Core Insights - As of the end of September, the scale of the bank wealth management industry has exceeded 32 trillion yuan, reaching 32.1 trillion yuan [2] - The reallocation of resident wealth presents growth opportunities for various asset management sectors, although the growth rate of insurance and public funds is higher than that of wealth management this year [2] - The differentiation in risk preferences among clients during the wealth reallocation process indicates a clear positioning for various wealth management tools [2] - The bank wealth management sector needs to maintain its differentiated positioning in the asset management race, shifting from "asset-driven" to "strategy combination capability-driven" to enhance product performance stability and consistency [2]

"银行理财要坚守资管赛道自己的差异化定位，从'资产驱动'走向'策略组合能力驱动'，提升产品业绩的 稳定性和一致性。"吴茜表示。 编辑：冯樱子 "截至9月末，银行理财行业规模已经超过了32万亿元，达到了32.1万亿元。"在10月19日举行的全球财 富管理论坛·2025上海苏河湾大会上，工银理财董事长吴茜透露。 她指出，居民财富再配置为各类资管行业带来增长机遇，但我们也看到，今年在债市震荡、股市向好的 驱动下，保险和公募的规模增速要高于理财，这个背后实际上反映出理财相比保险、公募的一些差异化 特征。在居民财富再配置过程中，客户的风险偏好体现出明显的分层、分化特点，对财富管理的各类工 具也有明确、清晰的定位。 文/卢梦雪 ...

Group 1 - Non-bank deposits increased significantly in July, with a year-on-year increase of 1.39 trillion yuan, while resident deposits decreased by 1.11 trillion yuan, indicating a clear "seesaw effect" [3] - The continuous decline in deposit rates, a strong stock market, and rising demand for wealth management among residents have driven funds from resident deposits to non-bank institutions [3] - The balance of resident deposits in China has exceeded 160 trillion yuan, and with the recent rate cuts, maturing fixed-term deposits are less likely to be renewed, potentially flowing into bank wealth management products or directly into the capital market [5] Group 2 - The A-share market has been steadily rising since the beginning of the year, with the Shanghai Composite Index increasing by 3.74% in July and trading volume surging over 40% month-on-month, indicating a significant increase in market activity [7] - As the "slow bull" market becomes a consensus among investors, there is an acceleration in the reallocation of resident wealth, with funds likely to flow more into institutional equity products or directly into the stock market [7] - Long-term trends suggest that the shift of deposits will become a norm, providing continuous liquidity to the capital market, while more quality innovative enterprises will be listed for financing, creating wealth for residents [9]