新华财经北京11月24日电（记者吴丛司）记者24日从中信金控获悉，中信金控财富委资产管理工作室近 期发布《国内资产管理行业报告（2025年三季度）》显示，截至2025年三季度末，我国资产管理行业累 计规模达到179.33万亿元，较上年末增长8.21%。从细分行业看，理财规模较上年末增长7.28%，公募基 金规模较上年末增长11.91%，主要领域规模稳步增长，呈现良性发展趋势。 报告显示，在大资管行业方面，自资管新规颁布实施后，我国资产管理行业总体呈现平稳发展态势，各 类金融机构共同参与、优势互补、良性竞争，总体形成了涵盖银行理财、公募基金、保险资管、信托、 券商资管及私募基金等多条子赛道的"大资管"行业版图。 截至2025年三季度末，我国资产管理行业规模达到179.33万亿元，较上年末增长8.21%。其中，银行理 财32.13万亿元，公募基金36.74万亿元；基金公司管理的养老金6.30万亿元，信托公司信托资产规模 32.43万亿元，保险资金运用余额36.23万亿元（截至二季度末）；证券期货经营机构私募资产管理业务 12.58万亿元，私募基金20.74万亿元（截至8月末）。 在银行理财方面，截至2025年三季 ...

财富增长，从来不是一场只属于精英的游戏。普通人只要掌握正确的思维和方法，同样能让钱袋子慢慢鼓起来，让生活多一份从容与底气。今天，我们就来 聊聊普通人如何通过简单而有效的策略，让钱生钱，实现财富的稳步增值。 1. 财富增值的本质：让钱流动起来 钱躺在银行里睡大觉，只会慢慢贬值。真正的"钱生钱"，是让钱流动起来，通过合理的投资和配置，让它像种子一样生根发芽，不断生长。这不需要高深的 金融知识，而是需要一种让钱"工作"的智慧。 2. 复利：时间赋予的财富密码 爱因斯坦曾说复利是"世界第八大奇迹"。普通人不需要追求暴利，只要找到稳定、可持续的收益，加上时间的发酵，小资金也能滚成大雪球。每月存一点， 长期坚持，时间会成为你最好的盟友。 3. 安全是前提，增值是目标 在追求高收益前，先筑牢安全网。留足应急资金，保障基本生活，避免因突发状况被迫中断投资。就像建房子先打地基，财富增值也需要稳稳的根基。 3. 低风险理财：稳稳的幸福 国债、银行理财、货币基金等低风险产品，虽收益不高，但胜在稳定。它们像"压舱石"，在市场波动时稳住心态，也为更高风险的投资提供缓冲。 1. 拒绝"一夜暴富"的诱惑 高收益往往伴随高风险。那些承诺"快 ...

债市周周谈：25Q3 险资投资有何变化？20251123 今年第三季度保险资金在债券和银行存款方面有哪些变化？ 今年第三季度，保险公司在债券投资方面增加了 3,100 亿元，但相比上半年 1.94 万亿元的增量有所减少。这一变化部分是由于新金融工具准则切换过程中 债券分类调整所致。此外，今年 5 月以来银行大幅下调存款利率，使得保险公 中国经济面临下行压力，央行或将降息应对。预计政策利率可能在 12 月中旬或明年 1 月初调整。市场尚未完全反映降息预期，建议看多做多 四季度及明年的国债市场。 惩罚性赎回费规则未落地导致三季度主动纯债基金规模下降，影响市场 情绪。若规则落地，将消除不确定性，恢复市场信心。预计 12 月主动 纯债基金规模将小幅增长，对市场构成支撑。 司的银行存款余额出现下降，目前估计其存款投资占比约为 8%，绝对余额接 近 2 万亿元。 保险公司在股票和长期股权投资方面有什么动态？ 摘要 保险资金运用余额达 37.46 万亿，投资主要分布在存款、债券、股票、 基金及长期股权投资。非标投资占比显著下降，未来或将持续减少，反 映出投资结构的调整。 三季度债券投资增加 3,100 亿元，增幅较上半年放 ...

点击小程序查看报告原文 居民存款搬家趋势延续 我们在8月底发布的《 存款搬家如何影响A股表现？ 》中认为，今年下半年市场活跃度提升、增量资金入市的来源之一是居民存款搬家，并总结了截至 2025年7月的居民存款搬家的数据指标和居民存款搬家的主要原因。自8月底以来的近三个月，A股整体处于震荡行情，但资金面仍保持较高活跃度，一定 程度上与居民存款搬家的持续进行有关。从数据上看： 1）非银存款增速继续保持相对高位， 8/9/10月同比分别涨16.7%/9.7%/11.8%。 2）活期存款增速 继续回升。 住户活期存款增速从2024年年初接近于0的水平修复至2025年10月的7.4%，增速相比7月的6.8%继续回升；住户定期和其他存款增速从2024年 初的15%左右下行至2025年10月的10.5%，增速较7月的11.5%继续回落。与此同时，非金融企业存款活化也在延续，非金融企业活期存款增速自6月转正后 继续上行，10月修复至10.7%，非金融企业定期和其他存款增速则由2月的7.3%下行至10月的1.4%。 3）投资者活跃度仍处于相对高位。 8-10月上证所新 开户数均超过230万，两融余额自2025年4月底的1.8万 ...

