“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][2]. Group 1: Market Overview - As of the end of Q3 2025, the total scale of bank wealth management products reached 32.13 trillion yuan, a year-on-year increase of 9.42% [2]. - The number of existing wealth management products rose to 4.39 million, an increase of 10.01% year-on-year [2]. - The growth in scale is attributed to the "price effect" leading to deposit disintermediation, despite pressure on net asset values [2][3]. Group 2: Product Dynamics - The dominance of wealth management companies has increased, with their products accounting for 91.13% of the total market scale [3]. - The number of banks offering wealth management products has decreased from 194 to 181, with a year-on-year decline of 28.01% in the scale of bank-managed products [3]. - The appeal of closed-end products has risen, with their scale reaching 6.24 trillion yuan, while open-end products saw a slight decline [4]. Group 3: Product Structure and Investor Behavior - The market saw a total of 6,048 new closed-end products launched in Q3 2025, representing 76.90% of all new products [4]. - Investors are increasingly favoring closed-end products for their higher yields, especially in a volatile market environment [4]. - Wealth management companies are adjusting their product structures to increase the issuance of closed-end products to optimize asset allocation and enhance overall yield [4].