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、12月31日，中国证监会正式发布《公开募集证券投资基金销售费用管理 规定》，并定于2026年1月1日起施行。此举是对2025年9月《公开募集证券投资基金销售费用管 理规定》（征求意见稿）的细化和最终确认，标志着公募基金行业费率改革第三阶段的全面落 地，旨在系统性规范销售秩序、降低投资者成本并引导长期投资理念。2、据12月29日中国理财 网消息，交银理财新一代理财信息登记直联系统的产品信息与投资者信息登记模块，正式通过 银行业理财登记托管中心验收并上线运行。交银理财此次上线的突出亮点在于率先完成了"产品 信息登记模块"的直联切换，成为业内首家在该模块实现新系统对接的理财公司。 收益率表现： 上周（2025.12.29-2026.1.4，下同）现金管理类产品近7日年化收益率录得 1.35%，环比上升5BP；同期货币型基金近7日年化收益率报1.19%，环比下降2BP。 上周各期限 纯固收和固收+产品收益普遍下降。 债市总体呈现震荡走势。周初至周中，受跨年资金面趋 紧、股市情 ...

2026 年 01 月 07 日 证券研究报告|银行理财周报 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） 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 销售服务电话： 021-20515355 1、《信披统一框架正式落地，苏银理财深 耕持有型不动产 ABS 实践—银行理财周 度 跟 踪 （ 2025.12.22-2025.12.28 ）》 2025-12-31 创债 ETF 质押式回购交易落地—银行理 财周度跟踪（2025.12.15-2025.12.21）》 2025-12-24 3、《利率风险管理迎重要突破，理财打新 再 添 硕 果 — 银 行 理 财 周 度 跟 踪 （2025.12.8-2025.12.14）》2025-12-17 4、《指数型理财迎爆发增长，第三方估值 引 行 业 热 议 — 银 ...

2025 年 12 月 31 日 证券研究报告|银行理财周报 信披统一框架正式落地，苏银理财深耕持有型不动产 ABS 实践 银行理财周度跟踪（2025.12.22-2025.12.28） 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 021-20515355 1、《理财共议高质量发展新路径，首单科 创债 ETF 质押式回购交易落地—银行理 财周度跟踪（2025.12.15-2025.12.21）》 2025-12-24 再 添 硕 果 — 银 行 理 财 周 度 跟 踪 （2025.12.8-2025.12.14）》2025-12-17 3、《指数型理财迎爆发增长，第三方估值 引 行 业 热 议 — 银 行 理 财 周 度 跟 踪 （2025.12.1-2025.12.7）》2025-12-10 4、《资管协会更名筑牢协同根基，理财打 新聚焦硬科技赛道—银行理财周度跟踪 （ ...

当前，银行理财市场呈现"规模新高"与"收益承压"的鲜明反差。行业规模在2025年末触及34万亿元的历史新高，然 而在低利率成为常态的背景下，上半年产品平均年化收益率已降至2.12%，传统依赖固收投资的"舒适区"模式面临 挑战。平衡收益与波动、通过多元化资产配置寻求突围，已成为全行业的核心命题。在此背景下，农银理财党委 书记、董事长马曙光深入阐述其对行业转型的思考与实践路径。 马曙光表示，农银理财成立以来，坚持党建引领业务发展，深刻践行金融工作的政治性、人民性，促转型、强能 力、优产品、拓渠道、保安全，综合实力保持在理财行业第一梯队，实现"十四五"圆满收官。 站在"十五五"开局之年的起点，如何在低利率"新常态"的时代背景下，做稳固定收益投资基本盘的同时，稳步提升 多资产投资能力，打造高质量增长的"第二曲线"，是农银理财以及整个理财行业需思考的核心问题。 一、银行理财发展态势悄然生变 我国进入高质量发展阶段以来，发展环境面临深刻复杂变化。在"促进社会综合融资成本低位运行"的政策导向 下，债券收益率较难有明显提升，银行理财发展态势也由此发生微妙变化。 从负债端看，理财客户风险偏好总体收敛，但对收益依然有要求。客户风 ...

