存款利率持续下行，32万亿银行理财正在发生哪些变化？

Core Viewpoint - The article emphasizes that under the backdrop of continuously declining deposit rates, bank wealth management has become an important option for residents' wealth allocation [1][2]. Group 1: Low Interest Rate Environment - Since 2025, the central level of deposit rates has continued to decline, with major state-owned banks' one-year fixed deposit rates generally falling below 1% [4]. - Despite the decline in deposit attractiveness, household deposits continue to grow, albeit at a significantly slower pace, while deposits in non-bank financial institutions have risen sharply, indicating a clear trend of funds shifting towards wealth management and funds [7]. Group 2: Wealth Management Market Overview - As of the end of Q3 2025, the scale of the bank wealth management market reached 32.13 trillion yuan, a year-on-year increase of 9.42%, showing a significant recovery compared to the beginning of the year [9]. - The risk indicators of the wealth management market have continuously improved, with the public wealth management product break-even rate dropping to 0.31% by the end of October 2025, indicating a more stable market operation [11]. Group 3: Yield Expectations - The report indicates that in the low-interest-rate environment, the yield center of wealth management products has shifted downward, with new products' performance benchmarks mainly concentrated in the 2.0%-3.0% range since 2025 [13][15]. - The familiar "3%+ stable yield" is gradually retreating from the mainstream view, with short-term products generally around 2% and medium to long-term products slightly higher but still showing a downward trend [15]. Group 4: Investor Behavior Changes - By the end of Q3 2025, the number of bank wealth management holders reached 139 million, with significant changes in investor behavior observed [18]. - While conservative investors remain the main market participants, there is an increasing acceptance of "fixed income+" and "equity-enhanced" products, alongside a growing focus on pension-related products [18]. Group 5: Competitive Landscape of Wealth Management Subsidiaries - The report suggests that the bank wealth management market has entered a new phase centered on capability building, with leading subsidiaries showing advantages in research, asset allocation, risk control, and product stability [19]. - Future core competitiveness for wealth management institutions will increasingly reflect in long-term return stability and service capabilities [20].