaining stable compared to March [5] - The risk level of the products in the pure bond fixed income category slightly increased, with an average scale remaining stable, while the proportion of bond assets decreased [7] - The average scale of mixed products in the April rankings was 3.24 billion yuan, significantly higher than in March, with an increased allocation to equity assets [9] Group 3 - The average scale of the shortest holding period "fixed income+" products increased to 27.06 billion yuan, with a decrease in average yield and volatility compared to March [11] - The average scale of the shortest holding period pure bond fixed income products rose to 61.98 billion yuan, with a stable risk level and high liquidity [13] - The average scale of the shortest holding period mixed products was approximately 30.91 billion yuan, nearly tripling from March, with a preference for ETF and index investments [15]

Group 1 - Major commercial banks have initiated a new round of deposit rate cuts, leading to a renewed focus on bank wealth management products [1] - As of May 20, the total scale of bank wealth management products reached 31.28 trillion yuan, continuing the growth trend from April [1] - Bank wealth management is increasingly seen as an attractive alternative to deposits, with expectations for continued growth in scale [1] Group 2 - Many banks and wealth management subsidiaries are launching short-term high-yield products to attract investors, including fee reductions and new product offerings [2] - For example, Bank of China reduced the service fee for a specific wealth management product from 0.30% to 0.10% annually [2] - Huaxia Wealth Management also introduced a temporary fee reduction for its cash management products, lowering the rate to 0.10% per year [2] Group 3 - Short-term high-yield wealth management products are gaining popularity due to their strong liquidity and relatively controllable risks, aligning with investors' needs for flexibility [3] - Some products have reported annualized returns of up to 5.04%, with a focus on short holding periods [3] - Investors are advised to balance liquidity and returns while paying attention to the stability of underlying assets [3] Group 4 - The decline in deposit rates is identified as a key short-term driver for the growth of wealth management scales, as residents seek to increase investment returns [4] - April is traditionally a strong month for wealth management growth, influenced by seasonal patterns and banks' quarterly assessments [4] - The current market environment, characterized by a "dual bull" market in stocks and bonds, has also contributed to the continuous rise in wealth management scales [4] Group 5 - The top three institutions in wealth management scale as of the end of April are 招银理财, 兴银理财, and 信银理财, with expectations for the scale to reach 33 trillion yuan this year [5] - The new round of deposit rate cuts is expected to help banks control interest costs while increasing the difficulty of attracting deposits [5] Group 6 - There is a growing interest in "fixed income plus" strategies that incorporate a small amount of equity assets, reflecting a shift in investor preferences [6] - Wealth management subsidiaries are launching products focused on Hong Kong stocks, with a mix of equity and fixed income [7] - The overall proportion of equity assets in wealth management products is expected to remain low, with a focus on maintaining stable returns [7]