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  本文源自:国际金融报

  随着一季度理财市场数据公布,银行理财产品存续规模缩水引发市场关注。

  《国际金融报》记者近日注意到,相较2024年底29.95万亿元的市场存续规模,一季度末银行理财市场规模缩水约8100亿元。与此同时,普益标准数据显示,理财公司存续开放式固收类理财产品(不含现金管理类产品)近1个月年化收益率平均水平环比下跌1.15个百分点。

  受访专家指出,银行理财市场存续规模缩表的背后,债市调整是直接推手,季度末理财回表(回流至表内存款)是重要因素。此外,市场预期变化影响显著,理财产品自身问题同样不容忽视。未来,“存款搬家”将带来增量资金,预计4月理财规模有所回升。

  一季度缩水8100亿元

  日前,银行业理财登记托管中心发布《中国银行业理财市场季度报告》(下称《报告》)。《国际金融报》记者注意到,今年一季度,理财市场整体规模较去年末有所缩水。

  《报告》数据显示,截至2025年一季度末,全市场共有4.06万只理财产品存续,理财市场存续规模为29.14万亿元。而在2024年末,市场上共有存续产品4.03万只,存续规模为29.95万亿元。对比可以发现,一季度市场上产品数量微增300只,但整体规模缩水约8100亿元。

  此外,普益标准数据显示,截至2025年一季度末,理财公司存续理财产品24433款,环比增加1317款,占全市场存续理财产品的63.86%。理财公司存续开放式固收类理财产品(不含现金管理类产品)近1个月年化收益率平均水平为2.24%,环比下跌1.15个百分点。

  为何一季度理财市场缩水?在排排网财富理财师曾衡伟看来,债市调整是直接推手,季末理财回表是重要因素。此外,市场预期变化影响显著,理财产品自身问题同样不容忽视。

  “一季度债市出现阶段性波动,债券类理财产品收益下滑,投资者赎回意愿增强。现金类理财产品虽流动性强,但收益率低,受冲击大;固收纯债类产品因对债市敏感,同样‘失血’严重,仅3月现金类理财产品规模就缩水近4000亿元。”曾衡伟分析道,“此外,银行在季末面临存款考核压力,为满足监管要求与自身资产负债管理需求,会将部分理财产品回表,这导致理财规模出现暂时性下降。”

  曾衡伟进一步指出,降准降息预期延后,股债“跷跷板”效应显现,市场不确定性增加使得投资者信心受挫,进而减少对理财产品的投资。与此同时,部分理财公司产品吸引力下降、产品结构不合理,引发资金流出。

  存款搬家带来增量资金

  “2025年一季度,理财市场整体呈现‘发行数量上升、业绩基准下行’的特征。”普益标准研究员石书玥直言。

  石书玥进一步分析指出,整体来看,2025年一季度新发理财产品数量增长显著。此外,业绩比较基准延续下行趋势,债券、股票市场震荡,理财公司根据市场变化适时下调业绩比较基准,以增强产品市场适应性。全市场产品存续数量呈现增长态势,固收类产品依旧是市场的主流选择,其存续数量的增加反映了市场对稳健收益产品的持续需求。

  “随着宏观市场环境变化,美国对华加征关税的政策落地,市场不确定性上升,理财产品的区间收益将面临更复杂的分化格局,投资者需采取审慎策略应对。”石书玥建议。

  值得关注的是,今年以来,商业银行纷纷下调存款利率,连民营银行也逐渐走下“利率高地”。展望后市,存款利率下行可能会为理财市场带来怎样的影响?

  “利率方面,4月以来多家银行下调存款利率,定期存款利率多数跌破2%,而银行理财年化收益率回升,收益差吸引投资者转移资金。同时,居民财富积累与投资观念转变,使其希望多元化配置资产,理财产品因收益较稳定且相比存款利率更高,受到低风险偏好投资者的青睐。”曾衡伟表示,“对理财市场而言,存款搬家带来增量资金,将推动理财规模回升,预计4月理财规模有所回升。理财公司或优化产品结构,增加权益类资产配置,推出更有吸引力的产品。此外,市场竞争将更加激烈,理财公司需提升投研、创新与服务能力,以吸引资金流入。”

  中共中央政治局4月25日召开会议,分析研究当前经济形势和经济工作。

  会议强调,要加紧实施更加积极有为的宏观政策,用好用足更加积极的财政政策和适度宽松的货币政策。会议指出,适时降准降息,保持流动性充裕,加力支持实体经济。创设新的结构性货币政策工具,设立新型政策性金融工具,支持科技创新、扩大消费、稳定外贸等。

