在时代浪潮中，中邮理财迎来了成立六周年的重要时刻。六载春秋，公司与中国经济的澎湃脉搏同频共 振；两千余日夜，与万千客户的稳健成长携手同行。从诞生于资管新规的晨曦，到穿越市场周期的风 雨，作为国有大行理财公司，中邮理财始终锚定"践行国家战略、服务实体经济、守护人民财富"的使命 定位，于坚守中砺初心，在变革中开新局。截至2025年三季度末，中邮理财产品规模12524亿元，较年 初增加2298亿元，增速居国有大行理财公司第一，成立以来年均复合增速超8%，超过行业平均水平， 居国有大行理财公司前列，产品净值化率98.9%，累计为超2000万客户创造收益约1500亿元。 六年征程是一条以不变守正、以变创新的发展之路。不变的是对金融工作政治性、人民性的矢志坚守， 是对邮银协同战略的笃实践行；变的是顺应国家战略的功能转型，是持续夯实的核心能力，是迭代升级 的体制机制。正是在变与不变的辩证统一中，中邮理财用专业与责任谱写出特色鲜明的高质量发展篇 章。 自2018年资管新规落地以来，银行理财行业步入净值化转型与结构重塑的新阶段。银行理财公司作为行 业的新生与中坚力量，已成为服务实体经济、护航居民财富的核心。截至2025年三季度 ...

21世纪经济报道记者 余纪昕 上海报道 随着金融行业数字化转型工作的全面铺开，银行理财公司的业务也在深刻变革——从手机银行到智能投 顾，从大数据分析到AI风控，技术正在改变理财公司的各项业务和工作。 近日，浦银理财金融科技部总经理吴苗接受21世纪经济报道专访，详细介绍了该公司在数字化建设上的 战略和具体举措。他透露，浦银理财自成立即提出了"线上化—数智化—生态化"的三步发展路径，现在 线上化阶段已基本完成。 "目前系统已经全面覆盖了包括渠道、产品、投资、投研、风控、运营、内部管理等各业务领域。"吴苗 表示。 对于未来科技在资管领域的突破点，他认为，人工智能很可能对理财乃至整个资管行业产生"颠覆性 的"积极影响，推动业务模式从靠人的经验转向AI与业务的深度结合。未来3-5年将成为金融科技真 正"创造价值"的关键时期。 《21世纪》：浦银理财作为一家万亿规模的资管机构，请介绍一下你们在数字化方面的整体布局和战略 规划？ 吴苗：具体来说，我们的数字化建设分为清晰的三个阶段。公司刚成立的时候，我们就明确了数字化发 展路径。当时制定了第一版公司三年行动计划，其中数字化作为专项规划，提出了"线上化—数智化— 生态化"的三 ...

Group 1: Market Transition and Challenges - The banking wealth management industry is transitioning to asset management with a focus on low-risk products, facing challenges from declining interest rates and missed opportunities in higher-risk asset allocation[1] - As of June 30, 2025, the total scale of bank wealth management products reached CNY 30.7 trillion, with a mere 0.5% annual growth rate since 2017[10] - The proportion of low-risk products (R1 and R2) increased from 81.3% to 95.9% from 2020 to mid-2025, indicating a conservative shift in product offerings[15] Group 2: Strategic Directions for Wealth Management Subsidiaries - Wealth management subsidiaries can focus on three strategic directions: serving as tools for bank asset-liability management, transforming into multi-channel asset management companies, and outsourcing non-fixed income asset investments[2][3] - The first strategy emphasizes providing low-risk products to replace deposits, potentially reducing fees to zero to maintain investment returns[1] - The second strategy involves enhancing investment capabilities across various asset classes and expanding distribution channels, which carries risks due to high investment costs and uncertain progress[2] Group 3: Financial Performance and Fee Structures - The average fee rate for wealth management subsidiaries is around 19 basis points, with a median operating cost of CNY 300 million[49] - The break-even point for a small wealth management subsidiary is estimated at approximately CNY 790 billion in managed assets[50] - The management scale of the top ten wealth management subsidiaries accounts for over 60.7% of the total market, indicating a highly concentrated industry[58]

