银行理财2024年11月月报：理财规模回升，破净率下降

Investment Rating - The industry rating is "Recommended (Maintain)" [33] Core Insights - As of the end of November 2024, the total scale of the bank wealth management market reached 29.75 trillion yuan, an increase of 419.8 billion yuan from the previous month, primarily due to deposits flowing into wealth management products following a decline in deposit rates [8][39] - The structure of existing wealth management products shows that cash management products account for 25.7%, fixed income products for 72.0%, mixed products for 2.0%, equity products for 0.1%, and commodity and financial derivatives for 0.04% [8] - The top three institutions by the scale of existing wealth management products are: China Merchants Bank Wealth Management (2.41 trillion yuan), Industrial Bank Wealth Management (2.14 trillion yuan), and Agricultural Bank Wealth Management (1.98 trillion yuan) [8] Summary by Sections 1. Existing Wealth Management Market Overview - The existing wealth management market scale as of November 2024 is 29.75 trillion yuan, with a month-on-month increase of 419.8 billion yuan [8] - The product type distribution includes cash management (7.64 trillion yuan), fixed income (21.42 trillion yuan), mixed (585 billion yuan), equity (262 million yuan), and commodity/financial derivatives (122 million yuan) [8] 2. Wealth Management Product Issuance Market Overview - In November 2024, the issuance scale of bank wealth management products was 495.3 billion yuan, an increase of 15.6 billion yuan from the previous month [41] - The issuance structure shows that closed-end net value products accounted for 91.5% of the total, while open-end net value products accounted for 8.5% [44] - The issuance scale by product type indicates that fixed income products dominate, with a scale of 4824 billion yuan, accounting for 97.4% [60] 3. Wealth Management Product Net Value Tracking - As of November 2024, the number of wealth management products with a unit net value below par was 2244, accounting for 3.42% of the total, with a cumulative net value below par of 1624, accounting for 2.67% [51] 4. Industry Dynamics - The report highlights a self-regulatory initiative to optimize the management of non-bank interbank deposit rates, aiming to align with central bank policy rate changes [54]