【本报告课题组成员】 数据分析师：张稆方 版权声明：本报告版权属南方财经全媒体集团，未经课题组同意，禁止对外使用。 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11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： 破净情况：11月理财产品破净比例整体轻微上升至0.98%。其中，权益类、混合类以及固收类理财产品破净率分别增长至23.81%、3.09%和0.84%。 新发情况：2025年11月，在债市震荡回落，纯固收和"固收+"产品收益承压的情况下，理财产品募集情况整体表现疲软，11月份理财公司产品募集规模均值 为1.82亿元，环比上月的3.18亿元下降超40%。产品结构方面，11月理财公司积极参与权益市场投资，华夏理财和杭银理财均 ...

Core Viewpoint - The company is transitioning towards an integrated sales and investment model, aiming to enhance operational efficiency and market competitiveness while preparing for the next five-year plan [1][2]. Group 1: Company Growth and Strategy - The company achieved a significant milestone by surpassing 1 trillion yuan in asset management, marking the end of its first five-year phase and the beginning of a new strategic journey [1]. - The company emphasizes a market-oriented development approach, with 60% of its sales coming from external channels, the highest in the market [1][2]. - The "investment-sales integration" reform has improved the efficiency of the entire process from channel demand to customer service [1][2]. Group 2: Market Environment and Challenges - The company recognizes the accelerating development of the asset management industry and the shift of funds from bank deposits to wealth management products due to declining deposit rates [3][4]. - The company faces challenges in maintaining product stability and differentiating its offerings in a market where product styles are becoming increasingly homogeneous [3][4]. Group 3: Investment Strategy and Product Development - The company is focusing on enhancing its investment capabilities, particularly in equity investments, by recruiting talent and adjusting internal mechanisms to support this shift [6][9]. - The company aims to increase the supply of medium to long-term products and innovate product functionalities to enhance customer engagement and retention [5][6]. - The company is also working on building a systematic equity investment research framework to improve its investment decision-making process [6][9]. Group 4: Future Outlook and Innovations - The company plans to invest more resources in technology finance, aiming to create a robust capability system around core industries and improve its project selection process [9]. - The company is shifting from a passive response to a proactive approach in the asset management industry, focusing on product design and customer service [4][5].