江南时报讯 为深入贯彻金融监管机构及省联合银行关于代销业务的监管要求，强化合规管理，提升财 富条线人员的专业能力与合规意识，仪征农商银行近期组织开展了代销业务合规专题培训，全行财富经 理与大堂经理参加。 培训围绕最新监管政策及行内制度展开，系统解读了国家金融监督管理总局《商业银行代理销售业务管 理办法》和《金融机构产品适当性管理办法》的核心内容与实操要点。同时，结合本行业务实际，深入 阐释了江苏省农商行系统代理保险及净值型理财产品代销业务的管理要求，重点强调了销售规范与投资 者适当性原则。 授课讲师结合典型案例，详细讲解了客户风险承受能力评估、产品风险匹配、信息披露等关键环节的操 作规范，引导参训人员树立"合规为先、客户为本"理念，并对代销业务中的禁止性行为进行专项警示， 要求全员严守合规底线，切实保护消费者权益。 培训结束后，现场组织代销业务知识考试，"以考促学、以学促用"，检验参训人员对政策及流程的掌握 程度，推动培训成果转化为行为规范。 此次培训是仪征农商银行加强内控、防范风险、推动财富业务高质量发展的具体举措，进一步夯实了代 销业务合规基础，提升了人员专业素养，为业务稳健发展奠定坚实基础。 万子杰 ...

Core Viewpoint - The asset management industry is undergoing a comprehensive transformation towards net value, presenting challenges for both investors and financial companies in understanding product characteristics and optimizing asset allocation to enhance investment experiences [1][3]. Group 1: Company Initiatives - Bank of China Wealth Management, established in July 2019, focuses on a people-centered development approach, continuously enriching its product system and optimizing investment strategies to meet diverse client needs [3]. - The company has developed a "4+1" wealth management companion matrix to provide attentive companion services to investors [3][6]. Group 2: Digital Empowerment - Digital technology has broken physical boundaries in wealth management services, enabling broader customer reach and product diversification, which are key to enhancing service quality [4]. - The "4+1" companion matrix integrates online platforms and offline teams, including four online platforms and a professional sales service team, to support a comprehensive investment and wealth management ecosystem [4][6]. Group 3: Educational Content Development - The company emphasizes transforming complex financial data into understandable content, aiming to make financial knowledge accessible and engaging for investors [7][8]. - Various educational initiatives, such as "Investment Knowledge at Your Fingertips" and "Pension Tips," have been launched to enhance public understanding of financial services and investment risks [8]. Group 4: Market Trends and Growth - The investment companion system has led to a steady increase in the acceptance of net value-based wealth management products, with a growing number of investors adopting a rational approach to risk and return [9]. - As of the third quarter of 2025, the number of investors holding wealth management products reached 139 million, a year-on-year increase of 12.70%, with the total scale of existing products amounting to 29.28 trillion yuan, up 15.26% [9].

Core Insights - The banking deposit business is experiencing a "temperature difference" phenomenon, with personal fixed deposits showing significant growth while demand for current deposits is uneven across banks [1][3][10] Group 1: Personal Fixed Deposits - Personal fixed deposit balances across nine listed banks showed positive year-on-year growth in the first three quarters of 2025, with notable increases from Hangzhou Bank (29.12%), Chengdu Bank, and Nanjing Bank (both over 24%) [3][4] - City commercial banks are performing well due to their deep ties with regional economies and flexible product innovation strategies [3][4] - The growth in personal fixed deposits reflects a shift in residents' asset allocation preferences, driven by lower risk tolerance amid market volatility [5][10] Group 2: Current Deposits - Current deposit growth is characterized by significant disparities, with some banks experiencing strong growth while others face declines [6][7] - Shanghai Pudong Development Bank reported a current deposit balance of 4,617.38 billion yuan, growing by 11.80% year-on-year, attributed to effective deposit management strategies [6][7] - Some regional banks, like Ruifeng Rural Commercial Bank, reported a decline in current deposits, indicating challenges in maintaining customer loyalty and competitive positioning [8][9] Group 3: Industry Trends and Strategies - The overall increase in household deposits and the rise of net worth management products indicate a shift in the banking industry's competitive landscape, moving from scale competition to a focus on comprehensive financial service capabilities [10][12] - Banks are adopting differentiated strategies to attract long-term funds and enhance service offerings, with a focus on optimizing deposit structures and managing costs effectively [11][12] - The trend of fixed deposits is expected to continue as interest rates decline, prompting banks to adapt their strategies to align with changing resident asset allocation needs [12]

