普益标准近期发布的数据显示，截至今年9月末，全市场存续现金管理类净值型产品规模在6.5万亿 元左右，而去年12月末的规模在7.3万亿元以上，规模下滑较为明显。 在低利率环境下，现金管理类理财产品的收益优势在收窄。一直以来，现金管理类理财产品凭借高 流动性、收益稳健等特点，深受风险偏好较低的投资者关注。然而，受底层资产收益下降等因素影响， 现金管理类理财产品近年来的收益呈现下滑趋势。中国邮政储蓄银行研究员娄飞鹏认为，今年以来，现 金管理类理财产品规模下滑，主要受市场利率持续下行、监管对投资范围与杠杆率的严格限制，以及高 息同业存款渠道收窄等多重因素影响。 尽管现管类产品短期内面临一定挑战，但长期来看，对于有日常消费提取与紧急用款需求的投资者 来说，活钱管理作用依然重要。刘思佳认为，接下来，对于理财公司而言，现管类产品的战略地位或从 过去的"规模主力"转为"基础配置"，且部分头部机构已率先开启产品结构优化。通过丰富多元的产品结 构提升规模增长动力，打造多元化"固收+"产品体系，挖掘权益、黄金、跨境资产等多类资产配置价 值，更好满足投资者对于收益弹性的需求。 （责任编辑：关婧） 从行业数据看，现金管理类理财产品的波 ...

Core Insights - The announcement from Inner Mongolia's Tongyu County Mengyin Village Bank regarding the cancellation of 5-year fixed deposits has drawn market attention, marking the first instance of such a move by a bank [1] - Many banks are suspending or have already removed 5-year specialty fixed deposit products, while 3-year specialty fixed deposits are becoming competitive and require prior reservation to secure [2][3] - The phenomenon of long-term deposit rates being lower than short-term rates has become commonplace, with several banks offering lower rates for 5-year deposits compared to 3-year deposits [4][5] Summary by Sections Deposit Rate Adjustments - Mengyin Village Bank has reduced its 5-year fixed deposit rate to 1.9%, which is only 0.5% higher than its 3-year fixed deposit rate before adjustments [1] - Other banks, including China Merchants Bank, have also suspended their 5-year specialty fixed deposit products, offering only standard fixed deposits at lower rates [2][3] Market Trends - The trend of long-term deposit rates being lower than short-term rates is evident, with banks like China Merchants Bank and SPDB offering 5-year fixed deposits at rates below 1.4% [4][5] - The average rate for 3-year specialty fixed deposits can reach up to 1.75%, making them more attractive compared to 5-year options [4] Future Outlook - Industry experts predict that deposit rates will continue to decline, leading banks to adjust their deposit products and strategies to manage costs effectively [6][7] - The narrowing of net interest margins across the banking sector is a significant concern, prompting banks to reconsider their long-term deposit offerings [8]

