结构性存款来了，湾区居民新增“跨境理财通”标的

Core Viewpoint - The expansion of cross-border wealth management products in the Greater Bay Area provides new investment options for mainland investors, particularly through the "Southbound Pass" mechanism [1][4]. Summary by Sections Product Range Adjustment - China Merchants Yonglong Bank has revised the terms and conditions for the "Southbound Pass," significantly altering the definition of "designated wealth management products" by removing previous restrictions on investment types, including stocks, non-complex funds, and low to medium-risk bonds [2][4]. - The revised definition now includes "wealth management products permitted by regulatory authorities," effective from October 27, 2025 [2][4]. Inclusion of Structured Deposits - The bank has expanded the range of "designated wealth management products" to include structured deposits, which were previously excluded. This change aims to broaden investment choices for clients while maintaining the same risk level requirements [5][6]. - Structured deposits are defined as a supplementary form of general deposits, often linked to currencies or commodities, providing potential additional returns based on market performance [6]. Market Response and Product Availability - Some banks participating in the "Southbound Pass" have already begun offering structured products, while others have yet to do so. For instance, Bank of China (Hong Kong) and China CITIC Bank International have included structured deposits in their offerings, while HSBC and others have not yet listed such products [7][9]. - As of August, there were 167,100 individual investors participating in the "Southbound Pass," with a total cross-border fund transfer amounting to 123.55 billion yuan [9][10]. Future Developments - The Hong Kong Monetary Authority is discussing "Cross-Border Wealth Management Connect 3.0," which aims to optimize various aspects of the program, including eligibility, product range, and sales processes, with potential expansion beyond the Greater Bay Area [9].