  同时会议提出,设立服务消费与养老再贷款。

  适时降准降息

  货币政策方面,政治局会议提出,要适时降准降息,保持流动性充裕,加力支持实体经济。

  “适时降准降息”延续了今年政府工作报告对货币政策的要求。

  国信证券认为,本次政治局会议在货币政策方面总体延续“适度宽松”的总基调。今年以来,我国货币政策较好兼顾了“内外平衡”目标,在面对美国特朗普政府“对等关税”等重大外部冲击及不确定性的情况下,汇率保持稳定,同时信贷、社融、M2等数据有序增长,显示货币政策对今年一季度我国经济的持续回升创造了适宜的货币政策环境。前瞻地看,下一阶段货币政策对经济的逆周期支持力度有望继续加强。从节奏上看,今年二季度货币政策可能通过“降准+结构性降息”的方式对冲贸易战带来的影响,支持实体经济。

  有专家认为,降准或更快落地。

  中国民生银行首席经济学家温彬倾向于认为,作为释放长期流动性的工具,降准的优先级仍然最高。随着二季度财政加大宽松力度,降准最有可能率先落地。降息主要会受到人民币汇率和商业银行净息差的掣肘。由于美元相对走弱,汇率掣肘暂不明显,但净息差的约束仍需要关注。因此下一阶段可能按照下调结构性货币政策工具利率、下调7天逆回购利率和下调LPR的顺序推进。

  “价格方面,短期内全面调降利率仍面临一定约束,有望优先通过再贷款等结构性降息工具降低实体经济融资成本。”国信证券预计,二季度有望进行一次降准,幅度预计为50BP,释放约1万亿元人民币长期流动性,为政府融资特别是超长期特别国债提供适宜的资金环境。与此同时,降准也有较强的信号意义,有助于提振社会预期。

  东方金诚首席宏观分析师王青则认为,接下来降准降息落地时间可能提前,降幅也可能加大,以体现“加力支持实体经济”的要求。综合当前外部经贸环境变化,房地产市场及物价走势,二季度“适时降准降息”的时机已经成熟,落地时间可能提前到4月底之前。估计本轮降息幅度有可能达到0.3个百分点,相当于2024年全年降息水平;降准幅度有可能达到0.5个百分点,释放长期资金1万亿。这能够有效激发企业和居民融资需求,扩投资促消费,提振市场信心,是当前对冲外部波动最有力的手段之一。

  华福证券预计,二季度有望降息20BP左右,引导实体经济融资成本进一步稳中有降。而降准作为当前兼顾流动性投放和汇率稳定目标的最优数量型工具,预计全年降准幅度可达100-150BP,每个季度均可基于信用需求情况灵活操作实施。

  设立服务消费与养老再贷款、设立新型政策性金融工具

  本次政治局会议同时提出,创设新的结构性货币政策工具,设立新型政策性金融工具,支持科技创新、扩大消费、稳定外贸等。

  同时,会议提出,设立服务消费与养老再贷款。

  广开首席产业研究院首席金融研究员王运金认为,今年将继续创设结构性工具加大对重点领域的信贷支持,可能会创设促消费再贷款、稳外贸再贷款等工具,再贷款额度有望提升,还可能会适度下调利率,加大专项支持力度。

  申万宏源证券认为,服务消费与养老再贷款,或定向滴灌生活性服务业和养老产业,以扩大服务业投资的方式激发消费。

  王运金指出,设立服务消费与养老再贷款,额度可能会在3000亿元左右,再贷款利率不高于1.75%。该项新工具与此前已设立的400亿额度普惠养老专项再贷款的投向领域有所不同,前者可能会侧重投向对扩大内需有较大贡献的餐饮、文旅、教育、批发零售、仓储物流等领域,向服务业企业提供贷款支持,市场化程度相对更高;后者则主要投向公益型、普惠型养老机构,带有一定的社会保障属性。

  针对设立新型政策性金融工具,王运金认为,央行将会向政策性银行提供较大规模的资金支持,或释放流动性支持政策性银行发行金融债券募集资金。政策性银行将按照市场化原则,可能会成立“稳外贸发展基金”、“科技创新基金”等,通过股权投资、专项贷款、股东借款、资本金搭桥借款等途径投向相关企业,国开行可能会倾向于支持芯片半导体、人工智能、新一代通信技术、生物科技等领域,进出口银行倾向于支持受关税影响较大的外贸企业及其上游相关原材料制造企业。

  王青认为,设立新型政策性金融工具或意味着由国家开发银行等政策性金融机构出面,设立定向支持外贸企业的金融工具,强化对短期内受到严重冲击的外贸企业的金融支持。

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