Core Insights - The trend of "deposit to wealth management" is becoming increasingly evident as bank wealth management products gain popularity among investors, with the total scale reaching a historical high of 32.13 trillion yuan by the end of Q3 2025 [1][2] Group 1: Market Trends - As of the end of Q3 2025, the scale of bank wealth management products increased by 2.17 trillion yuan compared to the beginning of the year, reflecting a year-on-year growth of 9.42% [2] - The proportion of fixed-income products remains dominant, accounting for 97.14% of the total wealth management scale, which is 31.21 trillion yuan [2] - The "fixed income plus" products are emerging as a new growth point in the wealth management industry, offering attractive yields while maintaining overall stability [2][3] Group 2: Performance and Challenges - Despite the overall growth in scale, the returns from wealth management products have declined, generating a total of 568.9 billion yuan in returns for investors in the first three quarters of 2025 [3] - The relative attractiveness of bank wealth management remains strong, especially compared to deposits and money market funds, with fixed-income products yielding 2.42% in September 2025, outperforming the actual interest rate of 3-year fixed deposits by approximately 72 basis points [3] Group 3: Institutional Insights - By the end of Q3 2025, wealth management companies have become market leaders, with 3.06 million products and a scale of 29.28 trillion yuan, representing a year-on-year growth of 15.26% and accounting for 91.13% of the market [4] - The market structure is rapidly reshaping, with the proportion of non-licensed bank wealth management products falling below 10% for the first time [5] Group 4: Future Outlook - Market experts are optimistic about the growth of bank wealth management in Q4 2025, predicting a monthly increase of over 1 trillion yuan due to easing bank assessment pressures and declining deposit rates [7] - The wealth management market is expected to transition towards a "multi-asset, multi-strategy" model, with continued growth anticipated in 2025, although the yield center is expected to decline and volatility to increase [7]

Core Viewpoint - A report from CITIC Securities indicates a significant shift of funds from deposits to wealth management products among listed companies, with an expected scale of several hundred billion yuan in the coming year [1][5]. Group 1: Wealth Management Plans by Listed Companies - On September 17, China Resources Sanjiu announced a plan to invest up to 10 billion yuan in bank wealth management products to optimize idle funds, with a maximum product duration of six months [2]. - Tianjin Tasly also announced a plan to invest up to 3 billion yuan in low-risk wealth management products and structured deposits, with a similar investment duration [2]. - As of September 19, over 1,709 listed companies have engaged in wealth management investments, with total subscriptions exceeding 1 trillion yuan in the past year [2]. Group 2: Investment Scale and Trends - Jiangsu Guotai announced a plan to use up to 12 billion yuan for entrusted wealth management, exceeding its market value based on stock price calculations [3]. - In the first half of the year, Jiangsu Guotai invested 20.24 billion yuan in bank wealth management products, with 9.67 billion yuan remaining in unexpired products [3]. - Despite frequent announcements of wealth management plans, the total scale of wealth management subscriptions by listed companies has decreased this year, with a projected 12,152 billion yuan for 2024, down 6.20% year-on-year [5]. Group 3: Market Dynamics and Future Outlook - The decline in wealth management subscriptions is attributed to limited balance amounts and a reduction in the scale of funds classified as wealth management [5]. - Companies are increasingly diversifying their investments into various products, including those from securities firms and public funds, while still favoring short-term, low-risk options [5]. - The shift from deposits to wealth management is seen as a natural outcome of interest rate marketization and financial market deepening, reflecting companies' pursuit of asset preservation and value appreciation in a low-interest environment [7].