Guosen Securities(SZ:002736) Guoxin Securities·2025-10-10 02:26Investment Rating - The report maintains an "Outperform" rating for the banking sector, indicating expected performance above the market benchmark by over 10% [5][40]. Core Insights - The impact of new fund sales regulations is manageable, with expectations that the formal implementation will likely occur in the second half of 2026, thus reducing potential redemption pressures on bond funds [1]. - The overall scale of wealth management products has slightly decreased, with a total of 30.8 trillion yuan at the end of September, reflecting a month-on-month decline of approximately 0.4 trillion yuan [1][12]. - A balanced allocation between equities and bonds is essential for managing product value fluctuations while pursuing returns, likening bonds to an "engine" for stability and equities to an "accelerator" for growth [2]. - The development of multi-asset strategies is crucial for creating diverse revenue sources and managing risks, with a focus on incorporating commodities, quantitative strategies, and alternative assets into product offerings [3]. Summary by Sections Market Trends - The weighted average annualized yield of bank wealth management products in September 2025 was 1.68%, a decrease of 35 basis points from the previous month [11]. - The initial fundraising scale for newly issued products in September was 342.2 billion yuan, primarily consisting of fixed-income products [18]. Product Performance - Most maturing wealth management products in September met their performance benchmarks, with 2,141 closed-end products reaching their targets [27]. - The average performance benchmark for newly issued products in September was 2.42%, continuing a downward trend [18]. Asset Allocation - The primary assets in bank wealth management products include bonds (mainly high-grade credit bonds), equities (primarily through outsourced investments), and non-standard assets, with recent performance data provided [30].