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 ...

◎记者 徐潇潇 这类产品背后套路多多——为了在榜单上"出圈"，理财公司必须让"打榜"产品在特定时间窗口内展现出 远超同类产品的收益率。这其中的秘诀就在于借助估值"美颜术"，提高短期收益率。 估值是一种价格发现手段，采用何种估值法，直接影响理财产品净值。资管新规实施后，理财产品普遍 采用摊余成本法、市值法。为了稳住和提高产品收益率，不少理财公司就在估值法上做起了文章，逐渐 衍生出一些估值"美颜术"，且日趋技术化和隐蔽化。例如，利用"T-1估值"机制下的已知价申赎制造套 利窗口，在建仓期集中配置高息资产以拉高短期年化数据，通过信托通道在不同产品间腾挪收益，甚至 采用尾差调节等更不易察觉的操作。 其中，"T-1估值"成为近期部分机构"打榜"营销的新手段——即申购和赎回按前一日净值确认，而非当 日净值。在市场大涨时，投资者可按昨日较低净值买入，锁定当日涨幅；在市场大跌前，则可提前赎回 规避亏损。这种"已知价交易"虽看似便利，实则扭曲了产品的真实风险收益关系，还可能被用于将老产 品的收益输送至新发产品，制造短期高收益假象，以吸引资金流入。 从这一角度来看，借用估值手段过度"美颜"收益不仅掩盖了理财产品的真实风险，还可能 ...

Core Viewpoint - The practice of "wealth management ranking" has resurfaced, where financial institutions package high-yield products to attract investors, but actual returns often fall significantly short of expectations, raising concerns about transparency and investor experience [1][4]. Group 1: Mechanisms of "Wealth Management Ranking" - "Wealth management ranking" involves frequent issuance of small financial products, known as "shell products," which invest in short-term high-yield assets to inflate returns [2]. - Some financial institutions manipulate returns by reallocating profits from one investor to another, artificially boosting the yield of new products [2]. - The strategy is primarily driven by the need for financial institutions to increase their scale and revenue, as management fees are tied to the volume of assets under management [3]. Group 2: Implications for Investors - Investors often experience disappointing returns, leading to feelings of deception and dissatisfaction with their investment experience [4]. - As the scale of financial products increases, it becomes challenging to maintain high yields, resulting in a significant drop in actual returns compared to initial expectations [4]. - A cycle of speculative investment emerges, where investors continuously seek new high-yield products, further perpetuating the "wealth management ranking" phenomenon [4]. Group 3: Industry Response and Future Directions - Some financial institutions have begun to prohibit "wealth management ranking" practices, focusing instead on enhancing investment capabilities to provide genuine returns [6]. - There is a shift towards distinguishing between long-term returns and those generated through ranking tactics, emphasizing the importance of investment performance and transparency [7]. - Financial institutions are encouraged to improve product suitability management, ensuring that investors understand the underlying assets and associated risks of the products they purchase [7].

产业研究 证 券 研 究 报 告 理财产品跟踪报告 2025 年第 13 期（11 月 01 日-11 月 14 日） 基金市场新发降温，分红险重回主导 银行理财产品： 根据普益标准数据，本期（11 月 1 日至 11 月 14 日）理财市场新发理财产品 1167 只，较上一期（10 月 18 日-10 月 31 日）的 1130 只基本持平。产品结构 延续"固收为主、理财公司主导、中短期限集中、低门槛普及"的特征，结构 分化依然较强：按投资性质划分，固定收益类产品仍占绝对主导地位，占比高 达 97.17%（前值 97.88%）；按机构类型划分，理财公司仍为主流，本期发行产 品 850 只，占比 72.84%；按投资起点划分，依然是 1 元及以下占比最高，新 发产品总数达 755 只（占比 64.7%），其次是 1 千元-1 万元（含）263 只（占 比 22.54%）。反映出理财行业向低门槛、普惠化转型的深化。 基金产品： 根据 wind 数据，2025 年 11 月 1 日至 11 月 14 日，全市场新成立基金共计 65 只，合计募集规模达 406.73 亿元，平均单只基金募集规模为 6.26 亿元。这 ...

没有足够的适配科技金融投资需求的产品供给，就难以为科技创新引入长期资本、耐心资本和优质资 本。为助力科技金融发展，在政策支持与市场需求双重驱动下，银行理财公司纷纷加速布局高科技和成 长赛道，引导长期资金进入科技金融领域。 "我们找到两大发力点，以主责主业适配科技型企业需求，全力以赴以高质量金融服务助力科技创 新。"吴茜表示，在投资方面，工银理财紧抓科创债这一"关键点"，积极发挥基金、股票和非标等多资 产投资优势，构建"一主多元"科技金融投资体系。在产品方面，紧抓科创主题产品这一"链接点"，打造 固收产品和含权产品"基本盘+特色盘"共同发展的多样化科创主题产品货架。 集成电路、人工智能、生物医药、先进材料……各个新兴赛道和科技领域迅速发展的背后，都少不了金 融的大力支持。在这一过程中，银行理财扮演着重要角色。近年来，在多重因素驱动下，银行理财加速 布局科创领域，但也面临着风险偏好、资金期限、缺乏历史业绩参考等各种问题。如何破解这些难题？ 记者采访了相关专家。 正视优势与短板 业内人士表示，科技创新具有高成长性，但也伴随着较高的不确定性。因此，更需要科技金融迎难而 上、聚焦重点。筑牢科技金融体系正是应对这一特性的 ...

