Core Viewpoint - The article highlights the sustained growth of the bank wealth management market, driven by a low interest rate environment and seasonal factors, with the total outstanding scale reaching approximately 34 trillion yuan by the end of November, marking a historical high [3][5]. Group 1: Market Growth and Trends - As of the end of November, the total outstanding scale of bank wealth management reached about 34 trillion yuan, an increase of approximately 0.35 trillion yuan from the end of October [5]. - November is historically a month of growth for wealth management products, with an average increase of about 0.37 trillion yuan in November for 2023 and 2024 [6]. - The "deposit migration" effect, driven by declining deposit rates, has led to increased attractiveness of wealth management products, with average annualized returns remaining above 2% [6][10]. Group 2: Product Performance and Structure - In November, the performance of wealth management products showed some pressure, with average performance benchmarks for open-ended and closed-end products declining by 0.02 percentage points to 2.15% and 2.37%, respectively [7]. - Cash management products continued to see a downward trend in yields, with a near 7-day annualized yield of approximately 1.23% as of December 7, slightly above the average of money market funds but still under pressure [7]. - The "fixed income plus" products have performed better due to a temporary recovery in the equity market, enhancing the overall attractiveness of wealth management products [6]. Group 3: Future Outlook - Despite the approaching year-end, the market outlook for the growth of wealth management scale remains optimistic, with expectations of a slight recovery in December due to the release of previous floating profits [9]. - The core logic supporting the expansion of the wealth management market remains unchanged, with "deposit migration" being a key long-term driver [9][10]. - The introduction of diverse asset allocations in "fixed income plus" products is seen as a crucial factor for future growth, aiming to meet varying risk preferences of investors [10].

随着存款利率持续下行、资金配置需求不断升温，银行理财发行市场热度延续。多家机构最新统计数据 显示，截至11月末，全市场银行理财存续规模达到约34万亿元，创下历史新高，理财规模已连续多月保 持正增长态势。 不过，与规模增长形成对比的是，11月理财产品的净值表现整体承压。受货币环境宽松及债市波动影 响，不同类型产品的收益率均有所回落。普益标准监测数据显示，11月全市场共有16860款理财产品在 售，环比增加820款，其中14790款为开放式产品，平均业绩比较基准为2.15%，环比下跌0.02个百分 点；2070款为封闭式产品，平均业绩比较基准为2.37%，环比下跌0.02个百分点。 华源证券数据显示，现金管理类产品收益率延续年初以来的下行趋势，截至12月7日，其近7日年化收益 率约为1.23%，虽仍略高于货币基金的平均水平，但下行压力仍存。普益标准数据进一步显示，截至12 月14日，全市场存续现金管理类理财产品近7日年化收益率平均为1.25%，环比下降0.01个百分点；近1 个月、近3个月年化收益率分别维持在1.25%和1.26%的水平；近6个月、近1年及成立以来的年化收益率 则分别小幅回落至1.29%、1.41 ...

Core Viewpoint - The bank wealth management market continues to grow, reaching a record high of approximately 34 trillion yuan by the end of November, driven by a low interest rate environment and seasonal factors [1][2]. Group 1: Market Growth - As of the end of November, the total bank wealth management scale reached about 34 trillion yuan, an increase of approximately 0.35 trillion yuan from the end of October [2]. - November is historically a month of growth for wealth management products, with an average increase of about 0.37 trillion yuan in November for 2023 and 2024 [2]. - The "deposit migration" effect, driven by declining deposit rates, has significantly influenced the growth of wealth management products [2][5]. Group 2: Product Performance - The performance of wealth management products showed some differentiation in November, with pure fixed-income products remaining stable while "fixed-income+" products benefited from a temporary recovery in the equity market [3]. - The average performance benchmark for open-ended products was 2.15%, down 0.02 percentage points, while closed-end products had an average benchmark of 2.37%, also down 0.02 percentage points [3]. - Cash management product yields continued to decline, with a near 7-day annualized yield of approximately 1.25%, reflecting ongoing downward pressure [3][6]. Group 3: Future Outlook - Despite the approaching year-end, the market outlook for the growth of wealth management scale remains optimistic, with expectations of a slight recovery in early January [5][6]. - The long-term expansion logic of the wealth management market remains unchanged, with "deposit migration" being a key driving force [5][6]. - "Fixed-income+" wealth management products are seen as a crucial area for future growth, with potential for diversification into themes like retirement and green finance [6].

