10月1日，现货黄金短线拉升，站稳3890美元/盎司大关，伦敦金现最高价一度突破3895美元/盎司，再 创历史新高。 中国银行研究院银行业与综合经营团队主管邵科表示，相对而言，黄金作为传统的"避风港"资产，为全 球央行持续增持，具有中长期的资产配置价值，合理配置可以在一定程度上满足投资者的稳健收益需 求。 9月份国际金价累计上涨10.16% 创2011年8月以来最大单月涨幅 回顾整个9月，美联储开启降息周期、美国联邦政府面临"停摆"危机、发达经济体债务可持续性被市场 质疑等因素，综合推动国际金价屡创新高，全月累计上涨10.16%，创2011年8月以来最大单月涨幅。 金饰价格方面，10月1日，周生生足金饰品标价达到1130元/克，较9月30日上涨5元/克。 | | 品牌金价 | | 1 0 . .. | | --- | --- | --- | --- | | 品牌黄金价格 | | 最新:2025.10.01 16:17 | | | 日期 | 名称 | 价格 | 涨跌 | | 10.01 | 水贝黄金 | 882.8 元/克 | 实时 | | 10.01 | 周大福 | 1129元/克 | 涨6 | | 10.0 ...

就说 20 万存 3 年，以前年利率2.45%，到期能拿 14700 元利息。 现在利率降到 1.55%，利息直接少了 5400 元，够大半个月生活费。 总觉得把钱存定期，有银行兜底最安心。 可最近算的一笔账，彻底改了这想法。 更揪心的是，活期利率才 0.05%-0.2%，钱放着跟 "睡大觉" 似的。 但有人换了思路，像把钱拆成两份，一半买银行理财（预期利率 3%），一半买金条（年初 660 元 / 克，现在涨到 830 元 / 克）。 既没冒大风险，收益还比定期高，这 "稳当货" 到底咋选？ 一、工资到账时，突然犯了难 发工资那天，我像往常一样点开银行 APP，看着活期账户里的数字，瞬间没了往日的踏实。 以前工资一到账，不用多想就直接转定期，可现在一年期定存利率才 1.1%，5 万块存一年利息就 550 块，够买几杯奶茶？ 够给手机充几个月话费？ 这场景，身边的朋友几乎都遇见过，曾经那笔 "稳稳的幸福"，怎么突然就不香了？ 二、身边人的 "存钱新思路" 小区里的刘阿姨，前阵子揣着 20 万到期存单去银行，回来时手里多了两份东西：一份银行理财合同， 还有一小盒沉甸甸的金条。 她逢人便念叨："往昔存 20 万 ...

Core Viewpoint - The performance of financial products is showing divergence, with "fixed income +" products gaining advantages in a volatile bond market, while pure fixed income products are experiencing a decline in yields [1][2][5] Asset Performance Divergence - Since late July, the bond market has seen adjustments, leading to a decline in yields for pure fixed income financial products, which primarily consist of bonds. The average annualized yield for open-ended fixed income products was 2.81%, down 0.23 percentage points from the previous month [1][2] Market Dynamics - Financial companies are reducing long-duration bonds to lower volatility, which further exacerbates the decline in yields. The bond market's adjustment is influenced by expectations of "anti-involution" policies and a stronger equity market, prompting a shift of funds from bonds to equities [2][3] Diversified Allocation Strategies - "Fixed income +" products are designed to balance risk and return by incorporating a mix of fixed income and equity assets. Strategies include investments in high-dividend stocks, gold, and various equity indices, aiming to enhance yields through diversified asset allocation [3][4] Future Outlook - The financial market is expected to face structural contradictions between ample funds and a scarcity of quality assets. "Fixed income +" products are anticipated to become important tools for balancing returns and volatility, with a potential increase in the scale of rights-inclusive financial products [5][6]

