新一轮降息开启以来，曾经作为银行揽储利器的大额存单日渐稀少。近日，中国证券报记者走访多 家银行了解到，不少全国性银行已停售中长期大额存单，而在售的大额存单在收益率方面与普通定期存 款相比并无明显优势。 业内人士认为，中长期大额存单难觅其踪是金融机构在净息差承压背景下主动进行负债端改革的结 果，反映出银行成本控制与流动性管理策略发生了调整。此外，低利率环境正迫使银行全面重塑负债结 构与经营模式，促使银行从单纯追求规模向追求质量效益转变，这一过程将深刻影响银行业发展格局。 净息差吃紧 长期限存款压降 "目前我行没有发行3年期和5年期的大额存单。"招商银行北京市西城区一家网点的客户经理告诉记 者，"现在我行大额存单最长期限为2年，且2年期大额存单利率与1年期的一样，都是1.4%。" "3年期以上大额存单已经是过去时，目前我们有一款3年期定期存款，利率可上浮至1.75%，无购 买条件限制。"中信银行北京市西城区一家网点工作人员向记者表示。 此外，记者了解到，在收益率方面，大额存单与普通定期存款相比已无明显优势，"现在多数客户 存大额存单，主要是看中了它的可转让特性，其他方面与普通定期存款基本一样。"建设银行北京市丰 ...

从开户数量来看，增量资金持续进场，但是否很强烈？ 去年7月份开户数量114万户，前后时间6月开户数量是107万户，8月开户数量是99万户，这三个月是行情最惨的时候，可以发现最惨的时候都差不多还有 100万户的基础量。 有时候有些玄学不得不信，每次我聊完军工，第二天一般都表现不好，即使现在行情氛围很好，但今天军工指数依然来了个冲高回落，跑输大盘。 纯粹是我的锅 今天在银行+券商带动上涨的情况下，上涨家数超过3900家，成交额接近1.6万亿，略放量，普涨行情，氛围依然不错，短暂修整后看来是继续向上了。 2025年7月，A股市场新开户数达196万户，同比增长71%，环比增长19%。 情绪热烈的阶段，从9.24以来，分别有两个阶段，分别是10-11月，分别是683万户，269万户。 今年2-3月份炒作机器人，AI主题的时候，分别是282万户，305万户。 所以现在200万户左右的数量，可以理解为增量资金有进场，但从情绪上来看，不算强烈，这个从我们身在市场，身边的亲戚朋友啥的可以感觉出来 即使现在已经3600点左右，很多人还在质疑不相信牛市。 这可能是因为4.7日以来，行情都是小碎步稳步上涨的原因，没有之前轰轰烈烈的那 ...

Core Viewpoint - The report from Kaiyuan Securities indicates a positive outlook for the steady growth of wealth management, but the incremental growth may not match that of 2024, primarily due to ongoing pressure on the asset side [1] Group 1: Liability Side - Wealth management scale has reached a historical high of 30.67 trillion yuan as of Q2 2025, with a year-on-year increase of 7.5%. However, the growth rate is expected to slow down, maintaining around 7.5% for the entire year of 2025 [1] - There is a preference for short-term low-yield products, leading to a gradual reduction in yield expectations [1] - The cash management scale is declining, while fixed-income products with a "minimum holding period" are experiencing significant growth, reflecting a high demand for liquidity among residents [1] Group 2: Asset Side - There is significant pressure on asset allocation, necessitating an increase in high liquidity assets such as cash and bank deposits over public funds and interbank certificates of deposit [2] - Cash and bank deposits accounted for approximately 910 billion yuan in incremental investment assets in Q2 2025, representing over half of the total investment asset increase [2] - The demand for public funds is high, with wealth management holding 1.38 trillion yuan in public funds as of Q2 2025, marking a historical high in terms of holding ratio at 4.20% [2] Group 3: Competitive Landscape - The top three wealth management companies as of May 2025 are Zhaoyin Wealth Management, Xingyin Wealth Management, and Xinyin Wealth Management, benefiting from a strong retail customer base and significant group synergy [3] - The market share of small and medium-sized banks has decreased to 10%, with many actively exiting the market and transitioning to pure agency sales [3] - The number of agency institutions for wealth management companies increased to 594 by June 2025, indicating a shift in strategy among smaller banks to leverage regional advantages [3]

