“存款搬家”效应显现，10月银行理财规模创历史新高

Core Viewpoint - The article highlights the ongoing shift in residents' wealth allocation from a "savings-oriented" approach to an "investment-oriented" strategy, as evidenced by the growth in the bank wealth management market despite recent net value declines [3][5]. Market Size and Growth - As of the end of October, the total scale of bank wealth management reached 33.18 trillion yuan, marking a month-on-month increase of approximately 1.05 trillion yuan and a year-to-date increase of 3.23 trillion yuan, slightly above the average level for the same period over the past three years [4][5]. - The growth in wealth management scale is attributed to the "deposit migration" phenomenon, driven by the declining deposit rates and the relatively higher returns from wealth management products [5][6]. Performance and Yield Trends - Despite the strong performance of the equity market this year, wealth management products experienced two rounds of net value declines in February-March and August-September. However, the data indicates that investors continued to increase their investments in wealth management products during these downturns [5][7]. - Wealth management yields have been under pressure, showing a quarterly decline. In the first quarter, the total returns for investors were 206 billion yuan, which decreased to 183.6 billion yuan in the second quarter and further to 179.2 billion yuan in the third quarter [7][8]. Structural Changes and Future Outlook - The current wealth management market is characterized by "expanding scale, declining yields, and structural differentiation." While funds continue to flow in, the average yields are under pressure, leading to a concentration of products in fixed income [8][9]. - Analysts expect the wealth management scale to continue growing, with estimates suggesting an increase of 300 billion to 400 billion yuan in November, driven by seasonal factors and the relative yield advantages of fixed income products [9][10]. - In the medium to long term, the wealth management market may face challenges with declining yield levels, as monetary policy is expected to remain moderately loose, potentially leading to further decreases in bond market interest rates [9][10].