Core Viewpoint - The report highlights a decline in the scale of bank wealth management sales in December 2025, with a total of 13.46 trillion yuan, a decrease of 1.05% from November, but an increase of 10% from the beginning of the year. The growth is attributed to a "deposit migration" logic, indicating a shift in customer preferences towards wealth management products [2][6]. Group 1: Bank Performance - Postal Savings Bank showed a remarkable growth rate of 27.2%, leading among the 11 national banks, while China Merchants Bank followed with a 12.2% increase [2][4]. - In absolute terms, China Merchants Bank led with a wealth management sales scale of 4.41 trillion yuan, followed by CITIC Bank and Industrial Bank, each exceeding 1 trillion yuan [2][4]. - The ranking of the 11 banks remained relatively stable, with Postal Savings Bank rising from 7th to 4th place by the end of the year [2][4]. Group 2: Market Dynamics - The overall wealth management sales scale of the 11 banks increased by 1.22 trillion yuan, reflecting a 10% growth from the beginning of the year, with three banks (Postal Savings, China Merchants, and Huaxia) achieving growth rates above 10% [5][6]. - The average yield of wealth management products fell below 2% for the first time, at 1.98%, yet the number of investors increased by 14.37%, indicating a strong demand for stable-return products [8][9]. - The "deposit migration" narrative remains a key driver for the growth of wealth management, as banks focus on deeper market penetration and optimizing customer service [9][10]. Group 3: Future Outlook - Predictions suggest that by the end of 2026, the wealth management scale could reach approximately 38 trillion yuan, with a growth rate of around 12% [11]. - The average risk index is expected to gradually rise, and the proportion of long-term products is anticipated to increase, while T+0 products will decrease [11].

Core Viewpoint - The "Social Security and Banking Cooperation" initiative in Dongcheng District has shown significant progress, with new partnerships established and high satisfaction rates among the public [1][3]. Group 1: Initiative Overview - The "Social Security and Banking Cooperation" initiative has been operational for over 9 months, resulting in 126,100 service visits and a public satisfaction rate of 98.02% [3]. - The initiative aims to provide convenient social security services to the public while enhancing efficiency for social security and promoting development for banks [3]. Group 2: New Partnerships - Postal Savings Bank and Bank of China have recently joined the "Social Security and Banking Cooperation" network, increasing the total number of service points to 7 [1][6]. - The existing network includes Industrial and Commercial Bank of China, China Construction Bank, Bank of Communications, Beijing Bank, and Beijing Rural Commercial Bank, serving a total of 35,000 insured units and over 1.67 million insured individuals [6]. Group 3: Service Areas - The service network covers key areas along the central axis, including Zhongguancun Dongcheng Park, "Hangkongyuan" Technology Park, Dongzhimen, Wangfujing-Longfusi, Tiantan, and Yongdingmenwai [6]. - This strategic placement aims to provide high-frequency and low-risk social security services to the local population [6].

Core Viewpoint - The Postal Savings Bank of China (PSBC) is focusing on strategic development during the "15th Five-Year Plan" period, emphasizing the implementation of Xi Jinping's thoughts and the directives from the 20th National Congress of the Communist Party of China [1][2] Group 1: Achievements and Strategic Focus - During the "14th Five-Year Plan" period, PSBC achieved significant results in overall development, value creation, reform transformation, operational management, and market scale, enhancing service quality to the real economy [1] - The bank aims to leverage the strategic opportunities of the "15th Five-Year Plan" by advancing six upgrades: specialization, lightweight, comprehensive, ecological, refined, and digital intelligence [2] Group 2: Development Goals and Initiatives - PSBC plans to shift from scale-driven growth to value-driven growth by creating a "second growth curve" and pursuing dual-line integration and development [2] - The bank will focus on six key battles: optimizing asset-liability structure, enhancing capital quality and efficiency, improving income quality, controlling costs, enhancing customer management, and strengthening risk control capabilities to achieve balanced, stable, and sustainable development [2] Group 3: Importance of 2026 - The year 2026 marks the beginning of the "15th Five-Year Plan," making it crucial for PSBC to effectively execute its reform and development tasks, which are significant for long-term success [2] - The bank is committed to closely aligning with the central leadership and maintaining a high-efficiency pace to foster a new development model and elevate its growth to new heights [2]

