Core Viewpoint - The banking wealth management companies are shifting towards diversified investment strategies in response to the low interest rate environment, focusing on multi-asset and multi-strategy products to enhance performance and meet investor demands [1][2][4]. Group 1: Investment Strategy Shift - The transition from single bond investments to diversified asset allocation is driven by declining yields on fixed-income products, prompting banks to explore various asset classes [2][3]. - Institutions are increasingly adopting a "multi-asset multi-strategy" approach, incorporating REITs, convertible bonds, equities, and derivatives to create better investment combinations while managing overall volatility [2][3]. - The need for dynamic asset allocation strategies has risen, as static models may fail in rapidly changing market conditions, necessitating regular adjustments based on market dynamics and economic factors [3][6]. Group 2: Focus on Equity Assets - Equity assets are viewed as a crucial component for enhancing overall portfolio returns, with many institutions optimistic about their potential [4][5]. - Predictions for 2026 suggest a rebound in the Producer Price Index (PPI), with expectations that the stock market will outperform bonds, potentially attracting more funds into the A-share market [5]. - Investment strategies include a focus on high-certainty sectors such as technology and AI, while also balancing investments in cyclical value stocks and commodities to mitigate risks associated with overexposure to any single asset class [5][6]. Group 3: Operational Considerations - Wealth management firms are advised to maintain a conservative approach when entering equity markets, ensuring adherence to risk management and return optimization principles [6]. - Collaboration with public funds and brokerages is being explored to enhance investment capabilities, allowing banks to participate in new stock inquiries and strategic placements to diversify their investment tools [6].

Group 1 - The core viewpoint of the articles highlights the successful listing of domestic high-performance GPU chip company Moore Threads and the significant participation of Ningyin Wealth Management in the new stock subscription, leading the banking wealth management sector in both the number of products and allocation amount [1] - Ningyin Wealth Management has actively engaged in new stock subscriptions, achieving a 96% success rate with 24 out of 25 attempts this year, resulting in allocations exceeding 10 million yuan, supported by a robust research and investment system [1] - The recent policy changes have positioned bank wealth management on par with public funds in terms of offline subscription status, enabling Ningyin Wealth Management to leverage this opportunity for strategic investments in equity [1] Group 2 - Ningyin Wealth Management is aligning with the national strategy of "Five Major Articles" in finance, particularly focusing on "Technology Finance" to channel more financial resources into technological innovation [2] - The company has launched various themed investment products targeting smart manufacturing, technological innovation, and manufacturing overseas, ensuring funds are allocated to key areas that support national strategic needs [2] - By adopting a long lock-up period for investments, Ningyin Wealth Management demonstrates its commitment to the "patient capital" philosophy, translating policy guidance into actionable investment practices [2]

【大河财立方消息】11月24日，"中国保险资产管理业协会"官方微信公众号正式更名为"中国银行保险资产管理业协会"。这意味着银行理财行业又新增一 家自律监管组织。 目前，该协会共有561名会员单位，涵盖了我国金融市场所有细分领域。其中，已有农银理财、中银理财、交银理财、建信理财等30家银行理财子公司成 为协会会员。在全国32家银行理财子公司中，仅信银理财和汇华理财尚未入会。 不过，目前"中国保险资产管理业协会"官网尚未完成更名。 这一变更早在今年8月就已启动。当时，中国保险资产管理业协会召开会员大会，审议并通过更名议案。此外，天眼查显示，中国保险资产管理业协会已 于10月完成工商信息变更。 官网显示，中国保险资产管理业协会成立于2014年9月，是经国务院同意，民政部批准，国家金融监督管理总局直接领导，保险资产管理行业自愿结成， 专门履行保险资产管理自律职能的全国性金融自律组织。 责编:史健 | 审核:李震 | 监审:古筝 ...

当前，科技创新已成为驱动经济高质量发展的核心引擎，而金融作为实体经济的血脉，如何精准滴灌科 创领域、破解融资难问题，成为行业关注的焦点。 近年来，银行理财凭借超30万亿元的市场规模、近1.4亿投资者的基础，已然成为连接社会资本与科创 产业的关键桥梁。作为渤海银行旗下的专业理财机构，渤银理财有限责任公司（以下简称"渤银理财"） 在科技金融领域的探索与实践颇具代表性。 首先，提高政治站位，充分认识到实现高水平科技自立自强的重要性和紧迫性，紧跟国家政策导向，重 点聚焦集成电路、人工智能、生物医药、数据中心、先进材料等关键领域，不断提升金融服务科技创新 质效。其次，加强顶层设计，公司将做好科技金融大文章纳入年度工作计划及工作要点，成立科技金融 领导小组，由公司主要负责人担任组长，各相关部门指派专人负责科技金融产品设计、风控审批、资产 投放等业务环节，自上而下贯彻落实做好科技金融工作各项部署。最后，健全业务机制，深入理解宏观 政策导向，做好行业研究，完善业务标准，疏通业务堵点，筛选目标客户，丰富主题产品形态、期限及 投资策略，建立业务审批绿色通道，科学设置业务考核指标，不断加大科技创新领域资源投入力度。 在具体成效方面 ...

