兴银理财、招行：7月9日代销数据亮眼，200家将清零理财

Core Insights - The competition in wealth management product distribution has intensified, with 658 banks selling such products as of July 9, 2025, an increase of 96 banks from the end of the previous year, averaging 253 products per bank [1] Group 1: Distribution Characteristics - Wealth management product distribution by banks shows four main characteristics: accelerated distribution layout, differentiated channel construction, extensive and deep distribution by joint-stock banks, and local customer focus by city commercial banks [1] - Joint-stock banks are the most active in distributing wealth management products, with impressive product numbers [1] - The distribution channels of wealth management companies are increasingly connected to their parent banks, with Zhejiang Bank Wealth Management establishing agreements with several banks for product distribution [1] Group 2: Distribution Data - Xinyin Wealth Management has the most comprehensive distribution channels, with 1,154 products distributed through 526 institutions, covering all but rural banks [1] - Eleven joint-stock bank wealth management companies are actively expanding their distribution, with notable data from Xinyin and Ping An [1] - Eight city commercial bank wealth management subsidiaries have an average of 97 external bank partnerships, distributing nearly 300 products, primarily collaborating with city rural commercial banks [1] Group 3: National Bank Distribution - National banks are conservative in expanding distribution channels, with Bank of China being the most active, partnering with 108 institutions to reach the rural market, while other major banks have fewer than 30 partnerships [1] - The proportion of sales from parent banks is decreasing, dropping to 60% by March 2025, as regulatory requirements push some city commercial banks to clear existing wealth management business by the end of 2026 [1] Group 4: Market Outlook - The outlook for small and medium-sized banks in wealth management distribution is positive, driven by increasing market demand, which may facilitate partnerships with larger institutions, reduce costs, and enhance customer loyalty [1] - As of July 9, 2025, the leading distributor of wealth management products is China Merchants Bank, with 1,727 products and partnerships with 24 wealth management companies [1]