銀行業(yè)理財(cái)持倉(cāng)全景掃描系列（一）：探尋現(xiàn)金類(lèi)理財(cái)?shù)?ldquo;底層密碼”

銀行14% 7% 0% -7%-14%-22% 2022-122023-042023-08數(shù)據(jù)來(lái)源：聚源預(yù)期改善—1208中央政治局會(huì)議學(xué)《2023年G-SIBs名單發(fā)布，關(guān)注《支持實(shí)體效果愈佳，量?jī)r(jià)平衡趨勢(shì)明朗—2023Q3貨幣政策執(zhí)行報(bào)告點(diǎn)探尋現(xiàn)金類(lèi)理財(cái)?shù)摹暗讓用艽a”——理財(cái)持倉(cāng)全景掃描系列（一）2023年初以來(lái)，現(xiàn)金管理類(lèi)理財(cái)產(chǎn)品收益率雖經(jīng)歷了趨勢(shì)性下行，但仍能達(dá)到以機(jī)構(gòu)為主、現(xiàn)金理財(cái)多為個(gè)人，兩者一定程度上形成了差 行業(yè)深度報(bào)告2/252/251、由一個(gè)“怪”現(xiàn)象引出：現(xiàn)金類(lèi)理財(cái)較貨基仍具收益優(yōu)勢(shì) 42、尋找現(xiàn)金類(lèi)理財(cái)?shù)摹柏?cái)富密碼”：初探→細(xì)拆→穿透 52.1、初探：對(duì)比大類(lèi)資產(chǎn)尋找線(xiàn)索 5 52.3、穿透一：“資管產(chǎn)品”為關(guān)鍵答案 82.3.1、組合類(lèi)保險(xiǎn)資管產(chǎn)品：協(xié)議存款或占比較高 82.3.2、信托計(jì)劃：側(cè)重債券投資的標(biāo)品信托發(fā)展迅速 2.3.3、基金&券商&保險(xiǎn)專(zhuān)戶(hù)：占比相對(duì)穩(wěn)定 2.4、穿透二：“其他債券”實(shí)現(xiàn)品種下沉 2.4.1、私募債：貨基禁投但現(xiàn)金理財(cái)仍可投 2.4.2、債務(wù)融資工具：監(jiān)管態(tài)度較為模糊 2.5、小結(jié)：加碼委外+謹(jǐn)慎下沉，是投資端偏防御的現(xiàn)實(shí)選擇 3、其余持倉(cāng)“以退為進(jìn)”，等待結(jié)構(gòu)性機(jī)會(huì) 3.1、滿(mǎn)足流動(dòng)性前提下，減配利率債和同業(yè)存單 3.1.1、利率債：更多是作為流動(dòng)性調(diào)節(jié)工具 3.1.2、同業(yè)存單：投資節(jié)奏受銀行表內(nèi)影響 3.2、整改非標(biāo)及二永，長(zhǎng)久期和沉信用均受限 3.2.1、金融債：存量二永債到期將顯著縮短久期 3.2.2、非標(biāo)：2022Q3已基本實(shí)現(xiàn)清零 203.2.3、城投債：短端下沉具有一定性?xún)r(jià)比 204、總結(jié)：現(xiàn)金類(lèi)理財(cái)“進(jìn)可攻、退可守”的兩大優(yōu)勢(shì) 215、風(fēng)險(xiǎn)提示 22附表：現(xiàn)金類(lèi)理財(cái)vs貨基的主要監(jiān)管差異 23圖1：現(xiàn)金管理類(lèi)理財(cái)產(chǎn)品收益率高出貨基20-30BP 4圖2：各類(lèi)型管理人旗下的現(xiàn)金管理類(lèi)理財(cái)產(chǎn)品收益率基本接近 4圖3：2022Q1-2023Q3現(xiàn)金理財(cái)持倉(cāng)的組合類(lèi)保險(xiǎn)資管產(chǎn)品中，底層多數(shù)為銀行存款 9圖4：保險(xiǎn)資金運(yùn)用余額中，銀行存款的占比逐漸下降 圖5：組合類(lèi)保險(xiǎn)資管產(chǎn)品、信托計(jì)劃為現(xiàn)金理財(cái)委外的兩大通道 圖6：建信信托貨幣通寶信托計(jì)劃7日收益率近年下行至2.5%附近（%） 圖7：現(xiàn)金管理類(lèi)理財(cái)產(chǎn)品持有的信托計(jì)劃，7日收益率有所分化（%） 圖8：平安理財(cái)日添利4號(hào)A、渝農(nóng)商理財(cái)江渝財(cái)富“天添金”渝快寶，底層的信托計(jì)劃占比較高 圖9：平安理財(cái)日添利4號(hào)A產(chǎn)品收益率近期在2.5%附近 圖10：“臻今”系列外貿(mào)信托計(jì)劃的底層主要為貨幣市場(chǎng)類(lèi)、債券資產(chǎn) 圖11：渝農(nóng)商理財(cái)江渝財(cái)富“天添金”渝快寶的收益率已企穩(wěn) 圖12：渝農(nóng)商理財(cái)江渝財(cái)富“天添金”渝快寶，通過(guò)資管產(chǎn)品間接投資債券 圖13：基金公司基金專(zhuān)戶(hù)存續(xù)規(guī)模穩(wěn)中有降（億元） 圖14：證券投資信托的存續(xù)規(guī)模近年上升（億元） 圖15：現(xiàn)金管理類(lèi)理財(cái)產(chǎn)品可投私募債實(shí)現(xiàn)品種下沉 圖16：現(xiàn)金管理類(lèi)理財(cái)產(chǎn)品持有的私募債利率整體有降（%） 