银行业理财持仓全景扫描系列（一）：探寻现金类理财的“底层密码”

银行14% 7% 0% -7%-14%-22% 2022-122023-042023-08数据来源：聚源预期改善—1208中央政治局会议学《2023年G-SIBs名单发布，关注《支持实体效果愈佳，量价平衡趋势明朗—2023Q3货币政策执行报告点探寻现金类理财的“底层密码”——理财持仓全景扫描系列（一）2023年初以来，现金管理类理财产品收益率虽经历了趋势性下行，但仍能达到以机构为主、现金理财多为个人，两者一定程度上形成了差 行业深度报告2/252/251、由一个“怪”现象引出：现金类理财较货基仍具收益优势 42、寻找现金类理财的“财富密码”：初探→细拆→穿透 52.1、初探：对比大类资产寻找线索 5 52.3、穿透一：“资管产品”为关键答案 82.3.1、组合类保险资管产品：协议存款或占比较高 82.3.2、信托计划：侧重债券投资的标品信托发展迅速 2.3.3、基金&券商&保险专户：占比相对稳定 2.4、穿透二：“其他债券”实现品种下沉 2.4.1、私募债：货基禁投但现金理财仍可投 2.4.2、债务融资工具：监管态度较为模糊 2.5、小结：加码委外+谨慎下沉，是投资端偏防御的现实选择 3、其余持仓“以退为进”，等待结构性机会 3.1、满足流动性前提下，减配利率债和同业存单 3.1.1、利率债：更多是作为流动性调节工具 3.1.2、同业存单：投资节奏受银行表内影响 3.2、整改非标及二永，长久期和沉信用均受限 3.2.1、金融债：存量二永债到期将显著缩短久期 3.2.2、非标：2022Q3已基本实现清零 203.2.3、城投债：短端下沉具有一定性价比 204、总结：现金类理财“进可攻、退可守”的两大优势 215、风险提示 22附表：现金类理财vs货基的主要监管差异 23图1：现金管理类理财产品收益率高出货基20-30BP 4图2：各类型管理人旗下的现金管理类理财产品收益率基本接近 4图3：2022Q1-2023Q3现金理财持仓的组合类保险资管产品中，底层多数为银行存款 9图4：保险资金运用余额中，银行存款的占比逐渐下降 图5：组合类保险资管产品、信托计划为现金理财委外的两大通道 图6：建信信托货币通宝信托计划7日收益率近年下行至2.5%附近（%） 图7：现金管理类理财产品持有的信托计划，7日收益率有所分化（%） 图8：平安理财日添利4号A、渝农商理财江渝财富“天添金”渝快宝，底层的信托计划占比较高 图9：平安理财日添利4号A产品收益率近期在2.5%附近 图10：“臻今”系列外贸信托计划的底层主要为货币市场类、债券资产 图11：渝农商理财江渝财富“天添金”渝快宝的收益率已企稳 图12：渝农商理财江渝财富“天添金”渝快宝，通过资管产品间接投资债券 图13：基金公司基金专户存续规模稳中有降（亿元） 图14：证券投资信托的存续规模近年上升（亿元） 图15：现金管理类理财产品可投私募债实现品种下沉 图16：现金管理类理财产品持有的私募债利率整体有降（%） 3/3/25图17：现金管理类理财产品持有的债务融资工具，票面利率整体下降（%） 图18：现金管理类理财产品持有的债务融资工具以超短融（SCP）为主 图19：现金管理类产品的货币市场类资产占比上升、固收类占比下降 图20：现金管理类产品直接投资的定期存款和大额存单占比并不大 图21：现金管理类理财产品持有的利率债占比低，且仍在下降 图22：2023Q3末现金管理类理财产品直接投资的同业存单占比约13% 图23：现金管理类理财产品持有的金融债以中证金、商金债为主 20图24：现金管理类理财产品持有的二永债占比显著下降 20图25：近五个季度，现金管理类理财产品底层的非标资产基本清零 20图26：现金管理类理财产品持有的城投债占比边际下降 21图27：现金管理类理财产品持有的城投债票面利率整体下降（%） 21图28：存续规模上，货基持续高于现金管理类理财产品（万亿元） 22表1：现金管理类理财产品与货基持仓中，差异较大的是“其他资产”“其他债券”项 5表2：全市场现金管理类理财产品底层资产：货币市场类＞资管产品＞固收类（含同业存单）＞公募基金＞QDII 6表3：全市场现金管理类理财产品底层资产：各类持仓的票面利率和久期分化较大 7表4：现金管理类产品持仓的组合类保险资管产品收益率较高（截至2023-12-12） 8表5：现金理财产品和货基的可投资产差异主要为“资产支持证券”和“非金融企业债务融资工具” 表6：现金管理类理财产品委外资管产品的比例呈上升趋势 表7：《关于规范现金管理类理财产品管理有关事项的通知》对银行存款比例、集中度和主体信用作出详细规定 表8：现金类理财委外的货基，收益率一般较高（2022Q1-2023Q3持仓，收益率截至2023-12-12） 表9：《关于规范现金管理类理财产品管理有关事项的通知》对利率债的持有比例规定了下限 表10：现金管理类理财产品vs货币基金的监管差异（主要为投资范围和投资集中度的差异） 23 行业深度报告4/254/25怪现象。