[CITIC Securities: The scale of financial management is expected to continue to grow in the fourth quarter of this year, and the scale of financial management for the whole year is expected to reach 36 trillion yuan] On October 21, CITIC Securities estimated that the scale of bank financial management at the end of September 2026 dropped by 200 billion yuan from the previous month to 35.4 trillion yuan, and the retracement was significantly lower than the average value of 790 billion yuan in September from 2021 to 2025. The retracement of financial management scale in September this year was significantly weaker than the historical seasonality, which may be mainly supported by factors such as fee reductions by financial institutions, banks' advance reserve liabilities, and the easing of deposit diversion pressures amid fluctuations in the equity market. In terms of product structure, the output ratio of fixed-income and cash management financial products increased slightly in September, while the proportion of mixed financial products shrank slightly. It is expected that the scale of financial management will continue to grow in the fourth quarter of this year, and the scale of financial management for the whole year is expected to reach 36 trillion yuan.