低利率时代的理财AB面：规模增长与收益下行

Group 1 - The banking wealth management market showed characteristics of "total growth, pressure on returns" in Q3 2025, with a market size reaching a new high of 32.13 trillion yuan, a year-on-year increase of 9.42% [1] - Fixed income products remain the main driver of growth, with a total size of 31.21 trillion yuan, accounting for 97.14% of all wealth management products [1] - The demand for wealth management products is expected to further increase in Q4 due to the large-scale maturity of insurance company agreement deposits and the continuous decline in deposit rates [2] Group 2 - The cumulative return generated for investors by wealth management products in the first three quarters was 568.9 billion yuan, with quarterly returns decreasing from 206 billion yuan to 179.2 billion yuan [2] - The "fixed income plus" strategy is expected to continue growing and become a significant driver of market size growth, with an estimated annual increase of over 1.4 trillion yuan for these products [2] - The market share of wealth management companies has expanded, reaching 91.13% of the total market by the end of Q3, an increase of 1.52 percentage points from June [3] Group 3 - There is a divergence in banks' enthusiasm for applying for wealth management licenses, with some banks reducing their efforts while others, like those in Sichuan, are actively pursuing joint applications [3] - As of September 2025, 583 institutions were involved in cross-bank sales of wealth management products, an increase of 35 institutions compared to the same period last year [3]