一是产品创新，丰富资金来源。将募集资金重点投向科技创新领域，引导社会资金汇聚为支持科技 创新的规模化资本。产品运作过程中，通过强化自身投研能力，优化资产配置，切实提升产品收益，增 强产品吸引力，扩大资金募集规模，为科技创新产业发展注入理财动力。 二是生态联动，汇聚各方合力。理财公司应充分利用理财公司母行在网点、人员方面的优势，在符 合监管要求、落实风险隔离的前提下，与母行集团积极联动，共享地方政府产业政策与科技园区资源， 优选目标客户，形成覆盖企业初创、成长到成熟各阶段的综合性金融服务方案，实现"政府+产业+金 融"协同发展，打造金融服务科技创新企业"生态圈"。 三是投资协同，强化股债结合。理财公司一方面可以充分发挥理财资金在债券类业务上的优势，重 点投资各类科技创新债券，定向支持新质生产力、"两重""两新"等重点领域；另一方面探索股债结合， 结合科技创新企业发展特点，通过发行"固收+"、权益类及专项私募产品，开展股票、REITs、私募股权 等各类资本市场业务，深度挖掘科技创新企业资金需求，提供全生命周期金融服务。 《金融时报》记者：基于这些路径与机制，渤银理财在支持科技创新方面取得了哪些具体进展和成 效？能 ...

Report Industry Investment Rating There is no information provided in the text about the report's industry investment rating, so this section is skipped. Core Viewpoints of the Report - In 25Q3, the scale of wealth management increased steadily, with a super - seasonal rise of 1.5 trillion yuan. The break - even rate of wealth management first rose and then fell rapidly in October. The industry has entered the era of wealth management companies, and regulatory requirements are approaching those of public funds [2][6][13]. - In 25Q3, bank wealth management reduced its allocation to public funds. It significantly increased the allocation of cash and bank deposits, while reducing the allocation of equity assets and public funds, and the bond allocation ratio decreased [29]. - In 25Q3, wealth management reduced its allocation to bond - type funds. It mainly reduced the allocation of bond - type funds and increased the allocation of international/QDII funds, stock - type funds, and alternative investment funds [47][49]. Summary by Relevant Catalogs 1. 25Q3 Wealth Management Scale Steadily Grows - **Entering the Era of Wealth Management Companies**: Since 2018, a series of regulatory policies have been introduced, narrowing the gap between bank wealth management regulatory requirements and public funds. As of October 2025, 32 wealth management companies have been approved to be established and all are in operation. In H1 2025, the net profit of most wealth management companies increased year - on - year, with an overall growth of 1.7% [6][9][10]. - **25Q3 Scale Growth**: As of September 2025, the wealth management scale was 32.13 trillion yuan, with a super - seasonal increase of 1.5 trillion yuan in 25Q3. In October, the scale increased by 1.5 trillion yuan, higher than the seasonal increment. Most wealth management companies' scales increased in 25Q3, with different growth rates among different types of companies. Fixed - income products' Q3 scale increased compared to Q2, while equity products' Q3 scale decreased [13][14][16][18]. - **Break - even Rate and Performance Benchmark**: The break - even rate of wealth management rose from late July and then decreased rapidly in October. As of November 9, 2025, it was about 0.39%. The average performance comparison benchmark of newly issued RMB fixed - income wealth management products has been declining, and it is expected to slowly fall to around 2.0% [22][25]. 2. Bank Wealth Management Reduced Allocation to Public Funds in 25Q3 - **25Q3 Public Fund Investment Proportion Declined**: In 25Q3, wealth management significantly increased the allocation of cash and bank deposits, while reducing the allocation of equity assets and public funds. The proportion of public funds decreased by 0.3 pct compared to 25H1. The investment behavior of wealth management companies in public funds was differentiated in 25Q3 [29][30]. - **Asset Allocation Changes in H1 2025**: Large - bank wealth management companies generally increased the allocation of public funds, with the overall scale rising to 0.4 trillion yuan and the proportion rising to 3.8%. Joint - stock bank wealth management companies also generally increased the allocation of public funds and slightly increased the allocation of deposit - type assets. Most urban and rural commercial bank wealth management companies increased the allocation of deposit - type and public fund - type assets and reduced the allocation of bond - type assets in H1 2025. The indirect investment proportion has increased in recent years [34][38][43]. 3. 25Q3 Wealth Management Reduced Allocation to Bond - Type Funds - **Overall Public Fund Allocation**: In 25Q3, the allocation of public funds by wealth management decreased slightly. As of September 2025, the scale of public funds allocated by wealth management was about 1.3 trillion yuan, with a proportion of 3.9%, a decrease of 0.3 pct compared to 25Q2 [47]. - **Allocation of Different Types of Public Funds**: Bond - type funds are still the main type of public funds allocated by bank wealth management. In 25Q3, wealth management increased the allocation of international/QDII funds, stock - type funds, and alternative investment funds, while reducing the allocation of bond - type funds. Among bond - type funds, it increased the allocation of secondary bond funds, medium - and long - term pure bond funds, and convertible bond funds, and reduced the allocation of short - term pure bond funds. Among stock and hybrid funds, it increased the allocation of passive index - type stock funds [49][56][65].

