在时代浪潮中，中邮理财迎来了成立六周年的重要时刻。六载春秋，公司与中国经济的澎湃脉搏同频共 振；两千余日夜，与万千客户的稳健成长携手同行。从诞生于资管新规的晨曦，到穿越市场周期的风 雨，作为国有大行理财公司，中邮理财始终锚定"践行国家战略、服务实体经济、守护人民财富"的使命 定位，于坚守中砺初心，在变革中开新局。截至2025年三季度末，中邮理财产品规模12524亿元，较年 初增加2298亿元，增速居国有大行理财公司第一，成立以来年均复合增速超8%，超过行业平均水平， 居国有大行理财公司前列，产品净值化率98.9%，累计为超2000万客户创造收益约1500亿元。 六年征程是一条以不变守正、以变创新的发展之路。不变的是对金融工作政治性、人民性的矢志坚守， 是对邮银协同战略的笃实践行；变的是顺应国家战略的功能转型，是持续夯实的核心能力，是迭代升级 的体制机制。正是在变与不变的辩证统一中，中邮理财用专业与责任谱写出特色鲜明的高质量发展篇 章。 自2018年资管新规落地以来，银行理财行业步入净值化转型与结构重塑的新阶段。银行理财公司作为行 业的新生与中坚力量，已成为服务实体经济、护航居民财富的核心。截至2025年三季度 ...

文 | 银行螺丝钉 （转载请注明出处） 者考虑: (1) 风险承受能力中等,希望追求资产 稳健增值的投资者。 这部分投资者,往往会面临"收益"与 "风险"的两难:担心纯股票基金波动 太大，熊市中可能会亏20%-30%甚至更 多;纯债基金或货币基金又收益有限, 跑不赢通胀。 相比固收类产品，他们希望承担多一点 点风险，来获取资产的长期稳健增值。 需要注意的是「固收+」并不是保本的， 投资者需要接受短期可能出现的小幅回 而「固收+」的定位，恰好是"中风险、 中收益"的"平衡型选手"。 (2) 想做好股债配置的投资者 。 家庭里的存量资金,通常可以按照「100 -年龄」的比例，来分配好股票资产和债 券资产。 ·股票资产部分，可配置「100-年龄」％ 的比例; •债券资产部分，则可配置「年龄」%的 比例。 其中,追求稳健的债券类资产这部分, 就可以考虑投资「固收+」品种。 (3) 作为存款、理财的替代 。 随着资管新规落地，银行理财全面净值 化,"刚兑"成为历史。同时，存款利 率持续下行，1年期定期存款利率只有不 到1%。 此时如果愿意承担一定的波动，来额外 地换取稍微高一些收益，那么「固收+」 就成为这类投资者理想 ...

Investment Rating - The report does not explicitly provide an investment rating for the wealth management industry, but it discusses the challenges and potential strategies for improvement in the sector. Core Insights - The wealth management industry is transitioning to a net value management model, but there is a fundamental conflict between the liability side's rigid expectations for "capital preservation and high returns" and the asset side's need to face market volatility [1][3]. - The asset side is increasingly difficult to manage due to asset scarcity, regulatory changes, and intense competition, with fixed-income products dominating at 97.14% as of Q3 2025 [2][9]. - The report highlights the need for a transformation in the liability side's expectations to allow for a more flexible and diversified asset allocation strategy [17][18]. Summary by Sections Section 1: Challenges in the Asset Side - The asset side faces multiple pressures, including asset scarcity and regulatory requirements for net value management, leading to a decline in the ability to meet performance benchmarks [2][9]. - The reliance on fixed-income products limits the ability to diversify and share in other market returns, increasing liquidity risks during interest rate fluctuations [2][9]. Section 2: Conflict Between Liability and Asset Sides - There is a mismatch between the liability side's slow change in rigid capital preservation expectations and the asset side's need to adapt to market volatility [3][18]. - The public fund industry has seen significant growth, indicating a shift in investor acceptance of volatility, contrasting with the stagnant growth of the wealth management sector [3][16]. Section 3: Strategies for Transformation - The report suggests several strategies for the wealth management industry to adapt, including: 1. **Investor Education**: Enhancing understanding of market dynamics and risk-return relationships to reshape client expectations [19][20]. 2. **Service Model Transformation**: Shifting from single product sales to comprehensive account management to better align with client needs [21]. 3. **Product Diversification**: Developing a diverse product range to combat homogenized competition and meet varying client demands [22]. 4. **Focus on Core Value**: Transitioning from short-term alpha chasing to long-term beta management to meet clients' wealth preservation needs [23]. 5. **Systematic Research and Management**: Establishing a robust research framework to support multi-asset strategies and enhance investment capabilities [24][26]. 6. **Digital Transformation**: Leveraging technology to streamline operations and improve client service [28]. Section 4: Future Outlook - The report emphasizes that the key to future success in the wealth management industry lies in managing liability expectations and enhancing asset management capabilities to create a sustainable and mutually beneficial environment for both clients and institutions [17][18][29].