3/3/25圖17：現(xiàn)金管理類(lèi)理財(cái)產(chǎn)品持有的債務(wù)融資工具，票面利率整體下降（%） 圖18：現(xiàn)金管理類(lèi)理財(cái)產(chǎn)品持有的債務(wù)融資工具以超短融（SCP）為主 圖19：現(xiàn)金管理類(lèi)產(chǎn)品的貨幣市場(chǎng)類(lèi)資產(chǎn)占比上升、固收類(lèi)占比下降 圖20：現(xiàn)金管理類(lèi)產(chǎn)品直接投資的定期存款和大額存單占比并不大 圖21：現(xiàn)金管理類(lèi)理財(cái)產(chǎn)品持有的利率債占比低，且仍在下降 圖22：2023Q3末現(xiàn)金管理類(lèi)理財(cái)產(chǎn)品直接投資的同業(yè)存單占比約13% 圖23：現(xiàn)金管理類(lèi)理財(cái)產(chǎn)品持有的金融債以中證金、商金債為主 20圖24：現(xiàn)金管理類(lèi)理財(cái)產(chǎn)品持有的二永債占比顯著下降 20圖25：近五個(gè)季度，現(xiàn)金管理類(lèi)理財(cái)產(chǎn)品底層的非標(biāo)資產(chǎn)基本清零 20圖26：現(xiàn)金管理類(lèi)理財(cái)產(chǎn)品持有的城投債占比邊際下降 21圖27：現(xiàn)金管理類(lèi)理財(cái)產(chǎn)品持有的城投債票面利率整體下降（%） 21圖28：存續(xù)規(guī)模上，貨基持續(xù)高于現(xiàn)金管理類(lèi)理財(cái)產(chǎn)品（萬(wàn)億元） 22表1：現(xiàn)金管理類(lèi)理財(cái)產(chǎn)品與貨基持倉(cāng)中，差異較大的是“其他資產(chǎn)”“其他債券”項(xiàng) 5表2：全市場(chǎng)現(xiàn)金管理類(lèi)理財(cái)產(chǎn)品底層資產(chǎn)：貨幣市場(chǎng)類(lèi)＞資管產(chǎn)品＞固收類(lèi)（含同業(yè)存單）＞公募基金＞QDII 6表3：全市場(chǎng)現(xiàn)金管理類(lèi)理財(cái)產(chǎn)品底層資產(chǎn)：各類(lèi)持倉(cāng)的票面利率和久期分化較大 7表4：現(xiàn)金管理類(lèi)產(chǎn)品持倉(cāng)的組合類(lèi)保險(xiǎn)資管產(chǎn)品收益率較高（截至2023-12-12） 8表5：現(xiàn)金理財(cái)產(chǎn)品和貨基的可投資產(chǎn)差異主要為“資產(chǎn)支持證券”和“非金融企業(yè)債務(wù)融資工具” 表6：現(xiàn)金管理類(lèi)理財(cái)產(chǎn)品委外資管產(chǎn)品的比例呈上升趨勢(shì) 表7：《關(guān)于規(guī)范現(xiàn)金管理類(lèi)理財(cái)產(chǎn)品管理有關(guān)事項(xiàng)的通知》對(duì)銀行存款比例、集中度和主體信用作出詳細(xì)規(guī)定 表8：現(xiàn)金類(lèi)理財(cái)委外的貨基，收益率一般較高（2022Q1-2023Q3持倉(cāng)，收益率截至2023-12-12） 表9：《關(guān)于規(guī)范現(xiàn)金管理類(lèi)理財(cái)產(chǎn)品管理有關(guān)事項(xiàng)的通知》對(duì)利率債的持有比例規(guī)定了下限 表10：現(xiàn)金管理類(lèi)理財(cái)產(chǎn)品vs貨幣基金的監(jiān)管差異（主要為投資范圍和投資集中度的差異） 23 行業(yè)深度報(bào)告4/254/25怪現(xiàn)象。分管理人類(lèi)型來(lái)看，無(wú)論是銀行還是四類(lèi)理財(cái)子公司，其管理的現(xiàn)金類(lèi)理財(cái)產(chǎn)品的平均收益率均高于貨基，也就是說(shuō)這種收益優(yōu)勢(shì)并非管理人投研能力的差2.24%2.01%21%21% 行業(yè)深度報(bào)告5/5/2535.82%35.63%41.17%37.39%7.19.32%22.81%18.84%17.17%18.58%25.75%-9.52%13.15%18.46%33.05%24.98%22.92%16.04%-6.64%銀行存款買(mǎi)入返售34.01%33.01%35.27%50%21.87%24.97%26.30%21.89%20.57%22.10%22.68%33%債券42.04%40.51%40.44%42.17%37.98%40.12%41.89%61.05%54.56%46.70%33.71%36.14%27.87%25.47%-35.82%35.63%41.17%37.39%7.19.32%22.81%18.84%17.17%18.58%25.75%-9.52%13.15%18.46%33.05%24.98%22.92%16.04%-6.64%銀行存款買(mǎi)入返售34.01%33.01%35.27%50%21.87%24.97%26.30%21.89%20.57%22.10%22.68%33%債券42.04%40.51%40.44%42.17%37.98%40.12%41.89%61.05%54.56%46.70%33.71%36.14%27.87%25