Report Investment Rating - The report is bullish on the bond market, predicting that the yield of the 10Y Treasury bond will return to around 1.65%, the 30Y Treasury bond to 1.9%, and the 5Y large - bank secondary capital bond to 1.9% (all referring to non - VAT bonds) by the end of the year [24]. Core Viewpoints - In October 2025, the wealth management scale increased more than seasonally, with the total scale reaching 33.6 trillion yuan at the end of October, up 3.7 trillion yuan from the end of the previous year and 1.5 trillion yuan from the end of the previous month [3][6]. - The average monthly annualized yield of pure fixed - income wealth management products of wealth management companies significantly rebounded in October. The average performance comparison benchmark of newly issued RMB fixed - income wealth management products of wealth management companies has been declining since the beginning of 2022, and the lower limit may reach 2.0% in the future [3]. - The interest - bearing liability cost rate of A - share listed banks has declined rapidly in the past two years. It is expected to fall below 1.60% in Q4 2025, and the liability cost of commercial banks will decline year by year in the next three to five years, supporting the downward trend of bond yields [3]. - The report is bullish on the bond market in the short term. Factors such as high equity positions of institutions like annuities, rapid decline in bank liability costs, loose liquidity, and seasonal patterns are expected to support the bond market [3]. Summary by Directory 10 - month Wealth Management Scale - As of the end of October 2025, the wealth management scale reached 33.6 trillion yuan, hitting a historical high. The increase in October was 1.5 trillion yuan, higher than the average increase of 0.87 trillion yuan from 2021 - 2024. Even with a strong stock market in Q3 2025, the wealth management scale increased by 1.46 trillion yuan, higher than the same period from 2022 - 2024 [6][7][9]. Fixed - income Wealth Management Yield in October 2025 - The performance comparison benchmark of newly issued RMB fixed - income wealth management products has been declining since 2022. In October 2025, the upper limit was 2.61% and the lower limit was 2.13%, and the lower limit may drop to around 2.0% in the future [12][17]. - The average 7 - day annualized yield of cash - management wealth management products was 1.26% as of November 9, 2025, and that of money market funds was 1.11%. The yield of cash - management products was stable at a low level in October [13][15]. - The fixed - income wealth management yield significantly rebounded in October. The average monthly annualized yield of pure fixed - income wealth management products was 3.53% in October, up from 2.15% in September [18]. Investment Advice - The interest - bearing liability cost rate of A - share listed banks decreased to 1.63% in Q3 2025, and it is expected to fall below 1.60% in Q4 2025. In the next three to five years, the liability cost of commercial banks will decline year by year, supporting the downward trend of bond yields [19]. - Given high equity positions of institutions like annuities, rapid decline in bank liability costs, loose liquidity, and expected policy rate cuts, the report is bullish on the bond market. Wealth management products may increase their allocation of credit bonds with a remaining maturity of 3 years or less and long - term industrial and urban investment bonds [24].

Core Points - The company has approved the use of temporarily idle raised funds for cash management through a board meeting held on September 9, 2025 [1] - A subsidiary, 嘉诚国际网络科技供应链（三亚）有限公司, has purchased cash management financial products from Ping An Bank [1] - The cash management products allow for redemption on any working day with T+1 settlement [1] - As of the date of the announcement, the company has redeemed a principal amount of RMB 50 million and returned it to the special account for raised funds [1]

Core Viewpoint - The cash management products in the market are experiencing a continuous decline in both yield and scale, prompting some financial institutions to adopt self-purchase strategies to bolster market confidence [1][5][6]. Summary by Sections Yield and Scale Decline - As of October 19, the average annualized yield for cash management products is 1.30%, down by 0.01 percentage points from the previous period [1]. - The total scale of cash management products has decreased from over 7.3 trillion yuan at the end of 2024 to approximately 6.5 trillion yuan by the end of the third quarter of 2025 [1][2]. - The average annualized yield for RMB cash management products was 1.358% in the third quarter, with only 38 products exceeding 2% and 31 products below 1% [2]. Regulatory Impact - New regulations regarding the classification of deposits and restrictions on high-yield agreements have significantly lowered the yield of cash management products [3]. - The decline in yields is attributed to falling bond yields and lower rates on deposits and interbank certificates of deposit [2][3]. Market Dynamics - The cash management products are facing redemption pressure due to declining yields, leading investors to shift towards more diversified products like "fixed income plus" and mixed-type products [4][6]. - Some investors are changing their purchasing behavior, favoring daily open non-custodial products that offer greater flexibility and potential for higher returns [3]. Self-Purchase Strategies - Qingyin Wealth Management has announced a self-purchase of 250 million yuan in its cash management products to enhance the yield of its own funds and demonstrate confidence in its investment management capabilities [5][6]. - The self-purchase is seen as a proactive risk management strategy to stabilize product operations and reassure investors amid potential redemption pressures [6][7]. Strategic Positioning - The strategic role of cash management products is shifting from being mere scale contributors to maintaining customer loyalty and serving as a bridge to other investment products [7]. - Despite the challenges, cash management products remain a core option for liquidity management, with some institutions innovating to enhance competitiveness through integrated services [7].

