Sou Hu Cai Jing·2025-09-19 10:43Core Viewpoint - A report from CITIC Securities indicates a significant shift of funds from deposits to wealth management products among listed companies, with an expected scale of several hundred billion yuan in the coming year [1][5]. Group 1: Wealth Management Plans by Listed Companies - On September 17, China Resources Sanjiu announced a plan to invest up to 10 billion yuan in bank wealth management products to optimize idle funds, with a maximum product duration of six months [2]. - Tianjin Tasly also announced a plan to invest up to 3 billion yuan in low-risk wealth management products and structured deposits, with a similar investment duration [2]. - As of September 19, over 1,709 listed companies have engaged in wealth management investments, with total subscriptions exceeding 1 trillion yuan in the past year [2]. Group 2: Investment Scale and Trends - Jiangsu Guotai announced a plan to use up to 12 billion yuan for entrusted wealth management, exceeding its market value based on stock price calculations [3]. - In the first half of the year, Jiangsu Guotai invested 20.24 billion yuan in bank wealth management products, with 9.67 billion yuan remaining in unexpired products [3]. - Despite frequent announcements of wealth management plans, the total scale of wealth management subscriptions by listed companies has decreased this year, with a projected 12,152 billion yuan for 2024, down 6.20% year-on-year [5]. Group 3: Market Dynamics and Future Outlook - The decline in wealth management subscriptions is attributed to limited balance amounts and a reduction in the scale of funds classified as wealth management [5]. - Companies are increasingly diversifying their investments into various products, including those from securities firms and public funds, while still favoring short-term, low-risk options [5]. - The shift from deposits to wealth management is seen as a natural outcome of interest rate marketization and financial market deepening, reflecting companies' pursuit of asset preservation and value appreciation in a low-interest environment [7].