中经记者 慈玉鹏 北京报道 近日，"中国保险资产管理业协会"官方微信已更名为"中国银行保险资产管理业协会"。 分类别看，截至2025年三季度末，固定收益类产品存续规模为31.21万亿元，占全部理财产品存续规模 的比例达97.14%，较去年同期增加0.05个百分点；混合类产品存续规模为0.83万亿元，占比为2.58%， 较去年同期增加0.03个百分点；权益类产品和商品及金融衍生品类产品的存续规模相对较小，分别为 0.07万亿元和0.02万亿元。 目前，除了中国银行保险资产管理业协会外，银行理财公司主要的自律组织还包括：银行业理财登记托 管中心和中国银行业协会理财业务专业委员会。其中，银行业理财登记托管中心是经财政部、原银监会 （现金融监管总局）批准，由中央国债登记结算有限责任公司（简称中央结算公司）于2016年全资发起 设立的中立性理财市场服务机构。主要业务包括：理财登记托管结算业务；理财业务的风险监测与分 析；理财大数据库建设、信息和技术服务、市场研究；理财直接融资工具和银行理财管理计划业务的综 合服务等。 而中国银行业协会理财业务专业委员会是在中国银行业协会领导下，由商业银行、理财公司等成员单位 组成的专业 ...

Group 1: Market Overview - The total scale of bank wealth management products reached 32.13 trillion yuan as of September 30, 2025, reflecting a quarter-on-quarter growth of 4.76% from 30.67 trillion yuan as of June 30, 2025, indicating a continued recovery trend since 2025 [3][4] - The "asset migration" effect has enhanced the attractiveness of the wealth management market, with significant rebounds in product scales observed in the second and third quarters of 2025 [3][4] Group 2: Investment Type Changes - The structure of bank wealth management products has undergone adjustments, with fixed-income products continuing to dominate, growing from 15.30 trillion yuan in July to 16.13 trillion yuan in October 2025, a 5.4% increase [5] - Cash management products saw a significant increase, with a month-on-month growth of 8.8% in September, reaching 6.11 trillion yuan, and further increasing to 6.19 trillion yuan in October [5] - Mixed products showed differentiation, with bond-mixed and flexible allocation products growing by 18.9% and 16.2% respectively in September, although flexible allocation saw a slight decline in October [5] Group 3: Institutional Scale - As of June 30, 2025, the top ten wealth management institutions had a combined scale of 17.57 trillion yuan, with significant head effects, as the top three institutions (Zhaoyin Wealth Management, Xingyin Wealth Management, and Xinyin Wealth Management) each exceeded 2 trillion yuan [8] - The product type distribution among the top institutions shows a preference for fixed-income and cash management products, with Zhaoyin and Xingyin having over 50% in fixed-income allocations [9] Group 4: New Issuance Market Overview - In October 2025, the new issuance scale of bank wealth management products was 506.11 billion yuan, reflecting a quarter-on-quarter growth of 4.5% [15] - The majority of new issuances were medium-term products (3-6 months and 1-3 years), accounting for 88.44% of the total, indicating a preference for liquidity [15][16] Group 5: Performance Tracking - The average performance benchmark for all newly issued products in October 2025 was 2.50%, with a slight decrease of 0.03 percentage points, maintaining stability [17] - Fixed-income and pure debt products accounted for 92.29% of new issuances, reflecting a conservative investment approach amid an "asset shortage" environment [21] Group 6: Yield Tracking - The median annualized yield for pure debt products increased with the holding period, with 3-year yields reaching 3.56%, significantly higher than daily open products at 1.65% [31] - Equity products exhibited high volatility, with daily open yields reaching 26.32%, but short-term yields showed negative returns, indicating market fluctuations [31] Group 7: Overall Market Trends - The bank wealth management market in October 2025 displayed characteristics of "steady growth, structural optimization, and concentration among leading institutions," with expectations for further diversification and innovation in product offerings [11][26] - The industry is moving towards a more regulated and diversified development, with a focus on long-term asset management and multi-asset allocation strategies [39]