在很多人看来，只有投资股票、公募基金、银行理财、房产等投资品，才有可能出现亏损，而把钱存在银行里，存款和利息的安全还是有保障的。但实际 上，银行还是发生过倒闭的情况。之前就有海南发展银行、汕头商业银行、肃宁尚村信用社、包商银行。而近些年，辽阳农村商业银行、太子河村镇银行也 宣布倒闭。未来中小银行发生倒闭的情况会越来越多。 导致中小银行破产倒闭的主要原因有三个：①由于经营不善，长期处于亏损状态，只能宣布破产倒闭；②中小银行为了实现收益的最大化，躲避金融监管， 将表内业务表外化，最终导致违规放贷收不回来。③中小银行的大股东擅自挪用储户存款，用于其他项目的投资，结果资金收不回来，银行出现流动性枯 竭，只能宣布倒闭。 而对于越来越多的中小银行出现倒闭的情况，很多储户表示担心："万一银行倒闭了，我存在里面的钱，是不是就拿不回来了？"实际上，储户根本没必要担 心，央行早在2015年就推出了《存款保险条例》，而根据该条例规定，只要储户的存款+利息，不超过50万，就可以在7个工作日内，获得全额的赔偿。当 然，储户也应注意以下这5点，存款才会更安心： 第一点，先要了解该银行的具体情况 储户在把钱存入银行时，应该先了解一下该银行 ...

Core Viewpoint - The article discusses the declining interest rates on bank deposits and wealth management products, indicating that keeping money in banks is becoming less profitable [1][3]. Summary by Sections Interest Rate Decline - Recent years have seen a gradual decrease in the yield of both bank deposits and wealth management products, making it less attractive to keep money in banks [1]. - As of May 2025, major state-owned banks in China have lowered the interest rates on RMB deposits [1]. Current Interest Rates - The current interest rates for various deposit types are as follows: - Demand deposits: 0.05% - 1-year fixed deposit: 0.95% - 3-year fixed deposit: 1.25% - 5-year fixed deposit: 1.30% [3][7]. Reasons for Interest Rate Decline - The long-term trend of declining interest rates is attributed to a slowdown in overall economic growth, with GDP growth rates decreasing from over 10% in 2006-2007 to around 5% in 2024 [5][8]. - As the economy matures, the speed at which companies earn profits slows down, leading to lower borrowing willingness and interest rates [8]. Rise of "Fixed Income +" - In response to declining interest rates, the "Fixed Income +" investment strategy has gained popularity among investors seeking better returns without increasing risk [9]. - "Fixed Income +" typically consists of a low-risk bond component for stability and a higher-risk equity component to enhance returns [9]. Global Perspective on "Fixed Income +" - The "Fixed Income +" concept is well-established in overseas markets, particularly in the U.S. and Japan, where traditional fixed income yields have declined significantly [10]. - In the U.S., as of February 2021, there were 3,936 bond funds, with 1,983 classified as "Fixed Income +," representing nearly 50% of all bond funds and about 70% of total assets [10]. Future Demand for "Fixed Income +" - The decline in traditional fixed income yields is expected to drive domestic investors towards "Fixed Income +" products, which are designed to provide stable returns [11].

1. 公开市场操作 央行 公告称， 11 月 19 日以固定利率、数量招标方式开展了 3105 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 3105 亿元，中标量 3105 亿元。 Wind 数据显示，当日 1955 亿元 逆回购到期 ，据此计算，单日净投放 1150 亿元。 2. 资金面 （*数据来源：Wind-央行动态PBOC） 中国银行间市场周三资金面紧张态势有所缓和，税期走款影响逐渐减弱，存款类机构隔夜回购加权利率回落逾 10bp 至 1.42% 附近。匿名点击（ X-repo ） 系统上，隔夜报价亦降至 1.42% ；非银机构质押信用债融入隔夜资金，报价在 1.53%-1.55% 一线。交易员指出，缴税影响仍是短期性因素，在 央行 灵活 呵护之下，资金面还会维持稳中偏松大局。至月底前市场流动性料重回均衡偏松状态。 海外方面，最新美国隔夜融资担保利率为 4.00% 。 // 债市综述 // （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3. 同业存单 全国和主要股份制银行一年期同业存单最新成交在 1.64% 附近，较上日小幅下行。 （IMM） （*数据来源：Wind-同业存 ...

