最近和朋友聊天时，发现一个有趣的现象：原本对理财"佛系"的同事，开始频繁询问"黄金"相关的产 品。一问才知道，身边不少人被金价"狂飙"的走势震撼——国际现货黄金突破3600美元/盎司后，依 然"势如破竹"，连带银行理财市场也掀起了一股"固收+黄金"的配置热潮。 今天我们就来聊聊，这类策略如何成为银行理财的"新宠"，以及它是否适合你的投资偏好。 简单来说，"固收+黄金"策略是以债券等固收类资产为"压舱石"，搭配黄金ETF或衍生品作为"加速 器"。 这种组合的底层逻辑在于：固收资产提供稳定收益，黄金则对冲通胀、地缘风险，并捕捉市场波动中的 超额回报。 以招银理财某款产品为例，其85%资金投向高等级信用债，7.5%配置黄金ETF，剩余部分通过量化中性 策略增厚收益。2025年初至今，这类产品的平均年化收益率达2.37%，明显高于纯固收产品的2.13%。 为什么黄金成了"香饽饽" 你的投资期限是否足够长 黄金的避险属性需时间验证。历史数据显示，黄金在降息周期中往往表现更优，但短期可能因政策调整 或市场情绪出现震荡。银行理财通常设置6个月至1年封闭期，更适合中长期持有。 你是否追求"稳中求进" 避险需求：地缘冲突常态化 ...

Group 1 - The core viewpoint of the articles highlights the shift in deposit flows towards bank wealth management products due to the reduction in deposit interest rates by major banks and subsequent adjustments by smaller banks, leading to a significant net growth in the balance of wealth management products [1][2] - In August, among the top 14 wealth management companies, 12 reported a net increase in their balance, with a total growth of approximately 285.7 billion yuan, bringing the total scale to 25.02 trillion yuan [1] - The month-on-month increase in August was lower than July's increase of about 1.8 trillion yuan, attributed to seasonal fluctuations in bank deposits at the beginning of the second half of the year [1] Group 2 - State-owned banks' wealth management companies are the primary beneficiaries of the deposit "migration," with the four major state-owned banks collectively increasing their wealth management scale by 144.2 billion yuan in August, accounting for about half of the total increase among the 14 companies [2] - ICBC Wealth Management led the industry with a monthly growth of approximately 65 billion yuan, followed closely by Minsheng Wealth Management, which also exceeded 60 billion yuan in growth [2] - As of the end of August, the six wealth management companies with scales exceeding 2 trillion yuan are ranked as follows: China Merchants Bank Wealth Management (2.53 trillion yuan), Xingye Wealth Management (2.38 trillion yuan), Xinyu Wealth Management (2.25 trillion yuan), Agricultural Bank Wealth Management (2.1 trillion yuan), ICBC Wealth Management (2.1 trillion yuan), and Bank of China Wealth Management (2.05 trillion yuan) [2]

Core Insights - The banking wealth management industry is undergoing significant changes, with a reshuffling of market positions and a growing "Matthew effect" similar to that seen in public funds [1] - Xingyin Wealth Management has maintained a leading position in the industry, ranking 90th globally and 8th in China according to the IPE's "2025 Global Asset Management 500 Strong" list [1] - The company emphasizes a shift from resource-driven growth to capability-driven growth, focusing on enhancing adaptability through ecosystem co-construction, product system restructuring, and multi-asset strategy platform development [1][3] Strategic Development - Xingyin Wealth Management's strategy is encapsulated in the "365" transformation framework, which includes six major restructurings and five capability enhancements [3] - The company aims to build a first-class asset management institution by focusing on principles of appropriateness, marketability, and adaptability [3] Capability Building - Future capability development will focus on four areas: customer demand insight and product innovation, diversified asset allocation management, customer service system enhancement, and digital transformation with AI [4] - The company plans to leverage big data and AI to better understand customer profiles and enhance product offerings [4] Product Development - The company has established an "8+3" product blueprint, dynamically optimizing its product system based on customer needs and market characteristics [6] - Recent product offerings include a range of strategies, such as "cash+" and "fixed income+", which have performed well in terms of scale and results [7] Channel Strategy - Xingyin Wealth Management has made significant strides in channel development, focusing on building a collaborative ecosystem with banks to enhance product accessibility [8] - The integration of wealth management and asset management is becoming more pronounced, with a focus on standardization and regulatory compliance [8] Research and Investment Framework - The investment research framework is structured around a "234N" model, emphasizing dual investment modes and a three-tier decision-making system [10] - The company is enhancing its research capabilities by establishing agile teams and promoting collaboration across departments [11][12]

