11月末银行理财存续规模达34万亿元 创历史新高

Core Viewpoint - The bank wealth management market in November continued to show strong performance, with the total outstanding scale reaching a historical high of 34 trillion yuan by the end of November [1] Group 1: Market Performance - As of the end of November, the total outstanding scale of bank wealth management reached 34 trillion yuan, marking a historical high [1] - The monthly changes in wealth management scale for 2025 exhibited significant volatility, with notable increases and decreases throughout the year [1] - The growth pattern of "end-of-quarter decline and beginning-of-quarter recovery" is expected to remain a long-term characteristic affecting the changes in bank wealth management scale [1][2] Group 2: Factors Influencing Growth - Two core factors contributed to the growth in November: seasonal patterns typically show an increase in November, and the ongoing decline in deposit interest rates has led residents to favor bank wealth management for better returns [2] - Wealth management companies have optimized asset allocation to stabilize product net values, thereby enhancing investor confidence [2] Group 3: Future Outlook - A potential short-term pullback of approximately 800 billion yuan is expected in December due to end-of-quarter bank assessments, but overall scale is anticipated to remain stable [2] - The trend of asset migration towards wealth management is expected to continue in 2026, with the total outstanding scale likely to exceed 35 trillion yuan [2] Group 4: Yield Pressure - Despite sufficient growth momentum, bank wealth management yields may face pressure due to current monetary policy and macroeconomic controls, which suppress fixed-income asset yields [3] - Wealth management companies are actively upgrading their research and investment systems to explore increasing equity-based products and enhancing the performance of "fixed income plus" and mixed-asset products [3]