合规压力同步上行，多家银行因理财、代销业务被罚。 业内人士指出，理财代销正从"规模竞争"迈入"能力竞争"阶段。如何在抢占市场窗口期的同时守住风险 底线，成为摆在银行面前的一道现实考题。 理财规模创新高，中小银行加速入场 2025年以来，银行理财代销市场明显升温。一方面，多家银行代销理财产品数量和规模快速扩张，理财 代销成为不少银行在息差收窄背景下的重要"发力点"；另一方面，随着业务加速推进，理财、代销等环 节的管理漏洞也逐步暴露，监管罚单密集落地，合规压力同步上行。年内多家银行因理财、代销等业务 管理不审慎等被处罚。 业内人士普遍认为，中小银行加码理财代销，既是应对息差持续收窄、压降负债成本的现实选择，也是 在资管新规全面落地背景下，对自营理财空间受限的一种"转向式布局"。 扩张背后罚单频现，监管持续加码 在理财代销快速扩张的同时，部分银行在理财、代销及相关业务环节的管理短板逐渐显现。 银行业理财登记托管中心发布的《中国银行业理财市场季度报告（2025年三季度）》显示，截至今年9 月末，全市场存续理财产品规模达32.13万亿元，首次突破32万亿元大关，创下历史新高；持有理财产 品的投资者数量达1.39亿，同比 ...

Core Insights - The banking wealth management distribution market has seen significant growth since 2025, with many banks rapidly increasing the number of wealth management products they distribute [2][3]. Distribution Growth - From the top 20 banks by incremental growth, at least 14 banks have added over 1,000 new wealth management products, with 10 banks doubling their product offerings compared to the end of last year, and some even exceeding a 200% increase [3][4]. - Notable banks include: - Industrial Bank: 7,635 products, a 53% increase [4] - Beijing Bank: 4,236 products, an 80% increase [4] - Changshu Rural Commercial Bank: 2,130 products, a 211% increase [4]. Performance Metrics - The wealth management distribution revenue for major banks has also increased significantly: - China Merchants Bank reported a wealth management distribution income of 7.014 billion yuan, an 18.14% year-on-year increase [8]. - Beijing Bank's distribution scale has exceeded last year's total, with a fee income growth of over 10% [8]. - Changshu Rural Commercial Bank's commission income grew over 57% in the third quarter, attributed to increased fees from agency wealth management services [8]. Market Dynamics - The wealth management distribution market has reached a new high, surpassing 32 trillion yuan, with 139 million investors holding wealth management products, a 12.7% year-on-year increase [10]. - The average annualized yield for cash management products is 1.33%, while fixed-income products yield 2.42%, indicating a competitive advantage over traditional savings [11]. Regulatory Changes - The implementation of the "Commercial Bank Agency Sales Business Management Measures" on October 1 has clarified standards and processes for distribution business [16]. - The market is witnessing a shift as many banks, especially smaller ones, are aggressively entering the wealth management distribution space to capture market opportunities amid narrowing interest margins [9][10]. Future Trends - The demand for retirement wealth management products is expected to grow, especially following the recent expansion of pilot programs for retirement financial products across the country [24][27]. - The market is preparing for increased competition as banks look to enhance their service capabilities and product offerings in response to evolving customer needs [23][24].