登录新浪财经APP 搜索【信披】查看更多考评等级 专题：A股放量走强 跨年行情可期 【头条要闻】 海南自贸港今日正式封关！央行：金融准备工作已全部完成 海南自由贸易港将于2025年12月18日正式启动全岛封关运作。自2020年《海南自由贸易港建设总体方 案》发布以来，海南自贸港金融政策制度体系初步搭建，金融开放政策框架逐步建立，海南自贸港成为 金融开放创新政策全国领先的地区之一。 近年来，中国人民银行持续完善与海南自贸港相适应的金融政策和制度体系，目前，封关运行的金融准 备工作已全部完成，支持高标准建设海南自由贸易港。 近年来海南锚定"跨境资金流动自由便利"目标，推动一批金融创新政策在海南先行先试，构建多功能自 由贸易账户（下称"EF账户"）体系，开展跨境投资高水平试点、跨境资管业务试点等工作，金融开放 创新步稳蹄疾。2025年1月至11月，海南省跨境收支规模达到1016.1亿美元，2020年以来年均增长率达 55%。跨境人民币结算规模持续扩大，1至11月海南省人民币跨境收付额达4845亿元，同比增长7.8%。 历史新高！掀起一轮涨价潮！贵金属牛市彻底被引爆 从黄金、白银，到铂、钯，国内贵金属市场掀起一轮涨价 ...

银行 存款搬家股市放缓，中小行储蓄回流大行 2025 年 12 月 18 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% -10% 0% 10% 19% 29% 2024-12 2025-04 2025-08 银行 沪深300 相关研究报告 《存款非银化放缓，关注 2026Q1 大 行资负缺口压力—11 月金融数据点 评》-2025.12.13 《测算：BCBS 调整利率冲击幅度对Δ EVE 的影响 — 行业点评报告》 -2025.12.10 《大行 ΔEVE 指标测算及承接债券 能力评估—行业深度报告》-2025.12.8 ——11 月央行信贷收支表要点解读 | 刘呈祥（分析师） | 吴文鑫（分析师） | | --- | --- | | liuchengxiang@kysec.cn | wuwenxin@kysec.cn | | 证书编号：S0790523060002 | 证书编号：S0790524060002 | wuwenxin@kysec.cn 证书编号：S0790524060002 负债端：非银存款增长放缓，或反映股市脱媒减弱，定存到期持续流入理财 11 月大型银行非银存款下降 8 ...

3. 旅游服务赛道：封关后"境内关外"优势凸显，国际游客会增多，高端酒店、特色旅游、邮轮航线需求 会涨；关注重点：在海南有大量优质资产的旅游集团，还有做定制化旅游服务的企业。 4. 跨境贸易赛道：零关税+低企业所得税（15%），吸引外贸企业入驻，物流、仓储、报关业务需求激 增；关注重点：海南本地的跨境物流龙头，还有能提供一体化外贸服务的公司。 二、存款搬家受益赛道（增量资金直接利好） 各位老铁，帮主郑重这就把"海南封关+存款搬家"的核心受益赛道整理清楚，都是中长线能稳稳拿的方 向，简单好懂，直接照着盯就行： 一、海南封关受益赛道（政策红利确定性最强） 1. 免税消费赛道：受益逻辑是封关后74%进口商品零关税，免税购物额度和品类都会扩容，像海口国际 免税城新品类卖断货就是信号；关注重点：有线下免税渠道、供应链成熟的龙头企业，尤其是能快速上 新爆款品类的公司。 2. 跨境金融赛道：EF账户体系已经成熟，跨境资金流动更自由，跨境资管、外汇交易业务会爆发；关 注重点：在海南布局跨境金融业务的银行、券商，还有参与跨境支付的金融科技公司。 总结下来，这两类赛道都是政策+资金双驱动，中长线拿着心里有底。 1. 宽基ETF及 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ "女士，您有一笔定期存款快要到期了，目前我行3年期存款利率最高能到1.75%，1万（元）起存，额 度有限。一万（元）以下是1.6%，您可以考虑办理续存。"近期，家住北京的扬子（化名）收到了来自 某股份行客户经理的电话提示。这笔资金是她两年前以2.35%的年利率存入这家银行，手机银行显示， 目前该行2年期定存利率只有1.4%。 随着存款利率持续下行、权益市场热度提升，面对大量定期存款到期，银行一方面将在重定价中迎来负 债成本进一步下降，另一方面则面临存款流失压力。而作为"存款搬家"的一个重要方向，今年以来资本 市场对这一趋势的关注和讨论不断升温。 有机构测算结果显示，如果综合考虑历史经验和当前超额储蓄情况，未来"存款搬家"入市的潜在规模至 少是万亿级的。从定期存款到期规模来看，2024年之前存入、2026年之后到期的规模超过60万亿元。但 也有机构人士提示称，社会财富流向资本市场是一个长期过程，应该理性看待。相比之下，超30万亿元 规模的理财产品离资本市场更近，含权类理财的未来空间更值得关注。 "存款搬家"潜力来自哪里？ 不同于上述客户经 ...