Group 1 - In August, leading wealth management companies in the market continued to experience net inflows, with a total scale growth of approximately 285.7 billion yuan, bringing the total scale to 25.02 trillion yuan [1] - Among the top 14 wealth management companies, 12 achieved net growth in their balance, with the largest contributors being state-owned banks [2] - The overall scale of the banking wealth management industry is estimated to have surpassed 33 trillion yuan, driven by the demand for "fixed income plus" products and corporate wealth management needs [2][3] Group 2 - The four wealth management companies under major state-owned banks contributed a total growth of 144.2 billion yuan in August, accounting for about half of the total increase among the 14 companies [2] - The demand for corporate wealth management has shifted due to declining interest rates and market uncertainties, leading companies to seek better returns on idle funds [3] - The issuance of new equity and mixed-asset products has significantly increased, with 8 new equity products and 45 mixed products launched in July 2025, surpassing the monthly average from the first half of the year [3]

在多重因素推动下，国际金价近期持续上涨。9月10日，伦敦现货黄金价格报3650.75美元/盎司，年内 累计涨幅超40%，突破历史高位。 【导读】国际金价持续上涨，多家理财子公司密集"上架"黄金理财 金价持续上涨也促使银行理财子公司加大对黄金理财产品的布局。自9月以来，招银理财、光大理财等 多家理财子公司相继趁势密集发行挂钩黄金的理财产品。据统计，截至目前，市场上存续黄金理财有48 只，其中14只为理财子公司于年内发行。 在业内人士看来，受市场投资与避险需求的双重推动，国际金价中长期仍处于震荡上行通道。当前，理 财子公司参与黄金业务的公司数量还较少，预计未来会有更多公司参与，并探索更多黄金配置策略，相 关"黄金+"理财产品的发行节奏也将明显加快。 黄金理财发行"热潮"再现 趁着国际金价持续上涨，黄金理财发行"热潮"再现。 9月3日，招银理财发布产品成立公告，招银理财招睿焦点联动黄金5号固收类理财计划于9月2日成立， 挂钩标的为SGE黄金9999。此前，8月中旬，招银理财已发行了一只挂钩黄金的理财产品。 9月4日，光大理财阳光青臻盈7期（黄金挂钩策略）固定收益类理财产品也进入募集期。 中国理财网信息显示，截至9月 ...

【导读】国际金价持续上涨，多家理财子公司密集"上架"黄金理财 在多重因素推动下，国际金价近期持续上涨。9月10日，伦敦现货黄金价格报3650.75美元/盎司，年内 累计涨幅超40%，突破历史高位。 金价持续上涨也促使银行理财子公司加大对黄金理财产品的布局。自9月以来，招银理财、光大理财等 多家理财子公司相继趁势密集发行挂钩黄金的理财产品。据统计，截至目前，市场上存续黄金理财有48 只，其中14只为理财子公司于年内发行。 在业内人士看来，受市场投资与避险需求的双重推动，国际金价中长期仍处于震荡上行通道。当前，理 财子公司参与黄金业务的公司数量还较少，预计未来会有更多公司参与，并探索更多黄金配置策略，相 关"黄金+"理财产品的发行节奏也将明显加快。 黄金理财发行"热潮"再现 趁着国际金价持续上涨，黄金理财发行"热潮"再现。 9月3日，招银理财发布产品成立公告，招银理财招睿焦点联动黄金5号固收类理财计划于9月2日成立， 挂钩标的为SGE黄金9999。此前，8月中旬，招银理财已发行了一只挂钩黄金的理财产品。 9月4日，光大理财阳光青臻盈7期(黄金挂钩策略)固定收益类理财产品也进入募集期。 中国理财网信息显示，截至9月 ...

【 导读 】国际金价持续上涨，多家理财子公司密集"上架"黄金理财 中国基金报记者 马嘉昕 在业内人士看来，受市场投资与避险需求的双重推动，国际金价中长期仍处于震荡上行通 道。当前，理财子公司参与黄金业务的公司数量还较少，预计未来会有更多公司参与，并探 索更多黄金配置策略，相关"黄金+"理财产品的发行节奏也将明显加快。 黄金理财发行"热潮"再现 趁着国际金价持续上涨，黄金理财发行"热潮"再现。 9月3日，招银理财发布产品成立公告，招银理财招睿焦点联动黄金5号固收类理财计划于9月 2日成立，挂钩标的为SGE黄金9999。此前，8月中旬，招银理财已发行了一只挂钩黄金的理 财产品。 9月4日，光大理财阳光青臻盈7期（黄金挂钩策略）固定收益类理财产品也进入募集期。 中国理财网信息显示，截至9月11日，名称含有"黄金"的存续理财产品共有48只。其中，银 行理财子公司存续的黄金理财有17只，14只产品于年内发行。 银行理财产品配置黄金的方式主要有两种：一种是"固收+"类理财产品，"+"的资产主要与黄 金有关。如黄金ETF，其投资比例按规定要在10%以内，一般在5%左右。另一种是与黄金标 的挂钩的结构化理财产品，主要投资黄金 ...

