2024年9月24日一揽子金融政策出台，为券商经纪与财富管理业务带来了前所未有的发展机遇。 "9·24"一揽子政策出台一周年之际，券商中国记者专访了华福证券首席信息官李宁。李宁表示，当前市 场环境下，传统"产品配置为核心"的财富管理理念面临一定的挑战。未来的财富管理，应该更加注重客 户需求洞察、科学的资产配置、长期投资陪伴以及科技赋能，其核心目标是帮助投资者穿越周期，实现 财富的长期稳健增值。 投资者需求迭代 一是新投资者更年轻化。数据显示，30岁以下投资者的占比从行情前一年近30%显著提升了十个百分 点，增幅超过三成。 二是从交易行为来看，新投资者表现出更强的权益类投资偏好。初步统计，年内进行过场内权益类交易 的新客户占比超过80%，高于老客户五个百分点。 三是新投资者明显青睐ETF。今年以来，有超过四分之一的新投资者参与ETF交易，超过老投资者十个 百分点，对指数化投资有显著的结构差异。 四是在资产配置方面，新投资者展现出更清晰的理财规划意识。其持有的理财产品（包括权益类与固收 类）在总资产中占比高于老客户。尤其值得注意的是，其固收类理财产品的配置比例也显著高于老客 户，说明他们更注重资产结构的稳健性和多 ...

业内人士指出，节日主题专属理财产品逐渐降温，与理财产品的净值化转型进程逐步成熟、客户选择趋 于理性有所关联。在此前市场环境影响下，银行理财曾遭遇了几轮净值回撤，投资者更加关注收益稳 健、中低风险的理财产品，因此存续期表现稳定的产品更受投资者和理财公司推荐。 短期理财是营销重点 "双节"将至，银行与理财公司正紧抓假期理财窗口，以"14天收益连享""看准时间点，收益机会多10 天"等口号力推闲钱理财产品。 不过，与往年常常新发"国庆专属""中秋专属"理财产品的情况不同，今年理财公司主推的多为存续理财 产品，并以亮眼的历史收益表现吸引投资者目光。记者注意到，有被推介的理财产品近一个月年化收益 率达到了12.01%，有理财产品成立以来年化收益率达到了7.43%，另有多只理财产品近期年化收益率达 到了4%、5%以上。 你的假期"钱生钱"计划准备好了吗？ 往年每逢节假日，银行及理财子公司会推出一批节日专属理财产品，以相对较高的业绩比较基准吸引客 户购买。不过，相比往年，今年国庆、中秋双节专属理财产品市场显得有些"冷淡"，存续理财产品成为 理财公司营销的主力。 近期，平安理财、招银理财、浦银理财、徽银理财、杭银理财、北银理 ...

一场新闻发布会上，央行、金融监管总局、证监会联合宣布了涵盖降准、降息、降存量房贷利率、引导 中长期资金入市等一系列重磅金融政策，立刻引爆市场行情。 一组数据的对比或许更为直观。 Wind数据显示，2024年9月24日前一年，上证指数增幅为-8.6%，深证成指增幅为-17.12%，恒生指数增 幅为5.22%；科创100指数增幅为-33.04%。2024年9月24日后的一年，上证指数增幅为40.19%，深证成 指增幅为65.23%，恒生指数增幅为45.33%；科创100指数增幅为121.85%。 受股指增长的提振，成交额也均实现翻倍。2024年9月24日前一年，上证指数、深证成指、恒生指数、 科创100的成交额分别为82.09万亿元、107.13万亿元、25.25万亿元、3.04万亿元；而一年之后的成交额 分别为165.91万亿元、240.29万亿元、59.49万亿元、8.07万亿元。 一年前的9月24日是A股市场的关键转折点。 最后一段是7月中下旬以后，即股票市场3500点一直到现到3800点之前。而这一阶段又表现出了明显的 股债跷跷板效应。原因是，突破3500点这一关键点位之后，市场开始相信牛市已经再次开启， ...

