Core Viewpoint - The article highlights the ongoing shift in residents' wealth allocation from a "savings-oriented" approach to an "investment-oriented" strategy, as evidenced by the growth in the bank wealth management market despite recent net value declines [3][5]. Market Size and Growth - As of the end of October, the total scale of bank wealth management reached 33.18 trillion yuan, marking a month-on-month increase of approximately 1.05 trillion yuan and a year-to-date increase of 3.23 trillion yuan, slightly above the average level for the same period over the past three years [4][5]. - The growth in wealth management scale is attributed to the "deposit migration" phenomenon, driven by the declining deposit rates and the relatively higher returns from wealth management products [5][6]. Performance and Yield Trends - Despite the strong performance of the equity market this year, wealth management products experienced two rounds of net value declines in February-March and August-September. However, the data indicates that investors continued to increase their investments in wealth management products during these downturns [5][7]. - Wealth management yields have been under pressure, showing a quarterly decline. In the first quarter, the total returns for investors were 206 billion yuan, which decreased to 183.6 billion yuan in the second quarter and further to 179.2 billion yuan in the third quarter [7][8]. Structural Changes and Future Outlook - The current wealth management market is characterized by "expanding scale, declining yields, and structural differentiation." While funds continue to flow in, the average yields are under pressure, leading to a concentration of products in fixed income [8][9]. - Analysts expect the wealth management scale to continue growing, with estimates suggesting an increase of 300 billion to 400 billion yuan in November, driven by seasonal factors and the relative yield advantages of fixed income products [9][10]. - In the medium to long term, the wealth management market may face challenges with declining yield levels, as monetary policy is expected to remain moderately loose, potentially leading to further decreases in bond market interest rates [9][10].

中证报中证网讯（记者 张佳琳）深化清廉文化建设，是银行理财行业坚守本源、行稳致远的重要保 障。工银理财近日对记者表示，该公司党委高度重视，始终将清廉文化建设摆在突出位置，以"思想铸 魂、制度立规、监督护航、作风塑形、文化浸润"为着力点，积极探索既契合理财行业特点，又能彰显 国有金融企业责任担当的清廉文化建设新路径，为高质量发展注入了强劲的"廉动力"。 系统施策强根基：五维协同织密清廉防护网 据悉，工银理财党委、纪委坚持同题共答、同向发力，将清廉文化建设与业务发展深度融合，从"思 想、制度、监督、作风、文化"五大维度精准发力，构建起"教育引导—制度约束—监督制衡—作风培养 —文化浸润"的工作体系，切实把清廉要求转化为公司发展的内生动力。 具体而言，强化政治统领。工银理财党委定期会同纪委专题研究部署清廉文化建设重点任务，推动制定 并实施新时代廉洁文化及清廉理财建设方案，并纳入公司整体规划。深化理论武装。公司党委依托理论 中心组学习、"第一议题"、"三会一课"等，示范并带动各支部深化学习，以理论清醒确保方向正确、行 动自觉。建强战斗堡垒。创新发布理财行业首个清廉品牌"清风理财 筑廉红心"，制发《清廉支部建设 特色工 ...

Investment Rating - The report indicates a positive outlook for the banking wealth management industry, particularly in the context of the nationwide promotion of pension wealth management products [3]. Core Insights - The expansion of pension wealth management trials to a national level marks a significant shift, enhancing the third pillar of the pension system in China [10][11]. - The introduction of a new direct registration system for wealth management products is expected to improve data governance and operational efficiency across the industry [12][13]. - Recent trends show an increase in annualized returns for cash management products, with a recorded rate of 1.29%, reflecting a slight increase from the previous week [14][18]. Summary by Sections Regulatory and Industry Dynamics - The National Financial Regulatory Administration issued a notification promoting the sustainable development of pension wealth management, expanding trials nationwide and increasing the fundraising limits for wealth management companies [10][11]. - The new system implemented by ICBC Wealth Management and Suzhou Wealth Management enhances data reporting and regulatory oversight, improving the management of sales personnel and investor protection [12][13]. Yield Performance - Cash management products saw a near 7-day annualized yield of 1.29%, up 1 basis point from the previous week, while money market funds decreased to 1.16% [14][18]. - The overall bond market remains favorable, although market sentiment is expected to remain subdued due to ongoing uncertainties [16][17]. Net Value Tracking - The net value ratio of banking wealth management products decreased to 0.78%, down 0.32 percentage points, indicating a potential pressure on the net value if credit spreads continue to widen [23][25].

