银行理财资产配置专题分析：25Q3 理财的基金投资有何变化？

Report Industry Investment Rating There is no information provided in the text about the report's industry investment rating, so this section is skipped. Core Viewpoints of the Report - In 25Q3, the scale of wealth management increased steadily, with a super - seasonal rise of 1.5 trillion yuan. The break - even rate of wealth management first rose and then fell rapidly in October. The industry has entered the era of wealth management companies, and regulatory requirements are approaching those of public funds [2][6][13]. - In 25Q3, bank wealth management reduced its allocation to public funds. It significantly increased the allocation of cash and bank deposits, while reducing the allocation of equity assets and public funds, and the bond allocation ratio decreased [29]. - In 25Q3, wealth management reduced its allocation to bond - type funds. It mainly reduced the allocation of bond - type funds and increased the allocation of international/QDII funds, stock - type funds, and alternative investment funds [47][49]. Summary by Relevant Catalogs 1. 25Q3 Wealth Management Scale Steadily Grows - Entering the Era of Wealth Management Companies: Since 2018, a series of regulatory policies have been introduced, narrowing the gap between bank wealth management regulatory requirements and public funds. As of October 2025, 32 wealth management companies have been approved to be established and all are in operation. In H1 2025, the net profit of most wealth management companies increased year - on - year, with an overall growth of 1.7% [6][9][10]. - 25Q3 Scale Growth: As of September 2025, the wealth management scale was 32.13 trillion yuan, with a super - seasonal increase of 1.5 trillion yuan in 25Q3. In October, the scale increased by 1.5 trillion yuan, higher than the seasonal increment. Most wealth management companies' scales increased in 25Q3, with different growth rates among different types of companies. Fixed - income products' Q3 scale increased compared to Q2, while equity products' Q3 scale decreased [13][14][16][18]. - Break - even Rate and Performance Benchmark: The break - even rate of wealth management rose from late July and then decreased rapidly in October. As of November 9, 2025, it was about 0.39%. The average performance comparison benchmark of newly issued RMB fixed - income wealth management products has been declining, and it is expected to slowly fall to around 2.0% [22][25]. 2. Bank Wealth Management Reduced Allocation to Public Funds in 25Q3 - 25Q3 Public Fund Investment Proportion Declined: In 25Q3, wealth management significantly increased the allocation of cash and bank deposits, while reducing the allocation of equity assets and public funds. The proportion of public funds decreased by 0.3 pct compared to 25H1. The investment behavior of wealth management companies in public funds was differentiated in 25Q3 [29][30]. - Asset Allocation Changes in H1 2025: Large - bank wealth management companies generally increased the allocation of public funds, with the overall scale rising to 0.4 trillion yuan and the proportion rising to 3.8%. Joint - stock bank wealth management companies also generally increased the allocation of public funds and slightly increased the allocation of deposit - type assets. Most urban and rural commercial bank wealth management companies increased the allocation of deposit - type and public fund - type assets and reduced the allocation of bond - type assets in H1 2025. The indirect investment proportion has increased in recent years [34][38][43]. 3. 25Q3 Wealth Management Reduced Allocation to Bond - Type Funds - Overall Public Fund Allocation: In 25Q3, the allocation of public funds by wealth management decreased slightly. As of September 2025, the scale of public funds allocated by wealth management was about 1.3 trillion yuan, with a proportion of 3.9%, a decrease of 0.3 pct compared to 25Q2 [47]. - Allocation of Different Types of Public Funds: Bond - type funds are still the main type of public funds allocated by bank wealth management. In 25Q3, wealth management increased the allocation of international/QDII funds, stock - type funds, and alternative investment funds, while reducing the allocation of bond - type funds. Among bond - type funds, it increased the allocation of secondary bond funds, medium - and long - term pure bond funds, and convertible bond funds, and reduced the allocation of short - term pure bond funds. Among stock and hybrid funds, it increased the allocation of passive index - type stock funds [49][56][65].