Core Insights - The private asset management products of securities companies and their subsidiaries reached a total scale of 5.73 trillion yuan by the end of September, accounting for nearly half of the entire market [1][4] - Fixed income products remain the mainstay, while equity and mixed products show a trend of growth, indicating a diversification in market allocation [5][6] - The industry is accelerating its transition to active management, but faces challenges such as public offering transformation and seeking differentiated layouts [6][7] Group 1: Product Scale and Market Position - As of the end of September, the total scale of private asset management products from securities and futures institutions was 12.46 trillion yuan, with a month-on-month increase of 1210.08 billion yuan, but a slight decrease of 0.96% compared to the previous month [3] - Securities companies and their subsidiaries maintained a leading position, with a total of 5.73 trillion yuan in private asset management products, representing 46.02% of the entire market [4][6] - The average management scale of private asset management products by securities companies and their subsidiaries was 597.34 billion yuan, with a median of 209.67 billion yuan [4] Group 2: Product Types and Trends - Fixed income products accounted for 82% of the total scale of securities private asset management products, solidifying their position as the industry's "pillar" [5] - In September, newly registered private asset management products included 4.4% equity products and 34.86% mixed products, showing an increase from August's 3.1% and 30.82%, respectively [5] - The overall trend indicates a recovery in the private asset management sector after years of scale reduction due to regulatory impacts, with a total increase of 2687.33 billion yuan since the beginning of 2025 [6] Group 3: Industry Challenges and Future Outlook - The transition to active management is ongoing, with the proportion of collective asset management plans reaching 55.73% by the end of September [7] - Despite the growth in product registration, the revenue performance of the asset management business among listed securities firms shows significant divergence, with only one-third achieving positive growth [7] - The industry faces challenges in public offering licensing and the slow pace of transformation, with firms needing to find breakthroughs for scale expansion and business transformation in 2024 [7]

Core Viewpoint - The article discusses the legal execution case against Western Lide Fund, highlighting the company's response and its financial stability despite the ongoing legal issues [2][7]. Group 1: Legal Issues - On November 6, the Shanghai Financial Court initiated enforcement against Western Lide Fund, with an execution amount of approximately 291 million yuan [2]. - Western Lide Fund stated that the original case has a valid arbitration ruling from the Shanghai International Arbitration Center, which mandates the asset management plan managed by the company to bear the corresponding principal, interest, and arbitration fees [7]. - The company emphasized that the asset management plan's assets are independent of the management and custody assets, and any debts incurred should be borne by the plan's assets themselves [7]. Group 2: Financial Performance - As of June 30, 2025, Western Lide Fund achieved a compound annual growth rate of over 25% in non-monetary fund management scale, surpassing 116.6 billion yuan, placing it among the top 50 in the industry [7]. - The company manages 74 public funds, with bond funds making up the majority at 78.9 billion yuan, and money market funds totaling 23.6 billion yuan [8]. - Over the past decade, the bond market has shown a "bull long bear short" characteristic, with Western Lide Fund's fixed-income products achieving a performance of 91.87% over nearly ten years, ranking 1st out of 71 in the industry [9]. Group 3: Management Changes - Recently, the company underwent a management change, with General Manager He Yanping retiring and Chairman He Fang taking over the role [8].

Group 1 - The private asset management market in China experienced significant recovery in September, with the number of registered products reaching a nearly nine-year high, indicating a rebound in market vitality and a profound change in capital flow and institutional strategies under the current macroeconomic environment [1] - Securities companies and their asset management subsidiaries emerged as the market leaders in September, with a total of 1,537 registered products and a total scale of 47.675 billion yuan, accounting for nearly 60% of the market [1] - Collective asset management plans became the main force behind this expansion, with a scale share of 68.32%, while single asset management plans, despite having a higher number of registrations, showed smaller average scales, reflecting a trend towards smaller and more diversified products to meet varying investment needs [1] Group 2 - Fixed income products maintained a dominant position in the market, with their establishment scale accounting for over 50% in September and a share of 71.7% in the total existing scale of 12.46 trillion yuan by the end of September [3] - Equity products showed low levels of new registrations and scale share in September, indicating a cautious market attitude towards equities, while mixed products remained active and important in the market [3] - Despite the active registration activities in September, the overall existing scale of the market saw a slight decline of 0.96%, with brokerage and fund systems remaining the two main pillars of the market, holding shares of 46.02% and 38.42% respectively [3] Group 3 - A senior financial researcher noted two main trends in the private asset management market: a concentration towards leading firms, with securities asset management gaining larger market shares, and a shift towards stability, as evidenced by the dominant position of fixed income products reflecting investors' preference for certainty in the current economic environment [4] - The structural differentiation observed may continue, with the market transitioning from a focus on scale expansion to a more quality-oriented and refined development phase [4]