Market Overview - The A-share market experienced significant declines, with the Shanghai Composite Index dropping 4.83% and the Shenzhen Component Index falling 6.96% from November 14 to November 21, 2023, particularly a 2.45% drop in one day [1][2]. Impact on Financial Products - Equity-based financial products were the most affected, with 12 products showing a net value decline of over 6%, and 4 products dropping more than 7% during the same period [3]. - The largest decline was observed in the "Huaxia Wealth Tian Gong No. 4 (New Energy Storage Index)" product, which saw a net value drop of 9.77% [3][4]. Performance of Specific Products - Other notable products with significant declines included "Tian Gong No. 5 (AI Computing Power Index)" and "Tian Gong No. 10 (New Energy Operator Index)", with declines of 8.53% and 8.03% respectively [5]. - Actively managed products also faced declines, such as "Zhao Zhuo Consumer Selected No. 1" with a 7.15% drop and "Minsheng Wealth Jin Zhu Quantitative Enhanced No. 1" with a 6.43% decline, the latter experiencing a 3.49% drop in one day [5]. Mixed-Asset Products - Mixed-asset financial products showed varying levels of resilience, with 10 products reporting net value declines exceeding 3% during the same period. The largest decline was 3.98% for "Hangyin Wealth Happiness 99 Excellent Mixed (Debt ESG Balanced Preferred FOF)" [7]. - "Solid Income+" products also faced some net value retraction, but overall declines were limited to within 1.5% due to lower equity investment ratios [7]. Resilient Products - Some mixed-asset products demonstrated better performance during the market downturn, including "Beiyin Wealth Jinghua Huiying Qiu Series 18-Month Closed No. 1" and "Nongyin Wealth Tongxin·Daily Preferred Configuration Product" [8]. General Observations - The majority of equity-based products are directly impacted by market fluctuations, with only a few newly established products not showing net value declines as of November 21 [9].

