中经记者 慈玉鹏 北京报道 Wind数据显示，截至11月21日，有4只混合类理财产品近6个月回报率超过20%；17只混合类理财产品近 6个月回报率超过15%。其中，部分混合类理财产品近6个月回报率甚至接近40%。同时，该类理财产品 市场规模也在扩大。 《中国经营报》记者采访了解到，混合类产品凭借较高的收益潜力和良好的风险分散优势，逐渐成为投 资者和机构重点关注的对象。理财机构应进一步推动多元化资产配置与产品创新，提高产品灵活性以满 足差异化需求。 混合类理财升温 （编辑：杨井鑫 审核：何莎莎 校对：颜京宁） 普益标准研究员董丹浓表示，部分产品短期业绩的爆发式增长，核心驱动因素并非理财产品资产配置策 略的根本性转变，而是对特定市场板块阶段性机会的精准捕捉。从底层逻辑来看，混合类理财的核心配 置思路仍坚守稳健、均衡、多元的原则，风险偏好未发生实质性调整，始终以"分散风险、稳健增值"为 核心目标。 今年以来，理财规模持续增长。根据协会披露统计，截至2025年9月30日，银行理财全部存续规模为 32.13万亿元，较2025年6月30日的30.67万亿元环比增长4.76%，延续2025年以来的回升趋势。从历史数 据看， ...

Core Insights - The Chongqing Financial Regulatory Bureau has approved the appointment of Tan Di as the Vice President of Chongqing Rural Commercial Bank Wealth Management Co., Ltd. (Yunongshang Wealth Management), requiring him to officially take office within three months from the decision date [1] Company Overview - Yunongshang Wealth Management, a wholly-owned subsidiary of Chongqing Rural Commercial Bank, officially opened on June 29, 2020, and is the first and only wealth management company in the rural commercial banking system in China [2] - The current management team has remained stable since the company's inception, with key figures including Chairman Li Sidao and CEO Zhang Fei [2] Financial Performance - As of June 30, 2025, the product scale of Yunongshang Wealth Management reached 163.56 billion yuan, an increase of 25.75 billion yuan from the previous year, marking a historical high after three years [2] - The company faced significant challenges in 2022 due to the implementation of new asset management regulations, leading to a decline in product scale from a peak of 146.33 billion yuan in June 2022 to 120.51 billion yuan by the end of 2023, a drop of 17.65% [3] - In 2023, the net profit of Yunongshang Wealth Management was 170 million yuan, a year-on-year decrease of 52.51%, but it rebounded to 177 million yuan in the first half of 2025, reflecting a growth of 28.26% [3] Product Structure and Market Challenges - As of June 30, 2025, Yunongshang Wealth Management had 807 existing wealth management products, all of which were fixed-income products, indicating a relatively narrow product structure [4] - The company launched its first mixed-asset product in September 2025, which is currently the only product with a risk level of R3 (medium risk) or above, while R2 (medium-low risk) products accounted for 97.7% and R1 (low risk) products for about 2.2% [4] - The low-interest-rate environment has prompted the wealth management industry to recognize the challenges of relying solely on fixed-income assets for stable returns, leading to a trend towards multi-asset and multi-strategy approaches [4] - The management has acknowledged the need to innovate product offerings and diversify the product portfolio to meet the evolving wealth management demands of consumers [4]

Core Insights - The market saw a total of 2,947 closed public wealth management products maturing in Q3 2025, with fixed income products dominating the landscape, accounting for 2,828 products [1][3] - Short to medium-term products are the primary focus for maturing investments, with 6-12 month products leading at 984, representing 74.4% of the total [3][5] - Fixed income products show a higher performance in terms of yield and compliance with benchmarks compared to mixed products, with an overall average yield of 2.63% [5][7] Product Breakdown - Among the maturing products, fixed income products accounted for 2,713, while mixed products totaled 111 [5][6] - The highest number of maturing products falls within the 6-12 month category, followed by 3-6 months, with only 8 products maturing beyond 3 years [3][5] - Fixed income products have a benchmark compliance rate of 41.11% for the central target and 74.11% for the lower limit, indicating a relatively strong performance [5][6] Yield Analysis - Fixed income products yield an average annualized return of 2.63%, with the highest returns seen in products with maturities over 3 years at 3.1% [6][7] - Mixed products have a lower average yield of 2.59%, with the best performance in the 3-6 month category at 2.98% [7] - The performance of mixed products is significantly hindered by longer maturities, with a central target compliance rate of only 12.61% [7]

