Listed Company Financial Structure Shifts as Investment in Capital Preservation Stable Products Increases

Securities Times Reporter Xie Zhongxiang

Since 2026, listed companies have continued to make large investments using idle funds to purchase financial products.

According to Wind data, as of March 19, 2023, 443 listed companies have subscribed to various financial products (including deposits) totaling nearly 124.8 billion yuan this year. Among them, deposit products account for about 70%, while bank and brokerage financial products together make up nearly 20%.

Looking at a longer time span, the structure of financial products held by listed companies has changed. For example, in the past two years, in 2025, with the full entry of regular deposit interest rates into the “1” range, listed companies reduced their holdings of deposit products and shifted toward lower-risk, higher-yield, more liquid products such as bank wealth management and government bond repurchase agreements.

Low interest rates have cooled deposit allocations

According to Wind data, 1,172 listed companies disclosed their financial product purchases and scales in 2025, with a total subscription of about 104.24 billion yuan. Compared to the same period at the end of 2024, this represents an increase of approximately 12.67 billion yuan, or 13.85%.

In recent years, after experiencing two consecutive years of decline in the total scale of idle funds invested in financial products in 2023 and 2024, 2025 saw a slight rebound. Notably, in May last year, the China Securities Regulatory Commission revised the “Regulations on the Supervision of Fundraising by Listed Companies,” which officially took effect, strengthening the responsibilities related to the use, safety, and efficiency of funds raised by listed companies.

Analysis of the specific types of financial products used by A-share listed companies in 2025 shows that the vast majority still prefer deposit products for their fund allocations. Data indicates that although deposits still dominate in total volume and structure, the proportion of deposits subscribed to by listed companies has significantly decreased.

According to Securities Times statistics, by the end of 2025, deposit products accounted for 72.75% of the total financial scale, down from 79.25% at the end of 2024—a decrease of 6.5 percentage points, continuing a two-year decline. The largest component, structured deposits, saw a significant drop from 64.98% in 2024 to 58.56%, a decrease of 6.42 percentage points; fixed-term deposits accounted for 3.6%, down 0.6 percentage points. However, the proportions of ordinary deposits and notice deposits saw slight increases.

In recent years, bank deposit interest rates have been repeatedly lowered, with the posted rates for state-owned and joint-stock banks’ fixed deposits falling below 2%, with 1-year deposits dropping below 1%, and savings account interest rates at only 0.05%. Some brokerage analysts note that while structured deposits offer certain yield advantages, their returns have significantly decreased with the overall interest rate environment, reducing the willingness to allocate. Additionally, banks are controlling the scale of structured deposits, leading to a decline in related product supply.

Safe and stable products favored

In recent years, under the trend of “moving deposits,” low-risk, highly liquid stable financial products have become an important choice for listed companies. According to Securities Times data, in 2025, the proportion of subscriptions to government bond repurchase agreements, bank wealth management, trusts, and securities firm financial products all increased.

Data shows that in 2025, the total subscription amount for bank wealth management by listed companies exceeded 123.098 billion yuan, accounting for 11.81% of the total financial scale, up 2.22 percentage points from the end of 2024. This reflects an increased preference and more proactive attitude toward bank wealth management. These products, mainly backed by bonds, certificates of deposit, and other low-risk fixed-income assets, generally have lower investment risks than equity-based asset management products and offer various maturity periods, providing more flexible liquidity.

Under the trend of “moving deposits,” bank wealth management companies are also accelerating the development of corporate wealth management services, including for listed companies. Exclusive data shows that by the end of 2025, the top 14 commercial banks’ corporate wealth management balances reached 3.29 trillion yuan, an increase of about 480 billion yuan over the year. Among them, China Construction Bank and China CITIC Bank added nearly 100 billion yuan each, while Ping An Bank nearly doubled its corporate wealth management scale.

In addition to bank wealth management, many listed companies also choose to invest in government bond repurchase agreements to balance yield, safety, and liquidity. According to statistics, in 2025, the subscription scale of repurchase products reached 43.952 billion yuan, accounting for 4.22% of the total, up from 1.5% in 2024—a rise of 2.72 percentage points.

This indicates that companies are optimizing cash flow and increasing returns through low-risk financial tools, avoiding idle funds. In fact, the annualized yield of repurchase agreements generally exceeds that of savings deposits, typically around 1.5%, and can reach over 3.5% during holidays. Short-term products can be redeemed at any time, ensuring companies meet payment, project launch, and other needs.

Companies experiencing investment losses

In addition to subscribing to bank wealth management and repurchase agreements, in 2025, listed companies invested 73.143 billion yuan in securities firm financial products, accounting for 7% of total financial investments, while trust products reached 2.8775 billion yuan, or 2.76%, an increase of 0.92 percentage points from the previous year.

For example, some trust asset managers note that trust companies have increasingly focused on wealth management for listed companies in recent years. The main categories of trust investments remain low-risk, fixed-income products, with companies pursuing higher returns while ensuring safety.

It is worth noting that several listed companies have experienced losses from financial investments, causing significant fluctuations in their performance. For instance, Shuanglu Pharmaceutical announced in January 2026 that its 2025 performance forecast showed net profit losses of between -290 million and -200 million yuan due to investment losses in financial products.

Besides financial product investments, since 2025, the stock market has rebounded significantly, and many listed companies have invested their idle funds into securities markets. At least 70 companies disclosed securities investment announcements in 2025, including Lio Co., which plans to invest heavily with 3 billion yuan, and companies like Fangda Carbon and Seven Wolves, each planning to invest over 2 billion yuan.

Market experts remind that listed companies engaging in stock trading should pay extra attention to risk control. When formulating investment strategies, they should fully consider their financial status and investment goals, strengthen risk management and internal monitoring to ensure financial stability and long-term development.