事实上，当前银行理财市场规模创历史新高，已站稳33万亿元大关。据券商中国记者独家数据测算，仅今年四季度以来，上述14家理财公司合计规模就增长了1.67 万亿元，占年内增量近一半。而银行业理财登记托管中心数据显示，今年9月末全市场存续规模达32.13万亿元。也就是说，截至券商中国记者发稿，银行理财市场 规模约33.8万亿元，接近34万亿元。 拉长时间来看，上述14家规模超1万亿元的理财公司，今年前11个月累计净增规模为3.43万亿元，其中四季度以来仅2个月就增长1.67万亿元。结合今年9月末32.13万 亿元的理财市场数据，11月份理财市场已大概率突破33万亿元。 受居民存款"搬家"影响，2025年以来较大比例的低风险偏好资金，正在加速向银行理财迁徙。 12月11日，证券时报·券商中国记者从业内可信渠道汇总的独家数据显示，管理规模超过1万亿元的14家理财公司（含6家国有行理财、8家股份行理财），前11个月 规模累计增长约3.43万亿元，其中"固收+"产品规模新增约1.32万亿元。 尽管低风险偏好的固定收益型产品仍是银行理财的主流，2025年以来理财公司布局权益资产的脚步却明显加快：一是指数型产品数量的大幅增长； ...

在定期存款利率下探，银行陆续停售五年期存款之际，居民低风险偏好资金持续迁徙，理财市场整体迎来增 量。 据券商中国记者独家获悉的数据，规模排名前14家理财公司11月末合计规模为25.86万亿元，较10月末增长约 3400亿元。14家公司中，除兴银理财、平安理财和民生理财当月小幅下滑，其余11家公司合计增长约3600亿 元。 受居民存款"搬家"影响，2025年以来较大比例的低风险偏好资金，正在加速向银行理财迁徙。 12月11日，券商中国记者从业内可信渠道汇总的独家数据显示，管理规模超过1万亿元的14家理财公司（含6家 国有行理财、8家股份行理财），前11个月规模累计增长约3.43万亿元，其中"固收+"产品规模新增约1.32万亿 元。 事实上，当前银行理财市场规模创历史新高，已站稳33万亿元大关。据券商中国记者独家数据测算，仅今年四 季度以来，上述14家理财公司合计规模就增长了1.67万亿元，占年内增量近一半。而银行业理财登记托管中心 数据显示，今年9月末全市场存续规模达32.13万亿元。也就是说，截至券商中国记者发稿，银行理财市场规模 约33.8万亿元，接近34万亿元。 尽管低风险偏好的固定收益型产品仍是银行理财 ...

Core Insights - The bank wealth management market has shown a continuous recovery in November, with a total scale of 31.65 trillion yuan, reflecting a month-on-month increase of approximately 25 billion yuan and a year-on-year growth of 6.1% [1] Group 1: Market Trends - The sustained growth in bank wealth management scale is driven by two main factors: structural adjustment in residents' asset allocation and improved product attractiveness through optimized asset allocation and investment strategies by wealth management companies [1][3] - Fixed income products remain the dominant category, accounting for 76.56% of the total market scale, with a total of 38,957 products and a scale of approximately 24.23 trillion yuan, reflecting an increase of about 33.6 billion yuan from October [2] Group 2: Product Structure - The structure of bank wealth management products in November shows a clear trend: fixed income products dominate, cash management products slightly decreased, while mixed and equity products steadily expanded [2] - Cash management products saw a slight contraction, with a total of 2,421 products and a scale of approximately 6.6 trillion yuan, down about 16 billion yuan from October [2] Group 3: Future Outlook - The continuous growth of bank wealth management scale is expected to persist, supported by a deepening understanding of wealth management among residents and a shift towards diversified asset allocation [4] - The market outlook for December remains optimistic, with expectations of continued growth in the scale of bank wealth management, driven by the final phase of product valuation adjustments and the release of accumulated floating profits [4][5]

Group 1 - The core viewpoint of the article indicates that by the third quarter of 2025, the scale of wealth management products is expected to reach 32.13 trillion yuan, an increase of 1.46 trillion yuan from the first half of the year, representing a year-on-year growth of 9.42% with an improved growth rate [1] - The growth in wealth management scale is attributed to low net asset value ratios, reallocation of household wealth, and optimization of product structures by wealth management subsidiaries [1] - In the third quarter, the investment scale of wealth management products increased by 1.36 trillion yuan, with cash and bank deposits accounting for nearly 90% of the increase, which reflects a lower risk appetite for asset allocation and a primary focus on liquidity [1] Group 2 - It is projected that by the end of 2025, the scale of bank wealth management will achieve a year-on-year growth of around 10%, reaching approximately 33-34 trillion yuan, driven by a synergistic effect from the industry, households, products, and market [1] - The Financial ETF (510230) tracks the 180 Financial Index (000018), which selects representative listed companies from banking, insurance, and securities sectors to reflect the overall performance of major enterprises in the Chinese financial market [1] - The 180 Financial Index is characterized by high market representativeness and industry allocation features, effectively reflecting the overall trend of listed securities in the financial industry [1]