Group 1 - The total scale of wealth management products exceeded 30 trillion yuan, but the growth rate has slowed down. As of June 30, 2025, the total scale was 30.67 trillion yuan, an increase of 0.72 trillion yuan from the end of 2024, with a growth rate of 2.4%, down from 7.5% year-on-year [1][11][13] - The scale and proportion of wealth management companies continued to rise, while the scale of banking institutions continued to shrink. By June 30, 2025, the scale of wealth management products from wealth management companies was 27.48 trillion yuan, an increase of 1.17 trillion yuan, accounting for 89.6% of the total [2][13][14] Group 2 - Fixed income products remain dominant, accounting for 97.20% of the total wealth management products, although this proportion has slightly decreased. Mixed products have seen a slight increase in proportion [2][17][18] - The scale of cash management products has declined, while the scale of non-cash management products has continued to rise. As of June 30, 2025, open-ended products accounted for 80.93% of the total, with cash management products at 20.87% and non-cash management products at 60.06% [2][19][20] - The average duration of newly issued closed-end products has increased, with the proportion of closed-end products with a duration of over one year rising to 72.86% [2][23][24] Group 3 - The total investment assets of wealth management products reached 32.97 trillion yuan, an increase of 0.84 trillion yuan from the end of 2024, with a leverage ratio of 107.45% [3][30][36] - The scale of bond investments has decreased compared to the end of last year, while the proportion of deposits and public funds has increased significantly. As of June 30, 2025, bond investments accounted for 55.60% of total investment assets [4][31][34] - There has been a reduction in credit bond holdings, with a decrease of 0.42 trillion yuan compared to the end of 2024, while the holdings of interest rate bonds increased by 0.24 trillion yuan [5][42][44] Group 4 - In the future, the relative yield advantage of wealth management products will still have certain attractiveness, supporting the growth of the wealth management scale in the short term. However, the growth rate may slow down in the medium to long term due to the decline in underlying asset yields [6][46]

Report Summary 1. Industry Investment Rating The report does not mention the industry investment rating. 2. Core Viewpoints - The scale of wealth management products has returned to 30 trillion yuan, and it is expected to remain stable above 30 trillion in the second half of 2025. The scale of hybrid products is expected to continue to rise. [2] - The number and scale of wealth management products of bank institutions have decreased significantly, and the market is concentrating towards wealth management companies. It is expected that by the end of 2026, the wealth management market will continue to shift to wealth management companies. [2] - In the first half of 2025, wealth management products increased their allocation of public - offering funds and reduced their allocation of bonds and inter - bank certificates of deposit. The proportion of public - offering funds may continue to increase in the second half of the year. [2] - In the low - interest - rate era, the average yield of wealth management products has weakened, and the performance comparison benchmark of newly issued products of wealth management companies has continued to decline. [2] - The bond market may not have a trending market in the second half of 2025. It is recommended to focus on certain types of bonds and conduct interval trading. [2] 3. Summary by Related Content 3.1 Wealth Management Product Scale - As of H1 2025, the scale of the bank wealth management market was 30.67 trillion yuan, an increase of 0.72 trillion yuan compared to the end of 2024. The scale of cash - management products was 6.4 trillion yuan, a decrease of 0.9 trillion yuan compared to the end of 2024, and the proportion dropped from 24.4% to 20.87%. The scales of fixed - income (excluding cash), hybrid, and equity wealth management products were 23.4 trillion, 0.8 trillion, and 0.1 trillion yuan respectively, with proportions of 76.3%, 2.5%, and 0.2% respectively, increasing by 3.38 pct, 0.07 pct, and 0.02 pct respectively compared to the end of 2024. [2] - It is expected that the scale of wealth management products in the second half of 2025 may remain stable above 30 trillion yuan. [2] 3.2 Market Concentration - By the end of H1 2025, there were 226 wealth management institutions in the market, including 194 bank institutions and 32 wealth management companies, a decrease of 24 and an increase of 1 (Zheshang Bank Wealth Management) compared to the end of the previous year respectively. [2] - In terms of the number of products in existence, there were 13,900 products of bank institutions and 27,900 products of wealth management companies, a decrease of 2,100 and an increase of 3,600 respectively compared to the end of the previous year. [2] - In terms of the scale of products in existence, the scales of bank institutions and wealth management companies were 3.19 trillion and 27.48 trillion yuan respectively, with year - on - year changes of - 24.0% and + 13.0%. [2] 3.3 Asset Allocation - From the end of 2024 to H1 2025, the scales of bonds and inter - bank certificates of deposit decreased from 13.03 trillion and 4.31 trillion yuan to 12.82 trillion and 4.23 trillion yuan respectively. The allocation ratio of interest - rate bonds increased from 2.33% to 3.01%, and the scale reached 0.99 trillion yuan in H1 2025. The allocation ratio of credit bonds decreased from 41.11% to 38.79%, and the scale reached 12.79 trillion yuan in H1 2025. The allocation of public - offering funds increased significantly by 0.42 trillion yuan (the proportion in H1 2025 was 4.2%, an increase of 1.3 pct compared to the end of 2024) to 1.29 trillion yuan. [2] - The proportions of cash and bank deposits and non - standard debt assets in H1 2025 were 24.8% and 5.5% respectively, an increase of 0.9 pct and 0.1 pct respectively compared to the end of 2024. [2] 3.4 Product Yield - The annualized yield of wealth management products has been declining since H1 2023. In the first half of 2025, the average annualized yield of wealth management products was 2.12%, a decrease of 0.53 pct compared to the full - year yield in 2024. [2] - According to Puyi Standard, the performance comparison benchmark of newly issued products of wealth management companies has continued to decline, from 3.21% in Q1 2024 to 2.56% in Q2 2025, and it is expected that the lower limit of the benchmark may reach 2.0%. [2] 3.5 Bond Market Outlook - The report is bullish on the bond market in the short term, expecting the 10 - year Treasury bond yield to return to around 1.65%. After the adjustment, it is recommended to focus on certain types of bonds such as urban investment bonds, capital bonds, and insurance subordinated bonds. [2] - It is predicted that the 10 - year Treasury bond yield will fluctuate in the range of 1.6% - 1.8% in the second half of the year, and there may not be a trending market. The possibility of a significant bear market in the bond market is low, and it is also difficult for the bond market to have a significant bull market. It is recommended to conduct interval trading. [2]