Group 1: Fixed Income Market Insights - As of the end of September 2025, the total wealth management scale reached 31.9 trillion yuan, an increase of 2.0 trillion yuan compared to the end of last year, but a decrease of 1.0 trillion yuan from the previous month [2][5][6] - The average annualized yield of pure fixed-income wealth management products slightly decreased, with the upper limit at 2.70% and the lower limit at 2.20% as of September 2025 [6][7] - The overall cost of interest-bearing liabilities for A-share listed banks is expected to drop to around 1.63% in Q4 2025, supporting a downward trend in bond yields [6][7] Group 2: Government Bond Market Outlook - The 10-year government bond yield was close to 1.8% at the end of September, with expectations for it to return to around 1.65% by the end of the year [7] - Recommendations for commercial banks to significantly increase their allocation of government bonds during the market adjustment period [7] - Anticipation of further interest rate cuts by the Federal Reserve in October, which may ease the China-US interest rate differential and open up more space for monetary policy easing in China [7] Group 3: Company Overview - Development Technology - Development Technology (920029.BJ) is positioned as a hidden champion in the overseas metering market, benefiting from the global smart grid construction wave [8][9] - The global smart metering market is projected to grow from USD 21.91 billion in 2022 to USD 32.46 billion by 2027, with a CAGR of 8.2% [8][9] - The company has a strong market presence in Europe, with a market share exceeding 12%, and has successfully expanded into emerging markets [9][10] Group 4: Financial Performance and Projections - In the first half of 2025, the company reported revenue of 1.68 billion yuan, a year-on-year increase of 27%, and a net profit of over 390 million yuan, up 32% [10] - The company is expected to add 8 million smart terminals per year through its fundraising projects, which will help maintain its global leading position [10] - Profit forecasts for the company indicate net profits of 757 million yuan, 935 million yuan, and 1.073 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 17.0, 13.7, and 12.0 [10]