Market Overview - The bond market showed strength under the central bank's liquidity support, with credit bond yields declining across the board [1] - The A-share market experienced a high-level correction, with major indices showing volatility, particularly in the small and mid-cap growth indices [1] - Most sectors declined, with banking, coal, food and beverage, transportation, and textile and apparel sectors showing gains, while electronics, automotive, communications, machinery, and basic chemicals sectors faced significant losses [1] Break-even Situation - As of November 3, 2025, there are 30,539 active public wealth management products, with 92 products having a cumulative net value below 1, resulting in a comprehensive break-even rate of 0.3% for bank wealth management [2] - The break-even rates for equity and mixed wealth management products are 8.9% and 1.97%, respectively, while fixed income public wealth management products have a break-even rate of 0.18% [2] New Product Issuance - A total of 456 wealth management products were issued by 31 wealth management companies from October 27 to October 31, with the largest issuers being Ping An Bank Wealth Management (47 products) and Huaxia Wealth Management (30 products) [3] - The newly issued products primarily consist of R2 (medium-low risk), closed-end net value type, and fixed income public products, with only 4 mixed products and 1 equity product launched [5] Product Pricing - The pricing of newly issued products varied by duration, with products over three years increasing to 2.82%, reversing the previous inverted pricing trend [5] - Products with a duration of less than one month saw a 10 basis point increase to over 2%, while 1-3 month products decreased by 16 basis points, with other durations remaining relatively stable [5] Earnings Situation - As of November 3, the average net value growth rate for public RMB wealth management products over the past week was 0.10%, with equity products showing the highest growth at 1.73% [8] - Fixed income and mixed wealth management products had average net value growth rates of 0.1% and 0.26%, respectively [8] Negative Yield Situation - Approximately 14.35% of RMB public wealth management products experienced negative returns over the past week, with fixed income, mixed, and equity products showing negative return ratios of 11.99%, 20.37%, and 66.9%, respectively [11] - The proportion of negative return mixed products increased, while fixed income and equity products saw a decrease in negative return ratios [11] Industry Hotspots - The pilot program for pension wealth management has been expanded nationwide, with the fundraising limit for each wealth management company raised to five times the net capital after risk capital deductions [11] - In Q3, the scale of bank wealth management reached a new high of over 32 trillion, with fixed income remaining the dominant asset class, although there is a noted increase in equity investments [12] - Wealth management companies are diversifying their asset allocations, with some reporting a 3% increase in equity investments and growing allocations to gold, US stocks, US bonds, and technology innovation bond ETFs [12]

Core Viewpoint - The article emphasizes the need to convert residents' savings into social investments to enhance wealth preservation and growth, especially in the context of declining bank deposit interest rates [1][2]. Group 1: Current Situation - Residents' savings have reached 164.5 trillion yuan, representing a significant amount of wealth [1]. - The continuous decline in bank deposit interest rates poses a risk of devaluation for residents' savings, prompting a need for alternative investment strategies [1]. Group 2: Investment Opportunities - The article suggests that if residents find suitable investment paths, converting savings into social investments can benefit wealth preservation and growth [1]. - The influx of residents' savings into the stock market can support its development, as long as it is not viewed merely as "buying the dip" [1]. Group 3: Development of Financial Markets - The transformation of residents' savings into social investments can also foster the growth of the fund industry, as residents prioritize safety in their investments [1]. - Investment options such as bonds and funds are recommended over direct stock investments for their relative safety [1]. Group 4: Recommendations for Encouraging Investment - The article proposes three strategies to facilitate the conversion of savings into social investments: 1. Conduct nationwide investor education to raise awareness about investment knowledge and risks, particularly in preventing investment fraud [2]. 2. Promote stable stock market operations to avoid prolonged downturns and volatility, creating a profitable environment for ordinary investors [2]. 3. Address substantive issues in the stock market to boost investor confidence, such as improving the quality of listed companies and enhancing investor protection measures [2].