11月11日，农银汇理基金公告称，经公司董事会审议通过，曹毅自2025年11月7日起担任副总经理。公告显示，曹毅此前已任公司党委委员。公司现任董事 长为黄涛（2022年9月26日起任），总经理为程昆（2021年9月6日起任）。 Choice数据显示，截至2025年三季度末，农银汇理基金公募管理规模为2185亿元，在全行业排名第37位，在银行系公募中排名第11位。其中非货币类资产净 值1368亿元，行业排名第36位，旗下共有85只基金产品。与2025年二季度末2092亿元相比，整体规模基本持平，显示资金留存稳定。 但具体来看，农银汇理的产品结构仍以固收类为主。Choice数据显示，截至2025年三季度末，公司债券型基金管理规模约999亿元，尚未突破千亿元大关， 占非货币类资产的七成左右；权益类产品总体规模不足400亿元，集中于混合与偏债型产品。值得注意的是，公司目前尚未布局ETF业务。这一结构意味 着，农银汇理的业务仍依赖固收板块支撑，权益投资与指数产品的拓展空间较大。 | 公司名称 | 基金类型 | 资产净值合计 | 行业排名 | | --- | --- | --- | --- | | | | (亿元) | ...

Core Viewpoint - The overall scale of private asset management by securities firms in China has shown a stable recovery trend in 2023, reaching a record high of 5.8 trillion yuan by the end of August, marking a 6.03% increase from the end of last year [1] Group 1: Asset Management Scale - As of the end of August, the scale of actively managed collective asset management plans reached 3.28 trillion yuan, a growth of 13.16% compared to the end of last year [1] - The scale of single asset management plans was 2.52 trillion yuan, reflecting a decrease of 2% from the end of last year [1] - The proportion of collective asset management plans in the total scale of private asset management increased from 52.97% at the end of last year to 56.53% by the end of August, indicating a shift towards active management [1] Group 2: Product Structure - Fixed income products dominate the private asset management offerings, with a scale of 4.78 trillion yuan, accounting for 82.41% of the total, and showing a steady increase of 5.6% from the end of last year [1] - Equity products and futures/derivatives products had scales of 370.81 billion yuan and 34.601 billion yuan, respectively, with equity products declining by 14.62% and futures/derivatives products increasing by 4.41% [1] Group 3: Mixed Products Growth - The scale of mixed products has significantly increased, reaching 613.813 billion yuan by the end of August, a growth of 29.08% from the end of last year [2] - The number of mixed products approved for registration from June to August showed a strong upward trend, with the proportion of mixed products in total approvals rising from 51.56% in June to 56.94% in August [2] - Mixed products are favored by investors due to their broad investment scope and ability to balance risk and return effectively [2] Group 4: Revenue Trends - In the first three quarters, 42 A-share listed securities firms achieved a total net income of 33.251 billion yuan from asset management fees, reflecting a year-on-year growth of 2.43% [2] - The net income from asset management fees for six firms exceeded 1 billion yuan, with CITIC Securities leading at 8.703 billion yuan [3] - Only 14 out of the 42 listed firms saw a year-on-year increase in asset management fee income, while 14 firms experienced a decline exceeding 20% [3]

Core Insights - The bank wealth management market reached a scale of 32.13 trillion yuan by the end of Q3 2025, showing a year-on-year growth of 9.42% [1] - The market demonstrated strong resilience, with a cumulative growth of 2.2 trillion yuan in the first three quarters, surpassing the average growth rate of 5.1% over the past six years [1][2] - The number of investors in wealth management products reached 139 million, an increase of 12.70% year-on-year, generating a total return of 568.9 billion yuan for investors [1] Market Dynamics - The growth in scale is attributed to lower deposit rates and stable product performance supported by "floating profits" [2] - The annualized yield for fixed-income wealth management products reached 2.16%, maintaining good net value stability despite downward pressure [2] - The decline in deposit rates has made wealth management products more attractive compared to traditional deposits, enhancing customer experience [2] Product and Participant Trends - Fixed-income products remain the primary driver of growth, accounting for 97.14% of the total wealth management product scale, with a total of 31.21 trillion yuan [4] - The market structure shows stability, with a slight increase in mixed products, while equity and commodity derivative products remain relatively small [4] - The "fixed income plus" products are expected to gain attention as they offer the potential for excess returns in a low-interest environment [4] Company Market Share - Wealth management companies have increased their market share, with their products accounting for 91.13% of the total market by the end of Q3 2025, marking a 1.52 percentage point increase since June [5] - The growth in market share is supported by banks' efforts to integrate wealth management subsidiaries and expand distribution channels beyond their parent banks [5] Asset Allocation and Economic Support - The total investment assets in the bank wealth management market reached 34.33 trillion yuan, with a year-on-year growth of 8.53% [6] - The allocation primarily focuses on fixed-income assets, with significant investments in bonds, cash, and bank deposits [6] - Approximately 21 trillion yuan has been allocated to support the real economy, with a notable emphasis on ESG-themed products and other specialized offerings [7]