.47%-16.42%同業(yè)存單30.97%29.01%28.56%32.01%90%30.23%31.52%20.12%19.53%20.32%16.66%19.19%13.74%13.28%-18.24%國(guó)債1.20%1.51%1.51%1.30%73%0.53%0.91%0.22%0.39%0.44%0.64%0.37%0.34%0.36%-0.54%金融債3.60%3.63%4.56%4.25%47%5.02%5.34%21.70%16.87%12.01%5.84%6.30%5.00%5.15%-0.19%其中：政金債3.33%3.24%3.94%3.67%95%4.42%4.48%13.55%12.77%10.40%8.17%6.22%5.39%3.75%-0.73% 27. 0.4.3.企業(yè)債0.24%0.25%0.23%0.23%0.24%0.34%0.28%0.08%0.13%0.07%0.03%0.03%0.10%0.06%-0.22%短融5.31%5.43%4.97%3.65%4.01%3.49%3.29%0.26%0.11%0.17%0.16%0.60%0.29%0.34%-2.95%中票0.32%0.32%0.35%0.53%0.49%0.38%0.42%0.69%0.67%0.42%0.36%0.37%0.30%0.40%-0.02%ABS0.40%0.35%0.27%0.20%0.13%0.12%0.13%1.65%1.60%0.83%0.38%0.49%0.47%0.34%0.20%其他債券-0.04%0.01%0.00%0.02%0.06%-0.03%0.23%16.31%15.26%12.44%9.63%8.79%7.63%5.55%5.32%其他資產(chǎn)0.27%0.51%0.26%0.32%0.28%0.39%0.16%14.12%12.98%12.03%14.40%21.71%30.63%32.74%32.58% 合計(jì)100%100%100%100%100%100%100%100%100%100%100%100%100%100%0%ABS等資產(chǎn)的比例均較小，對(duì)產(chǎn)品收益率不構(gòu)成重大影響，因此 對(duì)“其他資產(chǎn)”和“其他債券”的青睞，從而減少了對(duì)銀行存款、買(mǎi)入返售、同業(yè) 他債券”的底層資產(chǎn)。貨幣基金（全部持倉(cāng)）貨幣基金（全部持倉(cāng)）現(xiàn)金管理類(lèi)理財(cái)產(chǎn)品（前十持倉(cāng)）2022202320222023Q1Q2Q3Q4Q1Q2Q3Q1Q2Q3Q4Q1Q2Q32023Q3較貨基持倉(cāng)占比 行業(yè)深度報(bào)告6/6/2518,89119,88721,30420,41517,50319,07221,722表2：全市場(chǎng)現(xiàn)金管理類(lèi)理財(cái)產(chǎn)品底層資產(chǎn)：貨幣市場(chǎng)類(lèi)＞資管產(chǎn)品＞固收類(lèi)（含同業(yè)存單）＞公募基金＞18,89119,88721,30420,41517,50319,07221,722現(xiàn)金管理類(lèi)前十持倉(cāng)現(xiàn)金管理類(lèi)前十持倉(cāng)活期存款定期存款大額存單其他現(xiàn)金及銀行存款存放同業(yè)買(mǎi)入返售其他同業(yè)存放和買(mǎi)入返售 貨幣市場(chǎng)類(lèi)資產(chǎn)規(guī)模（億元）2022202320222023Q4Q4Q1Q1Q2Q3Q2Q33427891,4171,2203427891,4171,2202,05403,2749662,0121,5861,9785,5931,5031,8803,4851,3451,53776533,5432,5751,729684,3715611,7536763,0052,3661,8924,3739641,5791,2893,8462,0364,71206,7481,986291,986299564,8591,6472,28703,933598293,8421,1221,49402,6154,6926,4574,6926,4578,79310,5947,3787,9149,0784.86%10.00% 4.86%10.00% 1.81%4.18%8.87%9.32%9.26%7.30%Q4Q1Q1Q2Q3Q2Q34.72%7.05%7.73%8.06%0.57%0.30%0.14%0.07%0.09%0.04%0.07% 0.95%4.17%4.49%6.31%3.86%3.43%9.11%7.50%19.32%22.81%18.84%17.17%18.58%25.75%6.46%5.64%7.73%9.97%13.51%13.50%6.92%10.87%7.51%10.73%23.08%10.81%9.06%8.65%0.00%0.00%0.00%0.00%0.66%0.36%0.47%.1733%. 24.83%.. 32.47%.1846%. 41.27%.3305%. 51.89%.2498%. 42.15%.2292%. 41.50%.. 