“存款搬家”奔涌，银行理财站上32万亿

Core Insights - The core viewpoint of the articles is that the low interest rate environment in China is driving residents to shift their savings from traditional bank deposits to wealth management products, leading to a significant growth in the wealth management market, which reached a record high of 32.13 trillion yuan by the end of Q3 2025 [1][3][7]. Market Growth - The total scale of wealth management products increased by 1.46 trillion yuan in Q3 2025, with a year-on-year growth of 9.42% [3][4]. - As of the end of Q3 2025, there were 181 banks and 32 wealth management companies offering a total of 43,900 wealth management products, marking a 10.01% increase in the number of products year-on-year [3][4]. Product Composition - Fixed income products remain the cornerstone of the wealth management market, with a total scale of 31.21 trillion yuan, accounting for 97.14% of all wealth management products [4]. - Mixed products accounted for 2.58% of the total, while equity and commodity derivatives products represented a small fraction, indicating a cautious approach from ordinary investors towards high-risk assets [4]. Investor Behavior - The shift from "savings thinking" to "investment thinking" among residents is evident, as they seek to balance capital preservation and returns amid declining deposit rates [7][10]. - The trend of "deposit migration" is ongoing, with banks adapting their product strategies to attract funds, particularly through "fixed income plus" products that combine bonds with equities to enhance returns [7][8]. Regulatory and Market Context - The People's Bank of China has implemented a market-oriented deposit rate adjustment mechanism, which has contributed to the decline in deposit rates, making wealth management products more attractive [7][8]. - Despite the overall increase in wealth management products, there are fluctuations in deposit flows, reflecting the dynamic nature of residents' asset allocation behavior [8][9]. Investor Education and Product Innovation - There is a pressing need for enhanced investor education and product innovation as the market transitions to a net value-based model, moving away from guaranteed returns [10][11]. - Financial institutions are encouraged to develop mid-to-low risk products that meet the dual demand for stable returns and liquidity, while also improving their research capabilities to better guide asset allocation [11][12].