中经记者 慈玉鹏 北京报道 Wind数据显示，截至11月21日，有4只混合类理财产品近6个月回报率超过20%；17只混合类理财产品近 6个月回报率超过15%。其中，部分混合类理财产品近6个月回报率甚至接近40%。同时，该类理财产品 市场规模也在扩大。 《中国经营报》记者采访了解到，混合类产品凭借较高的收益潜力和良好的风险分散优势，逐渐成为投 资者和机构重点关注的对象。理财机构应进一步推动多元化资产配置与产品创新，提高产品灵活性以满 足差异化需求。 混合类理财升温 （编辑：杨井鑫 审核：何莎莎 校对：颜京宁） 普益标准研究员董丹浓表示，部分产品短期业绩的爆发式增长，核心驱动因素并非理财产品资产配置策 略的根本性转变，而是对特定市场板块阶段性机会的精准捕捉。从底层逻辑来看，混合类理财的核心配 置思路仍坚守稳健、均衡、多元的原则，风险偏好未发生实质性调整，始终以"分散风险、稳健增值"为 核心目标。 今年以来，理财规模持续增长。根据协会披露统计，截至2025年9月30日，银行理财全部存续规模为 32.13万亿元，较2025年6月30日的30.67万亿元环比增长4.76%，延续2025年以来的回升趋势。从历史数 据看， ...

【本报告课题组成员】 作者：南财理财通课题组 编辑：黄桂煊 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。 10月各投资性质理财产品破净率均有所下降。其中固收类理财产品破净率从上月末2.06%降至0.17%， 环比下降1.89个百分点；混合类理财产品破净率为2.42%，环比下降0.24个百分点；权益类理财产品破 净率为21.57%，环比增长1.57个百分点。 从不同投资周期来看，公募固收类产品中，2-3年期限以及1-2年期限的产品破净率相对居高，分别为 0.41%、0.32%，1-3个月以内期限的产品破净率低至0.05%，1月以内期限和3年以上期限的产品均实 现"0破净"。混合类产品中，1月以内期限和1-2 ...

Core Insights - The market saw a total of 2,947 closed public wealth management products maturing in Q3 2025, with fixed income products dominating the landscape, accounting for 2,828 products [1][3] - Short to medium-term products are the primary focus for maturing investments, with 6-12 month products leading at 984, representing 74.4% of the total [3][5] - Fixed income products show a higher performance in terms of yield and compliance with benchmarks compared to mixed products, with an overall average yield of 2.63% [5][7] Product Breakdown - Among the maturing products, fixed income products accounted for 2,713, while mixed products totaled 111 [5][6] - The highest number of maturing products falls within the 6-12 month category, followed by 3-6 months, with only 8 products maturing beyond 3 years [3][5] - Fixed income products have a benchmark compliance rate of 41.11% for the central target and 74.11% for the lower limit, indicating a relatively strong performance [5][6] Yield Analysis - Fixed income products yield an average annualized return of 2.63%, with the highest returns seen in products with maturities over 3 years at 3.1% [6][7] - Mixed products have a lower average yield of 2.59%, with the best performance in the 3-6 month category at 2.98% [7] - The performance of mixed products is significantly hindered by longer maturities, with a central target compliance rate of only 12.61% [7]

Core Insights - The market saw a total of 2,947 closed-end public wealth management products maturing in Q3 2025, with fixed income products dominating the landscape, accounting for 2,828 products [1][6] - Short to medium-term products are the primary focus for maturing products, with 6-12 month products leading at 984, representing 74.4% of the total [3][5] - Fixed income products showed a higher performance in terms of yield compared to mixed products, with an overall average annualized yield of 2.63% for fixed income products [8][9] Product Type Analysis - Fixed income products accounted for 2,713 of the maturing products, while mixed products totaled 111 [6] - The performance benchmark compliance rates for fixed income products were 41.11% for the central benchmark and 74.11% for the lower benchmark [6][7] - Mixed products had a significantly lower performance, with a central benchmark compliance rate of 12.61% and a lower benchmark compliance rate of 32.76% [8] Yield and Performance Metrics - The average annualized yield for fixed income products was 2.63%, with the highest yield observed in products with a maturity of over 3 years at 3.10% [8][9] - For mixed products, the average annualized yield was 2.59%, with the highest yield in the over 3-year category at 3.48% [8][9] - Short-term fixed income products (1-3 months) exhibited the best performance in terms of compliance rates, with a lower benchmark compliance rate of 94.07% [7][8]

