我们的数字答卷 OUR DIGITAL ANSWER SHEET 累计创造 累计服务 投资收益 客户数量 超过4600亿元 超过3200万 服务渠道 荣获资管领域 数量 奖项 超过580家 超过190个 Tim 15 11: 2019.12.19 - 2025.12.19 我们的发展历程 OUR MILESTONES 2019.12.19 获批养老理财产品试点资格 2021.09.01 推出行业首只商品及 金融衍生品类理财产品 兴银理财正式开业 2020.03.06 推出公司 首只混合类理财产品 2020.09.16 推出公司首只ESG主题理财产品 2021.07.18 线企业级数据中台DAP 2022.03.01 2022.11.17 进入开办个人养老金 业务理财公司名单 2023.06.15 兴银理财开业 A 周年 2025年是"十四五"规划收官之年，也是"十五五"规划谋篇布局之年。站在这承前启后的交汇点上，兴业 银行全资子公司兴银理财在12月19日也迎来了开业六周年。 六年前，兴银理财在福州正式开业，成为国内首批成立的股份制商业银行理财子公司之一。六年来，兴 银理财始终牢记嘱托，奋勇争先，紧扣金融工作的 ...

银行理财产品11月榜单 【风险提示】 本榜单所有分析均基于公开信息，不构成任何投资建议；若市场环境或政策因素发生变化，将可能导致产品表现不及预期。榜单可能存在样本不足以代表 整体市场的情况。 一、定期开放6个月以内"固收+"类产品榜单 | 理财登记编码 产品简称 | | 发行机构 | 产品规 | 近3个月年 | 风险等级 | | --- | --- | --- | --- | --- | --- | | | | | 模 | 化收益率 | | | | 产品规模:3-18亿元 | | | | | | | | (银行理财子公司) | | | | | Z7002621000289 | 同盈象固收稳健半年定开14号 | 信银理财 | | | R- II | | Z7007122000262 | "净享利"系列开放式(6个 月)WPJK18M0602期 | 上银理财 | | | R-II | | Z7002023001386 号固收类 | 稳利恒盈增利六个月定期开放2 | 兴银理财 | | | R- II | | Z7001120000292 | "农银安心·双月开放"(惠农 | 农银理财 | | | R- II | | ...

登录新浪财经APP 搜索【信披】查看更多考评等级 登录新浪财经APP 搜索【信披】查看更多考评等级 来源：上海证券报·中国证券网 上证报中国证券网讯（记者 张琼斯）银行业理财登记托管中心有限公司日前发布关于支持养老理财业 务有关事项的通知，进一步支持养老理财业务持续健康发展。 来源：上海证券报·中国证券网 在信息登记上，通知要求，各参与机构应按照监管要求及本通知规定在全国银行业理财信息登记系统登 记相关信息，对登记信息的真实性、准确性、完整性和及时性负责，并按照登记要求在理财登记中心各 业务开放时间内进行登记，超过开放时间的登记信息将顺延至下一日进行处理。 上证报中国证券网讯（记者 张琼斯）银行业理财登记托管中心有限公司日前发布关于支持养老理财业 务有关事项的通知，进一步支持养老理财业务持续健康发展。 通知明确，发行机构发行养老理财产品时，申报的理财产品名称中应带"养老"字样。发行机构登记个人 养老金理财产品子份额时，子份额应统一标识为"L份额"。个人养老金理财产品发行机构应在理财行业 平台每日登记个人养老金理财产品目录信息、产品净值信息、投资者交易明细信息和持仓信息。理财行 业平台按照要求每日将上述信息传输 ...

Investment Rating - The report does not explicitly provide an investment rating for the banking wealth management industry Core Insights - The banking wealth management industry has achieved a significant breakthrough in interest rate risk management, allowing wealth management companies to independently participate in the interbank market for interest rate derivatives, enhancing product net value stability [4][12][13] - Wealth management companies are increasingly active in IPO allocations, with notable participation in high-tech sectors, reflecting a strategic shift towards equity investments to enhance returns in a low-interest-rate environment [14][15][16] - The introduction of the "Zhaoyin Wealth Management ETF Covered Call Strategy Index" indicates a trend towards strategy-based and tool-oriented transformations within wealth management firms, aiming to provide transparent benchmarks for evaluating performance [17][18] Regulatory and Industry Dynamics - Shanghai Clearing House has facilitated the entry of Xinyin Wealth Management and Zhongyin Wealth Management as the first batch of wealth management companies to obtain qualifications for centralized clearing of interbank market interest rate derivatives, marking a shift to independent participation [4][12] - The restructuring of the relationship between wealth management companies and their parent banks has transformed wealth management companies into independent decision-making entities in the interbank interest rate derivatives market [13] Peer Innovation Dynamics - Ningyin Wealth Management and Xinyin Wealth Management have successfully allocated shares in the IPO of Muxi Co., with a total of 42,300 shares across 10 wealth management products [14] - The launch of the "Zhaoyin Wealth Management ETF Covered Call Strategy Index" aims to present the risk-return characteristics of covered call strategies in a standardized manner, enhancing transparency for investors [17][18] Yield Performance - Cash management products recorded an annualized yield of 1.27% for the week of December 8-14, 2025, a decrease of 1 basis point from the previous week, while money market funds saw a slight increase to 1.17% [19][20] - The overall yield in the bond market has shown fluctuations, with the 10-year government bond yield rising by 1 basis point to 1.84% during the same period [22][23] Net Value Tracking - The net value of banking wealth management products decreased to 2.64%, down 0.38 percentage points from the previous week, indicating a potential pressure on the liability side if the net value exceeds 5% [30][36]

