股票研究 /[Table_Date] 2026.03.03 2 月理财月报：总量止跌回升，混合类产品增长放缓 [Table_Industry] 商业银行 | 24 | | --- | | 级: 1 1 | [Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 马婷婷(分析师) | 021-23185608 | matingting@gtht.com | S0880525100001 | | 刘源(分析师) | 021-38677818 | liuyuan2@gtht.com | S0880521060001 | 本报告导读： 2026 年 2 月末银行理财存续规模为 31.66 万亿，同比增长 5.6%、环比微增 0.3%， 结束前序两个月净流出状态。混合类产品保持正增，但单月增量不足 1月的一半。 投资要点： 证 券 研 究 报 告 [Table_Summary] 2 月末银行理财产品存续规模为 31.66 万亿（普益口径）1，同比增 长 5.6%、环比微增 0.3%，单月资金净流入 ...

股票研究 /[Table_Date] 2026.03.03 2 月理财月报：总量止跌回升，混合类产品增长放缓 [Table_Industry] 商业银行 | 24 | | --- | | 级: 1 1 | 股 票 研 究 [Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 马婷婷(分析师) | 021-23185608 | matingting@gtht.com | S0880525100001 | | 刘源(分析师) | 021-38677818 | liuyuan2@gtht.com | S0880521060001 | 本报告导读： 2026 年 2 月末银行理财存续规模为 31.66 万亿，同比增长 5.6%、环比微增 0.3%， 结束前序两个月净流出状态。混合类产品保持正增，但单月增量不足 1月的一半。 投资要点： [Table_Report] 相关报告 商业银行《当前如何看待银行股投资机会》 2026.03.01 商业银行《大型银行短贷显著增加，中小银行信 贷增长放缓》20 ...

2月24日，2026年广东省高质量发展大会召开。大会汇聚各方智慧，共谋"制造业与服务业协同发展"新 篇，其中，科技与金融创新赋能产业融合分会场围绕"金融创新促进产业融合"等主题进行研讨。 如何在金融领域破题，为制造业和服务业协同发展注入新动能，成为各方关注的热点。这一年，全社会 将有数十万亿元定期存款集中到期——这笔巨量资金会否通过理财、基金等渠道，从简单储蓄转化为支 持产业融合、科技创新的有效投资？当资金从银行负债端"解冻"流向直接融资市场，又将如何优化社会 融资结构？ 近日，南都湾财社记者专访了广开首席产业研究院院长兼首席经济学家连平，详解这笔天量资金的规 模、形成原因及未来流向，并探讨面对这一历史性机遇，不同类型银行如何通过差异化策略留住客户， 同时抓住降低负债成本的时间窗口，将更多资源投向产业融合、科技创新等高质量发展关键环节。 广开首席产业研究院院长兼首席经济学家连平。 今年到期定存预计在72万亿至90万亿间 南都湾财社：有券商预测，2026年我国全社会将有数十万亿元的中长期定期存款到期。在当前国家强 调"金融服务实体经济"的大背景下，这笔即将释放的巨量资金，相当于一笔巨大的"金融活水"储备。请 您 ...

居民存款同比少增、非银存款同比多增现象在1月持续。 今年1月，人民币存款同比大幅多增。居民存款同比少增、非银存款同比多增现象在1月持续。 数据显示，1月人民币存款同比多增3.8万亿，存款开门红增长势头较好；其中，在去年同期低基数及年 初权益市场牛市行情影响下，非银存款新增1.5万亿，同比多增2.6万亿，而居民存款新增2.1万亿，同比 少增3.4万亿。 自2025年以来，居民存款增速逐步回落、非银存款持续多增的现象备受市场关注。这一存款结构的调 整，既反映出居民财富从传统存款向资管产品迁移的趋势，也让各方对银行体系流动性状况的关注日益 增加。 非银存款多增持续 数据显示，1月人民币存款增加8.09万亿元。其中，居民存款增加2.13万亿元，非金融企业存款增加2.61 万亿元，财政性存款增加1.55万亿元，非银行业金融机构存款增加1.45万亿元。 与往年相比，1月人民币存款新增规模大幅高于2025年同期的4.32万亿，且处于近年最高位置。居民存 款较2025年同期少增3.39万亿，非银金融存款则较2025年同期多增2.56万亿。 1月非银存款多增现象是多重因素共同作用的结果。去年同期低基数以及年初股市活跃吸引居民存 ...