Group 1: Ningde Times (300750.SZ) - Power Equipment - The company's Q3 2025 performance met expectations, with revenue of 104.186 billion yuan, a year-on-year increase of 12.9% and a quarter-on-quarter increase of 10.62% [6] - Net profit attributable to shareholders was 18.549 billion yuan, up 41.2% year-on-year and 12.26% quarter-on-quarter [6] - The company is expected to achieve a net profit of 690.74 billion yuan, 914.61 billion yuan, and 1,096.66 billion yuan from 2025 to 2027, with corresponding EPS of 15.14, 20.04, and 24.03 yuan [7] Group 2: Baiya Co., Ltd. (003006.SZ) - Beauty and Personal Care - The company reported Q3 2025 revenue of 859 million yuan, a year-on-year increase of 8.33%, while net profit attributable to shareholders was 57 million yuan, down 3.89% year-on-year [9] - Offline channels showed strong growth with revenue of 491 million yuan, up 27.20% year-on-year, while online channels faced challenges with revenue of 341 million yuan, down 11.40% year-on-year [10] - The company expects EPS for 2025-2027 to be 0.77, 0.99, and 1.20 yuan, maintaining a "buy" rating [10] Group 3: Ruida Futures (002961.SZ) - Non-Bank Financial - The company achieved total revenue of 1.621 billion yuan and net profit attributable to shareholders of 386 million yuan in the first three quarters of 2025, with net profit for Q3 alone at 158 million yuan, up 17.41% year-on-year [12] - Investment income was a key driver of profit growth, with net income from fees and commissions increasing by 26.6% [13] - The company is expected to achieve a net profit of 470 million yuan in 2025, up 22.9% year-on-year, maintaining a "buy" rating [14] Group 4: Honglu Steel Structure (002541.SZ) - Construction Decoration - The company reported revenue of 15.917 billion yuan in the first three quarters of 2025, a year-on-year increase of 0.19%, while net profit attributable to shareholders was 496 million yuan, down 24.29% year-on-year [16] - The company expects to achieve net profits of 849 million yuan, 971 million yuan, and 1.109 billion yuan from 2025 to 2027, with corresponding EPS of 1.23, 1.41, and 1.61 yuan [18]

Group 1 - The banking wealth management market showed characteristics of "total growth, pressure on returns" in Q3 2025, with a market size reaching a new high of 32.13 trillion yuan, a year-on-year increase of 9.42% [1] - Fixed income products remain the main driver of growth, with a total size of 31.21 trillion yuan, accounting for 97.14% of all wealth management products [1] - The demand for wealth management products is expected to further increase in Q4 due to the large-scale maturity of insurance company agreement deposits and the continuous decline in deposit rates [2] Group 2 - The cumulative return generated for investors by wealth management products in the first three quarters was 568.9 billion yuan, with quarterly returns decreasing from 206 billion yuan to 179.2 billion yuan [2] - The "fixed income plus" strategy is expected to continue growing and become a significant driver of market size growth, with an estimated annual increase of over 1.4 trillion yuan for these products [2] - The market share of wealth management companies has expanded, reaching 91.13% of the total market by the end of Q3, an increase of 1.52 percentage points from June [3] Group 3 - There is a divergence in banks' enthusiasm for applying for wealth management licenses, with some banks reducing their efforts while others, like those in Sichuan, are actively pursuing joint applications [3] - As of September 2025, 583 institutions were involved in cross-bank sales of wealth management products, an increase of 35 institutions compared to the same period last year [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In Q3 2025, the "deposit shift" boosted the scale of bank wealth management to grow beyond expectations. The market is dominated by fixed - income wealth management products, but hybrid products showed significant growth momentum. The scale of "fixed - income +" wealth management products also increased [1][12][18]. - In Q3 2025, cash and bank deposits were increased on the asset side, and the proportion of bonds decreased. The leverage ratio of wealth management products dropped to a recent low [24][25]. - In the future, the scale of bank wealth management is expected to continue growing due to the "comparison effect" caused by the decline in deposit interest rates. The wealth management industry needs to build a more refined and systematic asset allocation and risk management system [2][27][30]. - In the short term, credit bonds may fluctuate under the influence of factors such as Sino - US trade negotiations, the new public fund fee policy, and the stock - bond seesaw. The short - to - medium - term credit bonds still have allocation value, and long - term and ultra - long - term bonds may have room for spread compression [3][39]. 