Core Insights - The Chinese banking wealth management market continues to show steady growth, with a total of 43,900 products in existence and a total scale of 32.13 trillion yuan as of the end of Q3 2025, representing year-on-year increases of 10.01% and 9.42% respectively [1] - Fixed income products dominate the market, accounting for 97.14% of the total scale, while mixed products and equity products have smaller shares [1][2] - The shift in residents' investment mindset from "savings thinking" to "investment thinking" is a significant factor driving the growth of bank wealth management products [2] Market Dynamics - The increase in the number of investors holding wealth management products reached 139 million, a year-on-year growth of 12.70%, with these products generating a total return of 568.9 billion yuan for investors in the first three quarters [2] - The wealth management industry is actively supporting the real economy, with approximately 21 trillion yuan allocated to various assets such as bonds and unlisted equity to meet financing needs [2] Future Trends - The banking wealth management sector is expected to explore multi-asset and multi-strategy asset allocation, enhance the application of financial technology, and shift towards a demand-driven model to create innovative products [3] - The market is likely to maintain growth, with a clearer competitive landscape emerging, characterized by a "head-led, regional supplement" competition pattern [3] - With rising investment awareness among residents and the proactive innovation of wealth management companies, the future market is anticipated to sustain a large scale and diversify product offerings [3]

Core Insights - The Chinese banking wealth management market continues to show steady growth, with a total of 43,900 products in existence by the end of Q3 2025, representing a year-on-year increase of 10.01% [1] - The total scale of wealth management products reached 32.13 trillion yuan, up 9.42% year-on-year, with wealth management companies holding 91.13% of the market share [1] Group 1: Market Overview - Fixed income products dominate the market, with a scale of 31.21 trillion yuan, accounting for 97.14% of the total wealth management products, showing a slight increase of 0.05 percentage points from the previous year [1] - Mixed products have a scale of 0.83 trillion yuan, representing 2.58% of the total, with a year-on-year increase of 0.03 percentage points [1] - Equity products and commodity/financial derivatives are relatively small, with scales of 0.07 trillion yuan and 0.02 trillion yuan, respectively [1] Group 2: Factors Driving Growth - The growth in the banking wealth management scale is driven by two main factors: the declining attractiveness of traditional savings due to falling deposit rates, and the proactive innovation and marketing efforts of wealth management subsidiaries [1][2] - There is a notable shift in residents' financial management perspectives from a "savings mindset" to an "investment mindset," enhancing the appeal and accessibility of bank wealth management products [2] Group 3: Investor Engagement and Economic Impact - The number of investors holding wealth management products reached 139 million by the end of Q3, reflecting a year-on-year growth of 12.70% [2] - Wealth management products generated a total return of 568.9 billion yuan for investors in the first three quarters [2] - The banking wealth management sector is actively supporting the real economy, with approximately 21 trillion yuan allocated to various assets, including bonds and non-standardized debt [2] Group 4: Future Trends - Future trends in banking wealth management may include exploring multi-asset and multi-strategy asset allocation, increasing the application of financial technology and digital tools, and transitioning to a demand-driven approach to create innovative products [3] - The market is expected to maintain growth, with a clearer competitive landscape emerging, characterized by a "head-led, regional supplement" competition dynamic [3] - With rising awareness of investment among residents and the proactive innovation of wealth management companies, the scale of banking wealth management is likely to remain substantial, with a richer variety of products [3]

Core Insights - As of the end of September, the scale of bank wealth management has exceeded 32 trillion yuan, reaching 32.1 trillion yuan, with a significant increase of approximately 1.4 trillion yuan in the third quarter compared to the end of June [1][2][3] - The growth in July was particularly notable, with an unexpected increase of 2 trillion yuan, attributed to the maturity of high-interest deposits and the relative attractiveness of wealth management products [2][3] - However, in September, there was a month-on-month decline of 850 billion yuan, primarily due to seasonal factors related to quarter-end assessments and increased cash demand before the "Double Festival" holidays [1][3] Wealth Management Scale - The overall trend in the third quarter showed a "rise first, then fall" pattern, with July experiencing a significant increase, while September saw a decline [2][3] - Despite the decline in September, the wealth management scale still grew by approximately 8.5% compared to September of the previous year [3] Future Outlook - It is anticipated that the wealth management scale will recover in October as the pressure from quarter-end assessments eases and liquidity demands from the holidays decrease [3] - The expected increase in October could exceed 1 trillion yuan, driven by the maturation of fixed-term deposits and a continued decline in deposit rates [3] Product Trends - Fixed-income products remain the primary type of bank wealth management products, accounting for over 95% of the total scale, due to their stable returns aligning with the risk tolerance of most investors [3] - The average annualized yield for fixed-income products has declined in the third quarter, with a near one-month yield of 2.30% and a near three-month yield of 2.73% [4] "Fixed Income Plus" Products - There is a growing interest in "Fixed Income Plus" products, which combine stable fixed-income assets with riskier assets to enhance returns [5][6] - Wealth management companies are increasingly promoting "Fixed Income Plus" products, with significant growth in their scale, such as the "All + Fortune" multi-strategy product series from Zhaoyin Wealth Management, which surpassed 300 billion yuan in September [6] - The overall scale of "Fixed Income Plus" products is expected to grow by over 1.4 trillion yuan this year, contributing to an anticipated total wealth management scale exceeding 33.5 trillion yuan [6]