分析师：蔡梦苑 登记编号：S0890521120001 分析师：周佳卉 登记编号：S0890525040001 投资要点 监管和行业动态： 1、 上海清算所陆续推动兴银理财与中银理财成为首批获得银行间市场利率 衍生品集中清算业务资质的理财公司，标志着此类机构正式以独立主体身份进入该市场，打破 了此前只能通过母行间接参与的局面，为理财行业通过主动利率风险管理来增强产品净值稳定 性奠定了坚实基础。 同业创新动态： 1、宁银理财、兴银理财再度获配"沐曦股份"新股。据沐曦股份12月8日披露的 网下初步配售结果，两家理财公司旗下10只理财产品合计获配4.23万股。2、招银理财近期与中 诚信指数联合推出了"中诚信-招银理财ETF备兑策略指数系列"，具体包含挂钩上证50ETF与沪 深300ETF的两只备兑策略指数。该指数旨在以标准化、可回溯的方式呈现备兑期权策略的风险 收益特征，为市场提供评估备兑策略表现的透明化基准，也为后续相关策略产品的创设奠定了 基础。 收益率表现： 上周（2025.12.8-2025.12.14，下同）现金管理类产品近7日年化收益率录得 1.27%，环比下降1BP；同期货币型基金近7日年化收益率报1 ...

银行理财子公司成立6年时间，已然成为了老百姓金融资产的压舱石，这背后主要是老百姓对于银行理 财的信任。 对于老百姓而言，好的理财需要兼顾安全稳定和高于普通存款的收益的特点，在当前我国逐渐进入低利 率的大环境下，单纯依靠债券票息并不容易达到投资者对理财产品的收益预期，这对理财公司的投研能 力提出了更高的要求。 随着市场步入低利率时代，理财产品中的票息"保护垫"在变薄，投资者对波动的感受也更加明显，但银 行理财稳健的基因并没有改变，在这种趋势下要保持理财的基因，势必要求理财公司提出新的解决方 案。为此，平安理财构建了"工业化+平台化"的投资管理模式。 "工业化+平台化"投资管理模式能够高效地整合公司内外部的优质资源和投资策略，形成全量、全域、 同宽、共享、协作的平台化能力和组织优势，在严控回撤前提下实现更高的长期业绩达标率；更为理财 公司拓展多资产、多策略奠定了更扎实的平台基础，伴随着时间沉淀，形成适应多种市场环境与波动的 可持续投资优势。 "强交易+量化"双轮驱动 打造固收旗舰 据悉，平安理财对固收系列产品的收益增强要求与公募基金同类型产品保持一致，但净值回撤需控制在 后者的一半。在低波导向下，平安理财投资条线 ...

本文字数：2853，阅读时长大约5分钟 作者 |第一财经 陈君君 在监管持续推进银行理财"真净值"转型的背景下，理财产品估值技术再次受到关注。 继"收盘价调整""收益缓冲池""T-1信托估值"等手段被逐步规范、叫停后，近期多家理财子公司开始引 入中诚信指数等新型第三方估值工具，通过多日成交均价、信用因子建模等方式，弱化短期市场波动， 使产品净值曲线更加平稳。这一做法迅速在业内引发分歧：支持者认为有助于缓解债市顺周期波动、稳 定投资者预期；反对者则担忧估值偏离公允价值，甚至被滥用于"打榜"和收益腾挪，损害投资者公平。 2025.12.16 业内人士认为，从本质上来看，估值技术本身是一种工具，关键在于其使用场景与动机，而关于理财产 品估值技术的争议实则反映出银行理财业朝"真净值"转型深化发展阶段所面临的挑战，需要以理性、客 观的视角加以审视。 第三方估值再起：在整改压力下寻找"新解法" 2024年12月，监管部门对银行理财产品估值作出进一步规范，明确要求理财估值、直投或委外均不得违 规使用收盘价调整、平滑估值、自建估值模型等方式来平滑净值波动，并要求在2025年底前完成全面整 改。这一监管要求，实质上为此前部分理 ...

