中国利率市场化进程逐步推进，商业银行正面临严峻的生存考验，创新是商业银行培育核心竞争力，实现差异化发展的必然选择。本文从金融功能观的视角出发，构建了金融产品创新的分析模型。在市场引导和政府规制下，商业银行通过三个层次实现产品创新，三个层次的产品创新通过产品功能扩展的方式分别在企业内部，同业间（混业经营），产业间（产业边界模糊）得以实现，商业银行产品创新也发生在不同层次间。价值网模型中，商业银行整体价值由各个产品价值组合而成，商业银行依托产品功能拓展实现产品创新，并最终带来整个价值网价值的提升。本文构建了商业银行产品创新价值网模型，并应用于广州农村商业银行。

The interest rate market developed step by step in China, the commercial banks are facing a severe test of survival, the inevitable choice of the differentiated development and to enhance their core competitiveness for the comercial banks is innovation. This article constructed financial product innovation analysis model from the perspective of the financial function concept. Under the market guiding and government regulation, the commercial banks achieve product innovation by three levels, the three levels of product innovation can be achieved through product features extending in the enterprise (mixed operation), industrial (industry boundaries blur), and product innovation of commercial banks also occur between the different levels. Through the value network model, the value of each product constitutes the overall value of the commercial banks, the commercial banks rely on the product features expand product innovation, and bring to enhance the value of the entire value network ultimately. The article builds the value network model of commercial banking products innovation and to apply in Guangzhou Rural Commercial Bank.