Core Insights - The participation of bank wealth management subsidiaries in IPO subscriptions is gaining momentum, with notable involvement in the recent listing of domestic GPU company Moer Thread [1][2]. Group 1: Participation in IPOs - Two bank wealth management subsidiaries, Ningyin Wealth Management and Xingyin Wealth Management, successfully participated in the offline allocation for Moer Thread's IPO, with Ningyin receiving approximately 34,400 shares valued at about 3.93 million yuan and Xingyin receiving around 17,900 shares valued at about 2.04 million yuan [1]. - A total of 267 investors participated in the offline subscription for Moer Thread, setting a record for the highest number of participants in a new stock listing on the Sci-Tech Innovation Board this year [2]. Group 2: Factors for Successful Participation - The successful allocation for bank wealth management subsidiaries was attributed to three main factors: compliance with stock base value requirements, precise pricing by the research team, and efficient collaboration among compliance, risk control, and trading departments [2][7]. - The current number of bank wealth management subsidiaries actively engaging in IPO strategies is limited, with only three to four having successfully participated in offline allocations [3]. Group 3: Market Expectations and Challenges - Following the China Securities Regulatory Commission's decision to allow bank wealth management products to be prioritized in IPO allocations, there were high expectations for rapid adoption of A-share IPO strategies among these subsidiaries [4][5]. - Challenges faced by many bank wealth management subsidiaries include meeting stock base value requirements, insufficient research capabilities, and the lack of efficient operational mechanisms [5][6]. Group 4: Operational Mechanisms - Effective operational mechanisms are crucial for timely submission of subscription materials and pricing information within three trading days after the issuance of the prospectus [8]. - Only a few bank wealth management subsidiaries have established the necessary trading systems and operational processes, while most are still working to streamline inter-departmental workflows [8]. Group 5: Future Outlook - Many bank wealth management subsidiaries are accelerating the implementation of A-share IPO strategies, recognizing the potential for differentiation in product returns [9]. - There is an expectation that if these subsidiaries can maintain a high "inclusion rate" in offline allocations, their product yields could exceed the industry average by 1-2 percentage points [8][9].

Core Viewpoints - The article discusses the recent changes in the asset management industry in China, particularly the renaming of the "China Banking and Insurance Asset Management Association," which signifies a shift towards a more integrated self-regulatory framework in the asset management sector [5][6][7]. Regulatory and Industry Dynamics - The official renaming of the "China Banking and Insurance Asset Management Association" has been completed, marking a significant step in the association's integration process [5]. - The association's membership has expanded to include various financial institutions, indicating a move towards a cross-industry self-regulatory platform [6]. - The evolution of the association reflects a shift from "institutional regulation" to "functional regulation" in China's asset management industry, particularly following the implementation of the asset management new regulations in 2018 [6][7]. Innovations in the Industry - On November 24, the domestic GPU company, Moer Thread, launched its IPO on the Sci-Tech Innovation Board with an issue price of 114.28 yuan per share, raising 8 billion yuan, marking the largest IPO on the board in 2025 [8]. - Ningyin Wealth Management and Xingyin Wealth Management participated in the IPO, with Ningyin's six products receiving approximately 3.93 million yuan in allocations, the highest among wealth management companies [8]. - Zhongyou Wealth Management has introduced a multi-asset and multi-strategy product series aimed at addressing investment challenges in the current low-interest-rate environment [10]. Performance of Financial Products - Cash management products recorded a 7-day annualized yield of 1.28%, a 1 basis point increase week-on-week, while money market funds saw a decline to 1.16% [11]. - The bond market experienced fluctuations, with yields generally rising due to mixed market factors, including expectations of interest rate cuts and ongoing economic pressures [12]. - The current environment for the bond market remains generally favorable, but significant constraints exist, including low sensitivity to fundamental factors and ongoing uncertainties related to public fund sales regulations [12][5]. Tracking of Net Asset Value - The net asset value of bank wealth management products rose to 2.32%, an increase of 1.12 percentage points week-on-week, while credit spreads widened by 5.11 basis points [20]. - The relationship between net asset value and credit spreads indicates potential redemption pressures when net asset values exceed 5% and credit spreads widen significantly [20].

