Core Viewpoint - The collaboration between bank wealth management subsidiaries and rural commercial banks is accelerating, driven by the need to counteract declining deposit rates and retain customer deposits while expanding market reach and product offerings [2][3][4]. Group 1: Collaboration Dynamics - Bank wealth management subsidiaries are actively seeking partnerships with rural commercial banks to enhance distribution channels and customer coverage, particularly in response to declining deposit rates [2][4]. - Several rural commercial banks have recently signed agreements with wealth management subsidiaries, indicating a surge in collaboration efforts [2][4]. - The urgency for these partnerships is underscored by the significant outflow of personal deposits from rural banks as deposit rates fall below 2%, prompting banks to seek alternative investment products [3][5]. Group 2: Market Trends and Challenges - The average annualized returns for closed-end fixed-income products have reached 2.3% and 2.73% for one-month and three-month periods, respectively, making these products attractive for rural banks to retain deposits [4]. - A notable trend is the shift in customer preference towards fixed-income wealth management products as deposit rates decline, with rural residents showing a strong interest in these offerings [3][6]. - The implementation of stricter regulations under the "Measures for the Management of Agency Sales by Commercial Banks" has raised the compliance requirements for partnerships, leading rural banks to focus more on operational compliance and risk management [8][9]. Group 3: Product Development and Risk Management - Rural banks are primarily interested in low-risk fixed-income products due to the conservative risk appetite of their clientele, with many banks planning to continue offering only these types of products [6][7]. - There is a concern that if fixed-income product yields fall below 2%, it could lead to another wave of deposit outflows, prompting banks to explore innovative product structures to maintain competitive returns [6][7]. - To enhance the yield of fixed-income products, banks are considering diversifying investments into alternative strategies while ensuring low volatility to meet customer expectations [7]. Group 4: Compliance and Operational Adjustments - The new regulatory framework requires rural banks to implement stricter internal controls and compliance measures, including a focus on sales practices and customer suitability [8][9]. - Some rural banks are taking proactive steps to improve compliance, such as enhancing communication with wealth management subsidiaries and training staff on sales practices to prevent mis-selling [9][10]. - The emphasis on compliance is critical, as any increase in customer complaints could jeopardize ongoing partnerships with wealth management subsidiaries [10].

Core Viewpoint - The collaboration between bank wealth management subsidiaries and rural commercial banks is rapidly increasing, driven by the opportunity to capture personal deposits moving from rural areas due to declining deposit rates. This partnership aims to expand market penetration and customer coverage while stabilizing wealth management scale growth [1][4]. Group 1: Collaboration Dynamics - Since December 2025, the pace of cooperation between bank wealth management subsidiaries and rural commercial banks has noticeably accelerated, with several banks announcing new partnerships for product distribution [3][4]. - Rural commercial banks are actively seeking to partner with wealth management subsidiaries to mitigate the impact of declining self-managed wealth management business and to retain customer deposits through wealth management offerings [4][6]. Group 2: Market Conditions and Challenges - The decline in one-year deposit rates below 2% has led to significant personal deposit outflows for rural commercial banks, with some experiencing a loss of 6% of their retail deposit base [6][8]. - The average annualized yield of closed-end fixed-income wealth management products has reached 2.3% for one month and 2.73% for three months, which is crucial for rural banks to attract personal deposits [7][8]. Group 3: Product Preferences and Trends - Rural commercial banks prefer pure fixed-income wealth management products due to the low risk appetite of local residents, who prioritize stable returns [10][11]. - There is a concern that if the annualized yield of pure fixed-income products falls below 2%, it could trigger another wave of deposit outflows [10][11]. Group 4: Regulatory Environment and Compliance - The implementation of the "Measures for the Administration of Agency Sales by Commercial Banks" has introduced stricter compliance requirements for product distribution, prompting rural banks to focus on operational compliance in their partnerships [14][15]. - Rural commercial banks are adopting measures to enhance compliance, including training on sales practices and monitoring to prevent misleading sales and operational risks [15][16].

