Core Viewpoint - The banking wealth management industry is entering a true net value era, leading to a transformation in distribution channels, with a focus on expanding sales through local rural commercial banks as a strategic move to tap into the underdeveloped market [1][2][3] Group 1: Market Dynamics - The competition in the wealth management market is intensifying, prompting companies to target the relatively untapped "blue ocean" of local rural commercial banks [1][3] - The total asset scale of rural financial institutions in China is approximately 60.16 trillion yuan, accounting for 12.9% of the total assets of banking financial institutions, indicating a significant growth potential in this sector [3] - The increasing income levels and rising wealth management awareness among residents in third and fourth-tier cities and county areas are driving demand for wealth management products [3][4] Group 2: Strategic Partnerships - Numerous wealth management companies, including Xinyin Wealth Management and Beiyin Wealth Management, have announced partnerships with rural commercial banks to expand their distribution networks [2][3] - Local rural commercial banks are seen as advantageous partners due to their localized customer base and ability to reach areas with insufficient coverage from larger banks [4][5] - The collaboration allows wealth management companies to diversify their product offerings and enhance customer retention for rural banks [4][5] Group 3: Product and Service Adaptation - Wealth management companies are tailoring their product offerings based on local customer preferences, focusing on low-risk fixed-income products for rural bank clients [6] - The shift from simple product distribution to a more integrated "distribution + empowerment" model is necessary for wealth management companies to address regional market differences and enhance service delivery [6] - Companies are encouraged to develop customized products that cater to the unique characteristics of different regions, facilitating differentiated competition [6]

今年以来，银行理财子公司与地方中小银行的合作热度持续攀升，多家理财子公司正加快步伐拓展代销 渠道、扩充业务版图。据《证券日报》记者梳理，农银理财、中银理财、北银理财等机构年内已相继与 多家地方中小银行达成理财产品代销合作，通过渠道扩容深化市场布局。 受访专家表示，当前地方银行与理财子公司的合作仍停留在"银行作为代销平台引入理财子公司产品"的 基础层面，而随着双方合作不断深入，未来理财市场格局将迎来多重变化，双方合作方向有望从单纯代 销升级为"代销+赋能"的深层次协同模式。 代销合作版图加速扩容 8月14日，农银理财发布公告称，已与东莞农村商业银行签订《理财产品代理销售服务合同》，委托其 代理销售该公司管理发行的理财产品。 8月11日，中银理财公告显示，根据《理财子公司理财产品销售管理暂行办法》要求，公司近期已与广 西北部湾银行签订了理财产品代销合作协议。在此之前，中银理财于7月31日公告披露，为拓展理财产 品销售渠道、向更广泛投资者提供丰富产品，公司与甘肃银行达成代销合作；7月15日，中银理财还宣 布与内蒙古银行签订代销合作协议。 北银理财同样在代销布局上动作频频。8月11日，北银理财发布公告称，已于7月31 ...

Core Viewpoint - The collaboration between bank wealth management subsidiaries and local small and medium-sized banks is intensifying, with a shift from simple distribution to a deeper "distribution + empowerment" model expected in the future [1][4]. Group 1: Expansion of Distribution Partnerships - Several wealth management subsidiaries, including Agricultural Bank of China Wealth Management, Bank of China Wealth Management, and Beijing Wealth Management, have established distribution partnerships with local small and medium-sized banks this year [1][2]. - Agricultural Bank of China Wealth Management signed a contract with Dongguan Rural Commercial Bank for the distribution of its wealth management products [2]. - Bank of China Wealth Management has entered into distribution agreements with multiple banks, including Guangxi Beibu Gulf Bank and Gansu Bank, to expand its sales channels [2][3]. - Beijing Wealth Management has also been active in forming distribution partnerships, signing agreements with several rural commercial banks in Zhejiang province [2]. Group 2: Industry Trends and Data - A report from the China Banking Wealth Management Registration and Custody Center indicates that as of mid-2025, only 2 out of 32 wealth management subsidiaries rely solely on their parent banks for product distribution, while the remaining 30 have opened up to other banks [3]. - By June 2025, a total of 569 institutions were involved in distributing wealth management products from subsidiaries, an increase of 7 institutions since the beginning of the year [3]. Group 3: Future Collaboration Directions - The collaboration between wealth management subsidiaries and local banks is driven by mutual needs: wealth management subsidiaries seek to enhance market share through local banks, while local banks need to transform their wealth management business due to regulatory pressures [4][5]. - The future landscape of the wealth management market is expected to see intensified distribution channel penetration into lower-tier cities and county-level financial institutions [5]. - The collaboration is anticipated to evolve into a more integrated model, focusing on customer management, product innovation, and risk control [6].