中经记者 慈玉鹏 北京报道 近日，"中国保险资产管理业协会"官方微信已更名为"中国银行保险资产管理业协会"。 分类别看，截至2025年三季度末，固定收益类产品存续规模为31.21万亿元，占全部理财产品存续规模 的比例达97.14%，较去年同期增加0.05个百分点；混合类产品存续规模为0.83万亿元，占比为2.58%， 较去年同期增加0.03个百分点；权益类产品和商品及金融衍生品类产品的存续规模相对较小，分别为 0.07万亿元和0.02万亿元。 目前，除了中国银行保险资产管理业协会外，银行理财公司主要的自律组织还包括：银行业理财登记托 管中心和中国银行业协会理财业务专业委员会。其中，银行业理财登记托管中心是经财政部、原银监会 （现金融监管总局）批准，由中央国债登记结算有限责任公司（简称中央结算公司）于2016年全资发起 设立的中立性理财市场服务机构。主要业务包括：理财登记托管结算业务；理财业务的风险监测与分 析；理财大数据库建设、信息和技术服务、市场研究；理财直接融资工具和银行理财管理计划业务的综 合服务等。 而中国银行业协会理财业务专业委员会是在中国银行业协会领导下，由商业银行、理财公司等成员单位 组成的专业 ...

Core Insights - The total scale of private asset management products by securities firms reached 5.73 trillion yuan by the end of September, an increase of approximately 2687.33 billion yuan since the beginning of the year, reflecting a growth rate of 4.92% [1] - Actively managed collective asset management plans have seen significant growth, with their scale rising to 31,957.89 billion yuan, an increase of 3004.97 billion yuan, representing a growth rate of 10.38% and accounting for 55.73% of the total scale of private asset management products [1] - The scale of single asset management plans, primarily focused on channel business, decreased to 25,386.32 billion yuan, a reduction of 317.63 billion yuan, making up 44.27% of the total scale [1] Industry Overview - The total scale of private asset management products across securities and futures institutions reached 12.46 trillion yuan by the end of September, a decrease of 1210.08 billion yuan from the previous month, reflecting a month-on-month decline of 0.96% [1] - The breakdown of private asset management product scales includes 5.73 trillion yuan from securities firms and their asset management subsidiaries, 4.79 trillion yuan from fund management companies, 904.88 billion yuan from fund subsidiaries, and smaller amounts from other entities [2] - Fixed income products dominate the investment types, with 17,550 products accounting for 44.7% of the total number, and a total scale of 8.93 trillion yuan, representing 71.7% of the total asset management scale [2]

【深圳商报讯】（记者 陈燕青）基金业协会发布的数据显示，截至今年9月末，券商私募资管产品存量 规模为5.73万亿元（包含资管子公司，不包含私募子公司），较今年初增加近2700亿元。 截至9月末，券商私募资管产品存量规模为5.73万亿元，较年初增加2687.33亿元，增幅为4.92%。其 中，以主动管理为代表的集合资管计划规模增至31957.89亿元，较年初增加3004.97亿元，增幅为 10.38%，占券商私募资管总规模比例为55.73%，成为规模增长的核心力量，显示出券商资管业务向主 动管理转型已初见成效。 具体来看，证券公司及资管子公司、基金管理公司、基金子公司、证券公司私募子公司、期货公司及资 管子公司、基金管理公司私募子公司旗下私募资管存续规模分别为5.73万亿元、4.79万亿元、9048.8亿 元、6383.13亿元、3899.05亿元、62.86亿元。 从投资类型看，在权益类、固收类、期货和衍生品类、混合类四大品类中，固收类产品存续数量和规模 均占据4类产品最大比例。截至9月底，固定收益类产品共计17550只，对应占比44.7%；资管总规模8.93 万亿元，对应占比71.7%。 截至三季度末，以通 ...

Group 1 - The private asset management market in China experienced significant recovery in September, with the number of registered products reaching a nearly nine-year high, indicating a rebound in market vitality and a profound change in capital flow and institutional strategies under the current macroeconomic environment [1] - Securities companies and their asset management subsidiaries emerged as the market leaders in September, with a total of 1,537 registered products and a total scale of 47.675 billion yuan, accounting for nearly 60% of the market [1] - Collective asset management plans became the main force behind this expansion, with a scale share of 68.32%, while single asset management plans, despite having a higher number of registrations, showed smaller average scales, reflecting a trend towards smaller and more diversified products to meet varying investment needs [1] Group 2 - Fixed income products maintained a dominant position in the market, with their establishment scale accounting for over 50% in September and a share of 71.7% in the total existing scale of 12.46 trillion yuan by the end of September [3] - Equity products showed low levels of new registrations and scale share in September, indicating a cautious market attitude towards equities, while mixed products remained active and important in the market [3] - Despite the active registration activities in September, the overall existing scale of the market saw a slight decline of 0.96%, with brokerage and fund systems remaining the two main pillars of the market, holding shares of 46.02% and 38.42% respectively [3] Group 3 - A senior financial researcher noted two main trends in the private asset management market: a concentration towards leading firms, with securities asset management gaining larger market shares, and a shift towards stability, as evidenced by the dominant position of fixed income products reflecting investors' preference for certainty in the current economic environment [4] - The structural differentiation observed may continue, with the market transitioning from a focus on scale expansion to a more quality-oriented and refined development phase [4]

