11月份银行理财规模延续回暖态势 固收类产品仍是绝对主力

Core Insights - The bank wealth management market has shown a continuous recovery in November, with a total scale of 31.65 trillion yuan, reflecting a month-on-month increase of approximately 25 billion yuan and a year-on-year growth of 6.1% [1] - The growth is driven by two main factors: structural adjustments in residents' asset allocation and improved product attractiveness through optimized asset allocation and investment strategies by wealth management companies [1] Product Structure - Fixed income products dominate the market, with 38,957 products totaling approximately 24.23 trillion yuan, accounting for 76.56% of the total market size, an increase of about 33.6 billion yuan from October [2] - Cash management products slightly decreased, with 2,421 products totaling around 6.6 trillion yuan, representing 20.85% of the market, a reduction of about 16 billion yuan from October [2] - Mixed products saw a small increase, with 1,868 products totaling approximately 754.98 billion yuan, accounting for 2.39% of the market, an increase of about 7.2 billion yuan [2] - Equity products continued to expand moderately, with 847 products totaling approximately 24.598 billion yuan, representing 0.08% of the market, an increase of about 554 million yuan [2] Market Dynamics - The growth in bank wealth management scale reflects a balance between stability and aggressiveness, with most funds still concentrated in low-risk fixed income products, serving as a "ballast" for market size [3] - The decline in deposit rates compared to the higher yields of newly issued wealth management products has prompted a shift of funds from maturing deposits to the wealth management market [3] - Wealth management companies have effectively stabilized product net value fluctuations, enhancing investor confidence and reducing redemption behaviors [3] Future Outlook - The continuous growth trend in bank wealth management scale is expected to persist, driven by a deepening understanding of wealth management among residents and a shift towards diversified asset allocation [4] - The upcoming month is anticipated to be a final window for wealth management valuation adjustments, with potential for continued scale growth in December [4] - Market optimism for December and beyond remains, supported by the core logic of growth remaining unchanged [5] - Banks are expected to focus on strategy innovation and capability enhancement in their future wealth management business layouts, including deepening "fixed income plus" strategies and accelerating digital transformation [5]