分管理人类型来看，无论是银行还是四类理财子公司，其管理的现金类理财产品的平均收益率均高于货基，也就是说这种收益优势并非管理人投研能力的差2.24%2.01%21%21% 行业深度报告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%银行存款买入返售34.01%33.01%35.27%50%21.87%24.97%26.30%21.89%20.57%22.10%22.68%33%债券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%银行存款买入返售34.01%33.01%35.27%50%21.87%24.97%26.30%21.89%20.57%22.10%22.68%33%债券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%同业存单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%国债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%金融债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：政金债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.企业债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%其他债券-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%其他资产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% 合计100%100%100%100%100%100%100%100%100%100%100%100%100%100%0%ABS等资产的比例均较小，对产品收益率不构成重大影响，因此 对“其他资产”和“其他债券”的青睐，从而减少了对银行存款、买入返售、同业 他债券”的底层资产。货币基金（全部持仓）货币基金（全部持仓）现金管理类理财产品（前十持仓）2022202320222023Q1Q2Q3Q4Q1Q2Q3Q1Q2Q3Q4Q1Q2Q32023Q3较货基持仓占比 行业深度报告6/6/2518,89119,88721,30420,41517,50319,07221,722表2：全市场现金管理类理财产品底层资产：货币市场类＞资管产品＞固收类（含同业存单）＞公募基金＞18,89119,88721,30420,41517,50319,07221,722现金管理类前十持仓现金管理类前十持仓活期存款定期存款大额存单其他现金及银行存款存放同业买入返售其他同业存放和买入返售 货币市场类资产规模（亿元）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%同业存单地方政府债政策性银行债利率债政府支持机构债券金融债证金商业银行银行二级银行永续银行普通银行专项证券公司保险公司金租公司消金公司汽车金融公司AMCAMC二级AMC永续AMC普通投资公司一般企业债一般公司债私募债非金融企业债务融资工具短期融资券(CP)超短期融资券(SCP)中期票据(MTN)项目收益票据(PRN)定向工具(PPN)资产支持票据(ABN)证监会主管ABS银保监会主管ABS信用债其中：城投债非标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%固定收益类11,55810,9069,9596,8816,3285,3185,533 61.18% 54.84% 46.75%% 33.7 36.1 27.88% 25.47%公募基金货币型债券型 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%保险组合类产品保险资管计划信托计划基金资管计划券商资管计划 资管产品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代客境外理财投资QDII151501822250.08%0.07%0.00%0.09%0.13%0.13%0.18%优先股0.03%0.00%0.00%0.00%0.00%0.00%0.00%合计100.00%100.00%100.00%100.00%100.00%100.00%100.00% 行业深度报告7/257/25Q3Q2Q1Q4Q3Q2Q1Q3Q2Q1Q4Q3Q2Q1Q3Q2Q1Q4Q3Q2Q1Q3Q2Q1Q4Q3Q2Q1Q3Q2Q1Q4Q3Q2Q1Q3Q2Q1Q4Q3Q2Q1现金及银行存款---------------------同业存放和买入返售---------------------货币市场类--现金管理类前十持仓票面利率（%）平均原始期限（天）平均剩余期限（天）同业存单2.762.592.412.342.332.362.41348347339314267274290-------2.421.962.086394482693653793872116859977--地方政府债-2.472.582.582.693.12--2556--27022691-政策性银行债利率债政府支持机构债券金融债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证金5.005.00---367