本期，南财理财通重点关注最低持有期人民币公募产品的业绩表现，按照90天、180天、365天持有期限分类对产品业绩进行排 名，业绩指标计算指标为年化收益率，计算区间与持有期限相同，如90天持有期产品的业绩计算区间为近三月年化收益率，同 机构同系列同投资周期产品保留一只。 统计代销机构（28家）：工商银行（601398）、中国银行（601988）、农业银行（601288）、邮储银行（601658）、建设银行 （601939）、交通银行（601328）、招商银行（600036）、中信银行、光大银行（601818）、民生银行（600016）、兴业银行 （601166）、浦发银行（600000）、广发银行、浙商银行（601916）、华夏银行（600015）、平安银行（000001）、恒丰银 行、渤海银行、北京银行（601169）、宁波银行（002142）、江苏银行（600919）、上海银行（601229）、南京银行 （601009）、杭州银行（600926）、徽商银行、微众银行、网商银行、百信银行 编者按：当前银行理财货架产品琳琅满目，诸如"增强""稳健""均衡"等名称相近、特征模糊的产品层出不穷，投资者应如何甄别 与 ...

Group 1 - The Federal Reserve may initiate a "fiscal + monetary" dual easing mode, which is expected to enhance market liquidity [1] - The A-share market has shown a strong upward trend, successfully surpassing the 4000-point mark, with private equity management scale and financing balance continuously increasing [1] - In October, the newly established equity public funds decreased to 54.823 billion shares, down 42.384 billion shares from the previous month, marking a significant drop [1] Group 2 - The scale of private securities funds reached 5.97 trillion yuan in September, showing an increase compared to August [2] - The average position of private equity long positions rose to 66.22% in September, up 2.40 percentage points from August, indicating a higher investment level [2] - The monthly average trading volume of northbound funds decreased to 258.308 billion yuan in October, down 16.80% from the previous month [2] Group 3 - The number of new accounts opened on the Shanghai Stock Exchange showed signs of cooling in October, with institutional accounts increasing by 10.48% year-on-year, while individual accounts dropped by 66.34% [3] - Insurance companies' premium income growth has weakened, with a net increase of 261.914 billion yuan in equity assets held by property and life insurance by Q2 2025 [3] - The number of issued wealth management products decreased by 27.98% in October, indicating a decline in market activity [3] Group 4 - In October, the net reduction in industrial capital narrowed to 30.529 billion yuan, with a daily average net reduction of 1.796 billion yuan [4] - The trading pulse of the three main funding flow indicators significantly decreased, indicating a cooling in market trading activity [4]

Core Insights - The article highlights the significant developments in the banking wealth management sector in October, including regulatory approvals, product innovations, and market trends [3][4][5]. Regulatory and Industry Dynamics - Xingyin Wealth Management received regulatory approval to increase its registered capital by 5 billion yuan, enhancing its risk resilience and compliance capabilities [3]. - The Global Wealth Management Forum discussed multi-asset allocation and overseas investment strategies among wealth management executives [3]. - The National Financial Supervision Administration issued guidelines to promote the development of pension wealth management, expanding pilot programs nationwide [3][4]. - Agricultural Bank and Agricultural Bank Wealth Management updated their central data exchange agreement, improving data governance capabilities [3][4]. Market Performance - The total market size of wealth management products reached 31.60 trillion yuan in October, a month-on-month increase of 1.16% and a year-on-year increase of 7.50% [4][9]. - Cash management products saw a near 7-day annualized yield of 1.29%, a decrease of 2.73 basis points, while pure fixed-income products had an annualized yield of 3.09%, an increase of 1.60 percentage points [4][9]. - The market's net asset value ratio was 3.10%, down 2.3 percentage points from the previous month [4]. New Product Launches - Huibin Wealth Management launched a multi-purchase wealth management product to address the issue of staggered fund arrivals and improve fund utilization efficiency [3][7]. - Zhaoyin Wealth Management introduced a self-selected account date product, allowing investors to set their preferred fund arrival dates [3][7]. - ICBC Wealth Management participated as a cornerstone investor in the IPO of Cambridge Technology, strategically positioning itself in the AI computing power industry [3][7]. Product Structure and Trends - The product structure remains dominated by fixed-income and cash management products, with cash products accounting for 6.62 trillion yuan and fixed-income products showing steady growth [9][10]. - The trend indicates a continuous shrinkage of cash management products since 2024, while fixed-income products maintain steady expansion, reflecting a balance between liquidity and yield demands from investors [9][10]. Pension Wealth Management - The expansion of pension wealth management products to a national level aims to enhance the pension system's sustainability and resilience, aligning with the broader economic strategy [3][4][6]. - The new regulations simplify the approval process for pension wealth management products, promoting a more integrated approach to personal pension accounts [3][4][6]. Data Governance and Technology Upgrades - The banking wealth management sector is enhancing its data governance and operational efficiency through the implementation of new data exchange systems [3][4][6]. - The upgrades aim to improve the accuracy and control of data reporting, thereby strengthening investor protection and regulatory compliance [3][4][6].

