前3个月银行理财市场量增价跌 业绩基准或延续下行

Core Viewpoint - The banking wealth management products are facing continuous pressure on yields due to the market-oriented adjustment of deposit interest rates, leading to a significant trend of "increased volume but decreased price" in the market for the first quarter of 2025 [1][2]. Group 1: Market Trends - In the first quarter of 2025, a total of 7,481 new wealth management products were launched, an increase of 254 products compared to the previous quarter, with wealth management subsidiaries issuing 5,346 products, accounting for 71.46% of the market [2]. - The average performance benchmark for newly issued open-ended wealth management products has dropped to 2.25%, down 0.21 percentage points, while closed-end products have an average benchmark of 2.69%, down 0.06 percentage points [2][3]. Group 2: Factors Influencing Performance - The decline in performance benchmarks reflects a decrease in market expectations for the future returns of underlying assets, influenced by low market interest rates, bond market fluctuations, and the implementation of self-discipline mechanisms for interbank deposit rates [3]. - The performance benchmarks for wealth management subsidiaries' newly issued open-ended and closed-end products are 2.25% and 2.75%, respectively, both showing a downward trend [2]. Group 3: Recommendations for Improvement - Industry experts suggest that wealth management subsidiaries should innovate products by diversifying asset classes and investment strategies, focusing on investor needs, and enhancing investor education to improve competitiveness [4]. - Potential measures include leveraging policies that encourage investment in the stock market, upgrading existing product systems, and extending the duration of wealth management products to improve yield performance [4].