三季度银行理财缩水超1500亿

Core Insights - The banking wealth management market experienced significant fluctuations in Q3, with the total scale of existing wealth management products decreasing to 30.82 trillion yuan by the end of September, down 151.47 billion yuan from the end of June, and the average annualized return dropping to 2.47% [2][3] - The market saw a structural differentiation in product performance, with fixed-income products losing attractiveness compared to equity assets, leading to a shift in investor behavior [3][4] Market Performance - The overall wealth management market showed a "rise and fall" trend in Q3, with a notable increase in July and August followed by a significant decline in September, resulting in a total decrease of over 150 billion yuan compared to the end of Q2 [3] - The "stock-bond seesaw" effect was a major factor, as the equity market continued to recover, with the Shanghai Composite Index surpassing the 3,800-point mark, while the bond market experienced volatility [3][4] Product Performance - The average annualized return for closed-end fixed-income products was 2.73%, underperforming the benchmark by 0.12 percentage points, while open-end fixed-income products had an average return of only 2.54%, falling short of the benchmark by 0.28 percentage points [4][5] - Cash management products and fixed-income products saw average annualized returns of 1.45% and 2.48%, respectively, both declining from June [7] Structural Changes - Mixed and equity products performed well, with average annualized returns reaching 5.03% and 13.72%, respectively, significantly increasing by 1.89 and 9.97 percentage points from June [7] - The issuance of equity-related products surged, with 12 equity products issued by the end of September, a sixfold increase compared to the previous year, and 202 mixed products, up by 33 from the previous year [7] Future Outlook - The wealth management market is expected to continue expanding steadily, with an anticipated monthly increase of over 1 trillion yuan in October, driven by the optimization of product structures by wealth management subsidiaries [9] - The low-interest-rate environment is likely to sustain the growth of "fixed income plus" products, which are expected to remain a key growth driver in the wealth management market [8][9]