上半年理财收益率降至2.12%，二季度新增千万投资者

Core Insights - The average annualized return of wealth management products in the first half of the year was 2.12%, down 68 basis points from 2.8% in the same period last year [1][5] - The total scale of the wealth management market reached 30.67 trillion yuan, with a year-to-date increase of 720 billion yuan [2][3] - The number of investors holding wealth management products increased by over 8% to 136 million, with a significant influx of new investors in the second quarter [4][5] Wealth Management Market Overview - As of June 30, 2025, there were 194 banks and 32 wealth management companies offering 41,800 products, with a total scale of 30.67 trillion yuan, which is 3.72 trillion yuan less than the public fund scale [2] - The wealth management market's growth rate has slowed, with a year-to-date increase of 2.38% and a year-on-year increase of 7.53% [2][3] - The wealth management companies' product scale reached 27.48 trillion yuan, accounting for 89.6% of the total market, reflecting a 1.8 percentage point increase from the beginning of the year [3] Investor Behavior and Preferences - The number of personal investors increased by 10.29 million in the first half of the year, with a notable shift in risk appetite towards higher-risk products [4][5] - The average annualized return for wealth management products was 2.12%, with a total of 389.6 billion yuan generated for investors, marking a 14.18% increase from the previous year [5] - The proportion of low-risk and high-risk investors has shown a contrasting trend, indicating a shift in investor sentiment [5] Product Structure and Trends - Cash management products have seen a significant decline, with a scale reduction of nearly 1 trillion yuan, attributed to low yields and regulatory constraints [7][8] - As of June 30, 2025, the scale of fixed-income products was 29.81 trillion yuan, accounting for 97.20% of the total, while mixed and equity products saw slight increases [8][9] - The trend towards longer-term products is evident, with over 72.86% of closed-end products having a duration of more than one year [10] Asset Allocation Strategies - Wealth management products have increased their allocation to public funds, cash, and deposits, while reducing exposure to credit bonds [11][12] - The total investment assets of wealth management products reached 32.97 trillion yuan, with a significant increase in cash and bank deposits [11] - The allocation to public funds rose to 1.38 trillion yuan, reflecting a growing preference for high liquidity assets [12]