2024年9月银行理财市场月报：股债市场表现分化，权益类理财净值修复

Investment Rating - The report does not explicitly provide an investment rating for the banking wealth management industry Core Insights - The banking wealth management market is experiencing a mixed performance in equity and bond markets, with a notable recovery in equity-based wealth management products [1] - The People's Bank of China has implemented significant monetary policy changes, including a comprehensive reduction in reserve requirements and interest rates, which positively impacted market sentiment and stock performance [6] - The issuance of non-principal guaranteed wealth management products decreased by 7.9% year-on-year but increased by 4.3% month-on-month in September 2024 [9][11] Summary by Sections Regulatory Policies and Asset Management Market News - The central bank announced a 0.5 percentage point reduction in the reserve requirement ratio, releasing approximately 1 trillion yuan in long-term funds [6] - The average reduction in existing mortgage rates is expected to be around 0.5 percentage points, benefiting approximately 50 million households [6] Wealth Management Market Monthly Overview - In September 2024, a total of 2,378 non-principal guaranteed wealth management products were issued, with a breakdown of 2,289 fixed income products, 43 mixed products, and 10 equity products [9][11] - The average performance benchmark for various product types in September 2024 was as follows: fixed income at 2.88%, mixed at 2.75%, and equity at 4.03% [12] Product Tracking and Performance - The number of wealth management products that broke net value reached 3,421, accounting for 5.37% of the total market, indicating a significant increase from the previous month [2] - The average annualized return for equity-based wealth management products has turned positive, reaching 8.30% as of October 13, 2024 [2] Wealth Management Subsidiary Products - In September 2024, wealth management subsidiaries issued 1,475 products, predominantly fixed income (1,438), with only 3 equity products [13] - The performance benchmarks for fixed income products varied by duration, with 3-month products averaging 2.39% and those over 3 years averaging 3.36% [14]