近期，上市公司利用闲置资金购买理财产品的现象引发市场热议。将闲置资金用于购买理财产品一直是 上市公司提升资金使用效率的重要方式，受访专家表示，上市公司购买理财时，需要结合自身发展阶 段、实际资金需求等，审慎制定资金使用计划。 上市公司购买的理财产品通常包括存款、银行理财产品、券商理财产品等。例如，摩尔线程在公告中表 示，拟使用部分闲置募集资金购买包括但不限于协定存款、通知存款、定期存款、结构性存款、大额存 单、收益凭证等安全性高、流动性好的保本型产品。 "相较于存款等其他类型的理财产品，券商理财产品在收益率方面具备一定优势。"盘古智库（北京）信 息咨询有限公司高级研究员余丰慧在接受《证券日报》记者采访时表示，作为具备投研优势的专业机 构，券商在底层资产配置、风险控制方面的能力较受认可，产品设计也较为灵活，能够适配上市公司多 元化的理财需求，且券商理财产品尤其是固收类产品具备较强的安全性和流动性，风险较低。整体来 看，券商理财产品能够兼顾稳健与收益，因此具备较强的市场竞争力。 从单家上市公司认购理财产品的金额来看，有7家上市公司年内认购理财产品金额在100亿元以上。具体 来看，截至12月16日，年内认购理财产品 ...

Core Viewpoint - The scale of listed companies' investments in financial products has decreased this year, with a total subscription amount of approximately 890 billion yuan, which is a 16.5% decline compared to the same period last year [2][3] Group 1: Investment Scale and Trends - As of November 17, 2023, 1,126 listed companies have subscribed to financial products, with a total subscription amount of about 890 billion yuan, down from over 1 trillion yuan in previous years [2][3] - The decline in investment scale is attributed to companies allocating more funds to cash dividends and share buybacks, as well as decreasing interest rates on deposit products [2][3] Group 2: Product Preferences - Listed companies are favoring low-risk financial products with high safety and liquidity, including structured deposits, bank wealth management, and broker wealth management [3][4] - Despite the overall decline, certain product categories such as bank wealth management, broker wealth management, reverse repos, and fund accounts have seen growth [3] Group 3: Market Dynamics - Asset management firms are increasing their focus on the public wealth market, offering diversified products to meet the demand for higher returns while maintaining safety and liquidity [3][4] - Companies are beginning to diversify their investment strategies, gradually increasing their allocation to broker wealth management and public funds [3]

Core Viewpoint - The trend of A-share listed companies purchasing bank wealth management products is declining, with a total subscription amount of 839.976 billion yuan, down 14.32% year-on-year, as companies shift focus towards core business operations and stock market investments [1][2]. Group 1: Wealth Management Product Subscription Trends - As of October 22, 2023, 1,112 A-share listed companies subscribed to 13,300 wealth management products, with a total subscription amount of 839.976 billion yuan, reflecting a year-on-year decline of 14.32% [1]. - Among the purchased bank wealth management products, structured deposits are the preferred choice, with a subscription amount of 508.203 billion yuan, accounting for 60.5% of the total, although this represents an 18.93% year-on-year decline [1]. - The subscription amount for bank wealth management products reached 87.026 billion yuan, making up 10.36% of the total, with a year-on-year decrease of 2.96% [1]. Group 2: Reasons for Decline in Bank Wealth Management Purchases - The decline in the scale of bank wealth management product purchases is attributed to three main factors: companies responding to regulatory calls to allocate funds towards core operations, cash dividends, and share buybacks; a general decrease in the yield of wealth management products due to falling market interest rates; and a favorable stock market encouraging direct stock investments [2]. - In the first half of the year, 788 listed companies engaged in securities investments, holding a total of 2,921 securities with an investment amount of 1.4 trillion yuan, significantly exceeding the amount invested in wealth management products [2]. Group 3: Rise in Securities Firm Wealth Management Product Purchases - Despite the overall decline in wealth management product purchases, the scale of securities firm wealth management product subscriptions has increased, with 244 listed companies purchasing a total of 56.159 billion yuan, marking an 8.1% year-on-year growth [2][3]. - Among the companies purchasing securities firm wealth management products, 115 companies subscribed for amounts exceeding 100 million yuan, with Jiangsu Guotai leading at 6.091 billion yuan [3]. Group 4: Factors Driving the Shift to Securities Firm Products - The increase in securities firm wealth management product subscriptions is driven by a relatively small base, allowing for noticeable growth with minimal fund shifts from bank products [3]. - Companies are attracted to securities firm products due to their professional investment capabilities, especially in a favorable stock market environment, which enhances the perceived potential for higher returns compared to bank products [3][4]. - The safety of securities firm wealth management products is comparable to that of bank products, as they are regulated by the China Securities Regulatory Commission, reducing concerns about potential losses [4].

