Core Insights - The banking wealth management market has shown significant growth, with the number of investors reaching 139 million, a year-on-year increase of 12.70% [1] - In the third quarter of 2025, wealth management products generated a total return of 179.2 billion yuan for investors [1] - The total outstanding scale of bank wealth management reached 32.13 trillion yuan by the end of the third quarter, an increase of 2.17 trillion yuan from the beginning of the year, representing a year-on-year growth of 9.42% [1] Market Structure - Wealth management companies hold a dominant market share, with their outstanding product scale accounting for 91.13% of the total [1] - Fixed income products remain the primary type, with an outstanding scale of 31.21 trillion yuan, representing 97.14% of the total [3] - Open-ended wealth management products have an outstanding scale of 25.89 trillion yuan, making up 80.58% of the total, which is a slight decrease of 0.51 percentage points compared to the same period last year [3] - Closed-end wealth management products have an outstanding scale of 6.24 trillion yuan, accounting for 19.42% [3] Contribution to Real Economy - Bank wealth management has supported the real economy with cumulative funding of approximately 21 trillion yuan through investments in bonds, non-standardized debt, and unlisted equity [4]

Core Insights - The banking wealth management market has shown stable and healthy development, effectively supporting the real economy and wealth preservation for the public [1] Group 1: Market Overview - As of the end of Q3 2025, there are a total of 43,900 wealth management products in existence, representing a year-on-year increase of 10.01% [1] - The total scale of these products reached 32.13 trillion yuan, which is a year-on-year increase of 9.42% [1] Group 2: Support for the Real Economy - Wealth management products have supported approximately 21 trillion yuan in funding for the real economy through investments in bonds, non-standardized debt, and unlisted equity [1] Group 3: Investor Engagement - The number of investors holding wealth management products reached 139 million, marking a year-on-year growth of 12.7% [1] - In Q3, these products generated a total return of 179.2 billion yuan for investors [1]

Core Insights - The banking wealth management market has shown steady growth, with a total of 43,900 existing products as of the end of Q3 2023, representing a year-on-year increase of 10.01% [1] - The total scale of the wealth management market reached 32.13 trillion yuan, marking a year-on-year increase of 9.42% [1] - The industry effectively supports the real economy and helps preserve and increase the wealth of the public, with approximately 21 trillion yuan allocated to support the real economy through various asset investments [1] - The number of investors holding wealth management products has grown to 139 million, reflecting a year-on-year growth of 12.70% [1] - In terms of investment returns, wealth management products generated a total of 179.2 billion yuan in earnings for investors in Q3 2023 [1]

【导读】三季度末，银行理财存续规模为32.13万亿元 10月23日，银行业理财登记托管中心发布《中国银行业理财市场季度报告(2025年三季度)》(以下简称 《报告》)。截至2025年三季度末，全市场银行理财产品存续规模为32.13万亿元，同比增加9.42%。 从产品类型来看，固定收益类仍是银行理财产品的绝对主力，并且占比略有提升。截至2025年三季度 末，固定收益类产品存续规模为31.21万亿元，占全部理财产品存续规模的比例达97.14%，同比增加 0.05个百分点；混合类产品存续规模为0.83万亿元，占比为2.58%，同比增加0.03个百分点；权益类产品 和商品及金融衍生品类产品的存续规模相对较小，分别为0.07万亿元和0.02万亿元。 银行理财产品的投资者数量继续增长。截至2025年三季度末，持有理财产品的投资者数量达1.39亿个， 同比增长12.70%。相比二季度末1.36亿个投资者，三季度投资者增长了300万个。 理财公司持续拓展母行以外的代销渠道。2025年三季度，1家理财公司的理财产品仅由母行代销，31家 理财公司的理财产品除母行代销外，还打通了其他银行的代销渠道。除母行代销外，2025年9月全市 ...

Core Insights - As of the end of Q3 2025, the total scale of bank wealth management products reached 32.13 trillion yuan, reflecting a year-on-year increase of 9.42% [2] - The average yield of bank wealth management products in Q3 2025 was 0.571%, with a total return of 179.2 billion yuan generated for investors [2] - The number of investors holding wealth management products grew to 139 million, marking a year-on-year increase of 12.70% [3] Product Types - Fixed income products remain the dominant category in bank wealth management, with a scale of 31.21 trillion yuan, accounting for 97.14% of the total [3] - Mixed products had a scale of 0.83 trillion yuan, representing 2.58% of the total, while equity and commodity/financial derivative products were relatively small at 0.07 trillion yuan and 0.02 trillion yuan, respectively [3] Distribution Channels - Wealth management companies are expanding distribution channels beyond their parent banks, with 583 institutions engaging in cross-bank sales of wealth management products as of September 2025, an increase of 35 institutions compared to the same period last year [4]

