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上市公司理财策略调整证券公司理财基金专户等认购金额增长
Sou Hu Cai Jing· 2025-09-28 14:44
Core Insights - Recent adjustments in the investment strategies of A-share listed companies have led to a reduction in the allocation to structured deposits and bank wealth management products, while subscriptions to securities company wealth management and fund accounts have increased [2] Group 1: Investment Trends - As of September 24, 2025, 1,094 listed companies held a total of 12,268 wealth management products with a subscription amount of 7,733.56 billion yuan, reflecting a year-on-year decline of over 15.2% [4] - The subscription amount for structured deposits has decreased to 4,708.9 billion yuan, down 18.8% year-on-year, while bank wealth management products saw a decline to 801.7 billion yuan, a drop of 5.6% [4] - The overall wealth management scale of listed companies has been declining for two consecutive years, with a projected subscription amount of 12,152 billion yuan in 2024, representing a year-on-year decrease of 6.20% [4] Group 2: Factors Influencing Changes - The decline in wealth management scale is primarily due to strict controls on fund idling, leading to regulatory constraints on bank structured deposit quotas [4] - The average yield of bank wealth management products has dropped to 2.12% in the first half of 2025, with one-year deposit rates falling to around 1%, making high-yield deposits increasingly rare [5] - Listed companies are showing increased interest in securities company wealth management and fund accounts, with subscriptions amounting to 512.26 billion yuan and 331.43 billion yuan respectively, marking year-on-year increases of 4.1% and 101.2% [5] Group 3: Future Outlook - Despite a preference for short-term, low-risk products, listed companies are gradually increasing their allocation to diversified products from securities firms and public funds [5] - It is anticipated that the scale of deposits transitioning to wealth management could reach several hundred billion yuan in the coming year [5] - Offshore wealth management through QDII and southbound channels is becoming an important direction for corporate asset allocation [5]
上市公司理财策略调整!证券公司理财、基金专户等认购金额增长
Huan Qiu Wang· 2025-09-28 05:27
Core Viewpoint - Recent adjustments in the investment strategies of A-share listed companies have led to a reduction in the allocation of structured deposits and bank wealth management products, while subscriptions for securities company wealth management and fund special accounts have increased [1] Summary by Sections Investment Trends - As of September 24, 2025, 1,094 listed companies held a total of 12,268 wealth management products with a subscription amount of 7,733.56 billion yuan, reflecting a year-on-year decline of over 15.2% [3] - The subscription amount for structured deposits decreased to 4,708.9 billion yuan, down 18.8% year-on-year, while bank wealth management products fell to 801.7 billion yuan, a decline of 5.6% [3] Market Analysis - According to CITIC Securities, the scale of wealth management for listed companies has been declining for two consecutive years, with a projected subscription amount of 12,152 billion yuan in 2024, down 6.20% year-on-year, and a further 31% decline in the first half of 2025 [3] - The decline is attributed to strict controls on fund idling and regulatory requirements on bank structured deposit quotas, leading to reduced attractiveness for corporate clients [3] Product Performance - The average weighted yield of bank wealth management products dropped to 2.12% in the first half of 2025, with one-year deposit rates falling to around 1%, making yields above 1.6% considered high [4] - In contrast, securities company wealth management and fund special accounts saw increased subscription amounts of 512.26 billion yuan and 331.43 billion yuan respectively, with year-on-year growth rates of 4.1% and 101.2% [4] Future Outlook - Companies are gradually increasing their allocation to diversified products such as those from securities firms and public funds, despite a preference for short-term, low-risk investments [4] - It is anticipated that the scale of funds shifting from deposits to wealth management could reach several hundred billion yuan in the coming year, with overseas wealth management becoming an important asset allocation direction through QDII and southbound channels [4]
上市公司理财扫描:规模三连降,风险偏好抬升
Xin Lang Cai Jing· 2025-09-24 00:28
Core Viewpoint - The article discusses the recent trends in cash management and investment strategies of listed companies in China, highlighting a shift from traditional low-yield deposits to higher-yield financial products due to a prolonged low-interest-rate environment [1][4]. Group 1: Company Cash Management Trends - Zhuhai Technology announced the use of up to 1.7 billion yuan of idle fundraising for cash management, reflecting a broader trend among companies to seek higher returns on their idle funds [1]. - The number of listed companies purchasing financial products has decreased for three consecutive years, with a 34% drop in 2023 and a further 5.45% decline in 2024 [1][4]. - As of September 23, 2023, 1,094 A-share listed companies held a total of 12,235 financial products, with a total subscription amount of 770.72 billion yuan, down from 880.23 billion yuan in the same period of 2024 [1]. Group 2: Investment Strategies and Product Preferences - Companies are diversifying their investment strategies, with state-owned enterprises focusing on low-risk, principal-protected financial products, while private companies are exploring overseas investments and utilizing currency hedging [2]. - The average annualized yield for cash management products was reported at 1.32%, with fixed-income products yielding 1.12%, indicating a slight increase in returns [3]. - The proportion of structured deposits in the overall investment mix of listed companies has decreased from 63.8% in 2023 to 60.9% in 2025, while investments in bank wealth management and government bond reverse repos have increased [3]. Group 3: Market Conditions and Future Outlook - Despite a decline in overall financial management scale, some companies are showing increased risk appetite due to a recovering secondary market [4]. - In the first half of 2025, 133 listed companies disclosed a total of 29.55 billion yuan in securities investments, reflecting a 42% year-on-year increase, while financial management scale decreased by 24.96% [5]. - The trend indicates a migration of funds from conservative management to more active investment strategies, with expectations of significant shifts from deposits to financial management in the coming year [5].