近日，致尚科技（301486）、标榜股份（301181）、康弘药业（002773）、一心堂（002727）、通业科 技（300960）、视声智能等多家上市公司披露购买理财产品相关公告。数据显示，今年以来截至11月17 日，上市公司认购理财产品规模约为8900亿元，涉及1120多家公司，认购规模和涉及公司家数均低于去 年同期。从结构上看，银行理财、券商理财、逆回购、基金专户产品规模逆势增长。 业内人士分析称，上市公司购买理财规模收缩有企业端的因素，如将资金更多用于主业经营、现金分红 和股份回购等；也有产品端的因素，如占比最大的存款类产品利率持续走低，对上市公司配置吸引力减 弱。 整体规模同比缩水 据上市公司近日发布的现金管理、购买理财产品相关公告，上市公司购买理财产品的类别多涉及结构性 存款、证券公司收益凭证等。 例如，11月17日，致尚科技发布公告称，公司于近期完成3.1亿元结构性存款的赎回操作，实现累计收 益325.41万元，并使用部分闲置募集资金购买3亿元结构性存款，持续优化闲置资金配置效率。 今年以来，一些资管机构加大力度布局对公财富市场，其中包括理财公司、券商资管等。上市公司格外 注重资金安全性和流动 ...

Core Viewpoint - The article discusses the significant decline in purchasing power of wealth over the past decade and emphasizes the importance of strategic asset allocation to preserve and grow wealth in the future [2][10][20]. Group 1: Economic Context - The past decade has seen a transition in China's economy from high-speed growth to high-quality development, with an average annual GDP growth rate of over 5% [3][12]. - The Consumer Price Index (CPI) has averaged an annual increase of approximately 2.2% from 2015 to 2024, indicating inflationary pressures on purchasing power [3][10]. Group 2: Real Estate Market - The real estate market experienced a significant boom, particularly in first-tier cities, with prices doubling between 2015 and 2016, followed by substantial increases in second-tier cities [4][5]. - However, the rental yield in the real estate sector is generally below 2%, which is significantly lower than the global average, and many cities have seen property prices decline by at least 40% from their peak [5][16]. Group 3: A-share Market - The A-share market has undergone dramatic fluctuations, with the Shanghai Composite Index rising from around 2000 points in 2014 to 5100 points in 2015, followed by a sharp decline [6]. - Despite the volatility, there have been structural opportunities, particularly in sectors like consumption, healthcare, and technology, with some stocks experiencing significant growth [6][16]. Group 4: Fixed Income Assets - The yield on ten-year government bonds has decreased from approximately 4.5% in 2015 to around 1.8% currently, leading to a steady increase in bond prices [7]. - Bond funds have provided annualized returns of about 4% to 6%, while bank wealth management products have seen yields drop from around 5% to 2% [7]. Group 5: Gold Market - Gold prices have surged from $1200 per ounce in 2015 to over $4000 per ounce, reflecting a more than 300% increase, driven by geopolitical risks and inflation concerns [9][10]. Group 6: Future Economic Outlook - The next decade is expected to witness profound changes in China's economic and social structure, with GDP growth projected to stabilize between 4% and 5% [12]. - Key trends include a shift from investment-driven growth to consumption and innovation, alongside a rising elderly population and increasing demand for healthcare and quality services [13]. Group 7: Asset Allocation Strategies - Holding cash in a bank is projected to lead to a significant loss in purchasing power, with estimates suggesting that 1 million yuan could be worth only 600,000 yuan in ten years due to inflation [19]. - Diversified asset allocation strategies, including investments in equities, real estate, and alternative assets like REITs and gold, are recommended to preserve and grow wealth [16][17][20].

Core Insights - The article discusses the investment decision made by Bill Gates in 1994, where he sold a significant amount of Microsoft stock to invest in bonds, emphasizing the importance of stability in wealth management [3][4][5][6]. Investment Strategies - The narrative illustrates that investing in bonds provides a level of stability that stocks do not, as bonds have a legal obligation for repayment, making them inherently less risky [12][13]. - The article explains the risks associated with bond investments, including price fluctuation risk and credit risk, highlighting the importance of understanding these factors in investment decisions [16][18]. Market Dynamics - It is noted that bond prices are inversely related to government bond yields, meaning that when yields rise, existing bond prices fall, which is a crucial concept for investors to grasp [17][18]. - Historical data shows that while the bond market generally trends upward, it can experience periodic adjustments of 2%-3.5%, suggesting that investors should remain calm during short-term declines if their investment horizon is longer [19]. Practical Application - The article introduces the "stock-bond rebalancing" strategy, which allows investors to maintain a desired risk profile by adjusting their asset allocation based on market conditions [21][22]. - It emphasizes the need for a systematic investment approach that incorporates bonds as a stabilizing element in a diversified portfolio, enabling investors to take advantage of market opportunities while managing risk [23][28]. Educational Opportunities - The article promotes a course focused on understanding core assets, including stocks, bonds, and real estate, aimed at helping individuals navigate the complexities of investment [25][32][33].