银行理财2024年9月月报：理财规模回落，破净率略有上升

Investment Rating - The report maintains a neutral investment rating for the banking wealth management industry [2][33]. Core Insights - As of September 2024, the total scale of the banking wealth management market decreased to 28.94 trillion yuan, a reduction of 664.8 billion yuan from the previous month, attributed to seasonal declines and a shift of funds to the stock market [2][8]. - The issuance scale of banking wealth management products increased to 481.4 billion yuan in September, up by 125 billion yuan from the previous month, with a notable rise in the issuance of products with a maturity of 3-12 months [2][14]. - The annualized yield for mixed wealth management products surged to 10.94%, reflecting a significant increase of 129.8 basis points, primarily due to the recovery in the equity market [3][24]. Summary by Sections 1. Existing Wealth Management Market Overview - The total scale of existing banking wealth management products as of September 2024 was 28.94 trillion yuan, with cash management products accounting for 25.2%, fixed income products 72.3%, mixed products 2.0%, and equity products 0.1% [2][8]. 2. Wealth Management Product Issuance Overview - In September, the issuance scale of wealth management products reached 481.4 billion yuan, with the majority being fixed income products, which constituted 97.4% of the total issuance [14][20]. - The performance benchmark for newly issued products showed a decline for 1-3 month and 3-6 month products, while the 6-12 month products saw a slight increase [16][24]. 3. Wealth Management Product Net Value Tracking - The annualized yield for fixed income products was 2.10%, an increase of 82 basis points from the previous month, while cash management products yielded 1.71%, a decrease of 2 basis points [3][25]. - The number of wealth management products with a net value below par slightly increased, with 5.47% of products breaking the net value as of September 2024 [3][28]. 4. Industry Dynamics - Several banks have tightened their "spare change combination" services, with limits on daily withdrawals and transfers being reduced, reflecting a trend of tightening liquidity management across the sector [4][32].