Core Insights - The issuance of wealth management products has steadily increased, with 32 companies issuing 6,361 net value-based products in Q3 2025, representing a year-on-year increase of over 40% compared to Q3 2024 [1][2] - The overall market size for wealth management products reached 32.13 trillion yuan by the end of Q3 2025, reflecting a year-on-year growth of 9.42% [1] - There is a notable shift towards short-term, open-ended, and high-liquidity products, as well as a diversification in asset allocation strategies among wealth management companies [7] Product Issuance - In Q3 2025, the number of net value-based products issued increased by 42.21% year-on-year, with the highest issuance from Huaxia Wealth Management, Puyin Wealth Management, and Xingyin Wealth Management [2][4] - The proportion of fixed-income products decreased slightly to 97.89%, while mixed and equity products saw an increase in issuance [4] - Publicly offered products accounted for over 95.6% of the total, while privately offered products made up 4.4% [4] Investment Trends - The trend towards shorter investment durations is evident, with products having a maturity of less than one month exceeding 20%, reaching 22.6%, an increase of 3.76 percentage points year-on-year [5] - The proportion of products with maturities of 6-12 months has decreased significantly, dropping by 5.03 percentage points compared to Q3 2024 [5] Pricing Trends - The performance benchmark for wealth management products has been on a downward trend since 2024, with the average rate for products with a maturity of less than one month falling to 1.88% by June 2025 [8][9] - The pricing consensus among wealth management companies indicates a long-term low interest rate environment, with many products now priced below 2.5% for maturities over three years [8] Fundraising Performance - The total fundraising amount for newly issued products in Q3 2025 was approximately 946.59 billion yuan, with an average fundraising size of 258 million yuan, reflecting an 8.83% decline year-on-year [10] - The top fundraising products were primarily low to medium-risk, closed-end, fixed-income products, indicating a conservative investment approach among investors [11][13]

Core Insights - The issuance of wealth management products has steadily increased, with 32 wealth management companies issuing 6,361 net value-based products in Q3 2025, representing a year-on-year increase of over 40% compared to Q3 2024 [1][2] - The total market size of wealth management products reached 32.13 trillion yuan by the end of Q3 2025, reflecting a year-on-year growth of 9.42% [1] - There is a notable shift towards higher liquidity and shorter-term products, with a significant increase in the issuance of mixed and equity products [1][4] Product Issuance - In Q3 2025, the issuance of wealth management products saw a 42.21% increase year-on-year, with 6,361 products compared to 4,473 in Q3 2024 [2] - The proportion of fixed-income products decreased to 97.89%, while mixed and equity products saw an increase, with 106 mixed products and 11 equity products issued [2] - Major contributors to product issuance include Huaxia Wealth Management, with 478 products, and other leading firms like Ping An and Xingyin [2] Product Structure - Publicly offered products accounted for 95.6% of total issuance, while privately offered products made up 4.4% [3] - The proportion of closed-end net value products fell below 60% to 57.7%, a decrease of 10.77 percentage points year-on-year, while open-end products rose to over 40% [3] - Short-term products (less than 1 month) now account for 22.6%, an increase of 3.76 percentage points from the previous year [3] Pricing Trends - The performance benchmark for bank wealth management products has been on a downward trend since 2024, driven by lower underlying asset yields and stricter regulations [5] - The average pricing for products across various terms has generally declined, with products under 1 month dropping to 1.88% by June 2025 [6] Fundraising Performance - The overall fundraising scale for newly issued products in Q3 2025 was 946.59 billion yuan, with an average fundraising size of 258 million yuan, down 8.83% from the previous year [7] - The most successful product in terms of fundraising was "Anying Xiang Fixed Income Stable Profit No. 14," which raised over 100 billion yuan [7] - The top products in fundraising were primarily low to medium risk, closed-end, and fixed-income products, indicating a conservative investment approach among investors [7]