Core Viewpoint - The article discusses the ongoing transformation of bank wealth management products towards "true net value" amid regulatory pressures, highlighting the introduction of new third-party valuation tools to stabilize product net value curves and the resulting industry debates on their implications for fair value and investor protection [3][4][10]. Group 1: Regulatory Changes and Industry Response - In December 2024, regulatory authorities mandated stricter valuation practices for bank wealth management products, prohibiting methods like closing price adjustments and requiring full compliance by the end of 2025 [4]. - In response to regulatory pressures and market competition, some wealth management subsidiaries have begun exploring new third-party valuation tools, such as those provided by China Chengxin Index Company [4][5]. - The introduction of these new valuation methods aims to mitigate the impact of short-term market fluctuations on net value, thereby addressing the "negative feedback" risks associated with bond market volatility [5][9]. Group 2: Valuation Methodologies and Their Implications - The new valuation approach by China Chengxin Index Company separates yield into "long-term true value" and "short-term emotional fluctuations," allowing for a more stable valuation that aligns with long-term investment strategies [5]. - Critics argue that while smoothing techniques can reduce net value volatility, they may also lead to a disconnection from actual market prices, potentially being misused for performance display and product ranking [9][10]. - The reliance on traditional valuation methods like China Bond and China Securities has shown limitations, particularly in their dependence on immediate transaction data, which can amplify market volatility [6][10]. Group 3: Market Divergence and Future Outlook - There is a growing divide in the market regarding the use of new third-party valuation tools, with some advocating for their necessity in reflecting true asset values, while others caution against their potential to distort market perceptions [10][12]. - The article emphasizes the need for clear industry standards and regulatory guidance to define the reasonable boundaries of valuation techniques, ensuring they serve the purpose of fair value assessment without disrupting market order [10][12]. - The future landscape is expected to feature a coexistence of multiple valuation sources, gradually moving towards a more regulated framework that balances traditional and new valuation methods [13].

Group 1 - The core viewpoint of the article highlights the appointment of Wu Xingfeng as the new general manager of Everbright Wealth Management, coinciding with the company's asset management scale approaching 2 trillion yuan, while also addressing the challenges of balancing growth and improving equity management capabilities [3][4][9]. Group 2 - As of the end of June, Everbright Wealth Management's total asset management scale was reported at 1,799.09 billion yuan, with a growth of approximately 420 billion yuan since the beginning of the year, positioning it to become the seventh wealth management company to exceed 2 trillion yuan [8]. - The company's product offerings are heavily weighted towards fixed-income products, with over 3,000 such products, while only six equity products exist, indicating a significant disparity in product types [10]. - The performance of equity products has been notably poor, with the oldest equity product, the Sunshine Red Health Safety Theme Selected, experiencing a cumulative return of -54.64% since its inception [10][12]. Group 3 - The article emphasizes the need for Everbright Wealth Management to enhance its equity investment capabilities, as traditional strengths lie in fixed-income products, and the company faces challenges in product design and management due to a lack of experience and talent in equity investments [16]. - Wu Xingfeng's leadership will be tested in navigating the dual objectives of maintaining scale while improving active equity management capabilities, which is crucial for differentiating the company in a competitive market [16].

"真净值"转型深化 在监管持续推进银行理财"真净值"转型的背景下，理财产品估值技术再次受到关注。 继"收盘价调整""收益缓冲池""T-1信托估值"等手段被逐步规范、叫停后，近期多家理财子公司开始引 入中诚信指数、中债资信等新型第三方估值工具，通过多日成交均价、信用因子建模等方式，弱化短期 市场波动，使产品净值曲线更加平稳。这一做法迅速在业内引发分歧：支持者认为有助于缓解债市顺周 期波动、稳定投资者预期；反对者则担忧估值偏离公允价值，甚至被滥用于"打榜"和收益腾挪，损害投 资者公平。 业内人士认为，从本质上来看，估值技术本身是一种工具，关键在于其使用场景与动机，而关于理财产 品估值技术的争议实则反映出银行理财业朝"真净值"转型深化发展阶段所面临的挑战，需要以理性、客 观的视角加以审视。 第三方估值再起：在整改压力下寻找"新解法" 2024年12月，监管部门对银行理财产品估值作出进一步规范，明确要求理财估值、直投或委外均不得违 规使用收盘价调整、平滑估值、自建估值模型等方式来平滑净值波动，并要求在2025年底前完成全面整 改。这一监管要求，实质上为此前部分理财产品通过技术手段"修饰"净值曲线的空间划下了清晰边界。 ...