历史新高！银行理财市场首次站上32万亿

Core Insights - The banking wealth management market has reached a historical high, with the total scale of existing wealth management products exceeding 32 trillion yuan for the first time as of September 2025 [1][2] - The growth in the wealth management market is attributed to the establishment of wealth management subsidiaries by banks and the shift of small and medium-sized banks towards agency sales due to regulatory requirements [1][6] Market Growth - As of the end of Q3 2025, the total scale of wealth management products reached 32.13 trillion yuan, an increase of 2.18 trillion yuan since the beginning of the year and a net increase of 1.46 trillion yuan since the end of Q2 [2] - Fourteen wealth management companies with scales exceeding 1 trillion yuan contributed significantly to market growth, accounting for approximately 80% of the total increase in the first three quarters [2] - The number of investors holding wealth management products reached 139 million, reflecting a year-on-year growth of 12.70% [2] Product Composition - Fixed income products dominate the wealth management market, with a total scale of 31.21 trillion yuan, representing 97.14% of all wealth management products [3] - The mixed and equity wealth management products, which include a certain proportion of stocks and public funds, account for less than 3% of the total product scale [3] - The performance of the A-share market has positively impacted the growth of equity-related wealth management products, with mixed products increasing by nearly 1 trillion yuan since the beginning of the year [3] Asset Allocation - The total assets of investors in wealth management products reached 34.33 trillion yuan, a year-on-year increase of 8.53% [4] - The proportion of equity assets in the total asset allocation is 2.1%, while public funds account for 3.9%, with the latter increasing by 1 percentage point since the beginning of the year [4] Regulatory Environment - As of September 2025, 32 wealth management companies have been approved to operate, indicating a potential expansion in the market after years of no new licenses being issued [6] - Some small and medium-sized banks are seeking to establish their own wealth management companies despite challenges such as talent shortages and limited market scale [6][7] - The number of banks with existing self-operated products has decreased to 181, reflecting a trend towards agency sales among smaller banks [7]