Core Insights - The banking wealth management industry is actively seeking overseas asset allocation to address the challenges posed by a low interest rate environment, as domestic fixed-income product performance benchmarks have dropped from over 4% at the end of 2021 to approximately 2.4% [1][3] Group 1: Low Interest Rate Environment - The one-year fixed deposit rate has fallen below 1% for the first time this year, while the three-year fixed deposit rate has entered the "1" era, indicating a significant decline in interest rates [3] - Various fixed-income asset yields are at historical lows, with the 10-year government bond yield slightly rising but still at a low level compared to historical data [3] Group 2: Cross-Border Investment - Cross-border investment is viewed as a crucial strategy for enhancing product yields in a low interest rate environment, providing diversified options for wealth management products [4] - Multiple channels for cross-border investment include mutual recognition funds, QDII funds, bond connect, and Hong Kong stock connect, allowing for a broader selection of high-cost performance investment targets [4][5] Group 3: Asset Allocation Strategies - The industry is shifting from a primarily fixed-income asset allocation structure to a multi-asset and multi-strategy approach to mitigate risks and enhance returns [3][4] - Companies are expanding asset categories to include low-correlation assets such as gold, options, REITs, and cross-border assets to reduce product net value volatility and achieve absolute returns [5][8] Group 4: Changing Wealth Structure - The total savings of Chinese residents increased from 93 trillion yuan at the end of 2020 to 162 trillion yuan by June 2025, with per capita savings exceeding 115,000 yuan [7] - The proportion of real estate in residents' wealth has decreased from 54.6% in 2020 to 48.7% in 2024, while financial assets have increased to 47.6% [7] Group 5: Industry Trends and Challenges - The traditional profit model of relying on "interest income + leverage" is becoming unsustainable, prompting a need for innovation and research in technology to capture excess returns [8] - The banking wealth management industry has surpassed 32 trillion yuan in scale, with a focus on differentiated positioning and strategy-driven asset management to enhance product performance stability [8][9]
低利率倒逼银行理财转型 海外配置与多元策略成破局关键
Hua Xia Shi Bao·2025-10-23 00:03