Core Insights - The total number of A-share listed companies that subscribed to wealth management products reached 1,112, with a total subscription amount of 839.976 billion yuan, reflecting a year-on-year decline of 14.32% [1] - Companies are increasingly using idle funds to purchase wealth management products, particularly bank-related products, which are considered safe and yield investment returns [1] - Among the bank-related wealth management products, structured deposits are the preferred choice, with a subscription amount of 508.203 billion yuan, accounting for 60.5% of the total, although this also saw a year-on-year decline of 18.93% [1] Summary by Category Subscription Trends - The subscription scale for bank-related wealth management products is declining due to three main reasons: companies are focusing more on core business operations, cash dividends, and share buybacks; market interest rates are decreasing, reducing the attractiveness of these products; and a favorable stock market has led some companies to invest directly in stocks [2] - Despite the overall decline in wealth management product subscriptions, the scale of broker wealth management product subscriptions is increasing, with 244 companies purchasing a total of 56.159 billion yuan, a year-on-year growth of 8.1% [2] Company Behavior - Among the companies subscribing to broker wealth management products, 115 companies invested over 100 million yuan, with Jiangsu Guotai leading at 6.091 billion yuan, followed by Fuling Zhacai at 5.02 billion yuan [3] Reasons for Broker Product Growth - The increase in broker wealth management product subscriptions can be attributed to three factors: the relatively small base of these products means that even a small shift from bank products can lead to significant growth; companies are attracted to brokers for their professional investment capabilities, especially in a favorable stock market; and the perceived safety of broker products, which are regulated by the CSRC, is comparable to that of bank products [5][6]

Core Insights - A total of 1,112 A-share listed companies have invested approximately 840 billion yuan in wealth management products as of October 22 this year, with a total subscription amount of 839.976 billion yuan, reflecting a year-on-year decline of 14.32% [1] Group 1: Investment Overview - The number of wealth management products subscribed by these companies amounts to 13,300 [1] - The types of wealth management products purchased include fixed deposits, structured deposits, notice deposits, bank wealth management products, brokerage wealth management products, and investment company wealth management products [1]