1月非银存款多增现象是多重因素共同作用的结果。去年同期低基数以及年初股市活跃吸引居民存款入 市成为推动非银存款增长的重要力量。 招商证券研究报告认为，2024年12月1日实施的同业存款利率新规直接导致2025年1月非银存款大幅多 减，构成了低基数效应。叠加当前积极的资本市场走势带动居民存款向非银存款搬家，最终表现为居民 存款同比少增和非银存款同比多增。 自2025年以来，居民存款增速逐步回落、非银存款持续多增的现象备受市场关注。这一存款结构的调 整，既反映出居民财富从传统存款向资管产品迁移的趋势，也让各方对银行体系流动性状况的关注日益 增加。 非银存款多增持续 数据显示，1月人民币存款增加8.09万亿元。其中，居民存款增加2.13万亿元，非金融企业存款增加2.61 万亿元，财政性存款增加1.55万亿元，非银行业金融机构存款增加1.45万亿元。 与往年相比，1月人民币存款新增规模大幅高于2025年同期的4.32万亿，且处于近年最高位置。居民存 款较2025年同期少增3.39万亿，非银金融存款则较2025年同期多增2.56万亿。 居民存款同比少增、非银存款同比多增现象在1月持续。 今年1月，人民币存款同比大幅多增 ...

Core Viewpoint - The company emphasizes its commitment to wealth management and investment opportunities in the context of a stable macroeconomic environment and evolving capital markets, highlighting the importance of strategic asset allocation and long-term investment perspectives [1][2]. Economic Outlook - The macroeconomic environment is expected to improve, with China's economic foundation being strong, resilient, and full of potential. The country has established the largest and most comprehensive industrial system globally, which will maintain its supply chain advantages [1]. - Policies aimed at boosting new consumption and investment are anticipated to further unlock economic potential, reinforcing the positive economic momentum [1]. Investment Recommendations - The company suggests four key investment strategies: 1. Maintain a steady investment approach with a balanced asset allocation of "stable + growth" assets, including cash management and fixed-income products for wealth stability, while also considering "fixed income +" and mixed products for growth opportunities [1]. 2. Adopt a long-term investment perspective to mitigate the impact of short-term market fluctuations, particularly for equity-linked products that can benefit from industrial upgrades over time [2]. 3. Tailor investment strategies to individual risk profiles and life stages, recommending cash management and fixed-income products for conservative investors, while encouraging more aggressive asset allocations for those with higher risk tolerance [2]. 4. Leverage professional insights and services to navigate complex market conditions, ensuring customized and expert financial management to seize investment opportunities and mitigate risks [2]. Leadership Profile - Cui Haitao, the current president and executive director of the company, holds a master's degree in finance from the Graduate School of the People's Bank of China and has held various significant positions within the banking sector [3].

Core Viewpoint - The article discusses the high-level decline in the growth rate of household deposits in China by the third quarter of 2025, highlighting a shift in asset allocation towards wealth management and asset management products, which is a response to the declining interest rates and a more diversified financial market [2][3]. Group 1: Asset Management Products Growth - The scale of asset management products has been growing rapidly, with a total asset balance of 120 trillion yuan by the end of 2025, reflecting a year-on-year increase of 13.1% [3][4]. - The growth in asset management products is attributed to the marketization of interest rates, where investors are weighing returns against risks, leading to a shift from bank deposits to these products [3][4]. - By the end of 2025, over 80% of asset management products were allocated to fixed-income assets, with significant investments in interbank deposits and certificates of deposit [4]. Group 2: Changes in Deposit Structure - The report indicates that the rapid growth of asset management products has altered the structure of bank deposits, with a recent decline in the proportion of household and corporate deposits and an increase in interbank deposits [5][6]. - Even though some deposits are shifting towards wealth management and asset management products, a significant portion is still directed towards interbank deposits and certificates of deposit, which ultimately returns to the banking system [5][6]. Group 3: Liquidity Assessment - The overall liquidity in the financial system can be assessed by aggregating bank deposits and asset management products while excluding interbank transactions, showing a stable growth trend in liquidity over recent years [6][7]. - The central bank has effectively met the liquidity needs of the banking system through various tools, with a net injection of 6 trillion yuan in open market operations in 2025 [6][7]. - The current social financing environment remains relatively loose, supporting the real economy while allowing for a more diversified observation of asset and liability structures [7].