41.79%同業(yè)存單地方政府債政策性銀行債利率債政府支持機(jī)構(gòu)債券金融債證金商業(yè)銀行銀行二級(jí)銀行永續(xù)銀行普通銀行專(zhuān)項(xiàng)證券公司保險(xiǎn)公司金租公司消金公司汽車(chē)金融公司AMCAMC二級(jí)AMC永續(xù)AMC普通投資公司一般企業(yè)債一般公司債私募債非金融企業(yè)債務(wù)融資工具短期融資券(CP)超短期融資券(SCP)中期票據(jù)(MTN)項(xiàng)目收益票據(jù)(PRN)定向工具(PPN)資產(chǎn)支持票據(jù)(ABN)證監(jiān)會(huì)主管ABS銀保監(jiān)會(huì)主管ABS信用債其中：城投債非標(biāo)2,8847808153,4022,8847808153,40261,6681,8051,1914195993,3586531,0891,1571,1024644653,8012,6206511,0281,0949543533893,8847832,5392,6213,3541,2851,6644202,5592,6014,1001,6172,0391,175569462,2168938931,1185103762,5586021,65411033282825691110332828256918357285321654300455336216771012872482064273287248206427333202140070004090702013542003900358687800358687805600000000390734453180200734453180204346449212674495057752021522055654324566452219313216018732219313216018732670451001051986503112150851311177562235702786210870184366890552067801,6747401,7567801,6747401,756267524,34418421,8082975,13120421,5993,3039861668812498616688 13.55%12.77%10.40%8.17%3.75% 27.16%21.85%15.50%8.20%10.33%8.38%8.09% 20.12%19.53%20.32%16.66%19.19%13.74%113.55%12.77%10.40%8.17%3.75% 27.16%21.85%15.50%8.20%10.33%8.38%8.09%0.22%0.39%0.44%0.64%0.37%0.34%0.36%0.00%0.02%0.03%0.03%0.01%0.01%0.00%6.22%5.39% 13.77%13.18%10.87%8.84%6.61%5.74%4.1 0.00%2170%0.00%5.15% 0.00%2170%0.00%5.15%2.35%1.73%0.02%1.55%0.07%0.10%0.99%0.00%0.06%0.00%0.03%0.00%0.00%5.84%2.05%2.94%0.54%1.63% 0.40% 0.37%0.66%0.00%0.01%0.00%0.01%0.17%0.01%5.00%1.85%2.04%0.30%1.49%0.17%0.08%0.97%0.00%0.05%0.00%0.04%0.06%0.00%2.83%7.76%3.78%0.01%6.30%2.65%2.66%0.31%1.72% 0.37%0.26%.8.56%10.79%6.22%3.88%0.29%0.40%1.45%0.18%0.08%0.01%0.00%0.53% 16.87%6.46%8.37% 3.18% 0.47% 3.18% 0.47%0.34%1.10%0.02%0.01%0.00%0.00%0.18% 3.48%0.33%0.42%0.81%0.00%0.81%0.00%0.08%0.00%0.03%0.07%0.12%0.04%0.01%0.00%0.32%0.04%0.03%0.46%0.11%0.04%0.03%0.46%0.11%0.08%0.44%0.60%2.76%0.00%0.00%0.17%0.00%0.03%0.17%0.22%1.56%0.00%0.00%0.18%0.10%0.07%0.21%0.31%2.12%0.00%0.00%0.07%0.00%0.03%0.11%0.44%2.97%0.00%0.00%0.06%0.00%0.10%0.22%0.24%2.35%0.00%0.00%0.00%0.00%0.06%0.25%0.30%1.99%0.00%0.28%0.10%0.13%0.37%0.64%2.49%0.60%1.13%0.37%0.00%0.60%1.13%0.37%0.00%0.18%0.69%0.16%0.33%0.36%0.00%0.22%0.49%0.29%1.17%0.30%0.00%0.14%0.45%0.26%0.45%0.69%0.01%0.41%0.93%0.17%0.31%0.42%0.00%0.26%0.96%0.34%0.97%0.40%0.00%0.08%0.20%0.47%0.67%0.01%0.30%0.94%1.57%0.08%0.46%0.01%0.78%0.05%1.57%0.08%0.46%0.01%0.78%0.05%0.48%0.01%0.38%0.00%0.34%0.00% 