每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 中信建投表示，2025年前三季度理财规模32.13万亿元，较上半年增加1.46万亿元，同比增长 9.42%，增速提高，规模增长原因是低破净率、居民财富再配置，理财子优化产品结构。三季度从配置 看，资产配置风险偏好降低，流动性为首要考虑因素。三季度理财产品投资规模单季增加1.36万亿，但 现金及银行存款就增加1.27万亿，占比近90%。预计2025年末银行理财规模同比实现10%左右增长，达 到33-34万亿元左右，主要是行业端、居民端、产品端和市场端合力共振。 金融ETF（510230）跟踪的是180金融指数（000018），该指数从金融行业中选取银行、保险、证 券等子行业的代表性上市公司证券作为指数样本，以反映中国金融市场主要企业的整体表现。180金融 指数具有较高的市场代表性和行业配置特征，能够较好地体现金融行业上市公 ...

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]

银行理财不仅为居民带来投资收益，也为实体经济注入了金融活水。中国邮政储蓄银行研究员娄飞鹏 说，理财行业正积极响应国家政策号召，充分发挥资金优化配置功能，通过多种途径实现资金与实体经 济融资需求对接。截至三季度末，银行理财产品通过投资债券、非标准化债权、未上市股权等资产，支 持实体经济资金规模约21万亿元。 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。 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 ...

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]

Investment Rating - The industry investment rating is maintained at "Overweight" [4] Core Insights - The bank wealth management market experienced steady growth in the first half of 2025, with a total scale of 30.67 trillion yuan, representing a year-on-year increase of 7.53%. The scale of wealth management companies reached 27.48 trillion yuan, up 12.98% year-on-year. This growth is attributed to the migration of funds due to low deposit interest rates, indicating potential for continued stable expansion [6][14] - The structure of wealth management products shows that fixed-income products account for 97.20% of the total scale, with a slight decrease of 0.13 percentage points since the beginning of the year. This decline is expected to be related to bond market volatility and improved conditions in the equity market [6][16] - In terms of asset allocation, there has been an increase in cash and deposit assets as well as public funds, while allocations to bonds and interbank certificates of deposit have decreased. Specifically, the allocation ratios for bonds, interbank certificates, and equity assets have decreased by 1.7%, 0.6%, and 0.5% to 41.8%, 13.8%, and 2.4%, respectively [6][20] Wealth Management Product Yield - The yield of cash management wealth management products has continued to decline, with a 7-day annualized yield of 1.44% in July, down 6 basis points from the previous month and 40 basis points from December of the previous year. In comparison, the yield of money market funds was 1.25%, down 9 basis points month-on-month and 31 basis points year-on-year [8][24] - The average annualized yield for short-term pure fixed-income wealth management products was 2.15%, up 0.03 percentage points from the previous month, while the yields for medium-term and long-term products decreased [9][27] - The overall break-even rate for fixed-income + wealth management products increased to approximately 2.4% in July, indicating a rise from the previous month, although the number of deeply discounted products remains low [10][35] Market Performance - Over the past 12 months, the industry has shown a relative return of 13.49% and an absolute return of 25.64%, indicating strong performance compared to the market benchmark [5]

Core Viewpoint - The bank wealth management market is expected to maintain its popularity in the second half of the year, with the scale projected to exceed 33 trillion yuan, driven by declining deposit rates and the low-risk nature of these products [1][3]. Group 1: Market Trends - The rapid growth of bank wealth management is attributed to the decline in deposit rates, leading to a shift of funds from deposits to higher-yield, safer bank wealth management products [1]. - Despite the recent improvement in the stock market, which has increased the profit effect, there has not been a significant transfer of funds from bank wealth management to the stock market [1][2]. - The current A-share market is still in the early stages of a bull market, and while there are signs of large-denomination deposits being transferred, the overall impact on bank wealth management is minimal [1]. Group 2: Investment Recommendations - Ordinary investors are encouraged to continue purchasing bank wealth management products as they offer stable asset growth and effective risk diversification [3]. - Investors should consider their risk tolerance and investment horizon when selecting suitable bank wealth management products, focusing on the operational level of the management institutions and the long-term performance of the products [3].

Core Viewpoint - The Chinese banking wealth management market is experiencing significant growth, with the total scale exceeding 31 trillion yuan as of May 20, reflecting a transformation in banking operations amid a low-interest-rate environment [1][2]. Group 1: Market Growth and Trends - As of May 20, the wealth management market's total scale has surpassed 31 trillion yuan, marking an increase of approximately 1.6 trillion yuan since the beginning of the year [1]. - The bond market's declining interest rates have contributed to the recovery of wealth management product yields, with average annualized yields for open-ended fixed-income products rising to 3.21% in April, an increase of 1.41 percentage points [1]. - The trend of "deposit migration" has been observed, with wealth management scale growing by over 2 trillion yuan in April alone, driven by lower deposit rates [2]. Group 2: Impact of Interest Rates - The reduction in deposit rates has led to a significant interest rate differential between savings and wealth management products, prompting investors to shift funds towards the latter [2]. - Major banks have initiated a new round of deposit rate cuts, with one-year fixed deposit rates generally falling below 1.35% [2]. - Wealth management products are increasingly offering stable returns through investments in high-yield credit bonds and non-standard assets, appealing to investors seeking better returns [2]. Group 3: Product Innovation and Sales Strategies - Banks are actively adjusting product structures and sales strategies in response to declining deposit rates, focusing on closed-end and periodically open products to secure long-term funds [2]. - The promotion of net value-type and short-duration wealth management products has been intensified, enhancing liquidity and meeting diverse customer needs [3]. - The expansion of sales channels through partnerships with other banks and internet platforms has effectively captured funds flowing out of the deposit market [3]. Group 4: Future Outlook - The market is expected to continue growing, with predictions that the wealth management scale may exceed 32 trillion yuan by the end of the year, driven by further reductions in deposit rates and improved investor expectations [4]. - The differentiation within the wealth management market is anticipated to intensify, with net value-type products and diversified asset allocation becoming core competitive advantages [4]. - Financial institutions are expected to innovate and enhance services to meet the growing demand for wealth management products, leading to a richer variety of offerings [4].