Core Viewpoint - The third quarter saw a significant reduction in the financial management allocation of listed companies, with total investments dropping by over 40% compared to the previous quarter, indicating a more cautious approach to fund utilization [1][2]. Summary by Category Overall Investment Trends - In Q3, the total amount invested by listed companies in financial products decreased from 3276.52 billion to 1810.81 billion, a reduction of 1465.71 billion, representing a decline of 44.7% [2][3]. - This trend reflects a broader shift towards a more conservative investment strategy among listed companies [2]. Specific Product Types - Structural deposits, while still holding a dominant market share of 55.6%, saw a dramatic decline from 2030.28 billion to 1007.25 billion, a drop of over 50% [1][2]. - Trust products and fund accounts also experienced significant declines, with reductions of 59.4% and 62%, respectively [3]. - Securities and bank wealth management products showed more resilience, with securities investments decreasing by 22.5% and bank wealth management down by 19.9%, both significantly lower than the overall decline [3]. Reasons for Investment Caution - Regulatory encouragement for cash dividends and share buybacks has influenced companies to focus on core business expansion rather than financial product investments [3]. - Companies are facing increased operational pressures due to slowing revenue growth and rising costs, leading them to prefer cash reserves over investments in wealth management products [3]. - The overall decline in financial asset yields and lower deposit rates have diminished the attractiveness of wealth management products, further eroding investment confidence among companies [3]. Shift to Securities Investment - In contrast to the decline in financial product investments, several companies, such as Changzhou Xinghai Electronics and Yidian Tianxia, announced plans to utilize idle funds for securities investments, reflecting a positive outlook on the capital market [4][5]. - The trend of companies engaging in stock market investments is partly driven by favorable market conditions and a shift away from low-yield bond investments [5]. - However, some companies, like Jiangsu Guotai, have also opted to terminate certain securities investment plans to refocus on core operations and enhance shareholder returns [5][6].

Core Viewpoint - The article discusses the recent trends in cash management and investment strategies of listed companies in China, highlighting a shift from traditional low-yield deposits to higher-yield financial products due to a prolonged low-interest-rate environment [1][4]. Group 1: Company Cash Management Trends - Zhuhai Technology announced the use of up to 1.7 billion yuan of idle fundraising for cash management, reflecting a broader trend among companies to seek higher returns on their idle funds [1]. - The number of listed companies purchasing financial products has decreased for three consecutive years, with a 34% drop in 2023 and a further 5.45% decline in 2024 [1][4]. - As of September 23, 2023, 1,094 A-share listed companies held a total of 12,235 financial products, with a total subscription amount of 770.72 billion yuan, down from 880.23 billion yuan in the same period of 2024 [1]. Group 2: Investment Strategies and Product Preferences - Companies are diversifying their investment strategies, with state-owned enterprises focusing on low-risk, principal-protected financial products, while private companies are exploring overseas investments and utilizing currency hedging [2]. - The average annualized yield for cash management products was reported at 1.32%, with fixed-income products yielding 1.12%, indicating a slight increase in returns [3]. - The proportion of structured deposits in the overall investment mix of listed companies has decreased from 63.8% in 2023 to 60.9% in 2025, while investments in bank wealth management and government bond reverse repos have increased [3]. Group 3: Market Conditions and Future Outlook - Despite a decline in overall financial management scale, some companies are showing increased risk appetite due to a recovering secondary market [4]. - In the first half of 2025, 133 listed companies disclosed a total of 29.55 billion yuan in securities investments, reflecting a 42% year-on-year increase, while financial management scale decreased by 24.96% [5]. - The trend indicates a migration of funds from conservative management to more active investment strategies, with expectations of significant shifts from deposits to financial management in the coming year [5].

Core Viewpoint - The trend of listed companies investing idle funds in financial products is growing, but the total amount of investment has decreased compared to the previous year, indicating a cooling off in the enthusiasm for such investments [2][3]. Summary by Sections Investment Trends - As of September 17, 2023, listed companies have invested a total of 7573.95 billion in financial products, a decrease of 1095.86 billion or 12.64% compared to the same period last year [3]. - The number of companies participating in these investments has also decreased, with 1092 companies this year compared to 1193 last year [3]. Types of Financial Products - The most significant decrease in investment has been in structured deposits, which fell by 968.70 billion. Investment in investment company financial products saw the largest percentage drop of 38.69%, from 91.20 billion to 55.96 billion [3][5]. - Despite the overall decrease, structured deposits still account for the largest share of total investments at 4579.23 billion, representing 60.46% of the total [5]. Yield and Performance - The average expected minimum yield for financial products purchased by listed companies has dropped to 1.09%, down from 1.43% last year, while the average expected maximum yield has decreased to 1.37% from 1.60% [8]. - The overall yield for structured deposits has also been declining, with the average expected middle yield at 1.71% as of July 2025, reflecting a downward trend [8]. Cash Management Strategies - Companies are balancing liquidity management and yield, with a shift towards other investment products expected as macroeconomic conditions improve [9]. - The trend of decreasing investment in financial products is also influenced by regulatory encouragement for cash dividends and share buybacks, leading to reduced idle funds among listed companies [10].