367------------商业银行4.464.324.133.493.354.284.233025267725532192687767661487329--银行二级4.624.634.614.604.674.734.173652365336533653365336533653605133210616792171银行永续4.364.424.374.354.454.334.441827182718271827182718271827999927617565452352银行普通3.463.022.692.702.513.573.481096109510951108112211681095441344275201143107银行专项3.133.033.002.802.283.483.39114410951095109510951095109550443037716343--证券公司3.563.603.583.383.323.293.18973903944791770804-----保险公司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-----汽车金融公司---2.683.473.703.73---939---AMC4.053.973.653.123.393.39--42335348-AMC二级5.005.00---36533653-----634543-----AMC永续4.89----1826------1355------AMC普通3.623.413.653.123.393.39-109610951096109510951095-2392518915413948-投资公司2.682.682.68--------350259----一般企业债4.444.825.274.484.504.013.712457401731502608--404-890--一般公司债4.404.454.243.664.484.094.10576554384305266-359私募债4.654.304.383.893.983.773.87903605506440321260--非金融企业债务融资工具3.873.723.333.092.803.312.95930958762705468707511332319224----短期融资券(CP)3.153.022.472.582.562.762.6629433428828020431932310810980----超短期融资券(SCP)2.862.582.112.162.342.482.4723024220119820717921410610710759104-80中期票据(MTN)4.394.234.113.953.663.774.071407137612351302121911101252453429321213154--项目收益票据(PRN)4.904.90---21912191-----609518-----定向工具(PPN)4.754.464.264.204.093.983.9614331475119413111179854993495488320268238-167资产支持票据(ABN)4.033.793.934.183.953.893.459681041911904607479283269273150-59证监会主管ABS3.312.942.853.073.202.782.99557537544496972370392-336-277--银保监会主管ABS3.97信用债4.11其中：城投债4.30非标-固定收益类-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货币型2.162.192.232.272.212.212.2500000000000000债券型-------------------基金-------------------保险组合类产品保险资管计划-------------------信托计划-------------------基金资管计划-------------------券商资管计划-------------------资管产品-------------------代客境外理财投资QDII-------------------优先股-------------------合计------------------- 行业深度报告8/8/25持仓的组合类保险产品简称持仓的组合类保险产品简称资管产品（32%公募基金（0.29%QDII（0.18%）。其中“资管产品” 公募基金占比均较小。募基金同属产品方式的委外（区别于“协议方式”的委外但两者目的不同1）厚收益、进行流动性管理，有时亦可起到节税）＞）＞）＞）＞组合类保险资管产品的收益率中位数为2.57%，是现金理财增厚收益的利器。表4：现金管理类产品持仓的组合类保险资管产品收益率较高（截至2023-12-12）年化收益率（%）成立至今2023年初至今近7日弘远弘远33号弘远35号弘远37号如意37号创赢6号添利货币稳利三号明淼四号明淼三号稳健理财三号稳健宝永聚固收68号吉祥2号货币1号稳健精选6号(第五期)百年资管平安资产华泰资产新华资产太平洋光大永明资产太平资产人保资产大家资产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-------普遍存在借道保险资管、间接投资存款的现象。