研究员：黄桂煊 薛茹云 胡荷馨 本课题组成员： 数据分析师：张稆方 数据来源：粤港澳大湾区（广东）财经数据中心、南财理财通 编者按：《机警理财日报》作为南财集团、21世纪经济报道、南财理财通的金牌理财专栏，目前细分了现金、纯固收、固收+期权、固收+权益、混合、权 益、衍生品七大类，已实现对银行理财市场的每日追踪。为了进一步反映银行理财行业发展现状，南财理财通课题组特开设银行理财月报独家专题，力求及 时准确研判理财行业趋势、洞悉理财产品表现，以期为银行理财行业转型发展带来参考价值。 本期，南财理财通课题组发布9月份银行理财行业运作报告，对理财产品破净情况、新发情况、到期情况和存续情况进行分析。 破净情况：9月理财产品破净率出现明显增长，9月末破净比例达到2.12%，环比增长1.18个百分点。其中，权益类理财产品破净率最高，破净比例上升至 20%；其次是混合类理财产品，破净率达2.66%；固收类理财产品破净率上升至2.06%。 新发情况：9月，理财公司产品募集规模整体表现平淡，没有产品募集规模超过50亿元，猜测是因为投资者假期资金需求和股债市场分化影响。从产品设计 看，理财公司一方面侧重发行短期限高流动性产品满足 ...

Core Viewpoint - The recent fluctuations in the bond market have led to a temporary decline in the net value of fixed-income wealth management products, but the overall situation remains manageable for financial institutions, with most affected products being newly issued [1][2][3]. Group 1: Impact of Market Fluctuations - The bond market has experienced adjustments, causing some fixed-income wealth management products to show a decline in net value, particularly those issued after July [2][3]. - The decline in net value, or "breaking net," is primarily observed in newly launched products, which have not yet accumulated sufficient profit cushions [1][2]. - The underlying assets of these products are predominantly bonds, with a high proportion of government bonds and high-grade credit bonds, minimizing liquidity pressure [1]. Group 2: Institutional Behavior and Market Sentiment - Institutions have exhibited rational and restrained behavior during the recent bond market adjustments, reducing the likelihood of large-scale net value declines [3]. - The adjustments in the bond market are attributed to a "see-saw" effect between equity and bond markets, with the recent rise in equity markets attracting funds away from bonds [3]. - The overall market sentiment has been shaped by expectations of a controlled rise in bond yields, which has prevented panic selling among institutions [3]. Group 3: Management Strategies - Financial institutions are focusing on refined management strategies to stabilize product net values, including adjusting bond asset durations and diversifying asset allocations [4]. - Recommendations for wealth management companies include optimizing asset allocation strategies, enhancing product design, and improving investor education to manage risks effectively [5].

Core Viewpoint - The expansion of the pilot program for pension financial products has led to the launch of new products by multiple banks, indicating strong consumer interest and demand in the market [1][2][4]. Group 1: Product Launch and Demand - The pilot program for pension financial products has expanded from "four regions and four institutions" to "ten regions and ten institutions," with new products being launched [1]. - ICBC Wealth Management launched its pension financial product on March 24, while CCB Wealth Management released its product on March 23, both in ten pilot cities [1][2]. - The new pension financial products have gained popularity among consumers due to their low risk and high performance benchmarks, leading to rapid sales and early closure of fundraising periods [1][2]. Group 2: Product Characteristics - The newly issued pension financial products do not differ significantly from the initial batch in terms of investment amount, product duration, performance benchmarks, investment targets, investment strategies, risk ratings, and fee structures [3]. - The products are designed to be stable and secure, with a focus on long-term investment and risk management [5]. Group 3: Market Impact and Future Outlook - Experts suggest that short-term market fluctuations will have minimal impact on pension financial products, as many have a five-year lock-up period [4][5]. - The demand for pension financial products is expected to grow due to the changing demographic structure and the relatively underdeveloped third pillar of pension in China [5]. - Future pension financial products are likely to maintain long durations, high performance benchmarks, and low-risk strategies, while also incorporating mechanisms for liquidity [5].