Core Viewpoint - The competition among bank wealth management subsidiaries and rural commercial banks has intensified, with a focus on establishing distribution agreements for wealth management products to capture the shifting deposit landscape in rural areas [2][4]. Group 1: Market Dynamics - Since December 2025, there has been a noticeable acceleration in cooperation between bank wealth management subsidiaries and rural commercial banks [2][4]. - Rural commercial banks are actively seeking partnerships with bank wealth management subsidiaries to counteract the decline in self-managed wealth management products and to retain customer deposits [4][6]. - The average annualized yield of closed-end fixed-income products from wealth management companies reached 2.3% and 2.73% for one-month and three-month products, respectively, as of Q3 2025 [6]. Group 2: Deposit Trends - A significant drop in one-year deposit rates below 2% has led to a 6% loss in personal deposits for some rural commercial banks, highlighting the urgency to attract deposits through wealth management products [5][7]. - The trend of declining deposit willingness among rural residents is evident, with a shift towards higher-yielding wealth management products as deposit rates fall [5][9]. - The third quarter of 2025 saw new open-end wealth management products' performance benchmark drop to 2.08%, nearing the critical 2% threshold [9]. Group 3: Regulatory Environment - The implementation of the "Management Measures for Commercial Banks' Agency Sales Business" in October 2025 has raised the compliance requirements for cooperation between rural commercial banks and wealth management subsidiaries [11]. - Rural commercial banks are now focusing on the operational compliance of product distribution, requiring a comprehensive internal control system covering product approval, sales, and customer complaint management [11][12]. - There is a growing emphasis on ensuring that the risk profiles of wealth management products align with the risk tolerance of rural customers to prevent mis-selling and customer complaints [12]. Group 4: Product Development - To enhance the yield of fixed-income wealth management products, bank wealth management subsidiaries are exploring tailored investment products for rural residents, aiming to maintain annualized returns above 2% [10]. - The shift towards pure fixed-income products is prevalent among rural commercial banks, reflecting the low-risk appetite of local investors [9][10]. - The number of institutions cross-selling wealth management subsidiary products has increased to 583 by Q3 2025, with 402 banks transitioning to pure distribution models [10].

Core Viewpoint - The article highlights the sustained growth of the bank wealth management market, driven by a low interest rate environment and seasonal factors, with the total outstanding scale reaching approximately 34 trillion yuan by the end of November, marking a historical high [3][5]. Group 1: Market Growth and Trends - As of the end of November, the total outstanding scale of bank wealth management reached about 34 trillion yuan, an increase of approximately 0.35 trillion yuan from the end of October [5]. - November is historically a month of growth for wealth management products, with an average increase of about 0.37 trillion yuan in November for 2023 and 2024 [6]. - The "deposit migration" effect, driven by declining deposit rates, has led to increased attractiveness of wealth management products, with average annualized returns remaining above 2% [6][10]. Group 2: Product Performance and Structure - In November, the performance of wealth management products showed some pressure, with average performance benchmarks for open-ended and closed-end products declining by 0.02 percentage points to 2.15% and 2.37%, respectively [7]. - Cash management products continued to see a downward trend in yields, with a near 7-day annualized yield of approximately 1.23% as of December 7, slightly above the average of money market funds but still under pressure [7]. - The "fixed income plus" products have performed better due to a temporary recovery in the equity market, enhancing the overall attractiveness of wealth management products [6]. Group 3: Future Outlook - Despite the approaching year-end, the market outlook for the growth of wealth management scale remains optimistic, with expectations of a slight recovery in December due to the release of previous floating profits [9]. - The core logic supporting the expansion of the wealth management market remains unchanged, with "deposit migration" being a key long-term driver [9][10]. - The introduction of diverse asset allocations in "fixed income plus" products is seen as a crucial factor for future growth, aiming to meet varying risk preferences of investors [10].