Group 1 - Standard Chartered Securities (China) has appointed Wang Yunlai as the new CEO, responsible for overall management and reporting to the board [1] - The CEO position was vacant for nearly four months following the departure of the previous CEO, CFO, and other key executives [1] - Wang Yunlai has over 20 years of experience in the financial market, with a background in securities, asset management, and banking [1] Group 2 - Standard Chartered Group remains optimistic about the long-term development of the Chinese economy and market opportunities [2] - Wang Yunlai is recognized for his international and local experience, particularly in the fixed income sector, and is expected to drive growth for Standard Chartered Securities [2] - Standard Chartered Securities was the first wholly foreign-owned brokerage approved after the lifting of foreign ownership limits in 2020, with a registered capital of RMB 1.05 billion [2] Group 3 - In its first year of operations, Standard Chartered Securities reported revenues of RMB 20.5 million, with a net loss of RMB 78.1 million [2] - The company has accelerated its business expansion, opening its first branch in Shanghai in January 2025 [3] - Standard Chartered Securities has successfully facilitated financing projects for Haier Leasing, showcasing its competitive advantage in fixed income products [3]

Core Insights - The bank wealth management market reached a scale of 32.13 trillion yuan by the end of Q3 2025, showing a year-on-year growth of 9.42% [1] - The market demonstrated strong resilience, with a cumulative growth of 2.2 trillion yuan in the first three quarters, surpassing the average growth rate of 5.1% over the past six years [1][2] - The number of investors in wealth management products reached 139 million, an increase of 12.70% year-on-year, generating a total return of 568.9 billion yuan for investors [1] Market Dynamics - The growth in scale is attributed to lower deposit rates and stable product performance supported by "floating profits" [2] - The annualized yield for fixed-income wealth management products reached 2.16%, maintaining good net value stability despite downward pressure [2] - The decline in deposit rates has made wealth management products more attractive compared to traditional deposits, enhancing customer experience [2] Product and Participant Trends - Fixed-income products remain the primary driver of growth, accounting for 97.14% of the total wealth management product scale, with a total of 31.21 trillion yuan [4] - The market structure shows stability, with a slight increase in mixed products, while equity and commodity derivative products remain relatively small [4] - The "fixed income plus" products are expected to gain attention as they offer the potential for excess returns in a low-interest environment [4] Company Market Share - Wealth management companies have increased their market share, with their products accounting for 91.13% of the total market by the end of Q3 2025, marking a 1.52 percentage point increase since June [5] - The growth in market share is supported by banks' efforts to integrate wealth management subsidiaries and expand distribution channels beyond their parent banks [5] Asset Allocation and Economic Support - The total investment assets in the bank wealth management market reached 34.33 trillion yuan, with a year-on-year growth of 8.53% [6] - The allocation primarily focuses on fixed-income assets, with significant investments in bonds, cash, and bank deposits [6] - Approximately 21 trillion yuan has been allocated to support the real economy, with a notable emphasis on ESG-themed products and other specialized offerings [7]

Core Insights - The trend of "deposit to wealth management" is becoming increasingly evident as bank wealth management products gain popularity among investors, with the total scale reaching a historical high of 32.13 trillion yuan by the end of Q3 2025 [1][2] Group 1: Market Trends - As of the end of Q3 2025, the scale of bank wealth management products increased by 2.17 trillion yuan compared to the beginning of the year, reflecting a year-on-year growth of 9.42% [2] - The proportion of fixed-income products remains dominant, accounting for 97.14% of the total wealth management scale, which is 31.21 trillion yuan [2] - The "fixed income plus" products are emerging as a new growth point in the wealth management industry, offering attractive yields while maintaining overall stability [2][3] Group 2: Performance and Challenges - Despite the overall growth in scale, the returns from wealth management products have declined, generating a total of 568.9 billion yuan in returns for investors in the first three quarters of 2025 [3] - The relative attractiveness of bank wealth management remains strong, especially compared to deposits and money market funds, with fixed-income products yielding 2.42% in September 2025, outperforming the actual interest rate of 3-year fixed deposits by approximately 72 basis points [3] Group 3: Institutional Insights - By the end of Q3 2025, wealth management companies have become market leaders, with 3.06 million products and a scale of 29.28 trillion yuan, representing a year-on-year growth of 15.26% and accounting for 91.13% of the market [4] - The market structure is rapidly reshaping, with the proportion of non-licensed bank wealth management products falling below 10% for the first time [5] Group 4: Future Outlook - Market experts are optimistic about the growth of bank wealth management in Q4 2025, predicting a monthly increase of over 1 trillion yuan due to easing bank assessment pressures and declining deposit rates [7] - The wealth management market is expected to transition towards a "multi-asset, multi-strategy" model, with continued growth anticipated in 2025, although the yield center is expected to decline and volatility to increase [7]