银行业理财登记托管中心近期发布的《中国银行业理财市场季度报告（2025年三季度）》显示，我国银 行业理财市场延续稳健增长。截至今年三季度末，全市场共存续产品4.39万只，同比增加10.01%；存续 规模32.13万亿元，同比增加9.42%。其中，理财公司理财产品存续规模占全市场的比例达到91.13%。 从产品类型结构看，固定收益类产品占市场主导地位。截至三季度末，固定收益类产品存续规模为 31.21万亿元，占全部理财产品存续规模的比例达97.14%，较去年同期增加0.05个百分点；混合类产品 存续规模为0.83万亿元，占比为2.58%，较去年同期增加0.03个百分点；权益类产品和商品及金融衍生 品类产品的存续规模相对较小，分别为0.07万亿元和0.02万亿元。 中国银行研究院研究员吴丹认为，当前银行理财规模实现稳健增长，主要受两大因素驱动。一方面，在 存款利率持续下行背景下，传统储蓄的吸引力下降，理财产品凭借其相对收益优势成为重要的替代选 择，推动资金从储蓄向理财市场转移；另一方面，理财子公司主动加大产品创新与营销力度，精准推出 了符合投资者需求的理财产品，成功承接了从银行体系流出的资金。 居民理财观念的转变 ...

展望未来，何瀚文认为，银行理财或将呈现以下发展趋势：一是探索多资产多策略资产配置，在低 利率、高波动的市场环境中践行多元化投资；二是加大金融科技、数字化工具应用的深度与广度，提升 投资运营管理效率，通过降本增效实现规模经济；三是向"需求导向"转型，把握不同客群需求打造创新 产品，形成差异化竞争力。 "银行理财市场有望延续增长，将呈现更清晰的竞争格局。"在吴丹看来，行业格局将加速分化，形 成"头部主导、区域补充"的竞争态势。 娄飞鹏表示，在居民投资理财意识提升、可投资资产规模较大、理财公司积极创新产品并拓展销售 渠道的情况下，未来银行理财有望保持较大规模，产品种类将更加丰富。（记者 勾明扬） 从产品类型结构看，固定收益类产品占市场主导地位。截至三季度末，固定收益类产品存续规模为 31.21万亿元，占全部理财产品存续规模的比例达97.14%，较去年同期增加0.05个百分点；混合类产品 存续规模为0.83万亿元，占比为2.58%，较去年同期增加0.03个百分点；权益类产品和商品及金融衍生 品类产品的存续规模相对较小，分别为0.07万亿元和0.02万亿元。 中国银行研究院研究员吴丹认为，当前银行理财规模实现稳健增长， ...