Core Insights - The core viewpoint of the articles is that the low interest rate environment in China is driving residents to shift their savings from traditional bank deposits to wealth management products, leading to a significant growth in the wealth management market, which reached a record high of 32.13 trillion yuan [1][3][4]. Group 1: Market Growth and Trends - The total scale of bank wealth management products reached 32.13 trillion yuan, marking a historical high, with a quarterly increase of 1.46 trillion yuan [3][4]. - The number of existing wealth management products has grown to 43,900, an increase of 10.01% year-on-year, indicating a shift in residents' investment mindset from "savings thinking" to "investment thinking" [3][4]. - Fixed income products remain the cornerstone of the wealth management market, accounting for 97.14% of the total scale, while mixed products and equity products have a much smaller share [4][6]. Group 2: Investor Behavior and Education - There is a notable trend of clients seeking to transition from deposits to wealth management, with banks actively engaging clients to recommend stable wealth management products [5][6]. - The shift in investment behavior reflects a growing demand for net value-based products, which are perceived as more attractive compared to declining deposit rates [6][7]. - Investor education remains crucial as many individuals still hold onto traditional savings mindsets, leading to potential panic during market fluctuations [9][10]. Group 3: Regulatory and Economic Context - The People's Bank of China has implemented a market-oriented deposit rate adjustment mechanism, contributing to the decline in deposit rates and encouraging the shift towards wealth management products [6][7]. - The ongoing changes in the wealth management landscape are influenced by macroeconomic conditions and regulatory policies aimed at enhancing the attractiveness of capital markets [8][10]. Group 4: Future Outlook and Recommendations - The future of wealth management in China will depend on the ability of financial institutions to innovate products that meet the dual demands for stable returns and liquidity [10]. - Financial institutions are encouraged to enhance their research capabilities and investor education to better manage client expectations and improve asset allocation strategies [10].

Core Insights - The core viewpoint of the articles is that the low interest rate environment in China is driving residents to shift their savings from traditional bank deposits to wealth management products, leading to a significant growth in the wealth management market, which reached a record high of 32.13 trillion yuan by the end of Q3 2025 [1][3][7]. Market Growth - The total scale of wealth management products increased by 1.46 trillion yuan in Q3 2025, with a year-on-year growth of 9.42% [3][4]. - As of the end of Q3 2025, there were 181 banks and 32 wealth management companies offering a total of 43,900 wealth management products, marking a 10.01% increase in the number of products year-on-year [3][4]. Product Composition - Fixed income products remain the cornerstone of the wealth management market, with a total scale of 31.21 trillion yuan, accounting for 97.14% of all wealth management products [4]. - Mixed products accounted for 2.58% of the total, while equity and commodity derivatives products represented a small fraction, indicating a cautious approach from ordinary investors towards high-risk assets [4]. Investor Behavior - The shift from "savings thinking" to "investment thinking" among residents is evident, as they seek to balance capital preservation and returns amid declining deposit rates [7][10]. - The trend of "deposit migration" is ongoing, with banks adapting their product strategies to attract funds, particularly through "fixed income plus" products that combine bonds with equities to enhance returns [7][8]. Regulatory and Market Context - The People's Bank of China has implemented a market-oriented deposit rate adjustment mechanism, which has contributed to the decline in deposit rates, making wealth management products more attractive [7][8]. - Despite the overall increase in wealth management products, there are fluctuations in deposit flows, reflecting the dynamic nature of residents' asset allocation behavior [8][9]. Investor Education and Product Innovation - There is a pressing need for enhanced investor education and product innovation as the market transitions to a net value-based model, moving away from guaranteed returns [10][11]. - Financial institutions are encouraged to develop mid-to-low risk products that meet the dual demand for stable returns and liquidity, while also improving their research capabilities to better guide asset allocation [11][12].

Core Viewpoint - The bank wealth management market experienced fluctuations in the first half of 2025, with a decline in the overall scale in the first quarter, followed by a gradual recovery in the second quarter, reaching a total scale of 30.67 trillion yuan by the end of June, a growth of 2.38% compared to the beginning of the year [2][3]. Group 1: Market Performance - By the end of June, the number of wealth management products reached 27.48 trillion yuan, with a year-on-year growth of 12.98%, accounting for 89.61% of the total market [6]. - The Shanghai Composite Index has seen multiple breakthroughs of previous highs, closing at 3812.51 points [2]. - Non-bank financial institutions saw a record monthly increase of 2.14 trillion yuan in deposits, the highest level since 2015, while resident deposits decreased by 1.11 trillion yuan [2]. Group 2: Company Performance - Among 24 disclosed bank wealth management companies, the total net profit reached approximately 156.67 billion yuan, with most companies maintaining growth, although some faced profit pressure [3][5]. - Six companies, including China Merchants Bank Wealth Management and Bank of China Wealth Management, reported net profits exceeding 1 billion yuan, with China Merchants Bank leading at 13.64 billion yuan, despite a year-on-year decline of 5.74% [3][5]. - Some companies, such as Ping An Wealth Management, reported significant declines in net profit, with a 41.28% drop to 7 billion yuan [5]. Group 3: Industry Trends - The performance disparity among wealth management companies is attributed to macroeconomic factors and strategic adjustments by institutions, with a shift of resident savings towards net value-based products due to declining deposit rates [4][10]. - The rise of foreign wealth management companies is notable, with firms like BNP Paribas and Goldman Sachs seeing substantial growth in their asset management scales, indicating a shift in market dynamics [6][7]. - The overall trend suggests that larger institutions with better resource endowments and research capabilities will continue to dominate, while smaller firms may struggle to survive [5][8]. Group 4: Future Outlook - The low interest rate environment is expected to continue driving funds into the wealth management market, with companies encouraged to diversify their product offerings to meet varying customer needs [10][11]. - There is a growing interest in gold as a hedge against market volatility, with predictions of rising gold prices due to global economic conditions [11].

