银行理财2024年10月月报：理财规模回升，破净率略有上升

Investment Rating - The report maintains a "Recommend" rating for the banking industry [2] Core Views - The scale of the banking wealth management market rebounded in October 2024, with the total size reaching 29.33 trillion yuan, an increase of 397.3 billion yuan from the previous month [3][14] - The issuance scale of banking wealth management products remained stable in October 2024, with a total issuance scale of 479.7 billion yuan, a slight decrease of 1.7 billion yuan from the previous month [3][25] - The performance benchmark for newly issued banking wealth management products declined in October 2024, with the benchmark for 1-3 month products dropping by 3bp to 2.57% [3][28] - The net value break rate of banking wealth management products slightly increased in October 2024, with 7.29% of products breaking their unit net value [3][45] Market Overview Existing Wealth Management Market - The top three institutions by wealth management product scale are CMBC Wealth Management (2.42 trillion yuan), CIB Wealth Management (2.15 trillion yuan), and CITIC Wealth Management (1.94 trillion yuan) [3][14] - Fixed-income products dominate the market, accounting for 71.4% of the total scale, followed by cash management products at 26.3% [14] Wealth Management Product Issuance Market - The issuance scale of products with a maturity of 3-12 months accounted for 51.5% of the total issuance, while products with a maturity of over 1 year accounted for 39.8% [25] - Closed-end net value products dominated the issuance, accounting for 92.7% of the total issuance scale [31] Wealth Management Product Net Value Tracking - Fixed-income products saw an increase in annualized yield, rising by 26bp to 2.23%, while mixed and equity products experienced a decline in yield [39][41] - The annualized yield of daily open products increased by 2bp to 1.83%, while the yield of 1-3 month products increased by 40bp to 2.25% [41][42] Industry Dynamics - The "Cross-boundary Wealth Management Connect" pilot program expanded, with 32 banks and 14 securities companies participating, involving over 90 billion yuan in cross-border fund transfers [53]