Sou Hu Cai Jing·2025-09-28 14:44Core Insights - Recent adjustments in the investment strategies of A-share listed companies have led to a reduction in the allocation to structured deposits and bank wealth management products, while subscriptions to securities company wealth management and fund accounts have increased [2] Group 1: Investment Trends - As of September 24, 2025, 1,094 listed companies held a total of 12,268 wealth management products with a subscription amount of 7,733.56 billion yuan, reflecting a year-on-year decline of over 15.2% [4] - The subscription amount for structured deposits has decreased to 4,708.9 billion yuan, down 18.8% year-on-year, while bank wealth management products saw a decline to 801.7 billion yuan, a drop of 5.6% [4] - The overall wealth management scale of listed companies has been declining for two consecutive years, with a projected subscription amount of 12,152 billion yuan in 2024, representing a year-on-year decrease of 6.20% [4] Group 2: Factors Influencing Changes - The decline in wealth management scale is primarily due to strict controls on fund idling, leading to regulatory constraints on bank structured deposit quotas [4] - The average yield of bank wealth management products has dropped to 2.12% in the first half of 2025, with one-year deposit rates falling to around 1%, making high-yield deposits increasingly rare [5] - Listed companies are showing increased interest in securities company wealth management and fund accounts, with subscriptions amounting to 512.26 billion yuan and 331.43 billion yuan respectively, marking year-on-year increases of 4.1% and 101.2% [5] Group 3: Future Outlook - Despite a preference for short-term, low-risk products, listed companies are gradually increasing their allocation to diversified products from securities firms and public funds [5] - It is anticipated that the scale of deposits transitioning to wealth management could reach several hundred billion yuan in the coming year [5] - Offshore wealth management through QDII and southbound channels is becoming an important direction for corporate asset allocation [5]