Core Viewpoint - The bank wealth management market continues to grow, reaching a record high of approximately 34 trillion yuan by the end of November, driven by a low interest rate environment and seasonal factors [1][2]. Group 1: Market Growth - As of the end of November, the total bank wealth management scale reached about 34 trillion yuan, an increase of approximately 0.35 trillion yuan from the end of October [2]. - November is historically a month of growth for wealth management products, with an average increase of about 0.37 trillion yuan in November for 2023 and 2024 [2]. - The "deposit migration" effect, driven by declining deposit rates, has significantly influenced the growth of wealth management products [2][5]. Group 2: Product Performance - The performance of wealth management products showed some differentiation in November, with pure fixed-income products remaining stable while "fixed-income+" products benefited from a temporary recovery in the equity market [3]. - The average performance benchmark for open-ended products was 2.15%, down 0.02 percentage points, while closed-end products had an average benchmark of 2.37%, also down 0.02 percentage points [3]. - Cash management product yields continued to decline, with a near 7-day annualized yield of approximately 1.25%, reflecting ongoing downward pressure [3][6]. Group 3: Future Outlook - Despite the approaching year-end, the market outlook for the growth of wealth management scale remains optimistic, with expectations of a slight recovery in early January [5][6]. - The long-term expansion logic of the wealth management market remains unchanged, with "deposit migration" being a key driving force [5][6]. - "Fixed-income+" wealth management products are seen as a crucial area for future growth, with potential for diversification into themes like retirement and green finance [6].

Group 1 - The core viewpoint of the article is that the scale of bank wealth management continues to rise, driven by seasonal patterns and the downward trend in deposit rates, with expectations that the total will exceed 33 trillion yuan by year-end despite potential short-term adjustments due to regulatory pressures [1][2] - As of the end of November, the total wealth management scale reached 34 trillion yuan, an increase of 0.35 trillion yuan from the end of October, indicating a positive growth trend [2] - The growth in wealth management scale is attributed to two main factors: seasonal patterns and a noticeable trend of funds moving towards bank wealth management and non-monetary funds due to declining deposit rates [2] Group 2 - In contrast to the growth in scale, the yields of cash management and pure fixed-income wealth management products faced downward pressure in November, with cash management products averaging a 7-day annualized yield of 1.23%, still above the 1.10% average of money market funds [3] - The average annualized yield of pure fixed-income products dropped to 2.42% in November due to fluctuations in the bond market, following a peak of 3.53% in October [3] - In response to the pressure on yields, wealth management companies are actively adjusting their strategies, focusing on "fixed income plus" products and increasing investments in exchange-traded funds (ETFs) to enhance yield flexibility [3][4] Group 3 - The transition to net value-based wealth management is deepening, with a trend towards extending the duration of closed-end products as the deadline for valuation adjustments approaches [5] - Long-term closed-end products are seen as advantageous because they mitigate short-term redemption risks and align better with investors' focus on cumulative returns over time [6] - Future supply of long-term closed-end wealth management products is expected to expand, driven by the need for stability in valuation and regulatory encouragement for institutions to develop long-term financial products, particularly in the pension finance sector [6]

Core Viewpoint - The growth of bank wealth management scale in November is driven by seasonal patterns and the downward trend in deposit rates, with expectations that the year-end figure will exceed 33 trillion yuan despite potential short-term adjustments due to regulatory pressures [1][2] Group 1: Wealth Management Scale Growth - As of the end of November, the total wealth management scale reached 34 trillion yuan, an increase of 0.35 trillion yuan from the end of October [1] - Another report indicated that the wealth management scale was 33.57 trillion yuan, reflecting a slight increase of 729 billion yuan compared to the end of October [1][2] - The growth is attributed to seasonal factors and a noticeable trend of funds moving towards bank wealth management and non-money market funds due to declining deposit rates [2] Group 2: Yield Pressure - In contrast to the growth in scale, the yields of cash management and pure fixed-income wealth management products faced downward pressure in November [1] - The average annualized yield for cash management products was 1.23% as of December 7, still above the 1.10% average yield of money market funds, but expected to decline further in a loose monetary environment [2] - Pure fixed-income products saw their average annualized yield drop to 2.42% in November, influenced by fluctuations in the bond market [3] Group 3: Strategic Adjustments - Wealth management companies are actively adjusting strategies to enhance yield flexibility, with a focus on "fixed income plus" products [3] - Many firms are increasing their investments in exchange-traded funds (ETFs) and related strategies to improve yield while supporting capital market development [3] - The trend of extending the duration of closed-end products is emerging as a response to the regulatory deadline for valuation adjustments [4] Group 4: Long-Term Product Trends - The reliance on valuation methods suitable for short-term products is decreasing, as longer-term closed-end products can mitigate short-term redemption risks and provide stability [4] - The supply of long-term closed-end wealth management products is expected to continue expanding, driven by the need for stability in valuation and alignment with long-term retirement financial needs [4]

