增量约1.4万亿元！三季度银行理财规模大增

Core Insights - As of the end of September, the scale of bank wealth management has exceeded 32 trillion yuan, reaching 32.1 trillion yuan, showing a significant increase from 30.67 trillion yuan at the end of June, with a growth of approximately 1.4 trillion yuan in the third quarter [1][2][4] Group 1: Wealth Management Scale - The bank wealth management scale saw an unexpected increase of 2 trillion yuan in July, but experienced a decline of 850 billion yuan in September due to seasonal factors and increased cash demand before the holidays [2][3][4] - Despite the decline in September, the scale has grown by about 8.5% compared to September 2024, indicating a year-on-year growth trend [4] Group 2: Product Types and Trends - Fixed-income products dominate the bank wealth management market, accounting for over 95% of the total scale, as they align with the risk tolerance of most investors [4] - The average annualized yield of closed-end fixed-income wealth management products has decreased, with a near 1-month yield of 2.30% and a near 3-month yield of 2.73% as of the end of the third quarter [5] Group 3: "Fixed Income Plus" Products - There is a growing interest in "Fixed Income Plus" products, which combine stable fixed-income assets with riskier assets to enhance returns, as investors seek better yields in a low-interest-rate environment [6][7] - The "Fixed Income Plus" product series launched by banks has seen significant growth, with one product surpassing 300 billion yuan in scale [6][7] - The overall scale of "Fixed Income Plus" products is expected to exceed 1.4 trillion yuan this year, contributing to the anticipated total wealth management scale of over 33.5 trillion yuan [7]