理财登2025Q3季报解读：规模站上新台阶，存款仓位创历史新高

Investment Rating - The industry investment rating is optimistic (maintained) [1] Core Insights - The report highlights a significant increase in wealth management scale, reaching a historical high of 32.13 trillion yuan by the end of Q3 2025, with a year-on-year growth of 9.42% [14][18] - Despite a slight decrease in payout returns, the enthusiasm for new product fundraising remains strong, with an average single fundraising amount of 22.64 billion yuan, reflecting a robust willingness among investors to shift deposits into wealth management [20][21] - The report emphasizes the need for wealth management to adapt to industry changes by enhancing absolute return defenses and diversifying product offerings to cater to different customer segments [56][57] Summary by Sections 1. Liability Side: "Deposit Migration" Catalyzes High Growth in Wealth Management - Wealth management scale has reached a historical peak, with a growth of 2.18 trillion yuan in 2025, and Q3 typically being a peak season for wealth management [14][18] - Wealth management generated 179.2 billion yuan in returns for investors in Q3 2025, despite a slight decline compared to Q2 [17][21] 2. Asset Side: Increasing Allocation to Deposits & Repos, Building a Low-Volatility Safety Net - By the end of Q3 2025, cash and bank deposits accounted for 27.5% of the asset allocation, the highest recorded [25][27] - The proportion of wealth management supporting the real economy has decreased to 65%, marking a new low [35] 3. Competitive Landscape: Non-Licensed Banks' Wealth Management Market Share Falls Below 10% - By the end of Q3 2025, the scale of wealth management from non-licensed banks was 2.85 trillion yuan, representing 8.87% of the total market, the first time falling below 10% [37][38] - The report notes a trend of smaller banks transitioning to pure distribution models to enhance their income from wealth management products [51][52] 4. Conclusion: Upholding Absolute Returns and Enhancing Customer Segmentation, A Multi-Asset Future is Promising - The report suggests that low-volatility wealth management products may serve as the first stop for outflowing deposits, with a focus on maintaining fundraising momentum through diversified product offerings [56][57]