理财公司盯上县域市场，中小银行代销猛增，杭银理财代销机构超两百家

Core Insights - The trend of wealth management companies accelerating partnerships with regional small and medium-sized banks is becoming increasingly evident, particularly in county markets [1][2][14] - As of December 19, 2023, 32 wealth management companies have expanded their distribution channels beyond their parent banks, totaling 1,598 institutions, with rural commercial banks and city commercial banks accounting for over 80% of these new partnerships [14][2] - Regulatory policies require small and medium-sized banks without wealth management subsidiaries to eliminate their self-managed wealth management scale by the end of 2026, prompting these banks to collaborate with external wealth management institutions [2][12] Distribution Channel Expansion - Hangzhou Bank Wealth Management leads in the number of distribution institutions with 223, followed by Xinyin Wealth Management with 199, and several others also showing significant expansion [4][16] - Among the wealth management companies with over 1 trillion yuan in product scale, 13 companies are noted, with Xinyin Wealth Management, Bank of China Wealth Management, and Xingyin Wealth Management having the highest number of distribution institutions [6][18] Market Dynamics - The growth in wealth management companies' partnerships with small and medium-sized banks is driven by the increasing wealth of residents in third and fourth-tier cities and counties, as well as the need for these banks to retain customers and enhance their income from intermediary services [11][22] - The competitive landscape among large banks has reached a saturation point, leading wealth management companies to seek new growth avenues through partnerships with smaller banks [22][23] Future Trends - Industry experts predict that the trend of wealth management companies expanding their distribution channels will continue, with a shift in focus from the quantity of partnerships to the quality and effectiveness of these collaborations [24] - The diversification of distribution channels is expected to enhance the professionalism and customer base of the wealth management market [24][22]