Core Viewpoint - The announcement of significant financial policies by the central bank and regulatory authorities on September 24, 2023, marked a turning point for the A-share market, leading to a substantial market rally and changes in investment preferences [1]. Market Performance - Before September 24, 2023, the Shanghai Composite Index decreased by 8.6%, while the Shenzhen Component Index fell by 17.12%. In contrast, after this date, the Shanghai Composite Index surged by 40.19%, and the Shenzhen Component Index increased by 65.23% [2]. - Trading volumes also doubled post-September 24, with the Shanghai Composite Index's trading volume rising from 82.09 trillion yuan to 165.91 trillion yuan [5]. Wealth Management and Investment Products - The financial policies have positively impacted wealth management companies, leading to increased interest in equity investment products, which previously had low market recognition compared to fixed-income products. As of June 2025, equity products accounted for only 0.23% of the total bank wealth management market [4]. - The average net value growth rate for equity wealth management products reached 13.39% in the first eight months of the year, significantly outperforming mixed and fixed-income products [10]. Investment Strategy Shifts - Post-September 24, there has been a noticeable shift in investment preferences from dividend stocks to technology sectors, reflecting changing market dynamics and investor sentiment [11]. - Despite increased interest in equity investments, clients maintain a low-risk appetite, with a significant portion of new affluent individuals unwilling to accept losses exceeding 10% [12]. Bond Market Dynamics - The bond market has experienced a bull market since 2024, with the one-year government bond yield dropping to a record low of 0.9307% in December 2024. However, fluctuations in bond yields have been observed, necessitating close monitoring by fixed-income investors [7]. - The relationship between stocks and bonds has shown atypical behavior, with periods of both interdependence and independence, deviating from the traditional "stock-bond seesaw" effect [8][9].

Core Viewpoint - The wealth management business of brokerages has undergone significant changes over the past year, driven by a shift in investor behavior towards more rational asset allocation and the increasing popularity of ETFs as investment tools [1][2]. Group 1: Changes in Investor Behavior - Investors have shown a marked increase in enthusiasm for equity asset allocation, transitioning from a "chasing gains" mentality to a more structured "asset allocation" approach [2]. - The proportion of new investors under 30 years old has increased by 10 percentage points compared to the previous year, with over 25% of new investors participating in ETF trading, which is 10 percentage points higher than older investors [3]. - New investors are more focused on financial planning, with a higher allocation to fixed-income products compared to older clients, indicating a preference for stability and diversification in asset structure [3]. Group 2: Evolving Service Models - The growth in investor numbers has posed challenges for brokerages in terms of meeting diverse and sophisticated service demands, necessitating a shift towards more intelligent, personalized, and scenario-based services [4]. - Social media has raised client expectations for service, leading to a demand for both convenient online services and deeper offline trust relationships [5]. - Brokerages are transitioning from merely providing product sales to offering comprehensive advisory services that include asset selection and long-term client engagement [5][6]. Group 3: New Growth Opportunities - Brokerages are exploring new profit growth points by focusing on client service and engagement, moving away from reliance on commission income [6][7]. - Future growth areas are identified as including the scaling of buy-side advisory models, refined client segmentation, comprehensive services for corporate finance and family trusts, ecological layouts for retirement finance, and cross-border wealth services [7].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 证券时报记者 谭楚丹 孙翔峰 2024年"9·24"一揽子金融政策落地以来，A股市场回暖，日均成交额明显增长，且已站稳2万亿元关口。 ETF投资崛起与配置觉醒 多位券商人士向证券时报记者表示，过去一年，伴随A股吸引力上升，投资者的投资习惯、配置需求、投资偏好发 生显著变化。 "投资者对权益资产的配置热情显著增强"是多名受访人士观察到的明显变化。中泰证券首席财富官胡增永谈到， 当前个人投资者的投资行为呈现"指数化""机构化""配置化"三条较为清晰的主线，"指数化"带来低成本的β（贝 塔）收益，"机构化"解决了产品选择与风险控制，"配置化"则实现收益增强与风险对冲，协同推动个人投资者 从"追涨杀跌"的1.0时代，迈入"资产配置"的2.0时代。 其中，ETF成为备受追捧的投资工具。"个人投资者对ETF等工具的认可度大幅提高，特别是宽基指数和行业主题 ETF。"兴业证券首席财务官许清春表示，这一变化主要源于投资者对指数产品分散风险、运作透明、成本低廉等 特点的认同。从数据上看，同一时期兴业证券非货ETF的参与客户数量提升了11倍。 多名受访券商 ...

Core Viewpoint - The Federal Reserve has announced a 25 basis point cut in the federal funds rate, marking its first rate cut since December 2024, which is expected to trigger a new round of adjustments in global asset classes [1] Group 1: Impact on Assets - The Fed's rate cut is likely to lead to capital flow changes, currency fluctuations, and asset repricing, with the dollar index down 10.56% year-to-date and COMEX gold up 39.98% [1] - Following the rate cut, gold prices experienced a slight decline, indicating a potential profit-taking phase after the initial positive reaction [1] - Historical data suggests that gold prices typically see small gains or remain stable in the week following a Fed rate cut, with significant positive returns observed one and three months later [3] Group 2: Currency and Interest Rates - The depreciation of the dollar has led to the appreciation of non-dollar currencies, with the Chinese yuan rising from 7.3506 to approximately 7.1 against the dollar since April [3] - The potential for further depreciation of deposit rates exists, as the domestic monetary policy may follow the Fed's lead, which could result in lower bond yields and benefit fixed-income products [6] - If the yuan continues to appreciate, the foreign exchange risk for currency-based investments may increase, although the short-term appreciation potential appears limited [5] Group 3: Market Outlook - The Fed's rate cut opens up further "easing" space for domestic monetary policy, which could lead to continued downward pressure on deposit rates and support for bond markets [6] - Global risk assets may benefit from a valuation recovery window, with more funds potentially flowing into emerging markets as the Fed's actions lower global risk-free rates [7] - The A-share and Hong Kong stock markets may see increased interest if the Fed continues to cut rates and the yuan appreciates, benefiting equity-related products [7]