Investment Rating of the Reported Industry No information provided regarding the industry investment rating in the content. Core Viewpoints of the Report - In September 2025, the wealth - management scale decreased seasonally. As of the end of September 2025, the total wealth - management scale was 31.9 trillion yuan, up 2.0 trillion yuan from the end of the previous year but down 1.0 trillion yuan from the end of the previous month. The scale increase in Q3 2025 was higher than that in the same period from 2022 - 2024 [3][7]. - The average monthly annualized return of pure fixed - income wealth - management products of wealth - management companies decreased slightly in September. The average performance comparison benchmark of newly - issued RMB fixed - income wealth - management products of wealth - management companies has been declining. The upper and lower limits of the average performance comparison benchmark of newly - issued RMB fixed - income wealth - management products in September 2025 were 2.70% and 2.20% respectively [3]. - The cost rate of interest - bearing liabilities of A - share listed banks has been declining rapidly in the past two years. It is expected that the cost rate of interest - bearing liabilities of A - share listed banks in Q4 2025 will drop below 1.65%, and the liability cost of commercial banks will decline year - by - year in the next five years, supporting the downward oscillation of bond yields [3][18]. - There may be a wave of market conditions in the bond market in Q4. The 10Y government bonds have good allocation value for bank self - operation. It is recommended that commercial bank self - operation increase the allocation of government bonds. It is predicted that the 10Y Treasury bond yield may return to around 1.65% by the end of the year [3][21]. Summary by Relevant Catalogs 1. Seasonal Decline in September's Wealth - Management Scale - As of the end of September 2025, the total wealth - management scale was 31.9 trillion yuan, up 2.0 trillion yuan from the end of the previous year and down 1.0 trillion yuan from the end of the previous month. The scale increased by 0.17 trillion yuan in January, 0.13 trillion yuan in February, decreased by 1.11 trillion yuan in March, increased by 2.20 trillion yuan in April, increased by 0.19 trillion yuan in May, decreased by 0.86 trillion yuan in June, increased by 2.0 trillion yuan in July, increased by 0.25 trillion yuan in August, and decreased by 1.0 trillion yuan in September. The wealth - management scale is at a historical high, and it may reach 33 trillion yuan in October [6]. - The wealth - management scale decreased by 1.0 trillion yuan in September 2025, close to the seasonal pattern (the average decrease in September from 2021 - 2024 was 0.82 trillion yuan). Despite the stock market's sharp rise in Q3 2025, the total increase in the wealth - management scale in Q3 was 1.25 trillion yuan, higher than that in the same period from 2022 - 2024 [3][7]. 2. Yield of Fixed - Income Wealth - Management Products in September 2025 - The average performance comparison benchmark of newly - issued RMB fixed - income wealth - management products of wealth - management companies has been oscillating downward since early 2022. In September 2025, the upper and lower limits of the average performance comparison benchmark were 2.70% and 2.20% respectively. It is expected that the lower limit may slowly drop to around 2.0% [11]. - The yield of cash - management wealth - management products oscillated in September. As of October 12, 2025, the average 7 - day annualized yield of cash - management wealth - management products of wealth - management companies was 1.30%, while that of money market funds was 1.12%. The yield of money - related products may further decline slightly [12]. - Although the bond market adjusted in September, the average monthly annualized return of pure fixed - income wealth - management products of wealth - management companies was 1.97%, showing that the products were less affected by the bond market adjustment [16]. 3. Investment Suggestion: Declining Bank Liability Costs Support the Bond Market - The cost rate of interest - bearing liabilities of A - share listed banks has been declining rapidly in the past two years. The cost rate of interest - bearing liabilities of A - share listed banks in Q2 2025 was 1.72%, down 8BP quarter - on - quarter and 45BP from the high point in Q4 2023. It is expected to drop below 1.65% in Q4 2025. In the next five years, the liability cost of commercial banks will decline year - by - year, supporting the downward oscillation of bond yields [18]. - China has entered a low - interest - rate era. It is recommended to lower the return expectation of bond investment. Commercial bank self - operation, as the largest bond allocator, also needs to lower the return expectation. In the long run, the bond investment ratio may increase [20]. - It is recommended that commercial bank self - operation increase the allocation of 10Y government bonds during the bond market adjustment. The Fed may cut interest rates by 25BP in October, and there is still room for RRR and interest rate cuts in the next six months. It is predicted that the 10Y Treasury bond yield may return to around 1.65% by the end of the year [21].

Investment Rating - The industry investment rating is maintained at "Overweight" [4] Core Views - The wealth management market has shown stable growth in the existing scale this year, but the growth rate is slower compared to public funds. As of the end of August 2025, the scale of public funds reached 36.25 trillion yuan, with a year-on-year growth of 17.3%. The existing scale of wealth management has exceeded 30 trillion yuan since the end of the first half of the year, with a growth rate in single digits. This is attributed to the low deposit interest rate environment causing a migration of funds, while public funds continue to attract inflows due to the favorable equity market conditions [5][12] - In September, the average annualized yield of cash management wealth management products was 1.33%, down 2 basis points from the previous month and down 50 basis points from December of the previous year. The average annualized yield of money market funds was 1.21%, unchanged from the previous value, and down 35 basis points from December of the previous year. The yield difference between cash management products and traditional money market funds has been narrowing [6][15] - The overall break-even rate of wealth management products increased in September, with the break-even rate of fixed income + wealth management products at approximately 4.4%, continuing to rise from the previous month. The number of deeply broken products (unit net value < 0.99) remains low, indicating an upward trend in break-even rates due to increased volatility in the bond market and differentiated performance in the equity market [9][27] Summary by Sections Wealth Management Market Dynamics - The existing scale of wealth management has shown stable growth, but the growth rate is slower compared to public funds. The existing scale has exceeded 30 trillion yuan, with a growth rate in single digits. The low deposit interest rate environment has contributed to this expansion, while public funds have attracted more inflows due to favorable equity market conditions [5][12] Wealth Management Product Yields - In September, the average yield of pure fixed income wealth management products was 2.09%, down 0.47 percentage points from the previous month. The yield of fixed income + wealth management products was 1.65%, down 0.99 percentage points. The yields across different maturities of fixed income wealth management products have decreased, with short-term yields at 1.90%, medium-term at 2.38%, and long-term at 1.84% [7][22] - The average yield of short-term fixed income + wealth management products was 1.78%, down 0.37 percentage points, medium-term at 1.50%, down 0.88 percentage points, and long-term at 2.06%, down 2.12 percentage points [8][22] Wealth Management Product Break-even Rates - The break-even rate of wealth management products has increased, with the overall break-even rate of fixed income + wealth management products at approximately 4.4%, indicating a rising trend due to increased market volatility [9][27]