Core Insights - The bank wealth management market experienced fluctuations in the first half of 2025, with a recovery starting in the second quarter, leading to a total market size of 30.67 trillion yuan by the end of June, a 2.38% increase from the beginning of the year [1][4] - The performance of wealth management companies showed significant divergence, with 24 companies reporting a combined net profit of 156.67 billion yuan, indicating a "stronger getting stronger" trend in the industry [2][3] - The shift towards equity and gold investments is becoming a new focus for asset allocation, driven by declining deposit rates and increasing investor sensitivity to returns [8][9] Market Performance - By the end of June, the number of wealth management products reached 27,480, with a total size of 27.48 trillion yuan, reflecting a 4.44% increase from the beginning of the year and a 12.98% year-on-year growth [4][5] - The top wealth management companies, such as 招银理财 (Zhaoyin Wealth Management) and 兴银理财 (Xingyin Wealth Management), reported net profits exceeding 10 billion yuan, while some smaller firms faced significant declines [2][5] Profitability Trends - The profitability of wealth management companies is increasingly polarized, with some firms achieving substantial growth while others, like 平安理财 (Ping An Wealth Management), reported a 41.28% decline in net profit [3][6] - The pressure on profitability is attributed to factors such as the ceiling effect on scale and the trend of reducing management fees, which compresses revenue [3][6] External Factors - The influx of funds into the wealth management market is driven by the declining willingness of residents to save due to lower deposit rates, creating a "price comparison effect" that encourages investment in higher-yield products [8][9] - Foreign wealth management firms are gaining traction in the market, with significant growth rates reported, such as 法巴农银理财 (Société Générale) achieving a nearly fivefold increase in scale [5][6] Investment Strategies - Wealth management companies are advised to diversify their product offerings and enhance risk management capabilities to adapt to market volatility and changing investor preferences [8][9] - The focus on equity investments is expected to grow, although the current allocation remains low, with only 0.07 trillion yuan in equity products by the end of June [8][9]

Core Viewpoint - The banking wealth management industry is entering a true net value era, leading to deepening channel transformations and a consensus among firms to expand distribution networks, particularly in rural commercial banks [1][2]. Group 1: Market Dynamics - The competition in the wealth management market is intensifying, with rural commercial banks identified as a relatively untapped "blue ocean" for wealth management companies [1]. - The total asset scale of rural financial institutions in China is approximately 60.16 trillion yuan, accounting for 12.9% of the total assets of banking financial institutions, indicating a significant growth potential in this market [2]. Group 2: Strategic Partnerships - Numerous wealth management companies, including Xinyin Wealth and Beiyin Wealth, have recently announced partnerships with rural commercial banks to develop distribution business [1][2]. - The collaboration between wealth management firms and rural banks is seen as a strategic move to enhance market share and diversify revenue streams, especially for smaller banks facing regulatory challenges [1][3]. Group 3: Customer Engagement - The increasing income levels and rising wealth management awareness among residents in third and fourth-tier cities and county areas are driving demand for wealth management products [3]. - Rural commercial banks can leverage their local customer advantages to help wealth management companies expand their market reach and reduce regional concentration risks [3][4]. Group 4: Product Customization - Wealth management companies are tailoring their product offerings based on local customer preferences, focusing on risk-averse products for county-level clients [5]. - The shift from simple product distribution to a more integrated "distribution + empowerment" model is necessary for wealth management firms to remain competitive in the evolving market landscape [5].