银行理财存续规模创新高，存款还是买理财？

Core Insights - The trend of "deposit to wealth management" is becoming increasingly evident as bank wealth management products gain popularity among investors, with the total scale reaching a historical high of 32.13 trillion yuan by the end of Q3 2025 [1][2] Group 1: Market Trends - As of the end of Q3 2025, the scale of bank wealth management products increased by 2.17 trillion yuan compared to the beginning of the year, reflecting a year-on-year growth of 9.42% [2] - The proportion of fixed-income products remains dominant, accounting for 97.14% of the total wealth management scale, which is 31.21 trillion yuan [2] - The "fixed income plus" products are emerging as a new growth point in the wealth management industry, offering attractive yields while maintaining overall stability [2][3] Group 2: Performance and Challenges - Despite the overall growth in scale, the returns from wealth management products have declined, generating a total of 568.9 billion yuan in returns for investors in the first three quarters of 2025 [3] - The relative attractiveness of bank wealth management remains strong, especially compared to deposits and money market funds, with fixed-income products yielding 2.42% in September 2025, outperforming the actual interest rate of 3-year fixed deposits by approximately 72 basis points [3] Group 3: Institutional Insights - By the end of Q3 2025, wealth management companies have become market leaders, with 3.06 million products and a scale of 29.28 trillion yuan, representing a year-on-year growth of 15.26% and accounting for 91.13% of the market [4] - The market structure is rapidly reshaping, with the proportion of non-licensed bank wealth management products falling below 10% for the first time [5] Group 4: Future Outlook - Market experts are optimistic about the growth of bank wealth management in Q4 2025, predicting a monthly increase of over 1 trillion yuan due to easing bank assessment pressures and declining deposit rates [7] - The wealth management market is expected to transition towards a "multi-asset, multi-strategy" model, with continued growth anticipated in 2025, although the yield center is expected to decline and volatility to increase [7]