0.26%1.08%0.93%0.58%0.30%0.56%0.35%0.41%0.05%0.03%0.00%0.00%0.00%0.00%0.00%固定收益類(lèi)11,55810,9069,9596,8816,3285,3185,533 61.18% 54.84% 46.75%% 33.7 36.1 27.88% 25.47%公募基金貨幣型債券型 基金67702764677027642568502725685027082000707067134852782640.37%0.29%0.08%0.63%0.63%0.00%0.41%0.41%0.37%0.29%0.08%0.63%0.63%0.00%0.41%0.41%0.00%0.15%0.15%0.00%0.43%0.43%0.00%0.29%0.29%0.00%0.33%0.01%0.37%0.34%0.63%0.41%0.15%0.43%0.37%0.34%0.63%0.41%0.15%0.43%0.29%保險(xiǎn)組合類(lèi)產(chǎn)品保險(xiǎn)資管計(jì)劃信托計(jì)劃基金資管計(jì)劃券商資管計(jì)劃 資管產(chǎn)品1,19585811,010441,28181,19585811,010441,28186594821,318460682791,254843071793,4811,0801,008442,03366991482,5591,0082,5522,4422,4182,8382,5522,4422,4182,8383,7485,7337,0085.89%0.04%2.02%3.36%0.04%6.97%0.07%2.43%5.89%0.04%2.02%3.36%0.04%6.97%0.07%2.43%3.61%0.42%6.44%0.04%3.31%2.43%0.05%0.21%0.64%0.23%0.87%0.04%0.11%0.63%0.04%2.84%3.82%5.66%11.78%4.95%5.22%5.28%4.64% 32.26% 30.06%.42%21代客境外理財(cái)投資QDII151501822250.08%0.07%0.00%0.09%0.13%0.13%0.18%優(yōu)先股0.03%0.00%0.00%0.00%0.00%0.00%0.00%合計(jì)100.00%100.00%100.00%100.00%100.00%100.00%100.00% 行業(yè)深度報(bào)告7/257/25Q3Q2Q1Q4Q3Q2Q1Q3Q2Q1Q4Q3Q2Q1Q3Q2Q1Q4Q3Q2Q1Q3Q2Q1Q4Q3Q2Q1Q3Q2Q1Q4Q3Q2Q1Q3Q2Q1Q4Q3Q2Q1現(xiàn)金及銀行存款---------------------同業(yè)存放和買(mǎi)入返售---------------------貨幣市場(chǎng)類(lèi)--現(xiàn)金管理類(lèi)前十持倉(cāng)票面利率（%）平均原始期限（天）平均剩余期限（天）同業(yè)存單2.762.592.412.342.332.362.41348347339314267274290-------2.421.962.086394482693653793872116859977--地方政府債-2.472.582.582.693.12--2556--27022691-政策性銀行債利率債政府支持機(jī)構(gòu)債券金融債3.203.17-4.262.882.86-4.172.852.82-3.972.712.66-3.452.642.594.122.772.724.122.762.58-3.47-2445-2224-2101952- 874-402395---------- ---75---------3.333.76證金5.005.00---367367------------商業(yè)銀行4.464.324.133.493.354.284.233025267725532192687767661487329--銀行二級(jí)4.624.634.614.604.674.734.173652365336533653365336533653605133210616792171銀行永續(xù)4.364.424.374.354.454.334.441827182718271827182718271827999927617565452352銀行普通3.463.022.692.702.513.573.481096109510951108112211681095441344275201143107銀行專(zhuān)項(xiàng)3.133.033.002.802.283.483.39114410951095109510951095109550443037716343--證券公司3.563.603.583.383.323.293.18973903944791770804-----保險(xiǎn)公司4.664.943.75----365336523652----4902732----金租公司3.623.553.624.303.193.723.74485331219消金公司3.703.70--------