Core Viewpoint - Multiple banks are targeting the year-end bonuses of workers by launching exclusive financial products and promotional activities to attract customers [2][5][10]. Group 1: Year-End Bonus Financial Products - Several banks, including Postal Savings Bank, Bank of Communications, and China Merchants Bank, have introduced dedicated sections in their mobile banking apps for year-end bonus financial products [5][6][7]. - For example, Postal Savings Bank offers products like "Daily Earnings" with a maximum annualized rate of 1.52% and a low-risk product with an annualized rate of 4.28% [6]. - China Merchants Bank has a "Year-End Bonus" section that includes tasks for customers to unlock rewards, specifically targeting customers with salary accounts [7]. Group 2: Asset Allocation Strategies - Some banks are providing asset allocation strategies for year-end bonuses, suggesting a breakdown of funds into categories such as daily expenses, safety nets, stable investments, and growth investments [8]. - For instance, the Guangdong branch of China Construction Bank recommends allocating 10%-20% for daily expenses, 5%-10% for safety, 40%-60% for stable investments, and 10%-20% for growth [8]. Group 3: Market Trends and Data - As of the end of 2025, the total scale of the bank wealth management market reached 33.29 trillion yuan, an increase of 11.15% from the beginning of the year, with the number of investors growing by 14.37% [12][13]. - The report indicates that low-risk and medium-low-risk products dominate the market, with 95.73% of the total wealth management products falling into these categories [14]. - In 2025, wealth management products generated a total return of 730.3 billion yuan for investors, with an average yield of 1.98% [14].

1月21日，邮储银行发布《关于再次调整我行个人客户上海黄金交易所延期合约保证金比例的通知》 称，自北京时间2026年1月22日收盘清算时起，该行将对代理个人上金所业务（包括黄金延期合约和白 银延期合约）的交易保证金比例进行调整。其中：Ag（T+D）、Au（T+D）、Au（T+N1）、Au （T+N2）、mAu（T+D）合约保证金比例均从80%调整为120%。事实上，这已是邮储银行在一个月内 第三次对该行个人客户上金所延期合约保证金比例进行调整。 本报记者 杨洁 近期，多家银行发布调整个人客户上海黄金交易所（以下简称"上金所"）延期合约保证金比例的通知。 1月28日，建设银行发布通知称，自2026年1月29日（星期四）收盘清算时起，Au（T+D）、mAu （T+D）、Au（T+N1）、Au（T+N2）、NYAuTN06、NYAuTN12、Ag（T+D）合约的保证金比例从 44%调整为60%。 建设银行官方客服对记者表示，近期国内外贵金属价格波动加剧，市场风险提升，为顺应市场变化，保 护投资者权益，该行对个人客户上金所延期合约交易保证金比例进行调整，并提示投资者做好仓位控 制，理性投资。 工商银行1月27日发布通 ...

编辑｜方海平 21世纪经济报道记者独家获得的一份银行理财代销规模数据显示， 2025年12月，11家全国性 银行代销理财规模13.46万亿元，较11月下降1.05%，较年初增长10%。 从年末两个月的数据 来看，银行理财仍然呈现"季末收缩"特征。从全年数据来看，理财规模增长背后"存款搬家"逻 辑仍然较强。 其中，邮储银行增势强劲，全年增幅达27.2%，增速在统计内的11家银行中居于首位，且断层 式领先， 增速第二的是冠有"零售之王"之称的招商银行，其较年初增长12.2%。业内人士分 析，发力广泛且下沉的渠道、战略重心转向"产品配置"等或成大幅增长的关键。 从绝对代销规模上来看，2025年12月，招商银行以4.41万亿元的规模独占鳌头；第二梯队，中 信、兴业、邮储、交行、民生规模也在万亿以上，其中中信、兴业分别达到1.5万亿、1.3万亿 的量级，另外三家均在1万亿级别；浦发、光大、平安三家规模接近万亿，分别在8000万到 9300万水平；华夏、广发规模较低，分别为3400万及1600万左右。 11家银行理财代销座次较年初相对稳定，仅邮储银行实现"飞升" ，超越交行、民生、浦发， 由年初的第7位升至年末的第4位。 ...

