据不完全统计，截至9月5日，市场上名称中含有"黄金"的存续理财产品共47只。其中，银行理财子 公司存续的黄金理财16只，除光大理财在2020年和2021年分别存续1只、民生理财2024年存续1只外，目 前市面上存续的理财产品均为今年发行，其中，9月份发行了3只。 可以看到，虽然眼下挂钩黄金的理财产品热度持续攀升，但总体来看，参与黄金理财业务的理财子 公司数量仍旧较少，已发行的黄金理财产品规模也相对有限。 南开大学金融学教授田利辉在接受采访时认为，黄金理财发展向好，黄金理财正从边缘配角走向资 产配置舞台中央。当前产品规模虽小，但趋势已明。随着居民财富管理意识提升，黄金的长期配置价值 将进一步被挖掘。未来，产品将更加多元化，风险分层更清晰，运作机制更透明，有望成为稳健型投资 者资产组合中的"压舱石"。 在多重因素推动下，国际金价近期连续上涨。9月9日，国际现货黄金价格突破3650美元/盎司，最 高触及3659.10美元/盎司，再创历史新高。借此轮金价走高的市场热度，银行理财子公司挂钩黄金的理 财产品密集"上新"，相比之前的发行节奏明显加快。 9月3日，招银理财发布公告称，旗下"招睿焦点联动黄金5号固收类理财计划" ...

2025 年 09 月 10 日 证券研究报告|银行理财周报 公募新规影响银行理财，中小银行"抱团"申设理财子 能否突围？ 银行理财周度跟踪（2025.9.1-2025.9.7） 分析师：蔡梦苑 分析师登记编码：S0890521120001 电话：021-20321004 邮箱：caimengyuan@cnhbstock.com 投资要点 分析师：周佳卉 监管和行业动态：1、公募销售费用新规发布，降费"三步走"落地，对银行 理财构成双重影响。2、四川省几家银行正积极推进联合申请理财子公司牌照， 若四川多家银行联合申设成功，不仅可能标志着牌照审批重启，更将为中小银 行通过区域联合突围提供重要示范。3、近期黄金价格持续走高，招银理财、光 大理财等理财公司借势发力黄金理财。 同业创新动态：1、浦银理财"五力全开"科技五力模型精选理财产品上新。 2、招银理财自主研发湾区全球资产优选配置指数。3、招银理财与中诚信联合 发布防御 50 融智指数。4、交银理财发布多元策略大类资产配置指数。 销售服务电话： 相关研究报告 1、《信托新规冲击非标理财，银行半年报 收益率表现：上周（2025.9.1-2025.9.7，下同）现金 ...

分析师：蔡梦苑 登记编号：S0890521120001 分析师：周佳卉 登记编号：S0890525040001 投资要点 监管和行业动态： 1、公募销售费用新规发布，降费"三步走"落地，对银行理财构成双重影响。 2、四川省几家银行正积极推进联合申请理财子公司牌照，若四川多家银行联合申设成功，不仅 可能标志着牌照审批重启，更将为中小银行通过区域联合突围提供重要示范。3、近期黄金价格 持续走高，招银理财、光大理财等理财公司借势发力黄金理财。 同业创新动态： 1、浦银理财"五力全开"科技五力模型精选理财产品上新。2、招银理财自主研 发湾区全球资产优选配置指数。3、招银理财与中诚信联合发布防御50融智指数。4、交银理财 发布多元策略大类资产配置指数。 收益率表现： 上周（2025.9.1-2025.9.7，下同）现金管理类产品近7日年化收益率录得1.30%， 环比下降1BP；同期货币型基金近7日年化收益率报1.18%，环比下降1BP。各期限纯固收产品 年化收益率多数环比小幅上升，各期限固收+产品年化收益率多数环比不同程度下降。债市整体 延续震荡格局。短端方面，央行等量续作买断式逆回购1万亿，全周OMO净投放力度有限， ...

在多重因素推动下，国际金价近期连续上涨。9月9日，国际现货黄金价格突破3650美元／盎司，最高触 及3659.10美元／盎司，再创历史新高。 借此轮金价走高的市场热度，银行理财子公司密集发行挂钩黄金的理财产品，相比之前的发行节奏明显 加快。 9月3日，招银理财发布公告称，旗下"招睿焦点联动黄金5号固收类理财计划"已于9月2日正式成立，该 产品挂钩标的为SGE黄金9999。9月4日，光大理财的"阳光青臻盈7期（黄金挂钩策略）固定收益类"理 财产品也已进入募集阶段。 转自：金融时报 实际上，今年以来，渤银理财、浙银理财、民生理财等多家银行理财子公司已先后推出挂钩黄金的理财 产品。 "近期银行理财子公司密集发行黄金理财产品，这既是对市场趋势的必然响应，更是资管行业主动求变 的体现。"南开大学金融学教授田利辉在接受记者采访时分析认为，黄金价格屡创新高，凸显了其在地 缘动荡、全球降息预期升温背景下的避险价值与配置吸引力。与此同时，固收类资产收益持续承压，银 行理财亟需通过"固收+黄金"等策略增强产品竞争力。银行理财子公司借势布局，既是对投资者保值需 求的精准回应，也是丰富产品谱系、提升投研能力的战略落子。 来自中国理财 ...

