银行理财月度跟踪（2024.09）：9月理财产品新发数量增速加快

Investment Rating - The investment rating for the banking industry is optimistic [1]. Core Insights - The report highlights a significant increase in the issuance of wealth management products, with a year-on-year growth of approximately 21.52% in September 2024 [20]. - The report indicates a stable net value of wealth management products, with a total of 1.91 million products in circulation as of September 2024, reflecting a slight decrease of 0.04% from the previous month [10][12]. - The report emphasizes the importance of focusing on national banks with solid fundamentals and low valuations, particularly in the context of state-owned enterprise reforms [2]. Summary by Sections 1. Wealth Management Market Overview - The broken net rate for wealth management products was recorded at 4.04% as of the end of September 2024, showing a decrease of 0.11 percentage points month-on-month [5]. - The closed-end product achievement rate was 80.70%, while the open-end product achievement rate was 48.78% as of September 2024 [7][8]. 2. Key Tracking of Net Value Wealth Management Products - The number of net value products in circulation decreased slightly, with 1.91 million products as of September 2024, a 0.04% decrease from the previous month [10][12]. - The proportion of net value products with negative growth was 34.31% as of the end of September 2024 [16]. 3. Issuance Market Situation - The number of newly issued wealth management products in September 2024 was 4,378, marking a year-on-year increase of 23.29% [20]. - Non-principal guaranteed products have seen a significant rise, with the issuance of principal guaranteed products remaining at zero for 36 consecutive months [21]. 4. Expiry Market Situation - The proportion of non-principal guaranteed products reaching maturity remained stable in the last week of September 2024 [22]. 5. Wealth Management Yield Situation - The expected annualized yield for various term wealth management products as of September 30, 2024, showed fluctuations, with 1-week products yielding 3.10% and 1-year products yielding 3.16% [6]. 6. Wealth Management Company Product Overview - The report notes that the issuance of wealth management products by major companies such as Xingyin Wealth Management and Xinyin Wealth Management has been significant, with a focus on closed-end net value products [10][12].