银行行业：25Q3理财规模平稳增长，估值整改压力下资产端配置更审慎

Investment Rating - The industry investment rating is "Positive" [7] Core Insights - The wealth management product scale has maintained steady growth, with a total market size of 32.13 trillion yuan as of Q3 2025, representing a year-on-year increase of 9.42% and a quarterly increase of 1.46 trillion yuan [1][16] - The market share of wealth management companies has further increased, reaching 91.13% of the total market by the end of Q3 2025, up 3 percentage points from the beginning of the year [3] - The asset allocation in wealth management has become more cautious due to valuation rectification pressures, with an increase in cash and deposits allocation and a decrease in bonds and interbank certificates of deposit [4] Summary by Sections Product Side - The wealth management product scale has shown stable growth, with mixed and closed-end products slightly increasing in proportion [1] - By the end of Q3 2025, the proportion of mixed products rose to 2.58%, while fixed-income products decreased to 97.14% [1][16] Yield Performance - Wealth management yields have faced downward pressure due to valuation rectification and bond market fluctuations, with the average annualized yield for open-ended fixed-income products at 2.61%, up 5 basis points quarter-on-quarter [2] - The average annualized yield for closed-end fixed-income products was 2.69%, down 28 basis points [2] Market Share - The market share of wealth management companies has increased, with 32 companies currently operating in the sector, and the share of non-licensed banks' wealth management gradually shifting to licensed companies [3] Asset Allocation - By the end of Q3 2025, the total investment asset balance for bank wealth management was 34.33 trillion yuan, with a year-on-year growth of 8.53% [4] - The top three asset allocations were bonds (40.4%), cash and bank deposits (27.5%), and interbank certificates of deposit (13.1%), with a decrease in the proportion of bonds and interbank certificates of deposit [4][15] Future Outlook - The "deposit migration" trend is expected to support steady growth in wealth management scale, as residents seek safer and more liquid products amid declining deposit rates [9] - Potential changes in fund sales regulations may lead to short-term redemptions of bond funds from wealth management products [9]