规模实现较快增长 寻求波动与收益新平衡 建立和深耕差异化优势 与会嘉宾认为，2025年银行理财市场的规模扩张与结构调整形成鲜明对比，全行业规模增速或超15%。 唐倩华表示，广义"固收+"理财产品规模增长约50%。以中邮理财为例，混合类产品规模实现翻倍。王 茜表示，规模的增长既有短期开放式产品的被动增长，也有"固收+"、跨境配置类产品的主动增长。 产品结构上，纯固收产品仍是基石，"固收+"与混合类产品快速增长。在唐倩华看来，未来的打法不再 是以爆款去赢得客户，更多的是要构建一个立体的产品矩阵，去满足和响应客户的多元需求。 在投资策略层面，2025年，大类资产配置与多元投资成为主流。孙俊杰表示，北银理财在资产证券化、 公募REITs、私募股权等领域的长期坚守逐步取得收获。王茜表示，汇华理财通过每日两次投研碰头 会、基于深度分析的买方研究体系，实现波段操作与多元配置的有机结合。王茜预计，2026年将形成更 加公平的竞争环境，具备产品力与客户服务能力的机构将脱颖而出。 2025年是银行理财行业创新发展加速、净值化转型深化的一年；同时，债券市场震荡加剧、权益市场结 构性行情凸显，让"平衡波动管控与收益提升"成为行业的核 ...

Regulatory and Industry Dynamics - In 2025, index-based wealth management products are expected to experience explosive growth, with 98 existing non-structured products issued by 12 wealth management companies as of December 10, 2025 [3][7] - Notably, among these products, Bank of China Wealth Management issued 36, Huaxia Wealth Management 33, and China Post Wealth Management 9, with the majority of products established in 2025 [7] - The best-performing product has an annualized return of 37.86%, with 23 products achieving returns above 5% since inception [7] - Wealth management companies are increasingly adopting third-party bond valuation services, such as China Chengxin Index Valuation, amid a transition period for valuation rectification [9][10] Peer Innovation Dynamics - China Aluminum Industry's benchmark enterprise "Innovation Industry" was listed on the Hong Kong Stock Exchange on November 24, 2025, focusing on green aluminum production [13] - This IPO attracted significant attention from international capital markets, with investments from long-term funds and industry investors, reflecting financial institutions' support for green transformation [13] Yield Performance - For the week of December 1-7, 2025, cash management products recorded a 7-day annualized yield of 1.28%, while money market funds reported 1.16%, indicating stability in yields [15] - The bond market faced headwinds, with the 10-year government bond yield remaining at 1.83% and the 30-year yield rising by 7 basis points to 2.25% [16][17] - Factors affecting the bond market include a cooling expectation of monetary policy easing, low sensitivity to fundamental data, and ongoing uncertainty regarding public fund sales regulations [17][19] Net Value Tracking - The net value ratio of bank wealth management products rose to 2.89%, an increase of 0.42 percentage points, while credit spreads widened by 3.33 basis points [24] - The current credit spread remains at historical lows since September 2024, indicating limited value for investors [24]