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].

Core Viewpoint - The recent strong performance of the equity market has led to a noticeable shift in investor preference from pure fixed-income products to "fixed income + equity" products, resulting in increased marketing efforts by banks for these products [1][4]. Group 1: Market Trends - The equity market's upward trend has caused some investors to redeem pure fixed-income products in favor of higher-risk, equity-inclusive "fixed income +" products [3]. - In July, the average annualized yield for cash management and fixed-income products decreased to 1.50% and 2.73%, respectively, while mixed and equity products saw increases to 3.64% and 9.93% [3]. - The average annualized yield for bank wealth management products dropped to 2.12% in the first half of 2025, down from 2.65% in 2024 and 2.94% in 2023, indicating a challenging environment for traditional fixed-income products [4]. Group 2: Product Characteristics - "Fixed income + equity" products typically allocate over 80% to fixed-income assets while including a small portion of equity assets, offering higher overall returns with moderate risk [2]. - Certain mixed products linked to passive indices, such as the "Zhongyin Wealth Management - Smart Index Tracking Strategy," have reported impressive annualized yields of 12.70% over the past month [3]. Group 3: Opportunities and Challenges - The rise of equity-inclusive wealth management products is driven by declining yields in traditional fixed-income products and a strong equity market performance, creating a demand for enhanced returns [4][5]. - Banks face challenges in promoting these products due to their traditional customer base's low risk tolerance and sensitivity to market fluctuations, necessitating improved research and investment capabilities [5][6]. - Recommendations for banks include enhancing investment research capabilities, optimizing product design to balance risk and return, and tailoring offerings to meet diverse investor needs [5][6].

Core Viewpoint - The recent strong performance of the equity market has led to a noticeable shift in investor preference from pure fixed-income products to "fixed income + equity" products, resulting in increased marketing efforts by banks for these products [1][4]. Group 1: Market Trends - The equity market's upward trend has caused some investors to redeem pure fixed-income products in favor of higher-risk, equity-inclusive "fixed income +" products [3]. - The average annualized yield of cash management and fixed-income products has decreased to 1.50% and 2.73% respectively in July, while mixed and equity products have seen increases to 3.64% and 9.93% [3]. - The average annualized yield of bank wealth management products has dropped from 2.94% in 2023 to 2.12% in the first half of 2025, indicating a downward trend in traditional fixed-income yields [4]. Group 2: Product Development - Banks are increasingly promoting "fixed income + equity" products, which typically allocate over 80% to fixed-income assets while including a small portion of equity assets, offering higher overall returns with moderate risk [2][5]. - Certain mixed wealth management products linked to passive indices have shown impressive annualized yields, such as a product from Bank of China with a yield of 12.70% over the past month [3]. Group 3: Challenges and Opportunities - The rise of equity-inclusive wealth management products presents both opportunities and challenges, as banks must navigate the low-risk appetite of traditional clients and the inherent volatility of equity markets [5][6]. - To enhance their research capabilities, banks are encouraged to incorporate experienced equity or quantitative teams and optimize product design to balance risk and return [5][6].