Core Insights - The report highlights a decline in the scale of bank wealth management sales, with a total of 13.46 trillion yuan by December 2025, down 1.05% from November but up 10% from the beginning of the year [1][7] - Postal Savings Bank showed remarkable growth, leading with a 27.2% increase, while China Merchants Bank followed with a 12.2% increase [1][5] - The overall growth in wealth management sales is attributed to a "deposit migration" trend, where customers are shifting their funds into wealth management products [7][10] Group 1: Bank Performance - By December 2025, China Merchants Bank led with a wealth management sales scale of 4.41 trillion yuan, followed by CITIC Bank and Industrial Bank, both exceeding 1 trillion yuan [1][2] - Postal Savings Bank's rise in ranking from 7th to 4th among the 11 banks indicates a significant shift in market dynamics [2][4] - The total growth in wealth management sales among the 11 banks amounted to 1.22 trillion yuan, with a year-on-year increase of 10% [7][6] Group 2: Factors Driving Growth - The growth of Postal Savings Bank's wealth management sales is linked to strategic reforms and an expansion of distribution channels, with approximately 40,000 outlets enhancing customer reach [5][6] - The shift in focus from "product sales" to "product configuration" aims to cater to high-net-worth clients, which is seen as a crucial strategy for growth [5][10] - The demand for stable, low-volatility wealth management products remains strong, particularly in a low-interest-rate environment, driving customer interest [9][10] Group 3: Market Trends - The report notes a seasonal pattern in bank wealth management, characterized by "quarter-end contraction" and "quarter-beginning recovery," influenced by regulatory requirements [8][10] - Despite a slight contraction in December, the overall wealth management scale showed resilience, indicating strong underlying demand [8][9] - Predictions suggest that the wealth management scale could reach approximately 38 trillion yuan by the end of 2026, with a projected growth rate of around 12% [12]

Core Insights - The report indicates that by December 2025, the wealth management distribution scale of 11 national banks reached 13.46 trillion yuan, a decrease of 1.05% from November but a 10% increase from the beginning of the year [1] - The growth in wealth management scale is largely driven by the "deposit migration" phenomenon, where customers are shifting their funds from traditional deposits to wealth management products [1][10] - Postal Savings Bank showed remarkable growth with a 27.2% increase, leading among the 11 banks, while China Merchants Bank followed with a 12.2% increase [1][6] Bank Performance - By December 2025, China Merchants Bank led with a wealth management distribution scale of 4.41 trillion yuan, followed by CITIC Bank and Industrial Bank with 1.5 trillion and 1.3 trillion yuan respectively [1] - The ranking of the 11 banks remained relatively stable, with Postal Savings Bank rising from 7th to 4th place by year-end [2] - The overall wealth management distribution scale of the 11 banks grew by 1.22 trillion yuan throughout the year, with a 10% year-on-year increase [8] Factors Driving Growth - The significant growth of Postal Savings Bank's wealth management distribution is attributed to its strategic reforms and expansion of distribution channels, which have broadened its retail business volume [6][7] - The bank's extensive network of approximately 40,000 outlets and a strong customer base have made low-volatility wealth management products attractive alternatives to traditional deposits [6] - The shift in focus from "product sales" to "product configuration" has allowed banks to better serve high-net-worth clients, enhancing their wealth management offerings [7] Market Trends - The average yield of wealth management products fell below 2% for the first time, recorded at 1.98%, yet the number of investors holding these products increased by 14.37% year-on-year [10] - The "deposit migration" narrative remains strong, with banks focusing on deeper market penetration and optimizing customer service to attract more clients [11] - The wealth management market is expected to continue growing, with projections indicating a potential scale of 38 trillion yuan by the end of 2026, reflecting a year-on-year growth rate of around 12% [12]

Core Insights - The total scale of wealth management products sold by 11 national banks reached 13.46 trillion yuan by December 2025, showing a decrease of 1.05% from November but a growth of 10% compared to the beginning of the year [1] Group 1: Wealth Management Market Trends - The data indicates a "quarter-end contraction" characteristic in the wealth management sector during the last two months of the year [1] - The growth in wealth management scale is largely driven by the "deposit migration" logic, suggesting a shift in consumer behavior towards wealth management products [1] Group 2: Bank Performance - Postal Savings Bank exhibited a strong growth rate of 27.2% for the year, leading among the 11 banks in the study [1] - China Merchants Bank, known as the "king of retail," recorded a growth of 12.2% from the beginning of the year, placing it second in growth rate [1] Group 3: Strategic Insights - Analysts suggest that the key to significant growth for these banks lies in their extensive and down-market channels, as well as a strategic shift towards "product allocation" [1]

Group 1 - The core viewpoint of the news is that the state-owned large bank sector experienced a slight increase of 0.37% on January 29, with Postal Savings Bank leading the gains [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] - The trading performance of individual stocks in the state-owned large bank sector showed varied results, with Postal Savings Bank closing at 5.09, up 0.99%, and Agricultural Bank of China closing at 6.78, down 0.29% [1] Group 2 - The net inflow of main funds into the state-owned large bank sector was 602 million yuan, while retail investors saw a net outflow of 309 million yuan [1] - The detailed fund flow for individual banks indicated that Industrial and Commercial Bank of China had a main fund net inflow of 1.55 billion yuan, but also experienced net outflows from both retail and speculative funds [2] - The overall trend showed that while some banks like Postal Savings Bank had a positive net inflow from main funds, they still faced outflows from retail investors, indicating mixed investor sentiment [2]