农商行存款流失压力大 银行理财子加速“下乡”

Core Viewpoint - The competition among bank wealth management subsidiaries and rural commercial banks has intensified, with a focus on establishing distribution agreements for wealth management products to capture the shifting deposit landscape in rural areas [2][4]. Group 1: Market Dynamics - Since December 2025, there has been a noticeable acceleration in cooperation between bank wealth management subsidiaries and rural commercial banks [2][4]. - Rural commercial banks are actively seeking partnerships with bank wealth management subsidiaries to counteract the decline in self-managed wealth management products and to retain customer deposits [4][6]. - The average annualized yield of closed-end fixed-income products from wealth management companies reached 2.3% and 2.73% for one-month and three-month products, respectively, as of Q3 2025 [6]. Group 2: Deposit Trends - A significant drop in one-year deposit rates below 2% has led to a 6% loss in personal deposits for some rural commercial banks, highlighting the urgency to attract deposits through wealth management products [5][7]. - The trend of declining deposit willingness among rural residents is evident, with a shift towards higher-yielding wealth management products as deposit rates fall [5][9]. - The third quarter of 2025 saw new open-end wealth management products' performance benchmark drop to 2.08%, nearing the critical 2% threshold [9]. Group 3: Regulatory Environment - The implementation of the "Management Measures for Commercial Banks' Agency Sales Business" in October 2025 has raised the compliance requirements for cooperation between rural commercial banks and wealth management subsidiaries [11]. - Rural commercial banks are now focusing on the operational compliance of product distribution, requiring a comprehensive internal control system covering product approval, sales, and customer complaint management [11][12]. - There is a growing emphasis on ensuring that the risk profiles of wealth management products align with the risk tolerance of rural customers to prevent mis-selling and customer complaints [12]. Group 4: Product Development - To enhance the yield of fixed-income wealth management products, bank wealth management subsidiaries are exploring tailored investment products for rural residents, aiming to maintain annualized returns above 2% [10]. - The shift towards pure fixed-income products is prevalent among rural commercial banks, reflecting the low-risk appetite of local investors [9][10]. - The number of institutions cross-selling wealth management subsidiary products has increased to 583 by Q3 2025, with 402 banks transitioning to pure distribution models [10].