Group 1: Market Overview - The total scale of bank wealth management products reached 32.13 trillion yuan as of September 30, 2025, reflecting a quarter-on-quarter growth of 4.76% from 30.67 trillion yuan as of June 30, 2025, indicating a continued recovery trend since 2025 [3][4] - The "asset migration" effect has enhanced the attractiveness of the wealth management market, with significant rebounds in product scales observed in the second and third quarters of 2025 [3][4] Group 2: Investment Type Changes - The structure of bank wealth management products has undergone adjustments, with fixed-income products continuing to dominate, growing from 15.30 trillion yuan in July to 16.13 trillion yuan in October 2025, a 5.4% increase [5] - Cash management products saw a significant increase, with a month-on-month growth of 8.8% in September, reaching 6.11 trillion yuan, and further increasing to 6.19 trillion yuan in October [5] - Mixed products showed differentiation, with bond-mixed and flexible allocation products growing by 18.9% and 16.2% respectively in September, although flexible allocation saw a slight decline in October [5] Group 3: Institutional Scale - As of June 30, 2025, the top ten wealth management institutions had a combined scale of 17.57 trillion yuan, with significant head effects, as the top three institutions (Zhaoyin Wealth Management, Xingyin Wealth Management, and Xinyin Wealth Management) each exceeded 2 trillion yuan [8] - The product type distribution among the top institutions shows a preference for fixed-income and cash management products, with Zhaoyin and Xingyin having over 50% in fixed-income allocations [9] Group 4: New Issuance Market Overview - In October 2025, the new issuance scale of bank wealth management products was 506.11 billion yuan, reflecting a quarter-on-quarter growth of 4.5% [15] - The majority of new issuances were medium-term products (3-6 months and 1-3 years), accounting for 88.44% of the total, indicating a preference for liquidity [15][16] Group 5: Performance Tracking - The average performance benchmark for all newly issued products in October 2025 was 2.50%, with a slight decrease of 0.03 percentage points, maintaining stability [17] - Fixed-income and pure debt products accounted for 92.29% of new issuances, reflecting a conservative investment approach amid an "asset shortage" environment [21] Group 6: Yield Tracking - The median annualized yield for pure debt products increased with the holding period, with 3-year yields reaching 3.56%, significantly higher than daily open products at 1.65% [31] - Equity products exhibited high volatility, with daily open yields reaching 26.32%, but short-term yields showed negative returns, indicating market fluctuations [31] Group 7: Overall Market Trends - The bank wealth management market in October 2025 displayed characteristics of "steady growth, structural optimization, and concentration among leading institutions," with expectations for further diversification and innovation in product offerings [11][26] - The industry is moving towards a more regulated and diversified development, with a focus on long-term asset management and multi-asset allocation strategies [39]

连续三年获评"杰出银行理财子公司"天玑奖，充分彰显了行业对于平安理财资产管理能力和经营成果的 充分肯定，更是对公司服务实体经济高质量发展、积极践行"金融为民"理念的高度认可。 11月19日，由《证券时报》主办的"2025(第七届)中国银行业天玑奖"颁奖典礼在深圳举行。凭借专业精 进的投研能力、具有竞争力的产品矩阵、持续迭代的数字科技等方面优势，平安理财再度揽获两项殊荣 ——杰出银行理财子公司、杰出银行理财团队。 作为银行界乃至金融业的权威奖项之一，"天玑奖"是《证券时报》发起的年度大型金融业评选奖项，迄 今已成功举办了七届。该评选主要重点关注商业银行等金融机构在近一年中的进步和发展，并捕捉银行 理财、财富管理、私人银行等领域的业务亮点。 作为平安银行的全资理财子公司，平安理财紧紧围绕母行"零售做强、对公做精、同业做专"的战略方 向，持续提升专业投研、产品体系、渠道经营、运营服务、风险管理方面"五位一体"的能力，构建多元 化人才队伍和数据科技创新"双擎驱动"的竞争优势。一直以来，平安理财始终坚持审慎稳健的风险偏 好，打造以"稳"为特色、聚焦绝对收益目标的产品体系，致力于以更强的责任担当、更扎实的投研能力 守护老 ...

Core Viewpoint - The article highlights the deceptive practices in the wealth management industry, particularly the "ranking" strategy used by some financial companies to attract investors with high-yield products that often underperform in reality [1][2][3]. Group 1: Marketing Strategies - Some wealth management companies utilize a "ranking" strategy to promote new products by showcasing them as high-yield options through third-party platforms and media, which can mislead investors [1][2]. - The "ranking" products, referred to as "wealth management assassins," are designed to attract investors quickly, but they often result in disappointing returns upon redemption [1][2]. Group 2: Valuation Techniques - Companies employ various valuation techniques, such as "T-1 valuation," to artificially inflate short-term yields, which distorts the true risk-return profile of the products [2][3]. - The "T-1 valuation" allows investors to buy at a previous day's lower net value, creating an illusion of higher returns, but it can misrepresent the actual performance and risks involved [2]. Group 3: Market Dynamics - The wealth management market has reached a scale of 32.13 trillion yuan by the end of Q3 this year, indicating a shift from rapid growth to a focus on stability and capability-driven competition [3]. - Companies are recognizing the need to enhance their independent research and active management capabilities to remain competitive in the net value era [3]. Group 4: Investor Behavior - Investors are becoming more cautious and are advised to focus on the stability of returns rather than being lured by high-yield products, emphasizing the importance of understanding product contracts and performance metrics [4]. - It is recommended that investors develop a habit of regularly reviewing product reports and seek professional analysis to avoid common pitfalls associated with chasing high returns [4].