"5月，国有大行1年期定存利率首次'破1'，中小银行3年期、5年期存款利率普遍跌破2%，与银行理财收 益形成显著利差，触发存款资金向理财市场迁移。"董丹浓还指出，"与此同时，货币政策宽松预期强 化，提振了市场信心。适度宽松货币政策推动债券价格上涨，债市利率阶段性修复，也使得封闭式固收 类产品收益率上涨，吸引力增强。" 具体到产品类型，《国际金融报》记者注意到，现金管理类产品存续规模出现明显下滑。《报告》数据 显示，6月末，现金管理类理财产品存续规模为6.4万亿元，占全部开放式理财产品存续规模的比例为 25.79%，分别较年初和去年同期减少4.38和7.09个百分点。 "现金管理类产品规模下滑，主要原因在于产品收益率持续走低。"排排网财富公募产品运营曾方芳指 出，"此类产品底层资产主要配置存款、债券等固收类资产，在利率下行通道中，其收益优势逐渐减 弱。同时，随着监管政策日趋严格，高收益资产配置空间受到进一步压缩，导致产品吸引力下降。" 银行理财市场半年成绩单近日出炉。 除了创收3896亿元的亮眼成绩外，《国际金融报》记者注意到，上半年，银行理财市场存续规模同比增 加7.53%。同时，受利率下行等因素影响，现金管 ...

Core Insights - The report indicates that the number of investors holding wealth management products increased by 8.37% year-on-year, reaching 136 million by the end of June [1][4] - The average annualized yield of wealth management products fell to 2.12%, down 68 basis points from 2.8% in the same period last year [1][4] - The total scale of the wealth management market reached 30.67 trillion yuan, with a year-to-date increase of 720 billion yuan [2][3] Investor Trends - The number of personal investors increased by 10.29 million in the first half of the year, indicating a strong influx of new investors [1][4] - The risk appetite of individual investors has shifted, with an increase in the proportion of those with higher risk preferences [4][6] Market Dynamics - The gap between the scale of wealth management products and public funds has widened, with public fund assets totaling 34.39 trillion yuan, a year-to-date increase of 1.56 trillion yuan [2][3] - The growth in wealth management products was primarily driven by the second quarter, contributing approximately 1.53 trillion yuan to the total scale [3] Product Composition - Cash management products have seen a significant decline, with a reduction of nearly 1 trillion yuan in the first half of the year, now accounting for 25.79% of open-ended wealth management products [7][8] - The proportion of risk-rated products has shifted, with a notable increase in the share of higher-risk products [6][9] Asset Allocation - Wealth management products have increased their allocation to public funds, cash, and deposits, while reducing exposure to credit bonds [10][11] - By the end of June, the total investment assets of wealth management products reached 32.97 trillion yuan, with a significant portion allocated to bonds [10][11]

Group 1 - In 2025, the balance of household deposits exceeded 156 trillion yuan, showing a year-on-year increase of 14.3%, but the reality is that this "money bag" is riddled with issues as the real estate market collapses and prices plummet [1] - The decline in deposit interest rates, with three-year fixed deposit rates dropping from 3.5% to 1.95%, has led to a situation where depositors' earnings are being eroded by inflation, as indicated by the central bank's report on financial stability [2] - The shift of deposits to the wealth management market is evident, with public fund issuance increasing by 47% year-on-year in the first half of 2025, as low bank interest rates push individuals to seek higher returns [3] Group 2 - The financial market is experiencing a "bloody hunt," with significant losses reported in the A-share market, where the total market value evaporated by 26.94 trillion yuan, leading to severe consequences for investors, particularly the elderly [4] - High household debt levels, with a leverage ratio of 61.5%, are contributing to consumer anxiety, as rising living costs outpace wage growth, forcing families to cut back on spending [5] - Strategies for protecting personal finances include ladder savings methods and defensive investment strategies, emphasizing the importance of avoiding high-risk investment products that promise unrealistic returns [6]

Core Viewpoint - The article discusses the ongoing trend of deposit "migration" from traditional bank savings to asset management markets, driven by declining deposit interest rates and the increasing attractiveness of bank wealth management products [1][2][4]. Group 1: Market Trends - In the first half of 2025, bank deposit interest rates continued to decline, leading to an accelerated outflow of resident savings into the asset management market [2][4]. - By the end of June 2025, the scale of bank wealth management products reached approximately 31.3 trillion yuan, marking a year-on-year growth of 9.7% [1][6]. - The non-bank deposit scale reached a near ten-year high in May, reinforcing the trend of deposit migration [4]. Group 2: Wealth Management Product Dynamics - Fixed-income products have shown strong market demand due to their stable returns and controllable risks, becoming a key choice for absorbing migrating deposits [9]. - The market structure is evolving, with a notable increase in the scale of fixed-income products while cash management products are experiencing a contraction [9][10]. Group 3: Strategic Responses from Banks - Banks are accelerating strategic transformations to better meet investor needs, including optimizing product structures and enhancing competitive pricing strategies [13]. - Many wealth management subsidiaries are introducing innovative products, such as floating management fee rate products, which align the interests of managers and investors more closely [14][15]. - The introduction of floating fee structures has garnered positive market feedback, indicating a shift towards performance-oriented management and differentiation from public funds [16].

