Title: 350 只现金理财产品七日年化收益率跌破 1% | BestBlogs.dev
URL Source: https://www.bestblogs.dev/article/c347820a?amp%3Butm_medium=feed&%3Butm_campaign=resources&%3Bentry=rss_article_item
Published Time: 2026-07-09 08:14:00
Markdown Content: 80
In the first half of the year, over 350 cash wealth management products saw their 7-day annualized yield fall below 1%, with the yield center shifting downward, institutional performance diverging, and high-yield products concentrated in a few institutions. 
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21记者 2026-07-09 08:14 广东
记者丨 胡荷馨
编辑丨唐曜华
2026年上半年央行维持偏宽松基调。在此期间，DR007（银行间存款类机构质押式7天回购利率）围绕1.4%的政策利率窄幅波动，1年期国债收益率已从年初的1.3%左右降至1.10%左右的低位，AAA级1年期同业存单利率更是跌破1.45%关口。
货币市场的低利率环境直接压制了现金管理类产品的上行空间。上半年有超过350只产品的近半年七日年化收益率均值跌破1%。
!Image 4 后市展望偏谨慎 2.5%—3%的高息已然成为辉煌过往，人民币现金管理类理财产品的收益中枢正持续下移。
南财理财通数据显示，截至6月30日，理财公司共计存续7941只人民币公募现金管理类产品（含不同份额）。
从收益结构来看，市场呈现明显的“金字塔型”分化态势：有26只产品的上半年七日年化收益率均值超过2%；超过五成产品的收益率均值集中在1%—1.3%；收益率均值在1%—1.1%以及1.3%—1.4%的产品数量各占一成，另有超过350只产品的收益率均值低于1%。
受宏观环境影响，现金类产品底层资产（如同业存单、短期融资券、买入返售等）的票息或利息全面收窄。展望后市，若市场利率进一步下行，现金管理类理财产品收益率或随之继续下行。
!Image 5 首尾业绩差超30BP，机构表现分化
具体到各机构业绩方面，25家银行理财子公司的人民币现金类产品的上半年七日年化收益率均值的平均值普遍处于1.2%—1.5%区间，其中苏银理财以1.477%的七日年化收益率均值居首，上银理财、渝农商理财紧随其后，收益率均值的平均值均突破1.4%。
需要注意的是，部分机构平均收益率明显偏低，排名相对靠后。如招银理财人民币现金类产品上半年七日年化收益率均值的平均值为1.136%，与收益表现最好的机构相差超过30个基点。不过该机构人民币现金类产品的数量达到1065只，庞大的基数放大了收益结构的短板——94只产品收益率跌破1%，761只拥挤在1%—1.2%的低位区间。
!Image 6 两只现金类产品上半年七日年化收益率均值超过2%
苏银理财“启源货币13号B”今年上半年收益表现在现金管理类产品中居前，上半年七日年化收益率达2.302%，万份收益长期保持在0.6元以上。
从一季度持仓结构看，产品防御属性较强：现金及银行存款占比超五成，辅以少量同业存单与短久期债券增厚收益。一季度，B份额七日年化收益率录得2.29%，印证了管理人在债市“牛陡”行情中精准把握收益率高点配置、灵活运用货基增强策略博取波段收益的投资能力。
展望二季度，管理人预计货币政策将维持稳健偏宽松，策略上拟继续聚焦高等级流动性资产并择机布局。
上半年七日年化收益率突破2%的，还有上银理财的“易精灵17号现金管理类理财产品W2025917期A”。
值得关注的是，该产品穿透后持仓显示，其债权类资产合计占比超八成，构成了收益的核心来源。
一季度期间，管理人通过择机交易兑现盈利，并合理调整久期以防控偏离风险。对于二季度，管理人拟继续保持杠杆交易策略及哑铃型配置。
从策略层面观察，两家管理人均对“债市胜率有限”达成共识，这与当前“流动性宽裕但降息预期降温”的宏观背景相吻合。
数据说明：产品统计范围为理财公司发行的公募现金类产品，统计截止日期为2026年6月30日，统计区间为近半年。 SFC
出品丨21财经客户端 21世纪经济报道
编辑丨刘雪莹 21君荐读 
Key Quotes
> In the first half of the year, the average 7-day annualized yield of over 350 products over the past six months fell below 1%.
> The 2.5%---3% high-yield era has become a thing of the past, and the yield center of RMB cash management wealth products continues to shift downward.
> Under the macro environment, the coupon or interest of the underlying assets of cash products (such as interbank certificates of deposit, short-term financing bills, reverse repurchase agreements, etc.) has comprehensively narrowed.
> Suyin Wealth Management's 'Qiyuan Currency No. 13 B' performed among the top in cash management wealth products in the first half of the year, with a 7-day annualized yield reaching 2.302%, and the per-ten-thousand-unit return has long remained above 0.6 yuan.
> After look-through, the product's holdings show that debt assets account for more than 80% in total, constituting the core source of its returns.
Tags
Monetary Policy
Cash Management
Wealth Management Products
Bank Wealth Management
Interbank Certificates of Deposit
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