Core Viewpoint - The trend of "deposit migration" among residents and companies is highlighted, with a significant decrease in resident deposits and an increase in wealth management products due to lower deposit rates and a recovering equity market [1][2]. Group 1: Deposit Trends - In August, new resident deposits decreased by 110 billion yuan, down 600 billion yuan year-on-year, while new non-bank deposits increased by 11.8 billion yuan, up 5.5 billion yuan year-on-year [1]. - The overall scale of listed companies' wealth management has shown a downward trend, with a total subscription amount of 1.10 trillion yuan in the past year, a decrease of 26.17% from the peak of 1.49 trillion yuan in 2022 [2]. Group 2: Wealth Management Preferences - Listed companies are increasingly favoring wealth management products, with a notable shift towards structured deposits and bank wealth management products, which now account for 9.93%, 6.87%, and 2.07% of their investments, respectively [2][4]. - The demand for wealth management among listed companies is driven by the need for stable returns and liquidity, especially as companies mature and experience cash accumulation [3]. Group 3: Market Dynamics - The decline in deposit rates has made bank wealth management products more attractive, with average annualized yields for cash management products at 1.32% and long-term fixed income products at 1.39% [6][7]. - The total investment in structured deposits by listed companies was approximately 681.12 billion yuan, although this has decreased by around 100 billion yuan year-on-year [7]. Group 4: Corporate Financial Strategies - Companies are increasingly focusing on optimizing their capital structure and improving asset return efficiency, necessitating flexible management of idle funds to mitigate liquidity risks [5]. - The recovery in corporate profits is expected to lead to a restoration of the total scale of funds used for wealth management, as net profits for all A-share listed companies rose to 3.21 trillion yuan in the first half of 2025, up 2.23% year-on-year [8]. Group 5: Asset Management Opportunities - Asset management institutions are actively positioning themselves to meet the growing demand for corporate wealth management, with a focus on customized and flexible product offerings [9][10]. - The trend towards institutionalization and professionalization in the listed company wealth management market presents significant opportunities for asset management firms to enhance their competitive capabilities [11].

Core Viewpoint - The trend of A-share companies investing in financial products has both positive and negative implications, with over 410 billion yuan spent by 653 companies in the first half of the year, highlighting the need for a balanced approach to fund management [1] Group 1: Positive Aspects of Financial Product Investment - Investing idle funds in financial products can enhance corporate profits, especially during periods of weak core business growth, serving as a buffer for stable performance [1] - Stable returns from financial investments can help smooth out profit fluctuations, particularly in cyclical industries, maintaining investor confidence during downturns [1] - Some companies are using financial returns to support R&D and innovation, reflecting advanced corporate management strategies [1] Group 2: Negative Aspects and Risks - Excessive investment in financial products can lead to misallocation of funds, potentially hindering the development of core business and missing market expansion opportunities [1] - The rising opportunity cost associated with focusing on short-term financial gains may result in reduced investment in core competencies, weakening long-term market competitiveness [2] - Companies overly reliant on financial income may experience lower R&D investment intensity compared to the overall industry, which can undermine shareholder value in the long run [2] Group 3: Recommendations for Improvement - Companies should establish dynamic assessment mechanisms to set reasonable limits on financial product investments, ensuring that most funds are directed towards brand building and channel expansion [2] - Regulatory bodies should monitor the financial practices of listed companies, preventing fund idling while avoiding blanket restrictions, and focus on companies with low R&D investment relative to their financial product scale [2] - Companies need to redefine their value philosophy, viewing financial products as tools for cash management rather than core profit sources, and consider returning excess funds to shareholders through dividends or share buybacks [2][3]