Core Viewpoint - The banking and wealth management industry is focusing on promoting existing wealth management products with attractive historical returns rather than launching new holiday-specific products for the upcoming festivals, reflecting a shift in investor preferences towards stable, low-risk options [1][2][3][4]. Group 1: Market Trends - This year, the market for holiday-specific wealth management products is notably subdued, with a preference for existing products that have demonstrated stable performance [2][3]. - Major banks and wealth management companies are increasing their marketing efforts for "holiday wealth management" themes, promoting products with shorter holding periods and lower risk levels [2][3][6]. - The trend indicates a maturation in the net value transformation of wealth management products, leading to more rational customer choices [3][4]. Group 2: Product Performance - Wealth management products being promoted have shown impressive historical returns, with some products achieving an annualized return of 12.01% over the past month and 7.43% since inception [1][6]. - For example, 工银理财 has introduced eight products for the National Day holiday, with one product showing an annualized return of 8.42% since inception [6]. - Compared to the average market performance, these recommended products exhibit a significant competitive advantage, with average annualized returns of 2.49% for existing open-ended fixed-income products and 1.28% for cash management products [7]. Group 3: Investor Behavior - Investors are increasingly focused on stable returns and low to medium-risk wealth management products, especially after experiencing several rounds of net value declines in the market [7]. - The lack of new holiday-specific products suggests that banks are prioritizing the promotion of existing products that can offer reliable returns during the holiday period [3][4][7].

Core Viewpoint - The upcoming Mid-Autumn and National Day holidays have prompted banks and wealth management companies to intensify marketing activities focused on "holiday returns," offering various investment products to attract idle funds [1][2]. Group 1: Holiday Investment Products - Multiple banks and wealth management firms have launched holiday-specific investment plans, emphasizing "early layout and pre-holiday confirmation" strategies [1]. - For instance, ICBC Wealth Management's "pre-holiday investment guide" allows investors to confirm shares on September 30 for returns during the holiday period from September 30 to October 8 [1]. - Other institutions like China Merchants Bank Wealth Management suggest combinations of cash management and short-term debt products to maximize holiday returns [1][2]. Group 2: Flexible Investment Options - Institutions such as Ping An Wealth Management and Minsheng Wealth Management have introduced similar products that require subscription by September 29 to enjoy holiday interest [2]. - Some companies have extended the subscription and redemption times for certain products, allowing purchases even after regular trading hours, thus enhancing investment flexibility [2]. - A recommended strategy involves a combination of government bond reverse repos and on-market liquidity management products to achieve dual returns during the holiday [2]. Group 3: Alternative Investment Choices - In addition to wealth management products, options like notice deposits and government bond reverse repos are available for conservative investors, with notice deposits offering a higher interest rate compared to regular savings [3]. - Investors with securities accounts can easily participate in government bond reverse repos, which also cover the holiday return period [3]. Group 4: Key Considerations for Holiday Investments - The core principle of holiday investments is "early planning and precise matching," requiring investors to consider factors such as idle fund duration, risk tolerance, and liquidity needs [4]. - Investors are advised to select appropriate product types and configurations to ensure that idle funds continue to generate value during the holiday [4].