739648-----汽車(chē)金融公司---2.683.473.703.73---939---AMC4.053.973.653.123.393.39--42335348-AMC二級(jí)5.005.00---36533653-----634543-----AMC永續(xù)4.89----1826------1355------AMC普通3.623.413.653.123.393.39-109610951096109510951095-2392518915413948-投資公司2.682.682.68--------350259----一般企業(yè)債4.444.825.274.484.504.013.712457401731502608--404-890--一般公司債4.404.454.243.664.484.094.10576554384305266-359私募債4.654.304.383.893.983.773.87903605506440321260--非金融企業(yè)債務(wù)融資工具3.873.723.333.092.803.312.95930958762705468707511332319224----短期融資券(CP)3.153.022.472.582.562.762.6629433428828020431932310810980----超短期融資券(SCP)2.862.582.112.162.342.482.4723024220119820717921410610710759104-80中期票據(jù)(MTN)4.394.234.113.953.663.774.071407137612351302121911101252453429321213154--項(xiàng)目收益票據(jù)(PRN)4.904.90---21912191-----609518-----定向工具(PPN)4.754.464.264.204.093.983.9614331475119413111179854993495488320268238-167資產(chǎn)支持票據(jù)(ABN)4.033.793.934.183.953.893.459681041911904607479283269273150-59證監(jiān)會(huì)主管ABS3.312.942.853.073.202.782.99557537544496972370392-336-277--銀保監(jiān)會(huì)主管ABS3.97信用債4.11其中：城投債4.30非標(biāo)-固定收益類(lèi)-3.433.973.98-3.743.332.803.082.803.49-3.273.50--3417 1201--21853681-304764850--304961953---801852--2592-478---539--2645-455----255--301-241--210-156----246--4.23--4.454.073.54--3.91--1350--1261--1036--公募基金2.162.192.232.272.212.212.2500000000000000貨幣型2.162.192.232.272.212.212.2500000000000000債券型-------------------基金-------------------保險(xiǎn)組合類(lèi)產(chǎn)品保險(xiǎn)資管計(jì)劃-------------------信托計(jì)劃-------------------基金資管計(jì)劃-------------------券商資管計(jì)劃-------------------資管產(chǎn)品-------------------代客境外理財(cái)投資QDII-------------------優(yōu)先股-------------------合計(jì)------------------- 行業(yè)深度報(bào)告8/8/25持倉(cāng)的組合類(lèi)保險(xiǎn)產(chǎn)品簡(jiǎn)稱(chēng)持倉(cāng)的組合類(lèi)保險(xiǎn)產(chǎn)品簡(jiǎn)稱(chēng)資管產(chǎn)品（32%公募基金（0.29%QDII（0.18%）。其中“資管產(chǎn)品” 公募基金占比均較小。募基金同屬產(chǎn)品方式的委外（區(qū)別于“協(xié)議方式”的委外但兩者目的不同1）厚收益、進(jìn)行流動(dòng)性管理，有時(shí)亦可起到節(jié)稅）＞）＞）＞）＞組合類(lèi)保險(xiǎn)資管產(chǎn)品的收益率中位數(shù)為2.57%，是現(xiàn)金理財(cái)增厚收益的利器。