Core Insights - The article emphasizes the abundance of bank wealth management products with similar names and vague characteristics, urging investors to carefully select and differentiate among them [1] - The research team from Nanfang Finance aims to reduce investors' selection costs by focusing on the performance of wealth management products available through various distribution channels [1] Group 1: Performance Evaluation - The report highlights the performance of mixed-asset products issued by wealth management companies, providing a ranking based on annualized returns over the past month, three months, and six months [1] - The ranking is sorted by the annualized return over the past three months to reflect the products' performance amid recent market fluctuations [1] Group 2: Distribution Channels - A total of 28 distribution institutions are involved in the evaluation, including major banks such as Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China, and others [1] - The report notes that the assessment of the "on-sale" status of wealth management products is based on their investment cycles, but actual availability may vary due to factors like sold-out quotas or differences in product listings for different customers [1]

(资料图) 本报记者 彭 妍 普益标准最新数据显示，截至10月末，银行理财市场规模已攀升至31.6万亿元，较9月份环比增长0.36万 亿元。 同时，《证券日报》记者走访发现，部分银行理财产品近3个月年化收益率攀升至10%以上。具体来 看，近期年化收益率突破10%的产品，集中在混合型、"固收+"等净值型产品类别，发行主体涵盖股份 制银行、城商行等头部理财子公司。 苏商银行特约研究员薛洪言对《证券日报》记者表示，银行理财市场近期呈现规模与收益同步上升的态 势，主要由三方面因素共同推动：首先，存款利率持续下行促使居民资金从储蓄向理财转移；其次，理 财子公司作为市场主力，通过"固收+"策略配置部分权益资产，有效把握了股市阶段性机会，而信用债 市场的结构性行情与量化策略的应用，进一步助推了收益提升；此外，在利率下行和汇率波动的背景 下，企业理财需求持续释放，为市场规模扩张提供了额外动力。 对于四季度银行理财规模走势，业内专家普遍持乐观预期。中信证券首席经济学家明明对《证券日报》 记者表示，在低利率环境与货币政策稳健宽松的背景下，"存款搬家"趋势预计持续，将为理财规模增长 提供有力支撑，市场规模有望维持稳步增长。不过，广 ...

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]

Core Viewpoint - The newly upgraded Nanfang Financial Management Bank's financial data system 5.0 aims to simplify complex data and information, making it easier for users to make informed investment decisions [1][2]. Group 1: System Features - The new system includes six core functions designed to enhance user experience in understanding the market and managing investments [4]. - Data retrieval allows users to filter through over 30 criteria to quickly find suitable financial products, including options for risk assessment and investment preferences [5][6][7]. - The "Wealth Management Windfall List" and various indices provide insights into market trends and product performance, helping users identify hot investment opportunities [10][13]. - The system features a "Net Value Analysis" tool that aggregates complex data into clear statistics, helping users assess overall market conditions [15]. - An AI financial assistant is available to answer common queries about financial products, compare products, and explain complex terms [17]. - Users can create custom groups to track selected products and utilize a financial calendar to manage investment timelines effectively [20][23]. Group 2: Information and Resources - The system includes a centralized information hub that aggregates professional content and in-depth analyses, such as daily market updates and exclusive research reports [24][25]. - Users can access live broadcasts of industry conferences and strategy discussions, enhancing their understanding of market dynamics [25]. - The platform encourages users to take advantage of promotional offers and upcoming features, such as a mobile asset management mini-program [26][28].

编者按：当前银行理财货架产品琳琅满目，诸如"增强""稳健""均衡"等名称相近、特征模糊的产品层出不穷，投资者应如何甄别 与选择？为降低投资者的选择成本，南财理财通课题组从代销机构角度入手，聚焦各渠道当周在售的理财产品，搜罗其中业绩 表现优异者，并发布代销产品业绩榜单。 本期，课题组重点关注理财公司发行的混合类产品，从代销渠道为投资者优选出在售产品。 为提供有效的选品参考，榜单展示了产品近一月、近三月及近六月的年化业绩，并按照近三月年化收益率进行排序，以此反映 其在近期市场波动中的多维度收益表现。 统计代销机构（28家）：工商银行、中国银行、农业银行、邮储银行、建设银行、交通银行、招商银行、中信银行、光大银 行、民生银行、兴业银行、浦发银行、广发银行、浙商银行、华夏银行、平安银行、恒丰银行、渤海银行、北京银行、宁波银 行、江苏银行、上海银行、南京银行、杭州银行、徽商银行、微众银行、网商银行、百信银行 | 2 | 中国银行 | 汇泽稳进开放式混 | 汇华理财 | 1天 | -12.8 | 52.9 | 37.5 | | --- | --- | --- | --- | --- | --- | --- | --- | ...