Core Viewpoint - The establishment of bank wealth management subsidiaries, such as Xinyin Wealth Management, plays a crucial role in serving the real economy, promoting common prosperity, and meeting the aspirations of the people for a better life [1][6]. Group 1: Company Overview - Xinyin Wealth Management was established in July 2020 as the first national joint-stock bank wealth management subsidiary in Shanghai, focusing on market-oriented, digital, and platform-based development [1]. - As of Q1 2023, Xinyin Wealth Management's product management scale reached 1.6 trillion yuan, ranking second nationally in comprehensive wealth management capabilities [3]. Group 2: Governance and Leadership - The company emphasizes the integration of party leadership into corporate governance, ensuring that political and business operations are closely aligned [4][5]. - Xinyin Wealth Management has established a new model of "six integrations" between party building and corporate governance to enhance its competitive advantage [4]. Group 3: Strategic Initiatives - The company has launched the "Lighthouse Plan," focusing on ten strategic business directions, including common prosperity, green finance, and digital finance, with quantifiable goals and business plans [6]. - By the end of 2022, Xinyin Wealth Management had invested nearly 800 billion yuan in various assets, contributing to market stability and promoting common prosperity through charitable initiatives [7]. Group 4: Customer-Centric Approach - Xinyin Wealth Management has developed a "6+2" product system to meet diverse investment needs, focusing on customer-centric services and financial literacy education [8][10]. - The company aims to provide tailored investment advice and wealth product combinations, enhancing customer satisfaction and trust [10][11]. Group 5: Future Outlook - 2023 is seen as a pivotal year for implementing the company's three-year development plan and achieving substantial progress in high-quality development [9]. - Xinyin Wealth Management is committed to long-termism, aligning its business development with national strategies and maintaining a focus on risk control while pursuing wealth growth [11].

夯实底座 信银理财迸发强劲发展动能 历经资管新规、理财产品净值化转型，信银理财持续锤炼自身业务能力，公司产品业绩扎实稳健、 渠道布局走深走实、风险控制有力有效，在市场波动中迸发出强劲发展动能，稳步迈入行业第一梯队。 2023年，信银理财产品业绩保持扎实稳健。公司坚持产品"四稳"方向，推动产品、研究、投资、销 售等高效衔接，整体产品收益率、产品业绩比较基准达标率形成行业领先优势，固收类产品达标率 62.6%，位列同业第二。渠道布局走深走实。信银理财做深行内渠道主战场，实现行内渠道产品规模增 量同业第一，做实行外多元化渠道体系，布局"12（国股大行）+3（头部互联网银行）+N（中小城农商 行）"代销渠道，并以APP和官网为阵地开展直销个人和机构业务，搭建起渠道"多"、类型"全"、增 长"快"、"直"销强的销售体系。风险控制有力有效。信银理财全面加强产品风险管理，完善风险限额控 制体系，2023年有效规避了房地产调整带来的冲击，债券投资未出现重大违约，非标资产零逾期，资本 市场业务未出现重大风险事件，信用风险管理良好、流动性整体合理充裕、市场风险稳定在较低水平。 战略引领 信银理财中流击水奋楫争先 2023年，信银 ...

11 中信理财 资 日 投 载 者 亲爱的投资者们: 征途在星辰大海，潮涌于壮阔山河。回望五年前，信银 理财作为首家落户长三角的股份制商业银行理财子公司,伴 赌差国家深化全融供给侧结构性改革的冲锋后备心污带生。 HIJI-V 不知不觉,已陪伴您走过五个年头了。 作为以"服务实体经济,助力共同富裕"为使命的理 财公司,遵循党的意志、契合人民期盼、服务客户需 求，是我们必须扛起的时代重任。 经过五年筑基、五年铸魂、五年聚力,我们追光 逐梦、矢志不渝、对于银行理财如何回归价值本源、扛起 使命担当,坚定走好具有鲜明中国特色、中国银行业特色 和中信特色的高质量发展之路,有了更加清晰而笃定的判 断和领悟。 作为一家致力于打造对标世界一流水准的平台型、 科技型、全能型资管企业,不断塑造市场公信力、品 牌力、联接力,是我们必须交出的历史答卷。 经过五年求索、五年耕耘、五年磨砺、我们逾山越海、 拔节起势,正在从一支初出茅庐、蓄势待发的"资管新军", 向着打造居民财富管理主阵地、服务实体经济主力军的目 标阔步迈进。 这五年, 我们因为温暖托付而彼此照见。 只有金融守"大义"，社会才能取"大利"。 鲜明立起为民造福的政绩观。我们恪 ...

Regulatory and Industry Dynamics - The State Administration of Foreign Exchange has issued a total of USD 3.08 billion in investment quotas to qualified domestic institutional investors (QDII) [4] - As of the end of June, the total scale of the bank wealth management market reached CNY 31.22 trillion, an increase of 5.22% compared to the beginning of the year [5] - The current net value-based wealth management scale has maintained above CNY 31 trillion, with little change from May, alleviating concerns about potential scale shrinkage [5] Innovation in the Industry - China Merchants Bank Wealth Management has launched a floating management fee model for its wealth management products, significantly reducing the fixed management fee to 0.25% per year [6] - ICBC Wealth Management participated in the cornerstone investment for the IPO of IFBH in Hong Kong, securing approximately USD 4 million in investment [6] - China Everbright Bank Wealth Management successfully donated all excess returns from its first charitable wealth management product to a public welfare foundation [7] Yield Performance - For the week of June 30 to July 6, cash management products recorded an annualized yield of 1.48%, up 5 basis points, while money market funds saw a decline to 1.27%, down 5 basis points [8] - The annualized yields of pure fixed income and fixed income plus products have rebounded to varying degrees, influenced by a loosening of the funding environment and the ongoing stock-bond dynamics [10] - The credit spread has continued to narrow, remaining at historical low levels since September 2024, indicating limited value for credit products [10][15] Market Trends - The break-even rate for bank wealth management products rose to 0.70%, an increase of 0.26 percentage points, while the credit spread continued to narrow [10][15] - The ongoing tightening of liquidity and the low interest rate environment have led wealth management companies to lower their performance benchmarks, indicating potential pressure on product yields in the medium to long term [11]