Sou Hu Cai Jing·2025-10-27 23:15Core Viewpoint - The trend of A-share listed companies purchasing bank wealth management products is declining, with a total subscription amount of 839.976 billion yuan, down 14.32% year-on-year, as companies shift focus towards core business operations and stock market investments [1][2]. Group 1: Wealth Management Product Subscription Trends - As of October 22, 2023, 1,112 A-share listed companies subscribed to 13,300 wealth management products, with a total subscription amount of 839.976 billion yuan, reflecting a year-on-year decline of 14.32% [1]. - Among the purchased bank wealth management products, structured deposits are the preferred choice, with a subscription amount of 508.203 billion yuan, accounting for 60.5% of the total, although this represents an 18.93% year-on-year decline [1]. - The subscription amount for bank wealth management products reached 87.026 billion yuan, making up 10.36% of the total, with a year-on-year decrease of 2.96% [1]. Group 2: Reasons for Decline in Bank Wealth Management Purchases - The decline in the scale of bank wealth management product purchases is attributed to three main factors: companies responding to regulatory calls to allocate funds towards core operations, cash dividends, and share buybacks; a general decrease in the yield of wealth management products due to falling market interest rates; and a favorable stock market encouraging direct stock investments [2]. - In the first half of the year, 788 listed companies engaged in securities investments, holding a total of 2,921 securities with an investment amount of 1.4 trillion yuan, significantly exceeding the amount invested in wealth management products [2]. Group 3: Rise in Securities Firm Wealth Management Product Purchases - Despite the overall decline in wealth management product purchases, the scale of securities firm wealth management product subscriptions has increased, with 244 listed companies purchasing a total of 56.159 billion yuan, marking an 8.1% year-on-year growth [2][3]. - Among the companies purchasing securities firm wealth management products, 115 companies subscribed for amounts exceeding 100 million yuan, with Jiangsu Guotai leading at 6.091 billion yuan [3]. Group 4: Factors Driving the Shift to Securities Firm Products - The increase in securities firm wealth management product subscriptions is driven by a relatively small base, allowing for noticeable growth with minimal fund shifts from bank products [3]. - Companies are attracted to securities firm products due to their professional investment capabilities, especially in a favorable stock market environment, which enhances the perceived potential for higher returns compared to bank products [3][4]. - The safety of securities firm wealth management products is comparable to that of bank products, as they are regulated by the China Securities Regulatory Commission, reducing concerns about potential losses [4].