“存款搬家”持续，银行理财三季度存续规模增1.46万亿元

Core Insights - The banking wealth management market has seen a significant increase in the scale of existing products, driven by a "deposit migration" phenomenon amid declining interest rates [1][3]. Group 1: Market Growth - As of the end of Q3 2025, the total scale of existing bank wealth management products reached approximately 32.13 trillion yuan, a year-on-year increase of 9.42% [3]. - The number of existing wealth management products increased to 43,900, up 10.01% year-on-year, with about 2,100 new products added in Q3 alone [3]. - The dominance of wealth management companies has strengthened, with their existing product scale accounting for 91.13% of the total market [4]. Group 2: Product Structure Changes - The scale of open-ended wealth management products decreased year-on-year, while closed-end products saw an increase in attractiveness [6][7]. - By the end of Q3 2025, open-ended products accounted for 80.58% of the total scale, down 0.51 percentage points from the previous year, while closed-end products made up 19.42% [6]. - The market saw a reduction in new open-ended products, with 1,817 launched in Q3, down 120 from the previous quarter, while closed-end products increased to 6,048, up 62 [6]. Group 3: Investor Behavior and Market Dynamics - Investors are increasingly favoring closed-end products due to their ability to provide relatively higher returns in a low-yield environment, despite lower liquidity [7]. - Wealth management companies are adjusting their product structures to increase the issuance of closed-end products, which are beneficial for long-term asset-liability management [7].