Investment Rating - The report does not explicitly provide an investment rating for the wealth management industry, but it discusses the challenges and potential strategies for improvement in the sector. Core Insights - The wealth management industry is transitioning to a net value management model, but there is a fundamental conflict between the liability side's rigid expectations for "capital preservation and high returns" and the asset side's need to face market volatility [1][3]. - The asset side is increasingly difficult to manage due to asset scarcity, regulatory changes, and intense competition, with fixed-income products dominating at 97.14% as of Q3 2025 [2][9]. - The report highlights the need for a transformation in the liability side's expectations to allow for a more flexible and diversified asset allocation strategy [17][18]. Summary by Sections Section 1: Challenges in the Asset Side - The asset side faces multiple pressures, including asset scarcity and regulatory requirements for net value management, leading to a decline in the ability to meet performance benchmarks [2][9]. - The reliance on fixed-income products limits the ability to diversify and share in other market returns, increasing liquidity risks during interest rate fluctuations [2][9]. Section 2: Conflict Between Liability and Asset Sides - There is a mismatch between the liability side's slow change in rigid capital preservation expectations and the asset side's need to adapt to market volatility [3][18]. - The public fund industry has seen significant growth, indicating a shift in investor acceptance of volatility, contrasting with the stagnant growth of the wealth management sector [3][16]. Section 3: Strategies for Transformation - The report suggests several strategies for the wealth management industry to adapt, including: 1. **Investor Education**: Enhancing understanding of market dynamics and risk-return relationships to reshape client expectations [19][20]. 2. **Service Model Transformation**: Shifting from single product sales to comprehensive account management to better align with client needs [21]. 3. **Product Diversification**: Developing a diverse product range to combat homogenized competition and meet varying client demands [22]. 4. **Focus on Core Value**: Transitioning from short-term alpha chasing to long-term beta management to meet clients' wealth preservation needs [23]. 5. **Systematic Research and Management**: Establishing a robust research framework to support multi-asset strategies and enhance investment capabilities [24][26]. 6. **Digital Transformation**: Leveraging technology to streamline operations and improve client service [28]. Section 4: Future Outlook - The report emphasizes that the key to future success in the wealth management industry lies in managing liability expectations and enhancing asset management capabilities to create a sustainable and mutually beneficial environment for both clients and institutions [17][18][29].

【环球网财经报道 记者谭雅文】在低利率与"资产荒"的市场环境下，银行理财市场发生转变，近期含权类产品发行悄然升温，成为理财 公司提升收益弹性的探索。然而，权益市场震荡也影响产品净值波动。理财公司如何在收益与风险间取得平衡，是市场关注的焦点。 含权理财的 " 双面性 " 11月中下旬以来，银行理财市场含权类产品发行升温。仅在11月17日至18日，市场就新发行13只权益类产品，其中华夏理财推出了12只 指数型产品，杭银理财发行1只。记者查询中国理财网数据，目前银行理财市场存续权益类理财产品共63只。 在业内看来，含权理财发行升温反映出在"资产荒"和利率下行的环境下，理财公司面临传统固收产品收益空间受限的困境。中国城市发 展研究院投资部副主任袁帅表示，为满足投资者对收益的追求，提升产品吸引力，增配权益资产成为一种探索方向，试图通过权益资产 的潜在高收益来提升产品收益弹性。 增配权益资产如何创造理财产品收益弹性？中国企业资本联盟副理事长柏文喜进一步分析谈到，从供给端来看，8月以来混合类、"固收 +"发行同比增50%以上，11月继续沿用"指数为主"的模式，可在短久期内把业绩基准抬高30-50bp，应对客户对2.5%以上 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 本报记者 杨 洁 光大理财相关负责人对《证券日报》记者表示，《通知》的发布将为银行理财在养老金融产品体系的布 局带来新活力，为人民群众提供高品质多样化养老金融产品和服务，也为第三支柱养老保障体系注入强 劲动能。同时，个人养老金理财、养老理财将作为培育长期投资、稳健收益能力的突破口，也为资本市 场带来长期限的稳定资金，支持资本市场高质量发展。 "《通知》发布后，理财公司开展个人养老金理财业务的积极性将有所提高，长期限理财类个人养老金 产品也将加速扩容。"中国银行研究院主管级高级研究员杨娟对《证券日报》记者表示，未来，养老理 财产品还可以探索定期购买、期满转续、分红转存等多种灵活机制，满足投资者的个性化需求。 责任编辑：江钰涵 登录新浪财经APP 搜索【信披】查看更多考评等级 12月1日，中国理财网官方公众号发布消息称，11月25日，银行业理财登记托管中心有限公司（以下简 称"理财登记中心"）围绕养老理财试点扩大工作开展座谈交流，国家金融监督管理总局资管机构监管 司，前期参与养老理财试点的理财公司、商业银行，以及中央结算公司、中债金科公司等有关单位代表 人员参与此 ...