Core Viewpoint - The depreciation of the US dollar by over 10% in the first half of the year has led to significant concerns among investors who entered dollar-denominated financial products at the beginning of the year, as many are now facing losses due to unfavorable exchange rates [1][6]. Group 1: Dollar Depreciation Impact - The dollar index has dropped to around 97 points, with a cumulative decline of 10.59% since the beginning of the year [1][6]. - Investors who exchanged RMB for USD at a rate of 7.35 are now experiencing losses, as the current exchange rate is approximately 7.17 [1][6]. - The depreciation of the dollar has been attributed to several factors, including a slowdown in the US economy, uncertainty regarding Federal Reserve policies, and a global trend of "de-dollarization" [6]. Group 2: Investment Behavior - Despite the depreciation, many investors are still looking to buy into dollar-denominated products, hoping to lock in high interest rates before potential Federal Reserve rate cuts [1][10]. - Some investors express a willingness to continue holding dollar deposits, prioritizing interest rate differentials over short-term exchange rate fluctuations [6][11]. - There is a notable increase in demand for dollar financial products, with some offerings showing annualized returns exceeding 4% [7][8]. Group 3: Financial Product Offerings - Various banks and financial institutions are offering competitive interest rates on dollar deposits, with rates for 3-month, 6-month, and 12-month terms ranging from 3.60% to 4.35% [7][8]. - A significant number of dollar-denominated financial products have been launched recently, with many fixed-income products offering annualized returns between 3.80% and 4.30% [8][9]. - Financial institutions are actively promoting dollar financial products, capitalizing on the current high-interest environment [10].

Core Viewpoint - The article discusses the significant divergence in gold price predictions among major international investment banks, highlighting a potential price difference of up to $1,000 per ounce by the end of the year [2][5]. Group 1: Gold Price Predictions - UBS Wealth Management maintains a bullish outlook, predicting gold prices to reach $3,500 per ounce by the end of the year, citing a strong increase in central bank gold purchases [3]. - Citigroup, on the other hand, has a bearish stance, forecasting gold prices to drop below $3,000 per ounce in the coming quarters, with a potential decline to $2,500-$2,700 by mid-2026 [4][7]. - Goldman Sachs predicts gold prices will rise to $3,700 per ounce by the end of 2025 and reach $4,000 by mid-2026, indicating a $700 price difference with Citigroup's forecast [6][7]. Group 2: Central Bank Behavior - Central banks have been increasing their gold reserves significantly, with over 1,000 tons added annually in the past three years, double the average growth rate of the previous decade [3]. - A recent survey by the World Gold Council indicates that 95% of central banks expect to increase their gold reserves in the next 12 months, reflecting ongoing strong demand for gold [3]. Group 3: Market Dynamics and Investment Products - The article notes that gold has been one of the best-performing asset classes this year, with a year-to-date increase of approximately 30% [10]. - Various structured financial products linked to gold have been successfully launched, with many achieving high returns, indicating strong market interest [11][16]. - Investment firms are increasingly offering products that combine fixed-income assets with gold exposure, catering to investors seeking to benefit from gold price movements while managing risk [15].

Core Insights - The Shanghai Financial Regulatory Bureau is guiding foreign financial institutions towards innovative development and encouraging foreign banks to leverage their cross-border networks and product advantages for differentiated competition and specialized development [1] Group 1 - The Shanghai Financial Regulatory Bureau is promoting foreign insurance companies to utilize global expert support teams to provide risk reduction services [1] - The bureau is guiding foreign-controlled wealth management companies to enhance investment management capabilities by relying on foreign shareholders' research and risk control experience, thereby enriching the product supply in the wealth management market [1]