Core Viewpoint - Financial institutions must deeply understand and meet the urgent needs of the elderly population regarding wealth preservation, stable growth, flexible withdrawals, and inheritance planning, as this is essential for high-quality development in a rapidly aging society [1] Group 1: Event Overview - On the Double Ninth Festival, Shanghai Bank Wealth Management and 21st Century Business Herald launched an online dialogue event titled "Wealth Forever: Shanghai Wealth Asset Allocation Festival" [1] - The event featured Professor Peng Xizhe from Fudan University, who discussed the population structure of Shanghai and how to scientifically plan for elderly life [1] Group 2: Elderly Population Insights - In Shanghai, 39% of the registered population is over 60 years old, and 29.4% are over 65, indicating a significant aging trend comparable to Japan [1] - The concept of "active elderly" should replace negative stereotypes associated with aging, emphasizing that retirement does not equate to a decline in life quality [2] Group 3: Financial Planning for Longevity - The approach to retirement planning has shifted from "consuming savings" to "long-term management," focusing on sustaining wealth over 30-50 years [2] - Financial planning now aims to support a vibrant "second life" rather than merely ensuring financial security [2] Group 4: Health and Financial Security - Health is prioritized over merely accumulating wealth, as it is crucial for maintaining the ability to generate income and avoid unexpected medical expenses [3] - The newly launched "Anxin Yixuan Changying (You Enjoy Dividend)" series by Shanghai Bank Wealth Management aims to provide sustainable cash flow for elderly clients [3] Group 5: Asset Allocation Strategies - A diversified asset allocation strategy is recommended, combining various financial products to achieve risk hedging and long-term stability [4] - The traditional view of inheritance should shift towards pre-planning and orderly gifting during one's lifetime to avoid disputes and witness family joy [5] Group 6: Market Demand for Elderly Financial Products - There is a mismatch in supply and demand for financial products tailored to the elderly, with a focus on safety and stability rather than high returns [6] - Bank wealth management products, primarily fixed-income, are well-suited to meet the stable growth needs of elderly clients [6] Group 7: Financial Institutions' Role - Financial institutions must act as "gatekeepers" to prevent risks, emphasizing the importance of choosing reputable and regulated entities [7] - Investor education is crucial to help clients understand the importance of stability over high returns and to avoid scams [7]

Core Viewpoint - The banking wealth management industry is undergoing a transformation towards "multi-asset multi-strategy" approaches to cope with low interest rates, asset scarcity, and high market volatility, aiming to enhance returns and manage risks effectively [4][5][10]. Industry Trends - As of the end of Q3 2025, the total scale of bank wealth management reached 32.13 trillion yuan, with over 80% of funds still allocated to fixed-income assets, highlighting the need for diversification [4]. - The negative effects of the low-interest-rate environment have become apparent, with the performance benchmark for newly issued fixed-income products dropping from over 4% at the end of 2021 to approximately 2.4% by September 2023 [4]. Strategic Shifts - The industry consensus is shifting from "asset-driven" to "strategy-combination-driven" approaches, emphasizing the need for diversified asset allocation to enhance returns and reduce risks [5][10]. - Banks are increasingly incorporating alternative assets such as REITs, gold, and overseas investments into their portfolios to achieve a more robust multi-asset strategy [10][12]. Challenges in Implementation - The transition to a multi-asset strategy is not straightforward, as banks face challenges in aligning investment styles between newly recruited equity managers and existing risk management frameworks [7][8]. - Conflicts often arise between investment teams and risk management departments regarding the timing of profit-taking and risk exposure, complicating the implementation of multi-asset strategies [8][9]. Internal Management and Technology - The shift towards multi-asset strategies necessitates a comprehensive overhaul of internal management processes, including trading links, risk control, information disclosure, and compliance operations [13][14]. - The need for automation and advanced technologies like AI is emphasized to manage the complexities of multi-asset investment strategies and ensure compliance with regulatory requirements [13][14]. Risk Management Evolution - A new risk control model is being developed to adapt to the multi-asset strategy, focusing on the individual risk characteristics of different assets and their interactions [14][15]. - The industry is moving towards a more systematic approach to risk management, emphasizing the balance between low risk and high returns [14][15].

