分析师：蔡梦苑 登记编号：S0890521120001 分析师：周佳卉 登记编号：S0890525040001 监管和行业动态： 8月16日，由《21世纪经济报道》和浦发银行联合主办，浦银理财、浦银安 盛基金协办的"2025资产管理年会"在上海隆重启幕。本届年会以"破局与重构——大资管再造竞 争力"为核心主题，设置主论坛和平行主题论坛，在各论坛上，多位理财公司高管发表洞见。 同业创新动态： 1、8月16日，"2025资产管理年会"在上海启幕，主论坛后续环节中，浦银理财 举办了"日鑫悦益"产品体系2.0焕新暨科技金融五力模型主题产品发布会。该产品体系进行了四 大主产品线的战略进阶："日"系列实现现金管理类产品功能进阶"功能+"；"鑫"系列升级"债券 +"策略；"悦"系列深耕信用资产价值"项目+"；"益"系列强化多元配置，构建"固收+"多元矩阵。 2、8月19日，招银理财首度发布SMARP大类资产配置指数。该指数由招银理财和中诚信指数 联合发布，涵盖稳健、平衡和进取三种策略，旨在优化资产配置，实现动态风险管理，捕捉 债、股、商等多资产多策略机会。 收益率表现： 上周（2025.8.11-2025.8.17，下同） ...

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The 2025 Asset Management Annual Conference highlighted the need for a competitive restructuring in the asset management sector, focusing on multi-asset and multi-strategy investment approaches [3][11]. - The report indicates a general decline in the annualized returns of cash management products and fixed-income products, reflecting market volatility and changing investor sentiment [5][16][18]. - The report emphasizes the importance of enhancing research capabilities and service quality in the asset management industry to adapt to market changes and investor needs [12][13]. Regulatory and Industry Dynamics - The 2025 Asset Management Annual Conference took place on August 16, focusing on the theme of "Breaking the Deadlock and Restructuring - Rebuilding Competitiveness in Asset Management" [3][11]. - Key executives from various financial institutions shared insights on the future of multi-asset investment strategies and the importance of AI infrastructure in driving growth [11][12]. Peer Innovation Dynamics - The report discusses the launch of the "日鑫悦益" product system by浦银理财, which includes strategic upgrades across four main product lines to enhance functionality and investment strategies [4][14]. - 招银理财 introduced the SMARP index, aimed at optimizing asset allocation and dynamic risk management across various asset classes [15]. Yield Performance - For the week of August 11-17, 2025, cash management products recorded an annualized yield of 1.31%, down 3 basis points from the previous week, while money market funds yielded 1.20%, down 1 basis point [5][16][20]. - The report notes a general decline in annualized yields for fixed-income products across different maturities, influenced by market factors such as U.S.-China tariff concerns and consumer loan policies [18][19]. Net Value Tracking - The report indicates that the net value ratio of bank wealth management products rose to 1.52%, an increase of 0.65 percentage points week-on-week, reflecting a widening credit spread [6][24][26]. - The widening credit spread is noted to be at historical low levels since September 2024, suggesting limited value for investors [26].