股票ETF放量，理财规模回落

Investment Rating - The report maintains an "Overweight" rating for both the banking and securities sectors [8]. Core Insights - The asset management market is experiencing a mixed trend with an increase in new product issuance but a decline in the existing scale of bank wealth management products [14][15]. - The public fund market continues to expand, with significant growth in stock ETFs driven by a bullish stock market [14][3]. - Private equity funds are seeing a slight contraction in scale, with a notable decline in new registrations for securities investment funds [5][14]. - Insurance asset management is showing steady growth in the balance of invested funds, maintaining a stable asset allocation structure [6][14]. - The trust sector is witnessing an increase in issuance scale, particularly in securities investment trusts [7][14]. Summary by Sections Bank Wealth Management - In September 2024, the total number of wealth management products issued reached 4,315, a month-on-month increase of 3.8% [15]. - The existing scale of bank wealth management products decreased to 28.85 trillion yuan, down 0.77 trillion yuan from the previous month [2][27]. - The proportion of fixed-income products increased, while cash management products saw a decline [27]. Public Funds - As of September 2024, the total scale of public funds reached 30.88 trillion yuan, with a month-on-month increase of 0.27% and a year-on-year increase of 13.69% [3][14]. - The net asset value of stock ETFs significantly increased, with a growth of 33% in September, surpassing 3 trillion yuan by October 8 [3][14]. Private Equity Funds - By the end of August 2024, the number of private equity fund products was 148,400, a decrease of 1.47% month-on-month, with a total scale of 19.65 trillion yuan, down 0.24% [5][14]. - The number of new registrations for private securities investment funds saw a year-on-year decline of 85.99% [5][14]. Insurance Asset Management - As of Q2 2024, the balance of insurance funds reached 30.87 trillion yuan, reflecting a year-on-year increase of 10.98% [6][14]. - The asset allocation structure remains stable, with a significant portion in bonds and bank deposits [6]. Trust Sector - The total asset scale of the trust industry reached 23.92 trillion yuan by the end of Q4 2023, with a quarter-on-quarter increase of 5.65% [7][14]. - In September 2024, 905 trust products were issued, totaling 50.83 billion yuan, a month-on-month increase of 66.35% [7][14].