银行理财季度盘点①丨一季度理财产品业绩比较基准延续下行趋势，新品中开放式占比提高至近四成

Core Insights - In Q1 2025, the issuance of net value-based wealth management products increased significantly, with 31 companies issuing 5,148 products, a year-on-year increase of over 30% compared to 3,931 products in Q1 2024 [1][3] - The proportion of open-ended net value products rose to 38.4%, an increase of 12.39 percentage points year-on-year, indicating a shift towards more flexible investment options [1][3] - The average fundraising scale per product decreased by over 25% to 215 million yuan, down from 293 million yuan in Q1 2024, reflecting a challenging fundraising environment [7][8] Product Structure - The investment nature of newly issued products shows that fixed-income products accounted for 97.8%, a slight decrease of 0.95 percentage points, while mixed products increased to 1.6% [3] - The duration of new products has become shorter, with products under one month now representing the second-largest investment period type at 21.2%, up 3.33 percentage points year-on-year [1][3] - Closed-end net value products have seen a significant decline, dropping below 70% to 61.6%, compared to 73.99% in the same period last year [3] Pricing Trends - The performance benchmark for wealth management products continues to decline, with short-term product pricing dropping by over 10 basis points compared to the end of 2024 [5] - By March 2025, the pricing for products with durations of one month or less, one to three months, and one to two years reached their lowest points, reflecting a challenging market environment [5] Fundraising Scale - The total fundraising scale for newly issued products in Q1 2025 was approximately 887.46 billion yuan, with the average fundraising scale per product at 215 million yuan, indicating a significant decrease from the previous year [7][8] - The "An Ying Xiang Fixed Income Stable Profit 14-Month Closed-End 134" product from Xinyin Wealth Management became the first product in 2025 to exceed 10 billion yuan in fundraising, showcasing strong market demand [8][9]