Core Viewpoint - The Central Financial Work Conference prioritizes technology finance, emphasizing the role of financial services in empowering technological innovation, with Hangyin Wealth Management being a pioneer in supporting tech innovation through innovative financial products and services [1][2]. Group 1: Company Initiatives - Hangyin Wealth Management has been involved in technology equity investment since 2015, creating the "Jinzuan Venture Capital" series of products, and has provided direct equity financing to over 1,400 tech startups, accumulating an investment scale exceeding 37 billion yuan by June 2025 [1][2]. - The company has established a three-dimensional service system focusing on product innovation, full-process management, and professional capability to effectively connect financial resources with tech enterprises [2][3]. Group 2: Investment Strategies - The company launched the "Jinzuan Venture Capital" private wealth management products to efficiently channel idle social funds into supporting unlisted tech companies, addressing critical gaps in the financing chain for tech enterprises [2][3]. - Hangyin Wealth Management has developed a comprehensive "fundraising-investment-management-exit" process management mechanism, leveraging a decade of experience in tech equity investment [2][3]. Group 3: Sector-Specific Achievements - In the healthcare sector, the company invested 160 million yuan in BJPC Medical Equipment Co., which has developed a brain pacemaker that breaks foreign monopolies in the domestic market [3]. - In the aerospace sector, the company has supported leading enterprises like BJTB Technology Co. and Beijing HTYX Technology Co. through collaborative investments [3]. Group 4: Competitive Advantages - Hangyin Wealth Management benefits from its location in the economically vibrant Yangtze River Delta, where local governments prioritize the development of tech enterprises [4]. - The company leverages the mature ecosystem of its parent bank, Hangzhou Bank, which has over ten years of experience in technology finance, providing unique advantages in industry knowledge and client resources [4]. Group 5: Challenges and Recommendations - Despite its advantages, the company faces challenges in product issuance, performance reference, fund matching, and investment capabilities due to the relatively short history of the industry [5]. - Recommendations for enhancing the capability of wealth management firms in supporting tech innovation include strengthening research capabilities, adapting to the long investment cycles of tech enterprises, and fostering a collaborative industry environment [5][6][7][8].

本期为银行理财子公众号榜（2025年10月）。 本期为银行理财子公众号榜（2025年10月）。 本期银行理财子公众号榜单TOP3分别为中信理财小暖象、光大理财、平安理财。 ( Yiwealth ) | 08 | 订阅号 华夏理财 | 图读懂 华夏理财2024年度 报告 | | --- | --- | --- | | 09 | 订阅号 渤银理财 | 业绩快报 渤银理财封闭式产 表现,共创"津"彩 | | 10 | 订阅号 兴银理财 | 兴银理财2026校园招聘启动! | 数据来源: Yiwealth研究院 (2025.10.01 -2025.10.31 ) 注:部分机构账号可能产生了多条爆款题材,对此该表仅选取各家机构当月流量最高的1条题材 为次月第一周。 | 02 | 订阅号 | 行走南京, 寻宝金陵! 10月1 上午10:00, 锁定南银理财视频 | | --- | --- | --- | | | 南银理财 | ECHITO | | 03 | 服务号 光大理财 | 【光盈+ 策略罗盘】财富不等 让理财和生活一样从容 | | 04 | 订阅号 中邮理财 | 『~您有一季"余"黄等待查》 | | 05 | 训朗 ...