表4：現(xiàn)金管理類(lèi)產(chǎn)品持倉(cāng)的組合類(lèi)保險(xiǎn)資管產(chǎn)品收益率較高（截至2023-12-12）年化收益率（%）成立至今2023年初至今近7日弘遠(yuǎn)弘遠(yuǎn)33號(hào)弘遠(yuǎn)35號(hào)弘遠(yuǎn)37號(hào)如意37號(hào)創(chuàng)贏6號(hào)添利貨幣穩(wěn)利三號(hào)明淼四號(hào)明淼三號(hào)穩(wěn)健理財(cái)三號(hào)穩(wěn)健寶永聚固收68號(hào)吉祥2號(hào)貨幣1號(hào)穩(wěn)健精選6號(hào)(第五期)百年資管平安資產(chǎn)華泰資產(chǎn)新華資產(chǎn)太平洋光大永明資產(chǎn)太平資產(chǎn)人保資產(chǎn)大家資產(chǎn)2.822.942.752.652.472.602.892.642.522.462.472.712.642.942.752.892.603.102.822.552.592.362.662.732.572.55-------普遍存在借道保險(xiǎn)資管、間接投資存款的現(xiàn)象。究竟是投資的哪類(lèi)存款？我們發(fā)現(xiàn) 行業(yè)深度報(bào)告9/9/25100%100%99.85%95.28%99.72%78.80%73.95%37.49%且未明文禁止提前支?。ǘB(yǎng)老保險(xiǎn)基金的協(xié)議存款不得提前支取，銀發(fā)〔2002〕費(fèi)用吸引理財(cái)資金的合作，實(shí)現(xiàn)“雙贏”。100%100%99.85%95.28%99.72%78.80%73.95%37.49%圖3：2022Q1-2023Q3現(xiàn)金理財(cái)持倉(cāng)的組合類(lèi)保險(xiǎn)資管產(chǎn)品2020-122021-032021-062021-122022-0349.73%44.12%85.19%86.41%89.56%57.79%64.02%56.29%69.94%63.57%99.97%99.97%82.71%58.24%39.10%0.15%0.03%0.01%2021-122022-032022-122023-062021-032022-032022-062021-87.34%86.19%43.11%72.73%79.69%79.69%世穩(wěn)富20號(hào) 行業(yè)深度報(bào)告規(guī)模大、銀行議價(jià)權(quán)相對(duì)較小，無(wú)形中推升了負(fù)債成本。息差承壓的當(dāng)下，為了促近年“現(xiàn)金管理類(lèi)信托”快速發(fā)展且收益率較高，為理財(cái)委外提高了新方向。的空間較大，近幾年標(biāo)品信托進(jìn)入快速成長(zhǎng)期。其中“現(xiàn)金管理類(lèi)信托”以較高的 券商資管計(jì)劃基金資管計(jì)劃信托計(jì)劃保險(xiǎn)資管計(jì)劃保險(xiǎn)組合類(lèi)產(chǎn)品2022-030.42%2022-060.05%2022-090.04%2022-120.21%2023-030.64%2023-060.23%2023-090.87%3.61%2.43%3.36%4.95%5.22%5.28%4.64%2.43%3.31%2.02%2.84%3.82%5.66%11.78%0.07%0.04%0.04%0.04%0.11%0.63%0.04%6.97%6.44%5.89%5.85%11.62%18.25%14.94% 行業(yè)深度報(bào)告65432建信信托-尊鑫2號(hào)集合資金信托計(jì)劃 建信信托-尊鑫4號(hào)集合資金信托計(jì)劃321數(shù)據(jù)來(lái)源：建信信托官網(wǎng)、交銀國(guó)際信托官網(wǎng)、開(kāi)98.38%90.08%89.22%90.08%82.02%51.02%2023-092022-122023- 行業(yè)深度報(bào)告較多“臻今”系列信托計(jì)劃，底層除銀行存款外，還持有較大比例的買(mǎi)入返售、債券和交易性金融資產(chǎn)。我們推測(cè)，信托計(jì)劃由于較大的資金規(guī)?？色@取高利率的存近 07日年化收益率：平安理財(cái)日添利4號(hào)A（%）圖10：“臻今”系列外貿(mào)信托計(jì)劃的底層主要為貨幣市2023-062023-062023-092臻今32號(hào)臻今36號(hào)臻今60號(hào)臻今33號(hào)臻 07日年化收益率：江渝財(cái)富"天添金"渝快寶（%） 行業(yè)深度報(bào)告圖12：渝農(nóng)商理財(cái)江渝財(cái)富“天添金”渝快寶，通托計(jì)劃近年異軍突起，其對(duì)基金、保險(xiǎn)和券商專(zhuān)戶(hù)形成一定的替代作用。此外，信0基金管理公司資管產(chǎn)品存續(xù)規(guī)模:集合資產(chǎn)管理計(jì)劃基金管理公司資管理產(chǎn)品存續(xù)規(guī)模:單一資產(chǎn)管理計(jì)劃6,7046,7040年證監(jiān)會(huì)《關(guān)于證券投資基金投資中小企業(yè)私募債券有關(guān)問(wèn)題的通知》一文明確規(guī) 行業(yè)深度報(bào)告2.76%2.49%2.97%2.35%1.56%0.60%0.64%0.22%2.76%2.49%2.97%2.35%1.56%0.60%0.64%0.22%0.44%2.12%0.31%1.99%0.30%0.24%證監(jiān)會(huì)主管ABS圖16：現(xiàn)金管理類(lèi)理財(cái)產(chǎn)品持有的私募債利率整體有降3.873.87數(shù)據(jù)來(lái)源：普益標(biāo)準(zhǔn)、開(kāi)源證券研究所（注：前十持倉(cāng)口徑，圖上等級(jí)的債務(wù)融資工具來(lái)看，現(xiàn)金理財(cái)在實(shí)操中或同樣適用。