Core Viewpoints - The article discusses the recent changes in the asset management industry in China, particularly the renaming of the "China Banking and Insurance Asset Management Association," which signifies a shift towards a more integrated self-regulatory framework in the asset management sector [5][6][7]. Regulatory and Industry Dynamics - The official renaming of the "China Banking and Insurance Asset Management Association" has been completed, marking a significant step in the association's integration process [5]. - The association's membership has expanded to include various financial institutions, indicating a move towards a cross-industry self-regulatory platform [6]. - The evolution of the association reflects a shift from "institutional regulation" to "functional regulation" in China's asset management industry, particularly following the implementation of the asset management new regulations in 2018 [6][7]. Innovations in the Industry - On November 24, the domestic GPU company, Moer Thread, launched its IPO on the Sci-Tech Innovation Board with an issue price of 114.28 yuan per share, raising 8 billion yuan, marking the largest IPO on the board in 2025 [8]. - Ningyin Wealth Management and Xingyin Wealth Management participated in the IPO, with Ningyin's six products receiving approximately 3.93 million yuan in allocations, the highest among wealth management companies [8]. - Zhongyou Wealth Management has introduced a multi-asset and multi-strategy product series aimed at addressing investment challenges in the current low-interest-rate environment [10]. Performance of Financial Products - Cash management products recorded a 7-day annualized yield of 1.28%, a 1 basis point increase week-on-week, while money market funds saw a decline to 1.16% [11]. - The bond market experienced fluctuations, with yields generally rising due to mixed market factors, including expectations of interest rate cuts and ongoing economic pressures [12]. - The current environment for the bond market remains generally favorable, but significant constraints exist, including low sensitivity to fundamental factors and ongoing uncertainties related to public fund sales regulations [12][5]. Tracking of Net Asset Value - The net asset value of bank wealth management products rose to 2.32%, an increase of 1.12 percentage points week-on-week, while credit spreads widened by 5.11 basis points [20]. - The relationship between net asset value and credit spreads indicates potential redemption pressures when net asset values exceed 5% and credit spreads widen significantly [20].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The industry is experiencing a shift in the main holders of amortized cost bond funds from banks to wealth management companies, which are increasingly viewing these funds as tools for reducing volatility in a low-interest and high-volatility environment [3][11][12] - The application of AI in the industry has progressed from initial human-machine interaction to a collaborative phase, with AI becoming a core component of business operations [3][17] - The report highlights the launch of a global commodity integration strategy index by a wealth management company, aiming to capture diverse returns through systematic allocation across various commodity strategies [4][18][19] Summary by Sections Regulatory and Industry Dynamics - The concentrated opening period for amortized cost bond funds is expected in Q4 2025 to Q1 2026, with a total opening scale exceeding 480 billion [11][10] - The transition of holders from banks to wealth management companies is driven by market changes and regulatory policies, leading to a shift in the underlying assets of these funds from government bonds to credit bonds [12][13] Peer Innovation Dynamics - A wealth management company has introduced a global commodity integration strategy index, which utilizes quantitative models for dynamic rebalancing to capture diverse risk factors in different market environments [18][19] - A partnership between a regional equity trading center and a wealth management company has successfully completed the first fund share transfer, marking a significant step for wealth management funds to enter the private equity investment field [20] Yield Performance - Cash management products recorded a 7-day annualized yield of 1.27%, a decrease of 2 basis points, while money market funds remained stable at 1.17% [21][23] - The bond market is currently experiencing a narrow fluctuation pattern, influenced by various factors including Federal Reserve interest rate expectations and market concerns regarding AI [24][25] Net Value Tracking - The net value ratio of bank wealth management products increased to 1.16%, up 0.43 percentage points, indicating a potential upward pressure on the net value ratio if credit spreads continue to widen [28][30]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The new generation of wealth management systems has been fully launched, significantly optimizing data quality and reporting efficiency, laying a foundation for transparency in information disclosure [3][10][11] - Some wealth management companies are attempting to utilize T-1 valuation rules to create "explosive" products, enabling value transfer between new and old products [3][12][13] - The report highlights the potential risks of T-1 valuation arbitrage, including investor dissatisfaction and hindrance to research and development capabilities within the industry [17][18] Regulatory and Industry Dynamics - The new generation wealth management system was launched on October 3, 2025, enhancing data processing capabilities and system stability [10][11] - The T-1 valuation arbitrage method is being explored by some companies to quickly generate popular products, which may lead to unfair advantages for new product investors [12][14][17] Peer Innovation Dynamics - China Post Wealth Management has launched two indices focused on high-grade technology innovation and green bonds, supporting the transition to a low-carbon economy [18] Yield Performance - Cash management products recorded a 7-day annualized yield of 1.28%, a decrease of 1 basis point from the previous week, while money market funds remained stable at 1.16% [19][21] - The report indicates a general decline in yields across various fixed-income products due to tighter monetary policy and market conditions [21][22] Net Value Tracking - The net value ratio of bank wealth management products was 0.53%, a decrease of 0.24 percentage points, with credit spreads also narrowing [28][29]

Investment Rating - The report indicates a positive outlook for the banking wealth management industry, particularly in the context of the nationwide promotion of pension wealth management products [3]. Core Insights - The expansion of pension wealth management trials to a national level marks a significant shift, enhancing the third pillar of the pension system in China [10][11]. - The introduction of a new direct registration system for wealth management products is expected to improve data governance and operational efficiency across the industry [12][13]. - Recent trends show an increase in annualized returns for cash management products, with a recorded rate of 1.29%, reflecting a slight increase from the previous week [14][18]. Summary by Sections Regulatory and Industry Dynamics - The National Financial Regulatory Administration issued a notification promoting the sustainable development of pension wealth management, expanding trials nationwide and increasing the fundraising limits for wealth management companies [10][11]. - The new system implemented by ICBC Wealth Management and Suzhou Wealth Management enhances data reporting and regulatory oversight, improving the management of sales personnel and investor protection [12][13]. Yield Performance - Cash management products saw a near 7-day annualized yield of 1.29%, up 1 basis point from the previous week, while money market funds decreased to 1.16% [14][18]. - The overall bond market remains favorable, although market sentiment is expected to remain subdued due to ongoing uncertainties [16][17]. Net Value Tracking - The net value ratio of banking wealth management products decreased to 0.78%, down 0.32 percentage points, indicating a potential pressure on the net value if credit spreads continue to widen [23][25].