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、近期，多家理财公司迎来董事长、总裁级别的高管集中调整，招银理 财、信银理财、交银理财、北银理财等机构相继出现人事变动，引发行业广泛关注。 同业创新动态： 1、近日，建信理财成功落地一笔非标准化股权投资业务，以"定制化理财产品 +非标准化股权投资"的方式，引导市场资金支持科技型企业。该产品面向机构投资者发行，依 托严谨的资产筛选与市场化、法治化的交易结构设计，探索理财资金参与股权投资的新路径。 2、11月5日至10日，第八届中国国际进口博览会在上海国家会展中心举行。交银理财首次参与 该国家级开放合作平台，并正式发布全面升级的"十大品类"理财产品体系，并重点推介"活钱 +"、"养老理财"和"多元精选"三类创新产品与综合服务方案。 收益率表现： 上周（2025.11.10-2025.11.16，下同）现金管理类产品近7日年化收益率录得 1.29%，环比持平；同期货币型基金近7日年化收益率报1.17%，环比上升1BP。现金管理类产品 与货币基金的收益差为0.11%，环比下降2 ...

2025 年 11 月 19 日 证券研究报告|银行理财周报 理财公司密集"换帅" ，股权投资探索新实践 银行理财周度跟踪（2025.11.10-2025.11.16） 分析师：蔡梦苑 分析师登记编码：S0890521120001 电话：021-20321004 邮箱：caimengyuan@cnhbstock.com 分析师登记编码：S0890525040001 电话：021-20321070 邮箱：zhoujiahui@cnhbstock.com 风险提示：本报告部分数据基于数据供应商，可能为市场不完全统计数据， 旨在反映市场趋势而非准确数量，所载任何意见及推测仅反映于本报告发布当 日的判断。理财产品业绩比较基准及过往业绩并不预示其未来表现，亦不构成 投资建议，不代表推介。 021-20515355 1、《新一代理财系统投产，理财估值套利 手 法 再 现 — 银 行 理 财 周 度 跟 踪 （2025.11.03-2025.11.09）》2025-11-12 2、《养老理财试点扩至全国，个人养老金 产 品 准 入 简 化 — 银 行 理 财 周 度 跟 踪 （2025.10.27-2025.11.02）》 ...

Core Insights - The article discusses the balance between innovation and risk in the financial management sector, particularly in response to the ongoing trend of "deposit migration" as deposit rates decline [1][7] - Financial institutions are adopting various strategies to attract funds, including lowering fees, introducing floating fee rate products, and offering customized financial products [2][3][6] Group 1: Market Trends - A significant increase in non-bank deposits was reported, reaching a near ten-year high in May, indicating a shift of funds from traditional bank deposits to financial products [1][7] - The bank wealth management market is experiencing structural changes, with a notable growth in the scale of bank wealth management products, which increased by 340 billion yuan to 31.6 trillion yuan by the end of May [7] Group 2: Product Innovations - Floating fee rate products are being introduced, linking management fees to performance, which has garnered positive market response, as evidenced by the rapid sell-out of such products [2][3] - Customized financial products are emerging, designed to minimize volatility while maintaining competitive returns, appealing to high-net-worth clients and institutional investors [6][7] Group 3: Competitive Strategies - Financial institutions are adjusting single-account holding limits to attract high-net-worth clients, with some products increasing limits from 5 million yuan to 100 million yuan [3][7] - The "currency enhancement strategy" is gaining popularity, allowing financial companies to achieve higher yields through timing differences in fund settlement, potentially increasing annualized returns by around 30 basis points [5][6] Group 4: Risks and Challenges - Some innovative strategies, such as "interest subsidies," may pose risks to other investors, as they can lead to conflicts of interest and potential liquidity risks in the market [8][9] - The introduction of floating fee rates requires enhanced investment research and risk management capabilities from financial companies, which may face challenges in adapting to this complexity [9]

Investment Rating - The investment rating for the commercial banking sector is "Outperform the Market" (maintained) [1] Core Insights - A new round of deposit rate declines is creating multidimensional impacts on commercial banks' asset-liability management, forcing a transformation in their strategies [3] - On the liability side, the decrease in deposit costs alleviates interest payment pressures, but the low-interest environment intensifies deposit diversion risks, pushing banks to enhance wealth management capabilities [3] - On the asset side, banks face dual challenges of yield compression and structural adjustments, necessitating a shift towards higher-yield retail assets like consumer loans and small business loans [3] - The complexity of interest rate risk management is increasing, requiring banks to utilize derivatives for hedging and optimize duration matching through dynamic gap management [3] - The operational stratification among commercial banks is increasing, with large banks leveraging their national networks and low-cost funding to support large-scale lending, while smaller banks are constrained by regional operations and high deposit costs [3] - The era of multidimensional asset-liability management for commercial banks has arrived, necessitating a shift towards "lightweight" operations and the expansion of non-interest income sources [3] Summary by Sections 1. Framework Objectives: Matching Assets and Liabilities - The goal of asset-liability management is to balance risk and return, maximizing risk-adjusted returns while considering profitability, liquidity, and safety [7][8] 2. Constraint Tools: Optimization Under Multiple Conditions - Asset-liability management involves managing the asset-liability portfolio, liquidity, interest rate risk, and capital management [7][8] 3. System Application: Perception of Liquidity Tightness - Liquidity management indicators include LCR, NSFR, liquidity ratios, and the adequacy of high-quality liquid assets [109][110] 4. Differentiated Characteristics of Different Institutions - Different types of banks exhibit varying asset structures and investment strategies, with large banks focusing on government bonds and large corporate loans, while smaller banks may have a more diversified approach [30][34]