Core Insights - Recent adjustments in the investment strategies of A-share listed companies have led to a reduction in the allocation to structured deposits and bank wealth management products, while subscriptions to securities company wealth management and fund accounts have increased [2] Group 1: Investment Trends - As of September 24, 2025, 1,094 listed companies held a total of 12,268 wealth management products with a subscription amount of 7,733.56 billion yuan, reflecting a year-on-year decline of over 15.2% [4] - The subscription amount for structured deposits has decreased to 4,708.9 billion yuan, down 18.8% year-on-year, while bank wealth management products saw a decline to 801.7 billion yuan, a drop of 5.6% [4] - The overall wealth management scale of listed companies has been declining for two consecutive years, with a projected subscription amount of 12,152 billion yuan in 2024, representing a year-on-year decrease of 6.20% [4] Group 2: Factors Influencing Changes - The decline in wealth management scale is primarily due to strict controls on fund idling, leading to regulatory constraints on bank structured deposit quotas [4] - The average yield of bank wealth management products has dropped to 2.12% in the first half of 2025, with one-year deposit rates falling to around 1%, making high-yield deposits increasingly rare [5] - Listed companies are showing increased interest in securities company wealth management and fund accounts, with subscriptions amounting to 512.26 billion yuan and 331.43 billion yuan respectively, marking year-on-year increases of 4.1% and 101.2% [5] Group 3: Future Outlook - Despite a preference for short-term, low-risk products, listed companies are gradually increasing their allocation to diversified products from securities firms and public funds [5] - It is anticipated that the scale of deposits transitioning to wealth management could reach several hundred billion yuan in the coming year [5] - Offshore wealth management through QDII and southbound channels is becoming an important direction for corporate asset allocation [5]

Core Viewpoint - Recent adjustments in the investment strategies of A-share listed companies have led to a reduction in the allocation of structured deposits and bank wealth management products, while subscriptions for securities company wealth management and fund special accounts have increased [1] Summary by Sections Investment Trends - As of September 24, 2025, 1,094 listed companies held a total of 12,268 wealth management products with a subscription amount of 7,733.56 billion yuan, reflecting a year-on-year decline of over 15.2% [3] - The subscription amount for structured deposits decreased to 4,708.9 billion yuan, down 18.8% year-on-year, while bank wealth management products fell to 801.7 billion yuan, a decline of 5.6% [3] Market Analysis - According to CITIC Securities, the scale of wealth management for listed companies has been declining for two consecutive years, with a projected subscription amount of 12,152 billion yuan in 2024, down 6.20% year-on-year, and a further 31% decline in the first half of 2025 [3] - The decline is attributed to strict controls on fund idling and regulatory requirements on bank structured deposit quotas, leading to reduced attractiveness for corporate clients [3] Product Performance - The average weighted yield of bank wealth management products dropped to 2.12% in the first half of 2025, with one-year deposit rates falling to around 1%, making yields above 1.6% considered high [4] - In contrast, securities company wealth management and fund special accounts saw increased subscription amounts of 512.26 billion yuan and 331.43 billion yuan respectively, with year-on-year growth rates of 4.1% and 101.2% [4] Future Outlook - Companies are gradually increasing their allocation to diversified products such as those from securities firms and public funds, despite a preference for short-term, low-risk investments [4] - It is anticipated that the scale of funds shifting from deposits to wealth management could reach several hundred billion yuan in the coming year, with overseas wealth management becoming an important asset allocation direction through QDII and southbound channels [4]