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  21世纪经济报道记者唐曜华深圳报道继去年规模增加3.15万亿元后,一季度债市调整之下银行理财规模略有萎缩。据银行业理财登记托管中心最新发布的《中国银行业理财市场季度报告(2025年一季度)》(以下简称“报告”),2025年一季度末,银行理财市场存续规模29.14万亿元,相比2024年末减少8100亿元。支持实体经济资金规模约20万亿元。

  理财公司管理规模占比进一步提高。截至2025年一季度末,理财公司存续产品只数2.56万只,存续规模25.74万亿元,较去年末减少0.57万亿元,占全市场的比例达到88.33%,较去年末略上升0.48个百分点。

  从资金投向来看,债券类资产仍为理财产品主要投向。2025年一季度末,理财产品投向债券、现金及银行存款、同业存单余额分别为13.68万亿元、7.27万亿元、4.20万亿元,分别占总投资资产的43.9%、23.3%、13.5%。此外非标资产、公募基金、金融衍生品等资产投资比例相比2024年末略上升,权益类资产投资比例则保持不变,为2.6%。

  一季度固收类理财产品占比略减少,混合类理财产品占比略增加。报告显示,截至2025年一季度末,固定收益类产品存续规模为28.33万亿元,占全部理财产品存续规模的比例达97.22%,较去年末略减少0.11个百分点;混合类产品存续规模为0.72万亿元,占比为2.47%,较去年末略增加0.03个百分点;权益类产品和商品及金融衍生品类产品的存续规模相对较小,分别为0.08万亿元和0.01万亿元。

  理财公司持续拓展母行以外的代销渠道,报告显示,由母行代销的理财产品规模占比持续下降,由去年末的71%左右降至2025年一季度末的64%左右。截至2025年一季度末,仅由母行代销的理财公司仅剩1家。其余30家理财公司的理财产品除母行代销外,还打通了其他银行的代销渠道。理财公司合作代销机构数量持续增长,2025年3月全市场有575家机构代销了理财公司发行的理财产品,较去年同期增加80家。

  理财产品积极支持实体经济发展,截至2025年一季度末,理财产品通过投资债券、非标准化债权类资产、未上市股权等权益类资产,支持实体经济的资金规模分别为17.88万亿元、1.75万亿元、0.8万亿元,合计规模约20万亿元。

  为助力我国碳达峰、碳中和目标实现,2025年一季度,理财市场累计发行ESG主题理财产品33只,合计募集资金超200亿元,一季度末ESG主题理财产品存续规模近3000亿元。此外,理财行业不断推出特色产品,2025年一季度末存续专精特新、乡村振兴、大湾区、绿色低碳等主题理财产品近300只,存续规模超1000亿元。

  欧洲芯片制造商意法半导体周四表示,在第一季度业绩触底后,预计第二季度销售将逐步回升。其第一季度表现符合公司此前预期,被视作全年谷底。

  该公司股价早盘一度上涨4%,领涨法国CAC40指数。

  与意法半导体类似,恩智浦等聚焦汽车和工业市场的芯片制造商近年来持续面临销售低迷。

  作为欧洲最大芯片制造商之一,意法预计第二季度营收为27.1亿美元,同比下降16.2%,但高于分析师预期的26.2亿美元。公司强调该预测未考虑未来全球关税潜在调整的影响。

  杰富瑞分析师在财报点评中表示:“我们相信汽车/工业芯片行业正从深度低谷开启周期性复苏,无论宏观环境如何,2025年下半年至2026年将逐步改善。”

  财报显示,意法半导体一季度营收25.2亿美元,与其25.1亿美元的指引一致,也与伦敦证交所集团(LSEG)统计的分析师预期相符。

  公司总裁兼CEO让-马克·奇瑞在声明中称:“面对当前不确定性,我们将专注于可控因素:持续创新以加速提升产品和技术组合的竞争力。”

  意法半导体未提供全年业绩指引。其1月曾表示,由于能见度低且客户库存修正周期持续,尚无法预测2025年走势。

  公司库存进一步攀升,一季度库存天数从去年四季度的122天增至167天。

  本周三,美国芯片制造商德州仪器同样给出超预期的第二季度营收指引,认为各业务板块及区域市场的工业需求正经历周期性复苏。

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