过去一个多月，耿勇奔波在多个中西部县域乡村，与多家地方农商行磋商理财产品代销协议。 作为一家股份制银行理财子公司的渠道合作部负责人，他近期的工作目标是在2026年3月底前，新增2— 3家农商行作为产品代销机构。 "如果动作慢一拍，机会就错失了。"2025年12月22日，耿勇对经济观察报记者说起了当下银行理财市场 的竞争形势。 2025年12月以来，银行理财子公司与农商行的合作步伐明显提速。 12月11日，信银理财表示，新增江苏丹阳农商行、江苏涟水农商行、江苏泗洪农商行作为代销机构。 12月10日，苏银理财发布公告称，部分理财产品新增浙江开化农商行、浙江绍兴瑞丰农商行作为销售机 构。 与此同时，中银理财新增河北沧州农商行、石家庄汇融农村合作银行作为产品代销合作机构；招银理财 与浙江南浔农商行签订理财产品代销合作协议。 银行理财子公司与农商行合作骤然升温，可谓是各有算盘。银行理财子公司正抓住存款利率下调引发县 域乡村地区个人存款搬家的机遇，迅速扩大渠道渗透率与客群覆盖面，推动理财规模稳健增长。农商行 则通过拥抱银行理财子公司，一方面可以对冲自营理财业务压降，继续通过理财业务留住客户存款，另 一方面也能增加中间业务 ...

银行理财子公司与农商行合作骤然升温，可谓是各有算盘。银 行理财子公司正抓住存款利率下调引发县域乡村地区个人存款 搬家的机遇，迅速扩大渠道渗透率与客群覆盖面，推动理财规 模稳健增长。 作者：陈植 封图：图虫创意 过去一个多月，耿勇奔波在多个中西部县域乡村，与多家地方农商行磋商理财产品代销协议。 作为一家股份制银行理财子公司的渠道合作部负责人，他近期的工作目标是在2026年3月底前， 新增2—3家农商行作为产品代销机构。 "如果动作慢一拍，机会就错失了。"2025年12月22日，耿勇对经济观察报记者说起了当下银行 理财市场的竞争形势。 2025年12月以来，银行理财子公司与农商行的合作步伐明显提速。 12月11日，信银理财表示，新增江苏丹阳农商行、江苏涟水农商行、江苏泗洪农商行作为代销机 构。 12月10日，苏银理财发布公告称，部分理财产品新增浙江开化农商行、浙江绍兴瑞丰农商行作为 销售机构。 与此同时，中银理财新增河北沧州农商行、石家庄汇融农村合作银行作为产品代销合作机构；招银 理财与浙江南浔农商行签订理财产品代销合作协议。 银行理财子公司与农商行合作骤然升温，可谓是各有算盘。银行理财子公司正抓住存款利率下调引 ...

过去一个多月，耿勇奔波在多个中西部县域乡村，与多家地方农商行磋商理财产品代销协议。 作为一家股份制银行理财子公司的渠道合作部负责人，他近期的工作目标是在2026年3月底前，新增2—3家农商行作为产品代销机构。 "如果动作慢一拍，机会就错失了。"2025年12月22日，耿勇对经济观察报记者说起了当下银行理财市场的竞争形势。 2025年12月以来，银行理财子公司与农商行的合作步伐明显提速。 12月11日，信银理财表示，新增江苏丹阳农商行、江苏涟水农商行、江苏泗洪农商行作为代销机构。 12月10日，苏银理财发布公告称，部分理财产品新增浙江开化农商行、浙江绍兴瑞丰农商行作为销售机构。 与此同时，中银理财新增河北沧州农商行、石家庄汇融农村合作银行作为产品代销合作机构；招银理财与浙江南浔农商行签订理财产品代销合作协议。 银行理财子公司与农商行合作骤然升温，可谓是各有算盘。银行理财子公司正抓住存款利率下调引发县域乡村地区个人存款搬家的机遇，迅速扩大渠道渗透 率与客群覆盖面，推动理财规模稳健增长。农商行则通过拥抱银行理财子公司，一方面可以对冲自营理财业务压降，继续通过理财业务留住客户存款，另一 方面也能增加中间业务收入。 2 ...

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].

11月银行理财规模延续上涨态势。业内人士认为，季节性规律与存款利率下行驱动的资金搬家成为 其核心增长动力。尽管12月季末银行考核带来的资金回表压力可能引发理财规模阶段性回调，但机构普 遍预计年底这一数字仍将站上33万亿元关口。 与规模增长形成反差的是，11月现金管理类、纯固收类理财产品收益率同步承压，同时年底前完成 估值整改的监管时限日趋临近，银行理财净值化转型进一步深化。在此背景下，理财机构积极调整策 略，通过多资产配置提升收益弹性，同时拉长封闭式产品期限以适应净值化转型。 季节性规律叠加资金搬家 面对收益端持续承压的局面，理财公司积极调整策略，"固收+"产品成为行业发力的核心方向。例 如，今年以来，多家理财公司明确表态，将通过直接投资或间接参与的方式，持续增持交易型开放式指 数基金（ETF），并布局指数策略、指数增强策略等含权理财产品，在提升收益弹性的同时助力资本市 场发展。 "我们的权益投资以ETF为核心工具，并在此基础上，灵活运用个股直接投资、其他基金配置及委 托投资等多种方式。去年以来，ETF已成为理财公司布局权益市场的重要手段。在选择ETF时，我们重 点考量估值水平、市场风格以及对后市的展望。目前 ...

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].