究竟是投资的哪类存款？我们发现 行业深度报告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取（而养老保险基金的协议存款不得提前支取，银发〔2002〕费用吸引理财资金的合作，实现“双赢”。100%100%99.85%95.28%99.72%78.80%73.95%37.49%图3：2022Q1-2023Q3现金理财持仓的组合类保险资管产品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%世稳富20号 行业深度报告规模大、银行议价权相对较小，无形中推升了负债成本。息差承压的当下，为了促近年“现金管理类信托”快速发展且收益率较高，为理财委外提高了新方向。的空间较大，近几年标品信托进入快速成长期。其中“现金管理类信托”以较高的 券商资管计划基金资管计划信托计划保险资管计划保险组合类产品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% 行业深度报告65432建信信托-尊鑫2号集合资金信托计划 建信信托-尊鑫4号集合资金信托计划321数据来源：建信信托官网、交银国际信托官网、开98.38%90.08%89.22%90.08%82.02%51.02%2023-092022-122023- 行业深度报告较多“臻今”系列信托计划，底层除银行存款外，还持有较大比例的买入返售、债券和交易性金融资产。我们推测，信托计划由于较大的资金规模可获取高利率的存近 07日年化收益率：平安理财日添利4号A（%）图10：“臻今”系列外贸信托计划的底层主要为货币市2023-062023-062023-092臻今32号臻今36号臻今60号臻今33号臻 07日年化收益率：江渝财富"天添金"渝快宝（%） 行业深度报告图12：渝农商理财江渝财富“天添金”渝快宝，通托计划近年异军突起，其对基金、保险和券商专户形成一定的替代作用。此外，信0基金管理公司资管产品存续规模:集合资产管理计划基金管理公司资管理产品存续规模:单一资产管理计划6,7046,7040年证监会《关于证券投资基金投资中小企业私募债券有关问题的通知》一文明确规 行业深度报告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%证监会主管ABS图16：现金管理类理财产品持有的私募债利率整体有降3.873.87数据来源：普益标准、开源证券研究所（注：前十持仓口径，图上等级的债务融资工具来看，现金理财在实操中或同样适用。表5：现金理财产品和货基的可投资产差异主要为“资产支持证券”和“非金融企业债务融资工具” 行业深度报告图17：现金管理类理财产品持有的债务融资工具，票面利率3.873.872.952022-032022-062022-092022-12超短期融资券(SCP)短期融资券(CP)0.45%0.47%1.13%1.17%0.97%0.31%0.33%2022-092022-122023-032023-0620资产支持票据(ABN)中期票据(MTN)定向工具(PPN)超短期融资券(SCP)项目收益票据(PRN)短期融资券(CP)数据来源：普益标准、开源证券研究所（注：图中为前十持仓口径的 行业深度报告为此轮加大借力资管产品，其实是现金理财资产配置的一次防御性调整。加杠杆方面的约束增多，加上资金端下降的风险偏好，资产端为留住客户，需获取表6：现金管理类理财产品委外资管产品的比例呈上升趋势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现金管理类产品底层资产规模（亿元）资产类别1货币市场类2固定收益类3权益类664基金5资管产品00000006委外投资——协议方式000090007008其他总计70,18575,65168,74177,23568,63275,77177,14479,56464,73166,80360,93465,49964,28068,2721货币市场类2固定收益类3权益类4基金5资管产品6委外投资——协议方式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%总计100%100%100%100%100%100%100%100%100%100%100%100%100%100%图19：现金管理类产品的货币市场类资产占比 行业深度报告9.32%7.30%8.06%10.00%7.73%10.01%9.32%7.30%8.06%10.00%7.73%10.01%图20：现金管理类产品直接投资的定期存4.18%4.18%2022-032022-062022-092022-122其他大额存单定期存款活期存款表7：《关于规范现金管理类理财产品管理有关事项的通知》对银行存款比例、集中度和主体信用作出详细规定），每只现金管理类产品投资于所有主体信用评级低于AAA的机构发全部现金管理类产品投资于同一商业银行的存款、同业存单和债券，不得超过该商业银行最近一个季度末净资产的为何现金理财委外货基的规模并不大？2023Q3末现金理财委外货基的比例为力。我们统计