3. Summary According to Relevant Catalogs 3.1 2025 Q3 Bank Wealth Management Market Observation 3.1.1 Liability Side - As of the end of Q3 2025, the total market wealth management product scale was 32.13 trillion yuan, a year - on - year increase of 9.42%, and a single - quarter increase of 1.46 trillion yuan in Q3, higher than the same period in history [12]. - The year - on - year growth of wealth management scale deviated from the weekly high - frequency data of Puyi Standard. The large growth in wealth management scale in Q3 with a general performance in the bond market was due to the mismatch between wealth management asset allocation and the bond market structure. Wealth management mainly held short - term credit bonds [15]. - Fixed - income wealth management products dominated the market, while hybrid products showed significant growth in Q3. The scale of "fixed - income +" wealth management products reached 17.83 trillion yuan, accounting for 57.8% of the total wealth management scale [18]. - The proportion of wealth management products of wealth management companies increased quarter by quarter, exceeding 90% at the end of Q3 [20]. 3.1.2 Asset Side - As of the end of Q3 2025, the proportion of cash and bank deposits rose to 27.5%, and the proportion of bonds, the largest allocated asset, decreased to 40.4%, a 1.4 - percentage - point decrease from the end of Q2 [24]. - The leverage ratio of wealth management products dropped to 106.65%, a year - on - year and quarter - on - quarter decrease of 0.84 and 0.8 percentage points respectively [25]. 3.1.3 Summary and Outlook - In Q3 2025, the bank wealth management market performed well, with a strong year - on - year scale growth. Fixed - income products contributed the largest scale increment, and the layout of equity - related products increased [26]. - In the future, the scale of bank wealth management is expected to grow, and the wealth management industry needs to build a more refined and systematic asset allocation and risk management system [27][30]. 3.2 Credit Bond Yield Overview - From October 20 - 24, 2025, credit bond yields mostly declined. Non - financial credit bonds performed better than financial bonds, and long - term non - financial credit bonds performed better than short - to - medium - term ones [4][31]. - In terms of different varieties, the yields of urban investment bonds all declined, with long - term bonds performing better. The yields of most industrial bonds declined, and the overall performance was weaker than that of urban investment bonds. The yields of most financial bonds increased [31][32]. 3.3 Primary Market 3.3.1 Issuance Volume - From October 20 - 24, 2025, the credit bond issuance scale increased both year - on - year and quarter - on - quarter, and the net financing scale increased quarter - on - quarter and decreased year - on - year. The net financing scale of urban investment bonds and financial bonds increased quarter - on - quarter, while that of industrial bonds decreased [43]. 3.3.2 Issuance Cost - The average credit bond issuance interest rate decreased quarter - on - quarter. The average issuance interest rates of industrial bonds and financial bonds decreased by 0.8bp and 10bp respectively, while that of urban investment bonds increased by 1.3bp [50]. 3.3.3 Issuance Term - The average credit bond issuance term increased quarter - on - quarter. The average issuance terms of urban investment bonds, industrial bonds, and financial bonds increased by 0.19 years, 0.04 years, and 0.04 years respectively [51]. 3.3.4 Cancellation of Issuance - From October 20 - 24, 2025, the number and scale of cancelled credit bond issuances increased quarter - on - quarter [52]. 3.4 Secondary Market 3.4.1 Trading Volume - Except for the decline in the trading volume of bank perpetual bonds and insurance sub - bonds, the trading volume of other credit bond varieties rebounded. The trading volume of urban investment bonds and industrial bonds increased by more than 100 billion yuan [59]. 3.4.2 Trading Liquidity - The turnover rates of urban investment bonds, industrial bonds, and financial bonds all decreased. For urban investment bonds, the turnover rate of bonds with a term of less than 1 year decreased the most; for industrial bonds, the turnover rates of bonds with terms of less than 1 year, 1 - 3 years, and more than 10 years decreased; for financial bonds, the turnover rates of bonds with terms of 3 - 5 years and 5 - 7 years decreased, while others increased [61]. 