随着存款利率持续下行、权益市场热度提升，面对大量定期存款到期，银行一方面将在重定价中迎来 负债成本进一步下降，另一方面则面临存款流失压力。而作为"存款搬家"的一个重要方向，今年以 来资本市场对这一趋势的关注和讨论不断升温。 有机构测算结果显示，如果综合考虑历史经验和当前超额储蓄情况，未来"存款搬家"入市的潜在规 模至少是万亿级的。从定期存款到期规模来看，2024年之前存入、2026年之后到期的规模超过60 万亿元。但也有机构人士提示称，社会财富流向资本市场是一个长期过程，应该理性看待。相比之 下，超30万亿元规模的理财产品离资本市场更近，含权类理财的未来空间更值得关注。 2025.12. 17 本文字数：3361，阅读时长大约5分钟 作者 | 第一财经 亓宁 "女士，您有一笔定期存款快要到期了，目前我行3年期存款利率最高能到1.75%，1万（元）起存， 额度有限。一万（元）以下是1.6%，您可以考虑办理续存。"近期，家住北京的扬子（化名）收到 了来自某股份行客户经理的电话提示。这笔资金是她两年前以2.35%的年利率存入这家银行，手机 银行显示，目前该行2年期定存利率只有1.4%。 "存款 搬家"潜力来自哪里 ...

Core Insights - The trend of "deposit migration" is gaining attention as deposit rates decline and capital markets heat up, with a potential scale of at least trillions of yuan entering the market [1][2] - The upcoming maturity of a significant amount of time deposits, particularly those with high interest rates, is expected to create liquidity for capital markets [2][3] - The shift in savings behavior, driven by lower interest rates and changing investment preferences, indicates a long-term process of wealth flowing into capital markets [7][9] Deposit Migration Potential - The potential for "deposit migration" is significant, with estimates suggesting that over 60 trillion yuan in time deposits will mature after 2024, creating a substantial liquidity source for capital markets [1][3] - The current environment shows a slowdown in the growth of household time deposits, indicating a shift towards more liquid investment options [5][9] - The trend of "deposit migration" is not just about moving deposits to stocks but also involves reallocating funds into various financial products, including wealth management and bonds [8][9] Impact on Financial Products - Financial institutions are increasingly guiding clients towards stable, low-risk wealth management products as an alternative to traditional time deposits [2][8] - The growth of wealth management products, particularly those with equity components, is expected to increase, potentially bringing nearly 1 trillion yuan in additional funds to the capital market by 2027 [10] - The shift in asset allocation from fixed-income products to equity-related investments reflects changing investor preferences and the need for higher returns [6][10] Economic Context - The overall savings rate has reached a 15-year high, indicating a significant amount of excess savings that could be redirected into various investment avenues [7][8] - The decline in the attractiveness of traditional time deposits, especially those with rates above 3%, is prompting a reevaluation of investment strategies among households [6][9] - The anticipated liquidity from maturing deposits is viewed as a potential catalyst for increased risk appetite in capital markets [2][3]

Group 1 - The yield of "baby" funds has been declining throughout the year, with the median seven-day annualized yield of 941 money market funds at 1.24% as of December 16, and 102 funds falling below 1% [1] - Tianhong Yu'ebao, the largest money market fund, maintained a yield above 1%, at 1.014% as of December 16, despite a previous drop to 1.001% [1] - The fund manager indicated that the phenomenon of deposit migration has impacted banks' management of funds, increasing friction in fund flow and leading to a decrease in the supply of base currency in the money market, which has heightened volatility in interest rates [1] Group 2 - Despite the long-term downward trend in money market fund yields, the total share of money market funds increased to 15.05 trillion units by the end of October, up over 38 million units from the end of September [2] - Key reasons for the changes in money market fund yields include a downward shift in the risk-free interest rate, which has caused yields on bank deposits and bond repos to decline, and a liquidity surplus leading to an asset shortage [2] - Funds have had to control risks by reducing leverage and shortening duration, further dragging down yield performance [2]