Group 1 - The bank wealth management market has reached a record scale of 32.13 trillion yuan as of the end of Q3 2025, marking a year-on-year growth of 9.42% [1] - Fixed income products dominate the market, with a total scale of 31.21 trillion yuan, accounting for over 97% of the total [1] - Despite the growth in scale, the returns on wealth management products have been declining, with cumulative returns of 568.9 billion yuan in the first three quarters, decreasing from 206 billion yuan in Q1 to 179.2 billion yuan in Q3 [1] Group 2 - Under a moderately loose monetary policy, the downward trend in bond market interest rates and deposit rates will continue to suppress the yields of pure fixed income products [3] - "Fixed income +" strategy products are expected to become a significant growth engine for the wealth management market in Q4, with an estimated annual scale increase of over 1.4 trillion yuan [3] - In Q3, banks increased their allocation to cash and bank deposits, interpreted as a safety cushion during the interest rate decline cycle, while reducing their allocation to public funds [3] Group 3 - The market landscape is changing, with wealth management companies expanding their market share to 91.13% of the total by the end of Q3 [3] - The enthusiasm of banks to apply for wealth management licenses has varied, with some banks showing reduced motivation while regional banks like Chengdu Bank are actively pursuing license applications [3] - More small and medium-sized banks are shifting towards agency sales, with 583 institutions participating in cross-bank sales of wealth management products as of September this year [3]

Core Insights - The report indicates that as of September 2025, the scale of China's bank wealth management market reached 32.13 trillion yuan, a year-on-year increase of 9.42% and a growth of 2.18 trillion yuan since the beginning of the year [2][3][5] - The number of investors holding wealth management products reached 139 million, an increase of 14 million since the beginning of the year [2][11] Market Overview - By the end of Q3 2025, there were 43,900 wealth management products in the market, a year-on-year increase of 10.01% [3] - The wealth management products managed by wealth management companies accounted for 91.13% of the total market, with a scale of 29.28 trillion yuan, reflecting a year-on-year increase of 15.26% [5] Product Performance - In the first three quarters of 2025, wealth management products generated a total return of 568.9 billion yuan for investors, with Q3 alone contributing 179.2 billion yuan [7][9] - The asset allocation of wealth management products is primarily in fixed income, with bond investments totaling 13.86 trillion yuan, accounting for 40.4% of total investment assets [7][9] Investment Trends - The proportion of bond investments in wealth management products decreased by 3.1 percentage points by the end of Q3 2025, while the allocation to cash and bank deposits increased by 3.6 percentage points [10] - The report highlights that wealth management funds actively support the real economy, with approximately 21 trillion yuan invested in bonds, non-standardized debt, and unlisted equity [11] Investor Behavior - The report notes a slowdown in the pace of new investors entering the wealth management market, with Q3 seeing a significant drop in new investor numbers compared to previous quarters [11]

Core Insights - The bank wealth management market experienced significant fluctuations in Q3, with total outstanding scale decreasing to 30.82 trillion yuan, down 151.47 billion yuan from the end of Q2, and average annualized returns dropping to 2.47% [1][2] - The "stock-bond seesaw" effect led to a shift in investor preferences, with funds moving towards bank on-balance sheet assets rather than a large-scale transition to equity markets [2][3] - Despite the overall decline in wealth management returns, "fixed income plus" products and equity-related products showed strong performance, with average annualized returns of 5.03% and 13.72% respectively [7] Market Trends - The overall wealth management scale showed a "rise and fall" trend in Q3, with a notable drop in September after a rise in July and August, resulting in a total market decrease of over 150 billion yuan [2][3] - The bond market faced volatility, with fixed income products underperforming compared to equity assets, prompting some investors to redeem their wealth management products [2][3] - The average annualized return for closed-end fixed income products was 2.73%, while open-end fixed income products yielded only 2.54%, both underperforming their benchmarks [3][6] Product Performance - Cash management products and fixed income products saw average annualized returns decline to 1.45% and 2.48% respectively, influenced by the downward shift in bond yields [6] - In contrast, mixed and equity-related wealth management products experienced significant increases in returns, with mixed products rising by 1.89 percentage points and equity products by 9.97 percentage points compared to June [7] - The issuance of equity-related products surged, with 12 new equity products launched in 2023 compared to only 2 in the previous year, indicating a growing trend towards equity allocation [7] Future Outlook - The wealth management market is expected to continue its trend of steady expansion in scale, with October projected to see an increase of over 1 trillion yuan, driven by the optimization of product structures by wealth management subsidiaries [8] - The low interest rate environment is anticipated to keep "fixed income plus" products as a key growth driver in the wealth management sector, with expectations for the total wealth management scale to reach over 33.5 trillion yuan by the end of the year [8]