表5：現(xiàn)金理財(cái)產(chǎn)品和貨基的可投資產(chǎn)差異主要為“資產(chǎn)支持證券”和“非金融企業(yè)債務(wù)融資工具” 行業(yè)深度報(bào)告圖17：現(xiàn)金管理類(lèi)理財(cái)產(chǎn)品持有的債務(wù)融資工具，票面利率3.873.872.952022-032022-062022-092022-12超短期融資券(SCP)短期融資券(CP)0.45%0.47%1.13%1.17%0.97%0.31%0.33%2022-092022-122023-032023-0620資產(chǎn)支持票據(jù)(ABN)中期票據(jù)(MTN)定向工具(PPN)超短期融資券(SCP)項(xiàng)目收益票據(jù)(PRN)短期融資券(CP)數(shù)據(jù)來(lái)源：普益標(biāo)準(zhǔn)、開(kāi)源證券研究所（注：圖中為前十持倉(cāng)口徑的 行業(yè)深度報(bào)告為此輪加大借力資管產(chǎn)品，其實(shí)是現(xiàn)金理財(cái)資產(chǎn)配置的一次防御性調(diào)整。加杠桿方面的約束增多，加上資金端下降的風(fēng)險(xiǎn)偏好，資產(chǎn)端為留住客戶(hù)，需獲取表6：現(xiàn)金管理類(lèi)理財(cái)產(chǎn)品委外資管產(chǎn)品的比例呈上升趨勢(shì)穿透前穿透后穿透前穿透后穿透前穿透后穿透前穿透后穿透前穿透后穿透前穿透后穿透前穿透后現(xiàn)金管理類(lèi)產(chǎn)品底層資產(chǎn)規(guī)模（億元）資產(chǎn)類(lèi)別1貨幣市場(chǎng)類(lèi)2固定收益類(lèi)3權(quán)益類(lèi)664基金5資管產(chǎn)品00000006委外投資——協(xié)議方式000090007008其他總計(jì)70,18575,65168,74177,23568,63275,77177,14479,56464,73166,80360,93465,49964,28068,2721貨幣市場(chǎng)類(lèi)2固定收益類(lèi)3權(quán)益類(lèi)4基金5資管產(chǎn)品6委外投資——協(xié)議方式726.9%38.034.76%46.86%59.11% 43.37%34.60%58.66% 40.50%32.27%57.73%57.73% 39.86%29.44%59.07%60.8%34.139.9%%40.10.01%0.01% 0.17%0.43% 16.10%0.00%0.02%0.00%0.05%0.05%0.24%0.12%0.12%0.11% 0.34%0.80% 18.57%0.00%0.02%0.00%0.05%0.04%0.18%0.11%0.10%0.09% 1.10%1.26% 17.60%0.00%0.03%0.00%0.00%0.00%0.16%0.09%0.05% 0.50%18.19%0.05%0.63%0.00%0.07% 0.12% 21.10% 0.42%0.14%0.20%0.06%0.13%0.00%0.00%0.13%0.17%0.07%0.07% 0.58%0.60% 25.15%0.00%1.18%0.00%0.16%0.15%0.09%0.06%0.07% 0.50%26.89%0.06%0.50%0.00%0.00%0.08%0.20%0.01%0.08%0.18%2.95%0.25%0.06%0.00%0.23%0.03%總計(jì)100%100%100%100%100%100%100%100%100%100%100%100%100%100%圖19：現(xiàn)金管理類(lèi)產(chǎn)品的貨幣市場(chǎng)類(lèi)資產(chǎn)占比 行業(yè)深度報(bào)告9.32%7.30%8.06%10.00%7.73%10.01%9.32%7.30%8.06%10.00%7.73%10.01%圖20：現(xiàn)金管理類(lèi)產(chǎn)品直接投資的定期存4.18%4.18%2022-032022-062022-092022-122其他大額存單定期存款活期存款表7：《關(guān)于規(guī)范現(xiàn)金管理類(lèi)理財(cái)產(chǎn)品管理有關(guān)事項(xiàng)的通知》對(duì)銀行存款比例、集中度和主體信用作出詳細(xì)規(guī)定），每只現(xiàn)金管理類(lèi)產(chǎn)品投資于所有主體信用評(píng)級(jí)低于AAA的機(jī)構(gòu)發(fā)全部現(xiàn)金管理類(lèi)產(chǎn)品投資于同一商業(yè)銀行的存款、同業(yè)存單和債券，不得超過(guò)該商業(yè)銀行最近一個(gè)季度末凈資產(chǎn)的為何現(xiàn)金理財(cái)委外貨基的規(guī)模并不大？2023Q3末現(xiàn)金理財(cái)委外貨基的比例為力。我們統(tǒng)計(jì)