登录新浪财经APP 搜索【信披】查看更多考评等级 在信托资管产品领域，截至2025年三季度，理财产品前十大持仓中的资管产品规模达3.63万亿元，其中信托计划 以2.65万亿元的规模、73%的占比形成"断崖式领先"，银行系理财产品仍是资管信托主要的机构投资者。而理财子 公司作为银行系理财产品主力军，亟需评估《办法》对业务合作的影响。 本文拟从合作信托产品模式以及与信托公司合作中应注意问题的角度，分析《办法》对理财子公司与信托公司合 作模式的具体影响。 《办法》第九条明确："单个投资者投资同一信托产品的金额，不得高于信托产品实收信托规模的百分之五十"， 单个机构投资者及其关联方投资上限也控制为80%。在此基础上，对于"投资基础资产涉及非标准化债权类资产的 开放式信托产品的"，"单个资产管理产品管理人管理的全部资产管理产品，投资金额合计不得超过该信托产品实 收规模的百分之五十"。 此项规定意味着今后将不再存在单一资管信托计划或产品（2020年《信托公司资金信托管理暂行办法（征求意见 稿）》曾保留了单一资管信托计划的相关条款。如果涉及非标资产，《办法》还设有进一步限制，详情见下 文），此条是《办法》发布之初市场反应最 ...

Core Viewpoint - The withdrawal of public fund license applications by Guojin Asset Management marks the end of the queue for securities asset management subsidiaries, indicating a significant shift in the industry landscape [1][5]. Group 1: License Application Trends - In 2023, there was a surge in applications for public fund licenses from securities asset management subsidiaries, driven by regulatory changes that eased restrictions [4]. - By the end of 2024, there were no approvals for public fund licenses, leading to a complete withdrawal of applications by various firms in 2025 [5]. Group 2: Industry Response to Regulatory Changes - The withdrawal of applications is linked to the 2018 asset management regulations, which require securities firms to complete the public offering transformation of their products by the end of 2025 [6]. - Many firms are transferring their public fund products to affiliated fund management companies as a common strategy to comply with the new regulations [6]. Group 3: Differentiation in the Market - The withdrawal of public fund license applications has led to a clear differentiation in the development paths of securities asset management firms, with only 14 out of 30 firms obtaining public fund qualifications [7]. - Firms with public fund licenses are encouraged to seek differentiation in a competitive market, while those without may focus on traditional strengths in private asset management [7]. - As of September 2025, the scale of private asset management products from securities firms reached 5.73 trillion yuan, reflecting a growth of approximately 270 billion yuan from the end of 2024 [7].

Core Viewpoint - The withdrawal of public fund license applications by brokerage asset management subsidiaries indicates a significant shift in the industry, with all applications now retracted, leading to a "clean slate" in the approval queue [2][3][7]. Group 1: License Application Trends - In 2023, a surge in applications for public fund licenses occurred, driven by regulatory changes that eased restrictions on the number of licenses [6]. - By the end of 2024, there was a complete halt in the approval of new public fund licenses, with several brokerage asset management firms withdrawing their applications in 2025 [7]. Group 2: Industry Response to Regulatory Changes - The withdrawal of applications is closely linked to the 2018 asset management regulations, which require brokerages to complete the public offering transformation of their products by the end of 2025 [9]. - As the deadline approaches, many brokerage asset management firms are transferring their public fund products to affiliated fund management companies, a common strategy observed in the industry [9]. Group 3: Differentiation in Business Strategies - The withdrawal of public fund license applications has led to a clear divergence in the development paths of brokerage asset management firms, with only 14 out of 30 firms obtaining public fund qualifications [11]. - Firms with public fund licenses are encouraged to seek differentiation in a competitive market, while those without may focus on traditional strengths in private asset management [11]. - The private asset management sector is experiencing a revival, with the scale of private asset management products reaching 5.73 trillion yuan by September 2025, an increase of approximately 270 billion yuan from the end of 2024 [11].