年内认购规模骤降12%,上市公司理财热“退潮”?基金专户总规模增加55.10亿元
Hua Xia Shi Bao· 2025-09-19 07:25
本报(chinatimes.net.cn)记者卢梦雪 北京报道 随着金融产品不断规范且种类多样化,上市公司以闲置资金买理财成为一大趋势。 9月17日,华润三九(000999)公告,拟以不超过100亿元自有资金投资银行及其下属银行理财子公司理 财产品。据记者不完全统计,仅9月以来,就已有几十家上市公司公告了以闲置资金进行投资管理的操 作。 不过,从买理财的金额来看,今年上市公司理财热似乎有所"降温"。Wind数据显示,截至9月17日,上 市公司认购理财产品合计规模比去年同期减少1095.86亿元,同比下降12.64%。从具体认购产品类型来 看,结构性存款认购金额减少最多,减少了968.70亿元,投资公司理财产品认购金额减少幅度最大,减 少了38.69%。 结构性存款减少金额最多 一直以来,购买理财产品都是上市公司管理闲置资金的重要方式。但Wind数据显示,与去年同期相 比,今年年内上市公司理财投资的总金额正在减少。 具体来看,截至2025年9月17日,共有1092家上市公司购买了理财产品,合计认购金额达7573.95亿元。 而去年同期,有1193家上市公司合计认购了8669.81亿元的理财产品,对比来看,今年认 ...
居民存款:从“回家”到“再搬家”
2025-08-24 14:47
Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the trends in household deposits in China from 2017 to 2025, highlighting the impact of macroeconomic factors and regulatory changes on wealth allocation among residents [1][2][4]. Core Insights and Arguments - **Rapid Growth of Household Deposits**: From 2017 to 2022, household deposits grew rapidly, reaching a peak of 17.8 trillion yuan in 2022, with growth rates increasing from 1.1% to 17.4%. However, growth rates are expected to decline to around 10% by 2025 [1][2]. - **Drivers of Deposit Growth**: The primary drivers for the increase in deposits include a downturn in the real estate market and a decline in the returns on asset management products. Financial regulatory tightening has also led to a return of funds to bank deposits [1][4]. - **Shift in Investment Preferences**: As deposit rates decrease and capital market returns improve, residents are diversifying their investment preferences, favoring wealth management products and money market funds. Risk assets like bonds and stocks are expected to attract more funds due to enhanced relative returns in 2024 [1][6]. - **Regulatory Impact**: Financial regulatory policies have significantly influenced wealth allocation. The tightening of regulations and the implementation of new asset management rules have led to a reduction in the scale of various financial products, causing funds to flow back into bank deposits [5][10]. - **Asset Allocation Trends**: There has been a notable shift in asset allocation since 2017/2018, with a significant increase in cash deposits, which reached 85% by 2022. Although the investment ratio in financial products and asset management products has rebounded to 31% in 2024, it remains below the levels seen from 2014 to 2017 [7][8]. Other Important Insights - **Preference for Low-Risk Products**: Low-risk asset management products, such as bank wealth management and money market funds, are increasingly favored by residents due to their higher yields compared to deposits and better liquidity. The bond market's performance in 2023-2024 has also attracted some deposits into bond funds [9]. - **Future Monetary Policy Outlook**: The future monetary policy is expected to focus on stabilizing growth and the economy, with potential continued interest rate cuts. This is likely to enhance the comparative returns of various financial products, leading to an increased allocation of wealth into money market funds, wealth management, and bonds [10][11]. - **Emerging Trends in Wealth Migration**: Despite the overall decline in risk asset allocation since 2016, there are signs of emerging trends as the stock market improves, indicating a potential shift in risk appetite among residents [9][11].