2026年开年，"50万亿存款到期"话题引发居民对存款再配置的广泛讨论。南都·湾财社同步推出"50万亿存款到 期，钱往何处去"系列策划，通过采访储户、银行与非银机构等，深入追踪数十万亿存款的流向趋势。2月10日， 央行官网发布《2025年第四季度中国货币政策执行报告》（以下简称《报告》），《报告》专门以一个专栏，进 一步为巨量存款流向给出了权威解答。 低利率环境下，资管产品与存款增速现"此消彼长" 2025年三季度，居民存款增速高位有所回落，各方关注增多，出现了一些关于银行存款"流失"、存款"搬家"的探 讨。 "近年来，资管产品和银行表内存款增速大体上呈现'此消彼长'的态势。"《报告》指出，2024年以来，存款利率 持续下行，一年期定期存款挂牌利率累计下降0.5个百分点，而具有类存款特征的现金管理类理财产品同期收益率 仍整体高于银行存款利率，其他资管产品收益率水平比现金管理类理财更高。 数据来源：中国人民银行 在此背景下，住户和企业资产配置更多转向理财、基金等资管产品，从住户和企业募集的资管资金增速持续上 升。《报告》显示，2025年末资管总资产余额合计120万亿元，同比增长13.1%，全年累计增加13.8万 ...

（原标题：存款搬家！理财公司上调单户持仓上限 降费率揽客） 当前，现金管理类理财产品成为银行理财机构揽客的发力点。 《国际金融报》记者注意到，6月以来，包括招银理财、光大理财、华夏理财、兴银理财在内的多家银行理财子公司正针对现金管理类产品开启费 率优惠、上调个人客户持仓上限等揽客活动。 受访专家指出，存款利率下行促使居民储蓄加速向理财市场迁徙，现金管理类理财产品直接关系客户体验和理财公司市场份额争夺。展望后市， 银行理财市场将呈现"稳中求变"的发展特征，权益类资产的配置价值将进一步凸显，成为增厚收益的重要突破口。 密集调整费率和持仓限额 以招银理财为例，截至6月19日下午4时，当天宣告成立了2款现金管理类理财产品，并针对4款现金管理类理财计划开展费率优惠活动。公告显 示，两只新成立的现金管理类理财产品募集规模分别约为457.50万元和546.92万元。阶段性费率优惠则是下调了产品固定投资管理费，其中两只产 品年化费率由0.3%降至0.01%。 此外，招银理财称，为满足客户的投资需求，将旗下一款现金管理类产品的销售对象拓展至招商银行公司客户、招商银行私人银行客户，并分别 新增销售份额。更早前，该公司上调了一款" ...

Core Viewpoint - The People's Bank of China (PBOC) has responded to concerns about the "loss" of bank deposits, indicating that the rapid growth of asset management products (AMPs) is a result of investors balancing returns and risks in a market with declining deposit rates [1][2]. Group 1: Asset Management Products Growth - The scale of AMPs has increased significantly, with total assets reaching 120 trillion yuan by the end of 2025, marking a year-on-year growth of 13.1% and an increase of 13.8 trillion yuan over the year, which is 2.2 trillion yuan more than the previous year [1][4]. - The growth of AMPs has been particularly strong in the second quarter of 2025, with the growth rate reaching the highest level since the implementation of new AMP regulations [1]. - By the end of 2025, over 80% of AMPs were allocated to fixed-income assets, with 28.7 trillion yuan directed towards interbank deposits and certificates of deposit, reflecting an 18.9% year-on-year increase [4]. Group 2: Impact on Bank Deposits - The PBOC noted that the shift of household and corporate assets from bank deposits to AMPs is a trend where AMPs and bank deposits exhibit a "mutual exclusion" dynamic [2][5]. - The decline in deposit rates, with a cumulative drop of 0.5 percentage points for one-year fixed deposits since 2024, has led to increased investment in AMPs, which generally offer higher returns [2]. - The PBOC emphasized that even if deposits are converted into AMPs, the funds often flow back into the banking system through interbank deposits and certificates of deposit, maintaining overall liquidity in the financial system [4]. Group 3: Financial Market Dynamics - The ongoing deepening of China's financial markets and the acceleration of direct financing are leading to a more diversified allocation of household savings between bank deposits and AMPs [5]. - The current financing environment remains relatively loose, and the financial support for the real economy is stable, suggesting that the structure of bank liabilities will be directly influenced by these shifts in asset allocation [5].