Core Insights - The market saw a total of 2,947 closed-end public wealth management products maturing in Q3 2025, with fixed income products dominating the landscape, accounting for 2,828 products [1][6] - Short to medium-term products are the primary focus for maturing products, with 6-12 month products leading at 984, representing 74.4% of the total [3][5] - Fixed income products showed a higher performance in terms of yield compared to mixed products, with an overall average annualized yield of 2.63% for fixed income products [8][9] Product Type Analysis - Fixed income products accounted for 2,713 of the maturing products, while mixed products totaled 111 [6] - The performance benchmark compliance rates for fixed income products were 41.11% for the central benchmark and 74.11% for the lower benchmark [6][7] - Mixed products had a significantly lower performance, with a central benchmark compliance rate of 12.61% and a lower benchmark compliance rate of 32.76% [8] Yield and Performance Metrics - The average annualized yield for fixed income products was 2.63%, with the highest yield observed in products with a maturity of over 3 years at 3.10% [8][9] - For mixed products, the average annualized yield was 2.59%, with the highest yield in the over 3-year category at 3.48% [8][9] - Short-term fixed income products (1-3 months) exhibited the best performance in terms of compliance rates, with a lower benchmark compliance rate of 94.07% [7][8]

Group 1 - The banking wealth management market showed characteristics of "total growth, pressure on returns" in Q3 2025, with a market size reaching a new high of 32.13 trillion yuan, a year-on-year increase of 9.42% [1] - Fixed income products remain the main driver of growth, with a total size of 31.21 trillion yuan, accounting for 97.14% of all wealth management products [1] - The demand for wealth management products is expected to further increase in Q4 due to the large-scale maturity of insurance company agreement deposits and the continuous decline in deposit rates [2] Group 2 - The cumulative return generated for investors by wealth management products in the first three quarters was 568.9 billion yuan, with quarterly returns decreasing from 206 billion yuan to 179.2 billion yuan [2] - The "fixed income plus" strategy is expected to continue growing and become a significant driver of market size growth, with an estimated annual increase of over 1.4 trillion yuan for these products [2] - The market share of wealth management companies has expanded, reaching 91.13% of the total market by the end of Q3, an increase of 1.52 percentage points from June [3] Group 3 - There is a divergence in banks' enthusiasm for applying for wealth management licenses, with some banks reducing their efforts while others, like those in Sichuan, are actively pursuing joint applications [3] - As of September 2025, 583 institutions were involved in cross-bank sales of wealth management products, an increase of 35 institutions compared to the same period last year [3]

Core Insights - The banking wealth management market has shown steady growth, reaching a scale of 32.13 trillion yuan, with wealth management companies solidifying their dominant position [1][2] - The industry faces challenges and needs to transform its asset allocation logic to seek "certainty of returns" amid uncertainties [1][3] Market Overview - As of the end of Q3 2025, there are 4.39 million existing wealth management products, a year-on-year increase of 10.01%, with a total scale surpassing 32 trillion yuan, reflecting a 9.42% year-on-year growth [1] - Wealth management companies dominate the market with 3.06 million products and a scale of 29.28 trillion yuan, accounting for 91.13% of the total market [1][2] Product Structure and Asset Allocation - Fixed income products remain the mainstream, with a scale of 31.21 trillion yuan, representing 97.14% of the market, showing a slight increase of 0.05 percentage points year-on-year [2] - The asset allocation is primarily in fixed income, with bonds, cash, and bank deposits making up 40.4%, 27.5%, and 13.1% of total investment assets, respectively [2] - The industry’s leverage ratio has decreased to 106.65%, down 0.84 percentage points year-on-year, indicating effective risk management [2] Support for the Real Economy - The wealth management industry has supported the real economy with approximately 21 trillion yuan through investments in bonds, non-standardized debt, and unlisted equity [2] - In alignment with national strategies, 77 ESG-themed wealth management products were issued in Q3, raising over 20 billion yuan, with a total scale nearing 300 billion yuan [2] Investor Engagement - 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 [3] - The number of investors holding wealth management products reached 139 million, a year-on-year increase of 12.70% [3] Industry Challenges - The industry is entering a competitive era where bank wealth management, public funds, and insurance asset management all exceed 30 trillion yuan, leading to the need for a transformation in asset allocation logic [3][4] - Key challenges include the need for a paradigm shift in asset allocation due to a "low interest rate, high volatility, and asset scarcity" environment [4] - Differentiated positioning in the reallocation of household wealth is crucial, as the growth rates of insurance and public funds have outpaced wealth management [4] Future Transformation Directions - The industry must build a factory-like, industrialized management system that aligns with client risk-return needs [5] - Solutions should address three core issues: transforming vague investment strategies into precise guidelines, upgrading operations to standardized processes, and creating a human-centered multi-strategy system [6][7]

