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中信证券:7月理财规模超预期增长2万亿元
Core Viewpoint - The report from CITIC Securities indicates that by the end of July 2025, the scale of bank wealth management is expected to exceed expectations, growing by approximately 2 trillion yuan to reach 32.67 trillion yuan, driven by the maturity of high-interest three-year deposits and the relative attractiveness of wealth management products compared to deposit rates [1] Group 1 - The growth in bank wealth management is primarily attributed to the reallocation of deposits as high-interest three-year deposits mature [1] - The decline in deposit rates is occurring at a faster pace than the decrease in wealth management product yields, enhancing the appeal of these products [1] - Non-bank deposits are significantly related to the growth in wealth management scale, with an expected increase of at least 800 billion yuan attributed to cash management and short-term fixed-income products [1] Group 2 - The structure of wealth management shows that cash contributions are relatively low, while "fixed income plus" products are emerging as a strong performer, reflecting an increase in market risk appetite [1] - The wealth management scale is anticipated to surpass 33 trillion yuan in August, with an annual target of over 33.5 trillion yuan [1]
中信证券:预计全年理财规模有望达到33.5万亿元以上
Xin Lang Cai Jing· 2025-08-19 00:41
Core Viewpoint - The report from CITIC Securities indicates that by the end of July 2025, the scale of bank wealth management is expected to exceed expectations, growing by approximately 2 trillion yuan to reach 32.67 trillion yuan, driven by the maturity of high-interest three-year deposits and the relative attractiveness of wealth management products compared to deposit rates [1] Group 1 - The growth in bank wealth management is primarily attributed to the reallocation of deposits as high-interest three-year deposits mature [1] - The decline in deposit rates is occurring at a faster pace than the decline in wealth management product yields, enhancing the appeal of these products [1] - Non-bank deposits are experiencing significant growth, closely linked to the increase in wealth management scale, with new funds largely allocated to cash management and short-term fixed-income products, expected to exceed 800 billion yuan [1] Group 2 - In terms of structure, cash management products contribute less, while "fixed income +" has emerged as a strong performer, reflecting an increase in market risk appetite [1] - The wealth management scale is anticipated to surpass 33 trillion yuan in August, with an annual target of over 33.5 trillion yuan [1]