｜2025年12月1日 星期一｜ NO.1 累计捐款超4亿港元！50余家金融机构支援香港大埔 点评：券商资管子公司公募牌照申请集体撤回，反映行业转型压力加剧。随着2025年底资管新规大限临 近，券商资管面临清盘、转私募或管理人变更等路径选择，或引发市场对券商资管业务前景的重新评 估。券商板块短期情绪或受扰动，但长期看，行业规范化发展有利于市场健康。整体而言，资管行业加 速出清，将推动资本市场结构优化。 NO.4 公募基金发行11月迎来"小阳春"，基金发行近千亿元 公募基金发行市场在11月迎来一轮"小阳春"。Wind数据显示，截至11月30日，当月新成立公募基金总规 模达966.16亿元，逼近千亿元大关，表明投资者认购热情高涨。全月共计新成立基金136只，发行市场 呈现量价齐升的积极态势，凸显年末资金配置需求增加。 点评：11月公募基金发行近千亿，显示市场信心回暖，资金入场意愿增强。此举将为A股带来增量资 金，尤其利好蓝筹股和核心资产板块，推动市场结构优化。基金公司管理规模扩张，盈利能力有望提 升，头部机构受益更显著。整体来看，发行回暖反映投资者风险偏好修复，对市场流动性形成支撑，有 望提振年末行情，但需关注资 ...

中经实习记者 孙小琴 记者 夏欣 北京报道 （编辑：罗辑 审核：夏欣 校对：燕郁霞） 11月28日，证监会最新发布的证券、基金经营机构行政许可申请受理及审核情况公示披露，在"资产管 理机构开展公募基金管理业务资格审批"栏中，已无任何券商资管在列申请公募牌照。 今年年初，申请公募业务牌照的有广发资管、光证资管、国证资管和国金资管4家券商资管子公司，而 进入11月，前3家已经撤销申请。就在一周前的11月21日，国金资管尚且还在列表中排队申请公募牌 照，目前也已经不在其中。 这一变化与2018年资管新规的要求密切相关。根据上述新规，券商参与的公募大集合产品需在2025年年 底前完成公募化改造。对于未取得公募牌照的券商及资管子公司，旗下相关产品到期后，可选择清盘、 延期或变更管理人这三种处理路径。 ...

Core Viewpoint - The once-booming competition among brokerage asset management firms for public fund licenses is clearly retreating, with several firms withdrawing their applications, indicating a shift in strategy and market conditions [1][2][5]. Group 1: Withdrawal of Applications - The recent trend shows a significant number of brokerage asset management firms, including Guotai Junan Asset Management, Guangfa Asset Management, and Guosen Asset Management, have suspended their applications for public fund licenses, leaving only Guojin Asset Management in the queue [1][2]. - Guosen Asset Management submitted its application in October 2023 but has not received any feedback, highlighting the uncertainty in the approval process [3]. Group 2: Market Environment and Strategic Choices - The collective withdrawal from public fund license applications reflects a more cautious strategic choice by brokerage asset management firms in the current market environment, rather than a fundamental devaluation of public fund licenses [5]. - The tightening of regulations and intense competition in the public fund industry has led some asset management firms to reassess their cost-benefit ratios, opting to withdraw if they lack sufficient resources or competitive advantages [5][6]. Group 3: Regulatory Context and Future Implications - The approval process for public fund licenses has slowed significantly since the initial surge in applications in 2023, with only a few firms receiving approvals, indicating a potential "zero release" situation in 2024 [3][4]. - The impending deadline for brokerage firms to complete the transformation of their collective asset management products by the end of 2025 adds pressure, prompting some firms to seek alternative solutions to alleviate transformation stress [6][7].

Core Insights - The article highlights the phenomenon of rapidly declining yields on bank wealth management products shortly after their issuance, indicating a trend where high initial returns are not sustainable [1][2][3] Group 1: Yield Fluctuations - A specific wealth management product saw its annualized yield drop from 5.15% to 4.58% within twenty days of its launch [1] - During the recent National Day holiday, some products experienced a significant yield drop from 6.96% to 2.799% shortly after the holiday [2] - Investors often perceive the increase in product issuance limits as a signal to exit, as it typically indicates a reduction in potential returns [2][3] Group 2: Investor Behavior - Many investors are accustomed to adjusting their positions frequently, often favoring newly issued products due to their higher expected yields [3] - Bank wealth management managers acknowledge that new products typically offer higher yields for a limited time, usually around one month, before returning to normal levels [3] Group 3: T-1 Valuation Model - The article discusses the "T-1 valuation" model, where funds from multiple products are pooled into a trust account, allowing managers to manipulate yields by timing purchases and redemptions based on market conditions [4] - This model enables the transfer of profits from older products to newly launched ones, effectively redistributing benefits among investors [4] Group 4: Market Dynamics and Regulatory Environment - The article notes a broader trend of banks seeking to attract clients amid a challenging investment environment, leading to various strategies to enhance product appeal [5] - Recent regulatory guidelines emphasize the need for transparency in presenting past performance of wealth management products, warning investors that past performance does not guarantee future results [6]