Core Insights - The report indicates a steady growth in the banking wealth management market, with a total of 4.39 million products in existence and a total scale of 32.13 trillion yuan as of the end of Q3 2025, reflecting year-on-year increases of 10.01% and 9.42% respectively [1][2] Group 1: Market Overview - As of the end of Q3 2025, there are 109 banks and 32 wealth management companies that have collectively issued 0.89 million new wealth management products, raising a total of 20.15 trillion yuan [2] - The number of investors holding wealth management products reached 139 million, marking a year-on-year growth of 12.70% [4] Group 2: Product Structure - Fixed income products dominate the market, with a total scale of 31.21 trillion yuan, accounting for 97.14% of the total wealth management product scale, which is an increase of 0.05 percentage points from the previous year [3] - Mixed products account for 2.58% of the total scale, while equity and commodity/financial derivative products have relatively small scales of 0.07 trillion yuan and 0.02 trillion yuan respectively [3] Group 3: Investment Returns - In the first three quarters of 2025, wealth management products generated a total return of 568.9 billion yuan for investors, with 179.2 billion yuan generated in Q3 alone [4] - Banks contributed 28.3 billion yuan to this return, while wealth management companies contributed 150.9 billion yuan [4] Group 4: Asset Allocation - The total investment assets of wealth management products reached 34.33 trillion yuan, reflecting a year-on-year increase of 8.53%, while total liabilities decreased by 2.89% to 2.14 trillion yuan [5] - The leverage ratio of wealth management products stands at 106.65%, a decrease of 0.84 percentage points from the previous year [5] Group 5: Support for the Real Economy - The wealth management industry has actively responded to national policy calls, supporting the real economy with approximately 21 trillion yuan through investments in bonds, non-standardized debt, and unlisted equity [6] - As of Q3 2025, 77 ESG-themed wealth management products have been issued, raising over 20 billion yuan, with a total scale of nearly 300 billion yuan [6] - The market also features over 200 specialized products related to themes such as rural revitalization and green low-carbon initiatives, with a total scale exceeding 100 billion yuan [6]

Group 1 - The core viewpoint is that wealth management companies are actively conducting research and optimizing their product offerings in response to opportunities in the equity market, with a focus on rights-containing products [1][3] - In the first three quarters, 25 wealth management companies participated in research involving over 1,700 individual stocks, with key sectors including semiconductors, communications, medical devices, machinery manufacturing, and new energy [1][3] - Wealth management companies are adopting a dual strategy of "product expansion and deepening research" to seize market opportunities as the equity market gradually recovers [3] Group 2 - More than 50% of the companies researched are from the Sci-Tech Innovation Board and the Growth Enterprise Market, with a notable presence from the Beijing Stock Exchange [3] - Ningyin Wealth Management and Zhaoyin Wealth Management have researched over 200 individual stocks, focusing on sectors such as new energy, healthcare, pharmaceuticals, semiconductors, and intelligent manufacturing [3] - In August, the yield on fixed-income wealth management products decreased, while the yield on rights-containing products increased, with fixed-income products yielding 1.81%, a rise of 1 basis point from the previous month [3]

Core Viewpoint - Hengli Hydraulic (601100.SH) plans to use up to RMB 3 billion of its own funds for entrusted wealth management investments to enhance fund utilization efficiency and increase company revenue [1] Investment Plan - The total amount for investment will not exceed RMB 3 billion, and the funds can be used on a rolling basis, with the total amount of outstanding wealth management products at any given time not exceeding RMB 3 billion [1] - The investment aims to improve cash management and utilize self-owned funds reasonably [1] Investment Strategy - The investment will focus on low-risk, highly liquid short-term financial products [1] - The investment scope includes but is not limited to fixed-income financial products, treasury reverse repos, money market funds, trust products, and targeted asset management plans [1] Approval Process - The investment decision has been approved by the company's fifth board of directors at its fifteenth meeting and the fifth supervisory board at its fourteenth meeting [1]

Market Performance - The A-share market saw a strong performance on August 20, with the Shanghai Composite Index rising by 1.04% to close at 3766.21 points, marking a near ten-year high [1] - The trading volume in the A-share market exceeded 2 trillion yuan for the sixth consecutive trading day [1] Sector Performance - The semiconductor industry chain experienced significant gains, while the defense and military sector continued to rise [1] - Consumer electronics and automotive stocks performed well, and liquor stocks rebounded from low levels [1] Investment Trends - Increased inflow of incremental capital is a key driving force for the market's upward trend, supported by a long-term shift of household wealth towards capital markets and the orderly release of policy dividends [3] - The performance of equity-based wealth management products has attracted more investor interest due to the bullish A-share market [5] Financing Activities - The margin financing business has shown a notable increase, with the financing balance exceeding 2 trillion yuan, reaching a near ten-year high [7] - Experts caution that margin trading is inherently a leveraged activity, which amplifies both potential returns and risks [7] Investor Considerations - Investors are advised to be cautious of the risks associated with over-heated market conditions and to avoid blindly chasing high prices [3] - The volatility of equity-linked wealth management products is typically greater than that of fixed-income products, necessitating careful financial planning by investors [5]