13家理财公司，9月规模回落8700亿！“含权”产品逆势增长

Core Viewpoint - In September, bank wealth management products experienced a significant decline in scale after several months of net inflows, with a total reduction of approximately 870 billion yuan across 13 out of 14 major wealth management companies [2][5]. Group 1: Scale Changes in Wealth Management Products - As of the end of September, the total scale of the top 14 wealth management companies was 24.19 trillion yuan, a decrease of about 830 billion yuan from the end of August [5]. - The decline was primarily driven by a notable drop in fixed-income products, particularly pure bond wealth management products, which saw a reduction of approximately 6.7 trillion yuan [5][6]. - Among the 14 companies, state-owned banks accounted for over 75% of the total decline, with a combined decrease of about 6.54 trillion yuan [5][4]. Group 2: Performance of Different Product Types - Cash management products also saw a decline, with a total balance of 5.67 trillion yuan, down approximately 280 billion yuan from the previous month [6]. - Conversely, wealth management products with equity assets, such as "fixed income plus" and mixed products, experienced growth, with a total increase of about 110 billion yuan in September [6]. Group 3: Sales Channels and Strategies - The sales structure and channels have become crucial factors influencing the changes in wealth management scales, with many companies increasing their reliance on external sales channels [8]. - By the end of September, the external sales scale of the 14 wealth management companies exceeded 6.94 trillion yuan, with four companies having external sales accounting for over 50% of their total sales [8]. Group 4: Growth of Equity-Linked Products - The issuance of equity-linked wealth management products has seen a "volume growth" trend, with 49 existing equity products and 1,056 mixed products issued this year, significantly surpassing last year's figures [11]. - The interest in IPO investments has also increased, with wealth management companies participating in IPOs, such as the case of Chery Automobile's listing in Hong Kong [12]. Group 5: Future Strategies and Opportunities - To capitalize on the upward cycle of the stock market, wealth management companies are advised to optimize their strategies by increasing allocations to equity and other risk assets while maintaining a balanced approach [14]. - Multi-asset strategies are seen as a key solution, with a focus on diversifying revenue sources and controlling product value fluctuations [14].