在低利率、高波动、"存款搬家"三股浪潮的交汇处，银行理财正在驶向一片新的广阔海域。 在低利率、高波动、"存款搬家"三股浪潮的交汇处，银行理财正在驶向一片新的广阔海域。 浪潮之巅，银行理财规模站上32万亿元的历史新高。光大理财董事长王景春在接受上海证券报记者专访 时表示，2025年银行理财行业持续保持增长态势，这一变化既反映了居民资产配置需求的结构性变化， 也是银行理财行业在净值化转型后持续赢得市场信任的成果。 洋流深处，银行理财行业开始放下"规模情结"，竞争逻辑正在发生转变。在王景春看来，行业的竞争逻 辑已经从过去的"规模冲刺赛"，转变为一场关于"专业、信任、陪伴"的"价值耐力赛"。 理财回归"真净值" 当"存款搬家"的齿轮开始转动，居民财富的迁移是大势所趋。 谈及"存款搬家"这一趋势，王景春分析称，从专业视角看，这一轮增长并非短期投机性资金涌入，而是 居民资产再配置需求强烈、理财供给能力提升、市场环境深刻变化三重因素共振下的理性选择。 面对高达164万亿元的居民存款"蓄水池"，银行理财率先承接溢出资金。在王景春看来，这是因为银行 理财在服务居民资产再配置过程中具备多重结构性优势：一是银行渠道优势；二是产品适 ...

Core Viewpoint - The banking wealth management industry is experiencing a significant transformation, moving towards a "value endurance race" rather than a "scale sprint," with a focus on professional services, trust, and customer companionship [1][3]. Group 1: Industry Trends - The banking wealth management sector has reached a historical high of 32 trillion yuan, reflecting structural changes in residents' asset allocation needs and the industry's successful transition to net value management [1][2]. - The trend of "deposit migration" indicates a strong demand for asset reallocation among residents, driven by improved wealth management supply capabilities and profound market changes [2]. Group 2: Core Competitiveness - The core competitiveness of banking wealth management is defined by three key aspects: product refinement, service optimization, and collaborative synergy [4][5][6]. - Emphasis on high-quality development is a major shift in the wealth management industry, focusing on customer-centric value propositions to enhance investor satisfaction [3]. Group 3: Product and Service Strategy - The transition from homogeneous to diversified and refined product strategies is essential, with a focus on "fixed income plus" products that provide a balanced experience of returns and volatility [5]. - The service model is evolving from mere product sales to comprehensive customer support, ensuring that clients receive tailored services and reassurance during market fluctuations [6]. Group 4: Multi-Asset and Multi-Strategy Approach - The adoption of a "multi-asset, multi-strategy" approach is becoming essential for banking wealth management companies in response to low interest rates and high volatility [8]. - Light of the current market conditions, the company has developed a product system that includes diverse strategies such as quantitative, REITs, and global investments, aiming for stable returns across cycles [8][9]. Group 5: Performance and Recognition - The company's "fixed income plus" products reached a total scale of 241.9 billion yuan in 2025, marking a significant increase of 311% from the beginning of the year [9]. - The company received multiple awards in the 2025 "Shanghai Stock Exchange Eagle Gold Wealth Management" list, highlighting its successful product offerings and overall asset management capabilities [9].