历史新高！银行理财市场首次站上32万亿，新牌照有望“花落”三家城商行

Core Insights - The banking wealth management market has reached a historic high, with the total scale of existing wealth management products surpassing 32 trillion yuan as of September 2025, marking a significant growth in the sector [1][2]. Group 1: Market Growth - As of the end of Q3 2025, the total scale of wealth management products reached 32.13 trillion yuan, an increase of 2.18 trillion yuan since the beginning of the year and a net increase of 1.46 trillion yuan since the end of Q2 2025 [2]. - The number of wealth management companies with assets exceeding 2 trillion yuan has increased from 3 to 6 compared to the previous year, indicating a robust growth in the market [2]. - The number of investors holding wealth management products has reached 139 million, reflecting a year-on-year growth of 12.70% [2]. Group 2: Product Composition and Performance - Wealth management products have generated a total return of 568.9 billion yuan for investors in the first three quarters of the year, with 179.2 billion yuan generated in Q3 alone [3]. - Fixed income products dominate the wealth management market, accounting for 97.14% of the total scale, while mixed and equity products make up less than 3% [3]. - The mixed product category has seen a growth of nearly 1 trillion yuan since the beginning of the year, reversing a trend of decline in previous years [3]. Group 3: Regulatory Changes and Market Dynamics - As of September 2025, 32 wealth management companies have been approved to operate, indicating a potential expansion in the market after years of stagnation in new license approvals [5]. - Some small and medium-sized banks are transitioning from self-operated wealth management to agency sales due to limitations in talent and technology [6]. - A few small banks are still pursuing the establishment of their own wealth management companies, with applications for licenses being processed by regulatory authorities [5]. Group 4: Future Outlook - The market may see a reduction in the number of smaller banks by the end of 2026, as regulatory requirements push many to cease self-operated wealth management [6]. - The trend of agency sales is expected to grow, with 583 institutions involved in cross-bank sales of wealth management products as of September, an increase from the previous year [6].