Core Viewpoint - The banking wealth management sector is undergoing a transformation towards a "multi-asset, multi-strategy" approach to address challenges posed by low interest rates, asset scarcity, and market volatility, necessitating a comprehensive restructuring of investment strategies, asset acquisition, trading processes, risk control, product disclosure, and compliance operations [2][4][5]. Group 1: Industry Challenges and Transformation - The banking wealth management industry is facing significant challenges due to the low interest rate environment, which has led to a decline in the returns of fixed-income assets, impacting the overall performance of wealth management products [4][5]. - As of the end of Q3 2023, the total scale of bank wealth management reached 32.13 trillion yuan, with over 80% of funds still allocated to fixed-income assets, highlighting the need for diversification [4]. - The transition to a "multi-asset, multi-strategy" model is seen as essential for creating stable and attractive returns in the current market landscape [4][5]. Group 2: Implementation of Multi-Asset Strategies - Banks are actively expanding their investment teams to include equity investments, quantitative strategies, and alternative assets such as REITs and gold, aiming to enhance returns and mitigate risks [2][11]. - The integration of diverse asset classes requires a shift from traditional fixed-income strategies to a more dynamic approach that emphasizes risk management and performance consistency [5][11]. - The challenges of aligning investment styles between new hires from brokerage firms and the conservative investment philosophy of bank wealth management teams have led to difficulties in achieving cohesive strategies [8][9]. Group 3: Internal Management and Risk Control - The shift to a "multi-asset, multi-strategy" framework necessitates a complete overhaul of internal management processes, including trading links, risk control iterations, information disclosure, and compliance operations [14][15]. - The complexity of managing diverse investment strategies requires advanced technology solutions, such as AI and automation, to enhance operational efficiency and ensure compliance with regulatory requirements [15][16]. - A new risk control model is being developed to adapt to the multi-asset environment, focusing on the unique risk characteristics of different assets and strategies while ensuring low correlation among them to achieve better risk diversification [16][17].

中央金融工作会议提出，做好科技金融、绿色金融、普惠金融、养老金融、数字金融"五篇大文章"。银 行理财子公司是中国特色金融体系的重要组成部分，做好金融"五篇大文章"是理财子公司提升服务实体 经济能力，助力经济社会高质量发展的应有之义。兴银理财积极贯彻中央金融工作会议精神，践行金融 工作的政治性、人民性，将银行理财业务发展与"五篇大文章"深度融合，在提升服务实体质效的同时， 为自身高质量发展注入新动能。 激活科技金融发展引擎 科技是第一生产力，创新是第一动力。然而以技术为导向的科创企业往往具有研发周期长，不确定性大 等特点。此前，党的二十届三中全会提出，要构建同科技创新相适应的科技金融体制，完善长期资本投 早、投小、投长期、投硬科技的支持政策。兴银理财坚决落实党中央、国务院各项决策部署，深入贯彻 国家创新驱动发展战略，迎难而上、聚焦重点，引导理财资金投向助力现代化产业创新的领域，以全生 命周期综合化服务方案助力科创企业成长，扎实做好科技金融首篇大文章。 依托于母行及自身牌照优势，兴银理财持续丰富科技金融投融资工具箱，聚焦于新兴产业中节能环保产 业、新一代信息技术产业、生物产业、高端装备制造产业等九大领域，积极挖掘 ...

Core Viewpoint - The recent notice from the National Financial Supervision Administration aims to promote the sustainable development of pension financial products by expanding the pilot areas nationwide and encouraging the issuance of long-term pension financial products, addressing liquidity issues and enhancing the third pillar of retirement planning in China [1][3]. Group 1: Policy Changes - The pilot areas for pension financial products will expand from 10 cities to nationwide, with a trial period of three years [1]. - The notice encourages the issuance of pension financial products with a term of over ten years or a minimum holding period of five years [1][3]. - The upper limit for fundraising by a single financial company for pension products will be increased to five times the net capital after deducting risk capital [3]. Group 2: Market Performance - As of October 31, 2025, 10 banks have issued 53 pension financial products with a total fundraising scale of 107.96 billion yuan [1]. - The average annualized return of pension financial products over the past year is 10.12%, significantly higher than money market funds [2][3]. - The most popular pension products are pension savings and pension financial products, with the latter attracting medium-risk preference investors due to higher returns [2]. Group 3: Challenges and Recommendations - Current pension financial products are primarily five-year terms, with only one ten-year product available, leading to limited investor participation [3][5]. - There is a significant issue of product homogeneity, with most products adopting a "fixed income+" strategy, lacking differentiation based on age, health, and care needs [5]. - Recommendations include diversifying product types, such as introducing customized products linked to pension industry REITs or healthcare themes [5]. Group 4: Tax Policy Implications - Tax policy is a critical factor affecting the competitiveness of pension financial products, with current tax benefits being less favorable compared to commercial pension insurance [6]. - Future efforts should focus on enhancing tax incentives for pension financial products, such as allowing tax exemptions on the returns of specific long-term products [6].