Core Insights - As of the end of September, the scale of bank wealth management has exceeded 32 trillion yuan, reaching 32.1 trillion yuan, showing a significant increase from 30.67 trillion yuan at the end of June, with a growth of approximately 1.4 trillion yuan in the third quarter [1][2][4] Group 1: Wealth Management Scale - The bank wealth management scale saw an unexpected increase of 2 trillion yuan in July, but experienced a decline of 850 billion yuan in September due to seasonal factors and increased cash demand before the holidays [2][3][4] - Despite the decline in September, the scale has grown by about 8.5% compared to September 2024, indicating a year-on-year growth trend [4] Group 2: Product Types and Trends - Fixed-income products dominate the bank wealth management market, accounting for over 95% of the total scale, as they align with the risk tolerance of most investors [4] - The average annualized yield of closed-end fixed-income wealth management products has decreased, with a near 1-month yield of 2.30% and a near 3-month yield of 2.73% as of the end of the third quarter [5] Group 3: "Fixed Income Plus" Products - There is a growing interest in "Fixed Income Plus" products, which combine stable fixed-income assets with riskier assets to enhance returns, as investors seek better yields in a low-interest-rate environment [6][7] - The "Fixed Income Plus" product series launched by banks has seen significant growth, with one product surpassing 300 billion yuan in scale [6][7] - The overall scale of "Fixed Income Plus" products is expected to exceed 1.4 trillion yuan this year, contributing to the anticipated total wealth management scale of over 33.5 trillion yuan [7]

Core Insights - The banking wealth management industry has surpassed 32 trillion yuan, reaching 32.1 trillion yuan by the end of September 2023, with a significant increase of approximately 1.4 trillion yuan in the third quarter compared to the end of June 2023 [1][2] - The growth in the banking wealth management scale was characterized by a "rise and then fall" pattern, with a notable increase of 2 trillion yuan in July, followed by a decrease of 850 billion yuan in September due to seasonal factors and increased cash demand before the National Day holiday [1][3] - The decline in September was temporary, and it is expected that the scale will recover in October as the pressure from quarterly assessments eases and liquidity demand decreases after the holidays [2][3] Industry Trends - Fixed-income products dominate the banking wealth management market, accounting for over 95% of the total product scale, as they offer stable returns that align with the risk tolerance of most investors [3][4] - The average annualized yield for closed-end fixed-income wealth management products decreased in the third quarter of 2023, with a near one-month yield of 2.30% and a near three-month yield of 2.73%, reflecting a downward trend in interest rates [4] - The "fixed-income plus" products are gaining popularity among investors seeking higher returns, combining stable fixed-income assets with riskier assets like stocks or convertible bonds [4][5] Future Projections - The growth of "fixed-income plus" products is expected to continue, with an anticipated increase in scale exceeding 1.4 trillion yuan for the year, contributing to an overall wealth management scale projected to surpass 33.5 trillion yuan [5][6]

Core Viewpoint - The report from CITIC Securities indicates that by the end of July 2025, the scale of bank wealth management is expected to exceed expectations, growing by approximately 2 trillion yuan to reach 32.67 trillion yuan, driven by the maturity of high-interest three-year deposits and the relative attractiveness of wealth management products compared to deposit rates [1] Group 1 - The growth in bank wealth management is primarily attributed to the reallocation of deposits as high-interest three-year deposits mature [1] - The decline in deposit rates is occurring at a faster pace than the decline in wealth management product yields, enhancing the appeal of these products [1] - Non-bank deposits are experiencing significant growth, closely linked to the increase in wealth management scale, with new funds largely allocated to cash management and short-term fixed-income products, expected to exceed 800 billion yuan [1] Group 2 - In terms of structure, cash management products contribute less, while "fixed income +" has emerged as a strong performer, reflecting an increase in market risk appetite [1] - The wealth management scale is anticipated to surpass 33 trillion yuan in August, with an annual target of over 33.5 trillion yuan [1]