"近期银行理财子公司密集发行黄金理财产品，这既是对市场趋势的必然响应，更是资管行业主动求变 的体现。"南开大学金融学教授田利辉在接受《金融时报》记者采访时分析认为，黄金价格屡创新高， 凸显了其在地缘动荡、全球降息预期升温背景下的避险价值与配置吸引力。与此同时，固收类资产收益 持续承压，银行理财亟需通过"固收+黄金"等策略增强产品竞争力。银行理财子公司借势布局，既是对 投资者保值需求的精准回应，也是丰富产品谱系、提升投研能力的战略落子。 来自中国理财网的数据显示，截至9月5日，市场上名称含"黄金"的存续理财产品共47只。其中，银行理 财子公司存续的黄金理财有16只。 从具体的产品类型来看，目前银行理财子公司推出的挂钩黄金理财产品主要分为两类：一是"固收+黄 金"，即在固收资产的基础上，配置部分黄金类资产；二是挂钩黄金标的的结构化理财产品，主要投资 于黄金相关衍生品。 可以看到，虽然眼下挂钩黄金的理财产品热度持续攀升，但总体来看，参与黄金理财业务的理财子公司 数量仍旧较少，已发行的黄金理财产品规模也相对有限。 在多重因素推动下，国际金价近期连续上涨。9月9日，国际现货黄金价格突破3650美元/盎司，最高触 及36 ...

Core Viewpoint - The recent surge in gold prices has led to an increase in the issuance of gold-linked wealth management products by bank wealth management subsidiaries, driven by the growing investment value of gold and the rising demand for stable return products [1][2]. Group 1: Market Trends - As of September 5, the price of gold reached $3,552.701 per ounce, surpassing the critical $3,500 mark, prompting banks to issue more gold-related financial products [1]. - Multiple banks, including 招银理财 and 光大理财, have launched gold-linked wealth management products in response to the rising gold prices, indicating a trend towards gold investment [2]. - There are currently 47 wealth management products in the market that include "gold" in their names, with 16 of these being issued by bank wealth management subsidiaries [2]. Group 2: Product Structure - The gold-linked wealth management products primarily adopt a closed-end operation model, focusing on fixed-income investments [2]. - These products can be categorized into two types: "fixed income + gold" products that combine fixed-income assets with gold investments, and structured products linked to gold derivatives [2]. Group 3: Future Outlook - The number of bank wealth management subsidiaries participating in gold investment is currently limited, but demand for gold as a hedge against risk is expected to grow, leading to more banks exploring gold investment strategies [3]. - The ongoing rise in gold prices is anticipated to continue in the medium to long term, driven by factors such as geopolitical risks, strong central bank demand for gold, and persistent market expectations for interest rate cuts [4]. Group 4: Investor Guidance - Investors are advised to carefully assess their risk tolerance and investment goals when selecting gold-linked products, as these products are better suited for long-term asset allocation rather than short-term speculation [5][6]. - Key considerations for investors include matching investment objectives with product risks, understanding product structures, and being aware of fees and operational rules associated with these products [6].

Core Viewpoint - The recent surge in gold prices has led to an increase in the issuance of gold-linked wealth management products by bank wealth management subsidiaries, driven by the growing investment value of gold and the rising demand for stable return products [1][2]. Group 1: Market Trends - As of September 5, the price of gold reached $3,552.701 per ounce, surpassing the key level of $3,500, prompting banks to issue more gold-related wealth management products [1]. - Several banks, including 招银理财 and 光大理财, have launched gold-linked wealth management products in recent weeks, contributing to the growing popularity of gold investment [2]. - Currently, there are 47 wealth management products in the market that include "gold" in their names, with 16 of these being issued by bank wealth management subsidiaries this year [2]. Group 2: Product Structure - The gold-linked wealth management products primarily adopt a closed-end operation model, focusing on fixed-income investments [2]. - There are two main types of gold-linked products: one combines fixed income with gold assets, while the other is structured products linked to gold derivatives [2]. Group 3: Future Outlook - The number of bank wealth management subsidiaries participating in gold investment is currently limited, but demand for gold as a hedge against risk is expected to rise, leading to more exploration of gold investment strategies [3]. - The ongoing increase in gold prices is attributed to factors such as geopolitical risks, strong central bank interest in gold, and persistent market expectations for interest rate cuts [4]. Group 4: Investor Guidance - Experts advise investors to approach the rising gold prices with caution and to consider the suitability of gold-linked products for long-term asset allocation rather than short-term speculation [5][6]. - Key considerations for investors include matching investment goals with product risks, understanding product structures, and being aware of fees and operational rules [5][6].