Banking Wealth Management Products - A total of 1,241 new wealth management products were launched from August 23 to September 5, 2025, with an average performance benchmark of 2.50%[11] - The proportion of fixed-income products slightly decreased from 98.36% to 97.74%[11] - Wealth management companies issued 900 products, accounting for 72.52% of the total, with an average performance benchmark of 2.54%[11] Fund Products - 80 new public funds were established, with a total issuance scale of 557.78 billion units, a 67.71% increase from the previous period[24] - Stock funds accounted for 49.29% of the new issuance scale, with 52 new funds totaling 274.94 billion units[25] - Mixed funds saw a significant increase, with 16 new funds totaling 175.03 billion units, a 170.20% increase[25] Insurance Products - 317 new insurance products were launched, representing a 268.60% increase compared to the previous period[3] - Life insurance products accounted for 193 new issuances, up 232.76% from 58 in the previous period[3] - Annuity insurance saw 124 new products, a 342.86% increase from 24 in the previous period[3]

Core Insights - The banking wealth management industry is undergoing significant changes, with a clear shift in market leadership towards more market-oriented joint-stock banks, leading to a pronounced Matthew effect [1] - Xingyin Wealth Management has consistently ranked among the top players in the industry, being recognized in the "2025 Global Asset Management 500" list, currently positioned 90th globally and 8th in China [1] - The company emphasizes a transition from resource-driven growth to capability-driven growth, focusing on enhancing adaptability through ecosystem collaboration, product system restructuring, and multi-asset strategy platform development [1][4] Industry Development - The wealth management industry is transitioning from a focus on real estate and government platforms to a new triangle of technology, industry, and finance, facilitating a shift in residents' wealth allocation towards financial assets [5] - The industry is moving towards standardization, regulation, and transparency, which supports the growth of residents' property income and meets the direct financing needs of the real economy [5] Strategic Positioning - Xingyin Wealth Management's strategic development is guided by a "365" transformation strategy, focusing on suitability, marketability, and adaptability, while implementing six major restructurings and five capability enhancements [4] - The company aims to build a first-class asset management institution, with a clear understanding of industry development logic and future strategic positioning [4] Capability Building - The company plans to enhance its capabilities in four key areas: customer demand insight and product innovation, large asset allocation management and multi-strategy application, customer service system construction, and digital transformation with AI [6][7] - The focus on customer needs requires a shift from fixed income to multi-asset strategies, optimizing customer experience and creating value [6] Product Innovation - Product innovation is essential for the company, with a focus on aligning product creation with customer needs and ensuring effective lifecycle management [8] - The company has developed a product blueprint "8+3" and has successfully launched several product lines that cater to varying customer demands, emphasizing sustainable income generation [9][10] Channel Development - Xingyin Wealth Management has established a comprehensive channel coverage and is focused on deepening collaboration with banks to enhance the effectiveness of wealth management services [12] - The company recognizes the importance of adapting to regulatory changes and market dynamics to ensure effective customer engagement and product delivery [12][13] Research and Investment Framework - The investment research framework of Xingyin Wealth Management is structured around a "234N" model, emphasizing both self-directed and outsourced investment strategies [15] - The company is enhancing its research capabilities by establishing agile teams and promoting collaboration across departments to improve decision-making and investment performance [17][18]

在今年上半年末站上30万亿规模的银行理财（截至2025年6月末，银行理财市场存续规模达30.67万亿元），有明显的 分化正在发生。 首先是盈利能力。 共计15家理财公司净利润较2024年上半年实现增长，增幅超过20%的理财公司包括浦银理财、上银理 财、渝农商理财、中银理财和华夏理财；而平安理财、青银理财净利润同比下降幅度均超过30%。 净利润表现分化：1 5增7降 近日，上市银行2025年半年报披露的旗下理财公司业绩显示，目前净利润保持在10亿元以上的理财公司有6家，分别为招 银理财（13.64亿元）、中银理财（13.58亿元）、农银理财（12.73亿元）、兴银理财（12.62亿元）、信银理财（11.96亿 元）和光大理财（10.63亿元）。 业绩表现方面，上半年净利润同比增长的理财公司有15家，增长幅度在0.4%至76.19%之间；净利润同比下滑的共有7家， 下降幅度在2.78%至41.28%之间。 具体来看，净利润同比增长超10%的理财公司有9家，其中浦银理财、上银理财、渝农商理财利润增幅分别为76.19%、 37.35%和28.26%，显示出超出同业的高利润增速；中银理财、华夏理财增幅分别为22.23% ...