3.4.3 Spread Tracking - Except for a slight 1bp widening of the 10 - year AAA - rated urban investment bonds, the spreads of other urban investment bonds narrowed. The 7 - year bonds had the largest narrowing amplitude, up to 10bp [68]. - Except for the widening of the spread of AAA - rated automobile industry in industrial bonds, the spreads of other industries narrowed. The average narrowing amplitude of AAA - rated industrial bonds was slightly smaller than that of AA - rated ones [73]. - The spreads of bank secondary capital bonds and perpetual bonds mostly narrowed, and the spreads of securities firm sub - bonds and insurance sub - bonds also mostly narrowed [74][75]. 3.5 Weekly Hot Bonds Overview - The top 20 urban investment bonds, industrial bonds, and financial bonds in terms of liquidity scores were selected for investors' reference [78]. 3.6 Credit Rating Adjustment Review - According to domestic rating agencies, there were no bond rating adjustments last week [83].

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the **Chinese banking wealth management market** and its performance in Q3 2025, highlighting significant growth trends and challenges faced by the sector [1][2]. Core Insights and Arguments - **Market Size and Growth**: By the end of Q3 2025, the total scale of the Chinese banking wealth management market reached **32.13 trillion yuan**, with an increase of **1.46 trillion yuan** in Q3 alone, indicating a seasonal growth that surpasses previous years [2][9]. - **Product Performance**: - **Fixed Income Products**: The scale of fixed income wealth management products grew from **26.8 trillion yuan** at the end of 2021 to **31.2 trillion yuan** by Q3 2025. Excluding cash management products, fixed income products increased from **17-18 trillion yuan** to **24 trillion yuan** [3][4]. - **Mixed Products**: Mixed wealth management products experienced significant volatility, dropping from over **2 trillion yuan** in 2021 to **0.83 trillion yuan** in Q3 2025, but have shown slight recovery with the stock market's improvement [4]. - **Investment Allocation**: In Q3 2025, a substantial portion of banking wealth management funds was allocated to deposits, increasing by **1.26 trillion yuan** and accounting for **27.5%** of total funds. Conversely, bond investments decreased from **56.8%** to **40.4%** [5][8]. - **Public Fund Holdings**: The scale of public funds held by banks was **1.34 trillion yuan**, a decrease of **46 billion yuan** from the previous half-year, with equity asset allocation dropping from **2.4%** to **2.1%** [6]. Challenges and Recommendations - **Yield Improvement**: The primary challenge for banking wealth management is to enhance yields in a low-interest environment, where over **40%** of funds are allocated to low-yield assets. Recommendations include increasing allocations to credit bonds with a remaining term of around **3 years** and adjusting credit ratings [8][9]. - **Market Impact of US-China Relations**: The easing of US-China trade relations is expected to have limited impact on the Chinese bond market, with domestic economic fundamentals being the key determinant. The focus should remain on short-term interest rate trends and potential policy changes [7][12]. Future Outlook - **Growth Projections**: The banking wealth management market is projected to reach **33 trillion yuan** by the end of 2025, with further growth to **36 trillion yuan** anticipated in 2026, which will increase the demand for credit bonds with shorter maturities [9][10]. - **Monetary Policy Expectations**: A continuation of moderately loose monetary policy is expected in 2026, including potential rate cuts, which will create favorable conditions for government bonds, particularly in December [13][14]. Additional Considerations - **Impact of Domestic Demand**: The current state of insufficient domestic demand is putting pressure on various industries, including home appliances and automobiles, leading to price reductions to maintain sales. This trend is expected to challenge overall economic growth and inflation levels [15].

