银行理财半年报：规模超30万亿，个人养老金理财开户近144万

Core Insights - The banking wealth management market in China has shown growth in both scale and investor participation in the first half of 2025, with a total size of 30.67 trillion yuan, a 2.38% increase from the beginning of the year and a 7.53% year-on-year increase [1] - The number of investors holding wealth management products reached 136 million, reflecting an 8.37% growth since the start of the year, with these products generating a total return of 389.6 billion yuan for investors [1] - Personal pension wealth management products have seen significant growth, with over 1.439 million accounts opened, a 46.2% increase since the beginning of the year, and a total purchase balance of 110.36 billion yuan [1][7] Wealth Management Product Structure - The wealth management market has a strong preference for fixed-income products, which accounted for 97.20% of the total scale, while low-risk products made up 95.89% of the total scale [2][3] - The shift towards fixed-income products is attributed to the uncertain global economic environment, the risk-averse nature of the majority of investors, and the competitive landscape favoring banks in this product category [3][4] Changes in Product Types - The proportion of closed-end products with a duration of over one year has increased, now making up 72.86% of all closed-end products, a rise of 5.71 percentage points since the beginning of the year [5] - Cash management products have seen a decline in their share, with their scale at 6.40 trillion yuan, representing 25.79% of all open-end products, down 4.38 percentage points from the start of the year [5][6] Rapid Development of Pension Wealth Management Products - The government has emphasized the development of pension financial products, leading to increased interest from investors, with an average annualized return of over 3.4% for personal pension wealth management products [7][8] - The market has responded with new product offerings, with six wealth management companies launching a total of 35 pension products, managing over 15.16 billion yuan [7][8] Future Outlook - The aging population and increasing awareness of retirement planning are expected to drive further growth in the pension wealth management market [9] - Investors are advised to diversify their asset allocation based on their risk tolerance and retirement goals, focusing on products with stable historical performance [9]