Core Insights - The article focuses on the performance of bank wealth management products with minimum holding periods, specifically highlighting the annualized returns of these products categorized by holding periods of 90 days, 180 days, and 365 days [1][6]. Group 1: Performance Rankings - The rankings are based on annualized returns calculated over the same period as the holding duration, with a focus on products currently available for sale [1]. - A total of 28 distribution institutions were analyzed, including major banks such as Industrial and Commercial Bank of China, Bank of China, and Agricultural Bank of China [1]. - The performance of various products is showcased, with notable returns such as 22.20% for Hangzhou Bank's "Happiness 99 Excellent Mixed" product with a 90-day holding period [4]. Group 2: Product Categories - The products are categorized based on their minimum holding periods: 90 days, 180 days, and 365 days, allowing investors to compare performance across different time frames [1][6]. - For the 180-day holding period, products like Hangzhou Bank's "Happiness 99 Excellent Mixed" achieved a return of 13.63% [7]. - The analysis also includes products with a 365-day holding period, with returns such as 11.89% for Hangzhou Bank's "Happiness 99 Excellent Mixed" [12]. Group 3: Investment Recommendations - The article emphasizes the importance of investors verifying the availability of products through the respective bank's app, as some products may be unavailable due to sold-out quotas or differences in product listings [1]. - It suggests that investors should consider the performance rankings as a reference point when selecting wealth management products [2].

Core Insights - The banking wealth management sector experienced a decline in net inflows at the end of Q3, despite having achieved continuous monthly net inflows previously [1] Group 1: Industry Performance - Among 14 wealth management companies with assets under management exceeding 1 trillion yuan, 13 reported a decrease in balance at the end of September, totaling a reduction of approximately 870 billion yuan [1] - The decline in the scale of pure bond wealth management products was particularly significant, likely influenced by recent fluctuations in the bond market [1] Group 2: Product Performance - In contrast, products with a certain proportion of equity assets, such as "fixed income plus" and mixed wealth management products, benefited significantly from the better performance of the stock market during the same period, leading to a noticeable increase in their scale [1]

Core Insights - The article emphasizes the abundance of bank wealth management products with similar names and vague characteristics, urging investors to carefully select and identify suitable options [1] - A performance ranking list of wealth management products is provided, focusing on those with strong performance in the past three months, to assist investors in making informed choices [1] Product Selection Criteria - The ranking is based on two main criteria: product type, specifically focusing on pure fixed income, "fixed income plus," and mixed products; and performance stability, requiring products to have been established for at least three months to ensure sufficient performance data [1] - The sample includes publicly offered RMB wealth management products [1] Performance Metrics - The ranking displays annualized performance over the past month, three months, and six months, sorted by the annualized return over the last three months to reflect multidimensional performance amid recent market fluctuations [1] Featured Products - The article highlights mixed products issued by wealth management companies, providing a selection of currently available products through distribution channels [1] - A detailed performance table lists various products from different banks, including their annualized returns and investment durations, showcasing the top-performing options [4]

Core Insights - The report from Wenzhi Bao, a bank wealth management platform under Ant Bank, highlights its growing user base and strong performance in a low-interest-rate environment [2][8]. User Growth and Engagement - As of the end of September, Wenzhi Bao's user base reached 4.5 million, a 67% increase from 2.69 million at the beginning of the year [2][8]. - User engagement is high, with two out of three new users making more than two investments, and over 70% of users increasing their investment amounts compared to their first investment [4][8]. Performance Metrics - Wenzhi Bao's average annualized return over the past year is 2.58%, outperforming the industry average of 2.41% [6][8]. - Users holding products for more than three months achieved a 100% positive return, indicating strong product performance [7][8]. Investment Strategy and Market Position - The platform focuses on low to medium-risk products, primarily investing in deposits and high-quality bonds, which helps maintain stable performance amid market fluctuations [7][8]. - Wenzhi Bao is increasingly favored by small and micro enterprises for managing idle funds, with flexible investment cycles ranging from 7 days to 1 year [8]. Market Context - The bank wealth management market has seen significant growth, with an increase of over 550 billion yuan in July compared to June, driven by a shift in asset allocation preferences among residents [8].

Core Viewpoint - The article discusses the challenges investors face in selecting bank wealth management products due to the overwhelming variety of similar-sounding products, and it aims to provide a performance ranking of these products to assist investors in making informed choices [1]. Group 1: Product Selection Criteria - The ranking of wealth management products is based on two main criteria: product type, focusing on pure fixed income, "fixed income plus," and mixed products, and performance stability, requiring products to have been established for at least three months to ensure sufficient performance data [1]. - The sample selection includes RMB public wealth management products, and the ranking reflects annualized performance over the past month, three months, and six months, sorted by the three-month annualized yield [1]. Group 2: Performance Ranking - The article highlights a list of top-performing mixed products from various banks, including: - Bank of China: "Huiyang Flexible Allocation Open" with a three-month annualized yield of 34.3% [4]. - China Merchants Bank: "Zhaozhi Team Rui Duo Asset FO" with a three-month annualized yield of 28.2% [4]. - Everbright Bank: "Sunshine Orange Preferred All-Star" with a three-month annualized yield of 21.8% [4]. - The ranking includes a total of 10 products, showcasing their respective yields and performance metrics [4]. Group 3: Distribution Channels - The ranking is based on data from 28 distribution institutions, including major banks such as ICBC, Bank of China, and Agricultural Bank of China, among others [2]. - It is noted that the availability of products may vary due to factors like quota exhaustion or differences in product listings for different customers, thus investors are advised to refer to the actual displays on the banks' apps [2].