Regulatory and Industry Dynamics - Recent high-level management changes have occurred in several wealth management companies, including Zhaoyin Wealth Management, Xinyin Wealth Management, Jiaoyin Wealth Management, and Beiyin Wealth Management, attracting widespread industry attention [6] - The wealth management industry is facing dual structural challenges: low interest rates are pressuring traditional fixed-income asset yields, while regulatory measures are reinforcing the authenticity and standardization of net value management, pushing funds towards technology innovation and green development [6][7] Innovation in the Industry - Jianxin Wealth Management has successfully launched a non-standard equity investment business, utilizing a "customized wealth management product + non-standard equity investment" model to guide market funds towards supporting technology enterprises [8][9] - Jiaoyin Wealth Management participated in the China International Import Expo for the first time, launching a comprehensive upgrade of its "ten categories" wealth management product system, focusing on innovative products such as "Cash+" and "Pension Wealth Management" [10] Performance of Financial Products - Last week, cash management products recorded a 7-day annualized yield of 1.29%, remaining flat week-on-week, while money market funds saw a slight increase to 1.17% [11] - The bond market exhibited a narrow fluctuation pattern, with the 10-year government bond yield remaining stable at 1.81% [12] - The overall environment for the bond market in the fourth quarter remains favorable, but significant constraints persist, including low sensitivity to fundamental factors and ongoing market risk preferences [12] Net Value and Credit Spread Tracking - The net value ratio of bank wealth management products decreased to 0.56%, down 0.17 percentage points week-on-week, with credit spreads also contracting [16] - The current credit spread is at a historical low since September 2024, indicating limited cost-effectiveness, and future trends in credit spreads will be closely monitored as they may impact the net value ratio [16]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Recent leadership changes in multiple wealth management companies have drawn significant attention within the industry, indicating a response to structural challenges posed by low interest rates and regulatory pressures [2][10][11] - Wealth management firms are increasingly exploring alternative investment paths, such as customized financial products combined with non-standard equity investments, to support technology-driven enterprises [3][12] - The introduction of new product systems by wealth management companies, focusing on cash management, pension products, and diversified asset strategies, reflects a shift towards meeting diverse client needs in a low-yield environment [3][14] Summary by Sections Regulatory and Industry Dynamics - A wave of high-level executive changes has occurred in several wealth management firms, including 招银理财, 信银理财, 交银理财, and 北银理财, highlighting the industry's response to dual structural challenges [2][10] - The industry faces pressure from low interest rates and regulatory demands for enhanced risk management and compliance, prompting firms to seek leaders with cross-industry experience to improve investment capabilities [10][11] Innovation in the Industry - 建信理财 has successfully launched a non-standard equity investment business, utilizing a model that combines customized financial products with equity investments to channel funds into technology enterprises [3][12] - 交银理财 has unveiled a comprehensive upgrade of its product system, emphasizing three innovative product categories: "活钱+", pension products, and "多元精选" multi-asset strategies, aimed at addressing various client needs [3][14] Yield Performance - For the week of November 10-16, 2025, cash management products recorded a 7-day annualized yield of 1.29%, remaining stable compared to the previous week, while money market funds saw a slight increase to 1.17% [4][15] - The yield on pure fixed-income products generally declined across all maturities, while fixed-income plus products mostly saw increases, indicating a mixed performance in the bond market [4][18] Net Value Tracking - The net value ratio of bank wealth management products decreased to 0.56%, down 0.17 percentage points week-on-week, with credit spreads also tightening, suggesting limited value for investors [5][23][24]

2019年，随着《商业银行理财子公司管理办法》实施，银行理财子公司作为资管行业的新生力量登上舞 台。 2020年，青银理财秉承青岛银行深耕区域、稳健经营的优质基因，应时代浪潮与市场需求而诞生，成为 我国北方地区首家、全国范围内第六家成立的城商行理财子公司。2025年，在母行青岛银行即将迎来29 岁生日之际，青银理财亦已历经五载春秋。 成立以来，青银理财紧跟母行战略转型要求，从"洁净起步"到"质效优先"，从"产品转型"到"服务升 级"，青银理财始终坚守"受人之托、代人理财"的初心，以专业能力对接居民财富管理需求，以创新举 措服务实体经济，在资管新规与母行战略的引领下走出了一条规范、稳健、特色化的发展之路。 规范转型： 从"规模扩张"到"价值创造"的理念蝶变 五年来，青银理财立足居民财富升级需求，坚持大类资产配置，推动产品体系从"单一固收"向"多元配 置"拓展，逐步形成了涵盖现金管理、固收、"固收+"、权益、"五篇大文章"主题产品等多元化产品矩 阵。 其中，"固收+"产品一直以来是青银理财战略布局的重点方向，在严格控制风险敞口的前提下，青银理 财积极前瞻布局，以绝对收益理念动态管理权益资产配置比例，较好把握了收益 ...

Core Insights - The personal pension system has shown steady growth in product offerings, account numbers, and investment scale, with a total balance of 110.36 billion yuan in personal pension financial products as of June this year [1][2][4] - The recent notification from the National Financial Regulatory Administration to expand the pilot areas for pension financial products nationwide is expected to inject strong momentum into the development of the pension financial business [1][7] Investment Performance - Personal pension financial products have generated over 390 million yuan in returns for investors, with an average annualized return rate exceeding 3.4% [1][4] - The performance of these products is attributed to sound investment strategies, optimized asset allocation, and strict risk control systems, supported by favorable policies [4][7] Market Expansion - The number of personal pension financial products has reached 37, indicating a rich and diverse product shelf that aids clients in achieving stable returns [2][3] - The number of account holders has surpassed 70 million, reflecting a multi-layered and widely covered market structure [2][3] Future Directions - The industry is encouraged to enhance the diversity of product offerings and to consider increasing the allocation of equity assets to improve the attractiveness of financial products [4][5][6] - There is a call for the exploration of innovative products with longer durations and targeted dates to enhance the investment experience for clients [8]