拥抱大资管竞合时代 | 锚定多资产配置 银行理财普惠属性凸显

Core Insights - The banking wealth management sector is entering a new development stage amid a reshaping of the wealth management system, driven by low interest rates, high volatility, and an "asset shortage" [1] - Bank wealth management products are evolving from a single focus to a more diversified approach, with risk presentation becoming more transparent and asset allocation expanding from traditional "fixed income" to "fixed income + multi-asset multi-strategy" [1][2] Group 1: Market Trends - The structural changes in the bank wealth management market are evident, with the total scale of bank wealth management products surpassing 32 trillion yuan in the third quarter, marking a 4.76% increase from the second quarter [2] - The "fixed income +" strategy products are expanding, with their scale increasing from 15.30 trillion yuan in July to 16.13 trillion yuan in October [2] - Cash management products showed significant growth in the third quarter, with a month-on-month increase of 8.8% in September [2] Group 2: Asset Allocation and Strategies - The low interest rate environment and "asset shortage" are pushing banks to move away from reliance on fixed income, with "multi-asset multi-strategy" becoming a consensus in the industry [3] - Banks are adjusting their asset allocation structures by incorporating convertible bonds, gold, REITs, and quantitative strategies to broaden income sources while controlling volatility [2][3] Group 3: Regulatory Changes - The implementation of asset management regulations is promoting a shift towards net value-based product structures, with ongoing corrections to practices that obscure net value fluctuations [4] - Regulatory bodies are halting practices like closing price valuations and requiring wealth management companies to phase out smoothing valuations, aiming for a clearer market pricing mechanism [4] Group 4: Consumer Behavior and Demand - The demand for wealth management among residents is increasing, with bank wealth management products becoming a key component of household asset allocation [6][7] - A survey indicates that 18.5% of residents prefer to invest more, with 36% favoring "non-principal guaranteed bank wealth management" as their preferred investment method [7] - The shift from deposit thinking to wealth management thinking is accelerating as deposit rates decline, prompting more individuals to seek better returns through bank wealth management [7][8]