Report Overview - The report is a fixed - income research report released on November 6, 2025, analyzing the Q3 2025 China Banking Wealth Management Market Quarterly Report [1] Report Industry Investment Rating - No industry investment rating is provided in the report Core Viewpoints - The total scale of wealth management products has reached a new high, with wealth management subsidiaries accounting for over 90% for the first time. The investment in asset management products has increased, while the investment in credit bonds has decreased [3] Summary by Directory 1. Overall Situation: Continued Record - High in Outstanding Scale, Wealth Management Subsidiaries Account for Over 90% for the First Time - Since June 2023, the outstanding scale of bank wealth management products has been on a continuous upward trend. It exceeded the historical high in June 2022 at the end of 2024, surpassed 30 trillion in June 2025, and reached a new high in September 2025. As of September 2025, the outstanding scale of wealth management subsidiary products reached 29.28 trillion yuan, accounting for 91.13% of all wealth management products [3][12][13] - By operation mode, open - ended products are still the main type, with a total scale of 25.89 trillion yuan, accounting for 80.58% of the total scale of wealth management products [16] 2. Wealth Management Asset Allocation: Increased Outsourcing Investment, Decreased Credit Bond Investment 2.1. Large - Scale Asset Allocation: Continued Increase in Dependence on Outsourcing Investment, Continued Decrease in Direct Investment in Fixed - Income Assets - Before penetration, the dependence on outsourcing investment in bank wealth management continued to increase, and the allocation of bank deposits, settlement reserves, and repurchase of financial assets in the proprietary portfolio decreased. As of Q2 2025, fixed - income assets and asset management products were still the main allocation directions of wealth management funds, with a combined proportion of about 83%. The investment in fixed - income assets decreased by about 50 billion yuan compared to the end of 2024, and the proportion decreased by about 2 percentage points. The scale of investment in asset management products increased by about 80 billion yuan compared to the end of 2024, and the proportion increased by 2.66 percentage points [17][18] - After penetration, the total amount and proportion of bond investment continued to decline, while the total amount and proportion of cash and bank deposits continued to rise. As of September 2025, the bond allocation proportion dropped to 40% for the first time, and the cash and bank deposit allocation proportion was close to 30% [4] 2.2. Bond Types in Wealth Management Investment: Continued Decrease in Credit Bond Holdings, Slight Increase in Interest - Rate Bonds - As of Q2 2025, in the top ten holdings of wealth management, the total amount of credit bonds was 1.5 trillion yuan, an increase of 44.6 billion yuan compared to the end of 2024, but the proportion decreased by 1.41 percentage points. The scale of interest - rate bonds was 348.1 billion yuan, an increase of 94.8 billion yuan compared to the end of 2024, and the proportion increased by 2.93 percentage points. The scale of inter - bank certificates of deposit was about 800 billion yuan, a slight decrease of 16.7 billion yuan compared to the end of 2024, and the proportion decreased by 2.3 percentage points [23] - In recent years, wealth management has reduced its holdings of commercial bank bonds, private placement bonds, and corporate bonds. Among them, commercial bank bonds are the largest holding in credit bonds, and private placement bonds are the second - largest holding [27] 2.3. Holding - Period Situation: A Significant Decrease in the Proportion of Short - Term Bonds, Private Placement Bonds, Medium - Term Notes, and Commercial Bank Bonds are the Main Long - Term Investment Targets - The proportion of wealth management products with a term of less than 6 months continued to increase. The proportion of products with a term of less than 6 months increased from 67% to 74%, while the proportion of products with a term of more than 6 months decreased from 32% at the end of 2022 to 26% at the end of Q2 2025 [4][5][28] - The proportion of short - term bonds decreased significantly, while the proportion of long - term bonds continued to increase. Private placement bonds, medium - term notes, and commercial bank bonds are the preferred long - term investment targets for wealth management, and long - term varieties are mainly commercial bank bonds [29][30]

Group 1 - The rapid development of private MOM products is highlighted, with 29 products registered by May 20 this year, surpassing the total of 23 for the entire year of 2024 and setting a new record since 2019 [2] - MOM (Manager of Managers) is defined as a unique investment management model that involves delegating investment advice to multiple qualified third-party asset management institutions, allowing for diversified asset allocation [2] - Compared to FOF (Fund of Funds), MOM offers advantages in investment concentration limits, rebalancing flexibility, and the authority of the parent fund [3] Group 2 - The implementation of the "MOM Product Guidelines" by the CSRC at the end of 2019 has led to a more regulated environment for MOM products, allowing securities and futures asset management to engage in private MOM business [3] - Many of the newly registered MOM products are structured with cooperative institutions (such as securities and futures asset management) as trustees, and multiple private fund managers as investment advisors [3] - There is a growing demand for diversified allocation from bank wealth management and insurance asset management, especially as interest rates decline and volatility increases [3] Group 3 - Despite the advantages, there are risks associated with outsourced investments, which require strong research and investment capabilities [4] - The performance of MOM products heavily relies on the management capabilities of private funds as investment advisors and the selection and risk control measures of the funding parties [4] - Recent incidents, such as the collapse of a major FOF private institution, have led some bank wealth management firms to suspend similar channel businesses due to associated risks [4] Group 4 - The use of FOF and MOM tools is not merely a simple investment choice; it requires robust quantitative algorithms and detailed due diligence to select suitable products and managers [5] - Wealth management subsidiaries are adopting outsourcing as a long-term investment strategy, but there is still a need for improvement in the research and investment capabilities related to FOF and MOM [5]

文 ｜ 明明 章立聪 史雨洁 杨宏宇 一季度债市波动中，理财负债整体稳定，但年初以来及4月理财子在现券市场净买入增长并不突出。我们认为出现这一现象，一 方面缘于目前委外投资仍是理财现阶段应对波动的核心工具；另一方面综合收益性价比考量，理财子对存款类资产及货币融出 的配置偏好出现阶段性提升，一定程度替代了信用债的配置需求。展望理财子后市，二季度是全年银行理财规模扩容的重要时 点，我们预计4月银行理财市场规模增长有望达到1 . 7 - 1 . 8万亿元，负债资金的扩容仍能对债市整体提供较强的支撑。 ▍ 一季度债市波动中，理财负债整体稳定。 2 5Q1银行理财市场规模先涨后跌，季度规模合计收缩8 5 0 0亿元；对比往年来看，一季度银行理财规模的降幅相对温和，考虑 到季节性的回表因素与市场调整，负债端压力整体可控；相较于同期债基产品的急涨急跌，银行理财在本轮债市波动中体现出 了较强的净值稳定性，成为其应对负债扰动的核心保障。 ▍ 二季度银行理财开启冲量行情。 二季度是全年银行理财规模扩容的重要时点，其中4月尤为关键；参考我们周度跟踪测算的规模数据，截至到2 0 2 5年4月2 0日 银行理财市场规模已完全修复一季度 ...