Core Insights - The issuance of wealth management products has steadily increased, with 32 companies issuing 6,361 net value-based products in Q3 2025, representing a year-on-year increase of over 40% compared to Q3 2024 [1][2] - The overall market size for wealth management products reached 32.13 trillion yuan by the end of Q3 2025, reflecting a year-on-year growth of 9.42% [1] - There is a notable shift towards short-term, open-ended, and high-liquidity products, as well as a diversification in asset allocation strategies among wealth management companies [7] Product Issuance - In Q3 2025, the number of net value-based products issued increased by 42.21% year-on-year, with the highest issuance from Huaxia Wealth Management, Puyin Wealth Management, and Xingyin Wealth Management [2][4] - The proportion of fixed-income products decreased slightly to 97.89%, while mixed and equity products saw an increase in issuance [4] - Publicly offered products accounted for over 95.6% of the total, while privately offered products made up 4.4% [4] Investment Trends - The trend towards shorter investment durations is evident, with products having a maturity of less than one month exceeding 20%, reaching 22.6%, an increase of 3.76 percentage points year-on-year [5] - The proportion of products with maturities of 6-12 months has decreased significantly, dropping by 5.03 percentage points compared to Q3 2024 [5] Pricing Trends - The performance benchmark for wealth management products has been on a downward trend since 2024, with the average rate for products with a maturity of less than one month falling to 1.88% by June 2025 [8][9] - The pricing consensus among wealth management companies indicates a long-term low interest rate environment, with many products now priced below 2.5% for maturities over three years [8] Fundraising Performance - The total fundraising amount for newly issued products in Q3 2025 was approximately 946.59 billion yuan, with an average fundraising size of 258 million yuan, reflecting an 8.83% decline year-on-year [10] - The top fundraising products were primarily low to medium-risk, closed-end, fixed-income products, indicating a conservative investment approach among investors [11][13]

Core Insights - The issuance of wealth management products has steadily increased, with 32 wealth management companies issuing 6,361 net value-based products in Q3 2025, representing a year-on-year increase of over 40% compared to Q3 2024 [1][2] - The total market size of wealth management products reached 32.13 trillion yuan by the end of Q3 2025, reflecting a year-on-year growth of 9.42% [1] - There is a notable shift towards higher liquidity and shorter-term products, with a significant increase in the issuance of mixed and equity products [1][4] Product Issuance - In Q3 2025, the issuance of wealth management products saw a 42.21% increase year-on-year, with 6,361 products compared to 4,473 in Q3 2024 [2] - The proportion of fixed-income products decreased to 97.89%, while mixed and equity products saw an increase, with 106 mixed products and 11 equity products issued [2] - Major contributors to product issuance include Huaxia Wealth Management, with 478 products, and other leading firms like Ping An and Xingyin [2] Product Structure - Publicly offered products accounted for 95.6% of total issuance, while privately offered products made up 4.4% [3] - The proportion of closed-end net value products fell below 60% to 57.7%, a decrease of 10.77 percentage points year-on-year, while open-end products rose to over 40% [3] - Short-term products (less than 1 month) now account for 22.6%, an increase of 3.76 percentage points from the previous year [3] Pricing Trends - The performance benchmark for bank wealth management products has been on a downward trend since 2024, driven by lower underlying asset yields and stricter regulations [5] - The average pricing for products across various terms has generally declined, with products under 1 month dropping to 1.88% by June 2025 [6] Fundraising Performance - The overall fundraising scale for newly issued products in Q3 2025 was 946.59 billion yuan, with an average fundraising size of 258 million yuan, down 8.83% from the previous year [7] - The most successful product in terms of fundraising was "Anying Xiang Fixed Income Stable Profit No. 14," which raised over 100 billion yuan [7] - The top products in fundraising were primarily low to medium risk, closed-end, and fixed-income products, indicating a conservative investment approach among investors [7]