Core Insights - The report indicates that as of September 2025, the scale of China's bank wealth management market reached 32.13 trillion yuan, a year-on-year increase of 9.42% and a growth of 2.18 trillion yuan since the beginning of the year [2][3][5] - The number of investors holding wealth management products reached 139 million, an increase of 14 million since the beginning of the year [2][11] Market Overview - By the end of Q3 2025, there were 43,900 wealth management products in the market, a year-on-year increase of 10.01% [3] - The wealth management products managed by wealth management companies accounted for 91.13% of the total market, with a scale of 29.28 trillion yuan, reflecting a year-on-year increase of 15.26% [5] Product Performance - In the first three quarters of 2025, wealth management products generated a total return of 568.9 billion yuan for investors, with Q3 alone contributing 179.2 billion yuan [7][9] - The asset allocation of wealth management products is primarily in fixed income, with bond investments totaling 13.86 trillion yuan, accounting for 40.4% of total investment assets [7][9] Investment Trends - The proportion of bond investments in wealth management products decreased by 3.1 percentage points by the end of Q3 2025, while the allocation to cash and bank deposits increased by 3.6 percentage points [10] - The report highlights that wealth management funds actively support the real economy, with approximately 21 trillion yuan invested in bonds, non-standardized debt, and unlisted equity [11] Investor Behavior - The report notes a slowdown in the pace of new investors entering the wealth management market, with Q3 seeing a significant drop in new investor numbers compared to previous quarters [11]

Core Insights - The banking wealth management market has shown steady growth, reaching a scale of 32.13 trillion yuan, with wealth management companies solidifying their dominant position [1][2] - The industry faces challenges and needs to transform its asset allocation logic to seek "certainty of returns" amid uncertainties [1][3] Market Overview - As of the end of Q3 2025, there are 4.39 million existing wealth management products, a year-on-year increase of 10.01%, with a total scale surpassing 32 trillion yuan, reflecting a 9.42% year-on-year growth [1] - Wealth management companies dominate the market with 3.06 million products and a scale of 29.28 trillion yuan, accounting for 91.13% of the total market [1][2] Product Structure and Asset Allocation - Fixed income products remain the mainstream, with a scale of 31.21 trillion yuan, representing 97.14% of the market, showing a slight increase of 0.05 percentage points year-on-year [2] - The asset allocation is primarily in fixed income, with bonds, cash, and bank deposits making up 40.4%, 27.5%, and 13.1% of total investment assets, respectively [2] - The industry’s leverage ratio has decreased to 106.65%, down 0.84 percentage points year-on-year, indicating effective risk management [2] Support for the Real Economy - The wealth management industry has supported the real economy with approximately 21 trillion yuan through investments in bonds, non-standardized debt, and unlisted equity [2] - In alignment with national strategies, 77 ESG-themed wealth management products were issued in Q3, raising over 20 billion yuan, with a total scale nearing 300 billion yuan [2] Investor Engagement - In the first three quarters of 2025, wealth management products generated a total return of 568.9 billion yuan for investors, with Q3 alone contributing 179.2 billion yuan [3] - The number of investors holding wealth management products reached 139 million, a year-on-year increase of 12.70% [3] Industry Challenges - The industry is entering a competitive era where bank wealth management, public funds, and insurance asset management all exceed 30 trillion yuan, leading to the need for a transformation in asset allocation logic [3][4] - Key challenges include the need for a paradigm shift in asset allocation due to a "low interest rate, high volatility, and asset scarcity" environment [4] - Differentiated positioning in the reallocation of household wealth is crucial, as the growth rates of insurance and public funds have outpaced wealth management [4] Future Transformation Directions - The industry must build a factory-like, industrialized management system that aligns with client risk-return needs [5] - Solutions should address three core issues: transforming vague investment strategies into precise guidelines, upgrading operations to standardized processes, and creating a human-centered multi-strategy system [6][7]