信用策略随笔：三季度理财“赎了”哪些基金？

Group 1 - As of Q3 2025, the total investment asset scale of wealth management products reached 34.44 trillion yuan, an increase of 1.47 trillion yuan from the previous quarter, with a leverage ratio of approximately 106.7%, showing a slight decrease [1][9][15] - The asset allocation of wealth management products includes 40.4% in bonds, 27.5% in cash and bank deposits, 13.1% in interbank certificates of deposit, 6.9% in interbank lending and bond repurchase agreements, 5.2% in non-standardized debt assets, 3.9% in funds, 2.1% in equity assets, and 0.9% in others [1][9][15] Group 2 - The total scale of funds held by wealth management products was approximately 1.34 trillion yuan as of Q3 2025, a slight decrease of about 40 billion yuan from Q2 [2][17] - Among the fund assets, bond funds accounted for over 80%, with money market funds below 10%, and other types of funds each accounting for less than 5% [2][17] - The estimated scale of bond funds held is approximately 1.0-1.1 trillion yuan, with long-term pure bond funds, short-term pure bond funds, and index bond funds holding approximately 400-500 billion yuan, 200-300 billion yuan, and 200-250 billion yuan respectively [2][17] Group 3 - In Q3, wealth management products mainly reduced their holdings in short-term pure bond funds by an estimated 100 billion yuan, long-term pure bond funds by approximately 46 billion yuan, and index bond funds by about 20 billion yuan [3][18] - Conversely, there was a significant increase in holdings of secondary bond funds by approximately 60 billion yuan, commodity funds by about 26 billion yuan, equity funds by around 20 billion yuan, and QDII funds by approximately 20 billion yuan [4][19]