Group 1 - The core viewpoint of the report indicates that the banking industry's wealth management products are experiencing increased potential net value volatility due to the end of valuation adjustments, with limited means to cope with market fluctuations [1] - As of the end of Q3 2025, the scale of the wealth management industry reached 32.13 trillion yuan, reflecting a cumulative growth of 2.2 trillion yuan or 7.3% since the beginning of the year, which, while lower than the 9.9% growth in the same period of 2024, outperforms the average growth rate of 5.1% over the past six years [1] - The decline in retail deposit pricing, which has decreased by approximately 30-44 basis points since the beginning of the year, has enhanced the cost-effectiveness of wealth management products, contributing to their stable performance [1] Group 2 - In response to regulatory pressures and reduced floating profits, wealth management institutions have increased their allocation to deposit assets, with the proportion rising by 2.7 percentage points to 27.5%, reaching a record high of 9.4 trillion yuan [2] - The allocation to bonds and credit bonds has reached historical lows at 40.4% and 37.5% respectively, indicating that wealth management has not provided incremental funds to the credit bond market in Q2-Q3 [2] Group 3 - In Q3, the allocation to certificates of deposit and public funds decreased by 0.7 percentage points and 0.3 percentage points to 13.1% and 3.9% respectively, while equity allocation also saw a reduction, with the equity position dropping by 0.3 percentage points to 2.1% [3] - The total cash and fixed-income products reached 31.2 trillion yuan, accounting for 97% of the total, while equity-mixed and commodity derivatives remained at a historical low of 0.9 trillion yuan [3]
中金：理财应对市场波动的手段或较为有限 资产配置进一步趋于审慎
智通财经网·2025-10-24 03:39