随着今年5月新一轮存款降息潮的落地，银行理财正在通过扩渠道、降费率，进行一场激烈的"揽客之 战"。存款利率的持续下行正吸引更多资金涌入银行理财市场。普益标准数据显示，截至今年6月底，银 行理财市场存续规模31.22万亿元，较年初增长5.22%。展望下半年理财市场走势，行业将面临降息压缩 收益与估值整改的双重压力。"为此，银行理财子公司正从产品创新与策略优化两方面积极应对。"在中 国邮政储蓄银行研究员娄飞鹏看来，一方面，理财公司推进低波动稳健产品与多元主题产品并行；另一 方面，通过增加权益类资产、衍生品配置等方式提升收益。(金融时报) ...

Summary of Conference Call Records Industry Overview - The capital market has shown a "barbell" structure since 2023, with large-cap and small-cap companies performing well, while mid-cap companies have been relatively flat. Large-cap stocks benefit from state-owned enterprises and insurance funds, while small-cap stocks are driven by on-market funds and quantitative private equity strategies [1][2][5]. Key Insights and Arguments - **Market Dynamics**: The A-shares and H-shares have performed more evenly, influenced by the southbound capital flow into Hong Kong stocks [1][5]. - **Investment Shifts**: The decline in deposit rates has led residents to seek higher certainty investment products, such as participating whole life insurance, creating a positive feedback loop through bank channels [1][6]. - **Future Market Outlook**: The market outlook remains optimistic, particularly for the financial sector. The valuation recovery of large-cap stocks led by insurance funds is expected to continue, while small-cap stocks are reaching new highs, although some pullbacks are inevitable [1][7]. - **Incremental Capital**: Recent incremental capital is limited, with insurance wealth management contributing approximately 1 trillion annually. However, after September, there will be a shift towards dividend insurance, prompting insurance companies to increase equity investments, with an estimated 30%-40% of new funds directed towards high-growth assets, bringing in 300-400 billion [1][8]. Additional Important Content - **Asset Allocation Changes**: The new accounting standards require insurance companies to increase standardized asset allocation, which is expected to promote stock market development [4]. - **Bank Wealth Management Trends**: The average yield on bank wealth management products is around 2.5%, with a gradual shift towards multi-asset strategies, including equities, convertible bonds, REITs, and alternative assets, expected to bring in around 100 billion annually [1][8]. - **Public Fund and Securities Company Trends**: Public funds have seen stable active equity scales, while FOF products have significantly increased due to their focus on controlling drawdowns and absolute returns [9]. Securities companies are leveraging off-market derivatives like DCN to meet investor demand for high-yield fixed-income products [10][11]. - **Regulatory Impact on Quantitative Funds**: New regulations have led to a significant increase in the issuance of neutral strategy products by quantitative funds, which are primarily linked to small-cap stocks [12][13]. - **Future of Off-Market Derivatives**: The off-market derivatives business is expected to have a positive impact on the capital market, although it carries risks, particularly in volatile conditions [15][16]. Potential Sources of Incremental Capital - Future incremental capital may come from insurance funds, bank wealth management, FOFs, and overseas funds, especially in a low-risk-free rate environment and with the potential for RMB appreciation [17].

非银金融机构存款一般包括证券、信托、 理财、基金等非银机构存放在银行的存款。近年来，存款利 率接连下调，居民存款"搬家"成为了非银金融机构存款增加的一个重要原因。 2024年来，随着债市持续走强，以配置债券为主的固收类理财产品和债券型基金收益水涨船高，持续吸 引资金流入，成为了理财、基金市场最重要的增长极。银行理财登记中心数据显示，2024年末，理财市 场规模较上一年末增加1.43万亿元至29.95万亿元；据wind数据，2024年债券型基金增加1.6万亿元。 据wind数据统计，上半年非银金融机构存款增加值创下近十年同期最高纪录；其中，5月非银金融机构 存款单月增加1.18万亿元，同样创下近十年同期最高纪录。分析指出，随着二季度新一轮存款利率下 调，居民以及部分企业可能将活期存款进一步转向基金、理财等，直接推动了非银存款的增长。 央行披露的数据也体现了存款"搬家"效应。据wind数据，2024年前11个月，非银金融机构存款累计增加 5.76万亿元，较上一年多增3.59亿元。2024年12月，由于监管进一步减少资金空转行为，非银同业活期 存款利率纳入自律管理，存款利率下调，叠加年末资金"回表"银行体系等，非银 ...