本课题组成员： 研究员：黄桂煊 薛茹云 陈子卉 数据分析师：张稆方 数据来源：粤港澳大湾区（广东）财经数据中心、南财理财通 编者按：《机警理财日报》作为南财集团、21世纪经济报道、南财理财通的金牌理财专栏，目前细分了 现金、纯固收、固收+期权、固收+权益、混合、权益、衍生品七大类，已实现对银行理财市场的每日 追踪。为了进一步反映银行理财行业发展现状，南财理财通课题组特开设银行理财月报独家专题，力求 及时准确研判理财行业趋势、洞悉理财产品表现，以期为银行理财行业转型发展带来参考价值。 本期，南财理财通课题组发布8月份银行理财行业运作报告，对理财产品破净情况、新发情况、到期情 况和存续情况进行分析。 摘要： 存续情况：权益类理财产品为今年前8个月表现最好的理财产品，前8个月平均净值增长率高达 13.39%。混合类理财今年前8个月的平均净值涨幅为3.36%，而固收类理财产品平均净值增长率仅 1.68%。从稳健性来看，固收产品依旧有优势，前8个月平均最大回撤仅0.2%，而权益类理财的平均最 大回撤达到9.66%，混合类理财平均最大回撤为1.32%。 破净情况：南财理财通数据显示，截至8月末，32家理财公司共有2942 ...

● 吴杨 李蕴奇 大规模破净概率较低 招商证券固定收益首席分析师张伟表示，净值化管理使得银行理财对于债市的敏感度提升，当债市发生 调整时，银行理财容易主动抛售债券，从而触发负反馈效应，造成理财赎回潮和破净率上升。 自资管新规落地以来，银行理财步入净值化时代，产品净值与市场波动紧密挂钩成为常态。近期，债市 出现震荡调整，使得以债券作为主要底层资产的固收类理财产品短期承压，部分理财产品出现破净现 象。 中国证券报记者采访了解到，固收类理财产品破净情况并不普遍，且多属新发理财产品。由于机构在本 轮债市震荡调整中较为理性、克制，加之多数理财产品有利润垫，理财公司面临的压力整体可控。 多为新发行产品 破净指的是理财产品净值低于1，往往代表着投资者账户出现亏损的现象。记者就破净产品对多家理财 公司进行了采访。相关公司表示，破净产品多为新发行产品，破净幅度也较小，目前面临的客户投诉压 力不大。 北方地区某股份行理财公司有关人士表示，破净产品均处于建仓期，由于近期市场波动和相关费用支 出，出现小幅度破净情况。这些产品均为封闭式产品，不涉及赎回问题。破净产品的底层资产主要是债 券，其中国债、政策性金融债、高等级信用债占比不低于 ...

[ M1增速回升带动M1-M2剪刀差进一步收窄，8月末该差值为-2.8%，较上月收窄0.4个百分点，是2021 年6月以来的最低值。 ] 居民存款和非银存款连续两个月呈现"跷跷板"关系，被市场解读为"存款搬家"，并与近期国内股市行情 联系起来。 M1增速回升带动M1-M2剪刀差进一步收窄，8月末该差值为-2.8%，较上月收窄0.4个百分点，是2021年 6月以来的最低值。今年以来M1-M2剪刀差明显收敛，进一步印证更多资金转化为活期存款，有助于投 入消费、投资等经济活动。 在央行的统计口径中，M1主要包括流通中的货币（M0）、单位活期存款以及支付机构客户备付金； M2则是在M1的基础上，进一步纳入了单位定期存款、个人存款（包含活期与定期）、其他存款以及非 银金融机构存款。 其中，非银存款具体是指保险、基金、券商等非银行业金融机构存放在银行体系内的存款。市场之所以 关注非银存款的增减变化，核心逻辑在于：居民若计划参与股市等资本市场投资，通常会先将个人银行 存款转入基金账户、券商保证金账户等非银金融机构账户，这一过程会直接体现为居民存款减少，同时 非银存款相应增加。 浙商证券首席经济学家李超表示，M1-M2剪刀差 ...