金吾财讯 | 中信证券测算，2025年10月末，银行理财规模约33.5万亿元，单月环比增长规模约1.4万亿元，环比增长4.3%，较年初增长约3.5万亿元，增幅约11.8%。本月理财规模实现增长，核心驱动力源于存款利率的持续下行，这一趋势有效推动“存款搬家”，叠加理财收益亮眼吸引资金流入及季末考核压力消解等多重因素，促使居民资金向理财市场转移。结构上，固收类贡献较高，同投资者倾向于配置稳健资产密切相关，“固收+”理财产品仍是理财规模增长的重要发力点。结合存款利率进入“1时代”的背景，长期来看储蓄的吸引力持续下降，同理财收益的平均收益中枢形成明显差距。11月理财规模预计延续回升态势，稳中有增，理财规模有望达到34万亿元以上。同时也显示，股市突破4000点并未对理财造成负面影响，大量普通居民仍未入市，股债跷跷板的影响会逐渐减弱。
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