智通财经10月14日讯（编辑 王蔚）上市公司理财配置三季度出现显著降温。据wind统计数据，三季 度，上市公司购买理财产品总金额为1810.81亿元，环比缩减超4成。 从具体产品类型来看，除投资公司理财及逆回购购买金额出现小幅增长外，各主要理财品种投资规模普 遍出现不同程度的下滑，但调整幅度存在明显差异。结构性存款虽然仍保持55.6%的主导地位，但其配 置规模从二季度的2030.28亿元下降至1007.25亿元，降幅超过50%；银行理财从327.25亿元降至262.17亿 元，降幅19.9%；信托产品和基金专户分别下滑59.4%和62%。 与上市公司购买理财产品规模降温形成鲜明对比的是，三季度，易点天下、和顺石油等多家上市公司发 布利用自有资金进行证券投资的公告，在业内看来，此举侧面反映出对资本市场的看好。 某券商固收首席向智通财经表示，除了收益率降低，近年来银行自身也在控制结构性存款的规模，导致 供给降低。这也是结构性存款认购金额和比例降低的原因之一。 除结构性存款外，信托产品和基金专户的认购金额降幅也超过50%，分别为59.4%和62%；证券公司和 银行理财产品则展现出较强韧性，前者配置规模从194.25 ...

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].

本报（chinatimes.net.cn）记者卢梦雪 北京报道 随着金融产品不断规范且种类多样化，上市公司以闲置资金买理财成为一大趋势。 9月17日，华润三九（000999）公告，拟以不超过100亿元自有资金投资银行及其下属银行理财子公司理 财产品。据记者不完全统计，仅9月以来，就已有几十家上市公司公告了以闲置资金进行投资管理的操 作。 不过，从买理财的金额来看，今年上市公司理财热似乎有所"降温"。Wind数据显示，截至9月17日，上 市公司认购理财产品合计规模比去年同期减少1095.86亿元，同比下降12.64%。从具体认购产品类型来 看，结构性存款认购金额减少最多，减少了968.70亿元，投资公司理财产品认购金额减少幅度最大，减 少了38.69%。 结构性存款减少金额最多 一直以来，购买理财产品都是上市公司管理闲置资金的重要方式。但Wind数据显示，与去年同期相 比，今年年内上市公司理财投资的总金额正在减少。 具体来看，截至2025年9月17日，共有1092家上市公司购买了理财产品，合计认购金额达7573.95亿元。 而去年同期，有1193家上市公司合计认购了8669.81亿元的理财产品，对比来看，今年认 ...

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]

Core Insights - The trend of utilizing idle funds for wealth management has become a significant method for A-share listed companies to enhance capital efficiency [2] - Despite an overall contraction in the wealth management market, the subscription ratio for brokerage wealth management products has increased from 5.62% to 7.6%, with a total subscription amount exceeding 31.27 billion [2][3] Group 1: Market Trends - In the first half of 2025, 653 A-share listed companies collectively invested 411.335 billion in wealth management products, indicating a decrease compared to the same period last year [2] - The preference for wealth management products among listed companies shows a divergence, with structured deposits leading at 237.426 billion, followed by bank wealth management products, deposit products, and reverse repurchase products [3] - Traditional categories like trusts and notice deposits have seen subscription scales of less than 15 billion, reflecting a cautious market risk appetite [3] Group 2: Product Preferences - Brokerage wealth management products have gained traction, with 159 listed companies subscribing a total of 31.271 billion, and 65 companies investing over 1 billion [3] - Yield certificates have emerged as the favored choice among brokerage products, with companies like Jiangsu Guotai and Ruitai New Materials exclusively investing in this category [4] - The total scale of collective asset management plans has reached 3.03 trillion, marking a 4.77% increase from the previous year, indicating a shift towards active management by brokerages [4] Group 3: Expert Recommendations - Companies are advised to strengthen capital management by reasonably arranging funds to avoid idleness or excessive investment in high-risk products [5] - It is recommended to prioritize a balanced product mix that emphasizes high safety and matching terms [5] - Continuous monitoring of investment risks and returns is essential to prevent potential risks [5]

Core Viewpoint - In the first half of this year, 653 A-share listed companies subscribed to a total of 411.335 billion yuan in financial products, indicating a decrease compared to the same period last year [1] Summary by Category - **Total Investment in Financial Products** - A-share listed companies collectively purchased financial products worth 411.335 billion yuan, which includes reinvestments after maturity [1] - **Breakdown of Financial Products** - Structured deposits: 237.426 billion yuan - Bank wealth management products: 47.845 billion yuan - Securities firm wealth management products: 31.271 billion yuan - Deposit products: 31.13 billion yuan - Reverse repurchase agreements: 24.578 billion yuan - Trust products: 12.534 billion yuan - Notice deposits: 11.678 billion yuan - Time deposits: 8.25 billion yuan - Investment company wealth management products: 4.429 billion yuan - Fund special accounts for purchasing financial products: 2.194 billion yuan [1]

Group 1 - The core viewpoint is that A-share listed companies are increasingly utilizing idle funds for wealth management to enhance capital efficiency, despite a decrease in total investment compared to the previous year [1][2] - In the first half of the year, A-share listed companies collectively invested over 410 billion yuan in wealth management products, with a notable increase in the subscription ratio of brokerage wealth management products from 5.62% to 7.6% [1][2] - The total amount of wealth management products purchased by A-share listed companies decreased compared to the same period last year, with 653 companies participating [1][2] Group 2 - The subscription amount for brokerage wealth management products reached over 30 billion yuan, with 159 A-share listed companies participating [2] - Among these companies, 65 invested over 100 million yuan, with four companies exceeding 1 billion yuan in subscriptions [2] - Jiangsu Guotai led the subscriptions with 5.379 billion yuan, followed by Rui Tai New Materials and others [2] Group 3 - Brokerage income certificate products are particularly favored by listed companies due to their high returns, flexibility, and stability [3] - In a declining interest rate environment, brokerage income certificates offer more attractive returns compared to traditional bank products, with strong safety and liquidity [3] - The diverse terms and flexible design of these products cater to the varied capital management needs of listed companies [3] Group 4 - Besides income certificates, collective and single asset management plans from brokerages are also popular among listed companies [4] - As of the end of May, the scale of collective asset management plans reached 3.03 trillion yuan, reflecting a 4.77% increase from the end of last year [4] - The proportion of collective asset management plans increased from 52.97% to 55.46%, indicating a shift towards active management by brokerages [4]