Core Insights - The banking wealth management sector is adjusting its asset allocation strategies in response to declining interest rates, with a shift away from bonds and equities towards public funds, cash, bank deposits, and non-standardized debt assets [1][4]. Asset Allocation Changes - As of the end of June, the asset allocation of wealth management products remains predominantly in fixed-income assets, while the proportion of bonds and equities has decreased. Specifically, the balance of investments in bonds and equities was 13.78 trillion yuan and 0.78 trillion yuan, accounting for 41.8% and 2.38% of total investment assets, respectively [2]. - The allocation to public funds has significantly increased, with a balance of 1.38 trillion yuan, representing 4.2% of total investment assets, an increase of 0.45 trillion yuan compared to the end of the first quarter [3]. Yield Trends - The average annualized yield of wealth management products has decreased to 2.12% in the first half of the year, down 0.53 percentage points from 2.65% in 2024. The difficulty in obtaining yields from fixed-income assets has increased, leading to a clear differentiation between allocation and trading strategies [4][5]. - The demand for credit bonds remains strong, with credit bonds accounting for 90% of bond allocations. However, the supply of high-yield assets is decreasing, which may lead to further declines in yields for wealth management products [4][5]. Market Growth and Challenges - As of the end of June, the total scale of the banking wealth management market was 30.67 trillion yuan, reflecting a growth of 2.4% year-to-date and 7.54% year-on-year. However, the growth rate may slow down in the medium to long term due to declining yields [5][6]. - The pressure on the expansion of wealth management product scales is expected to increase as the yield advantage of flexible redemption products diminishes compared to deposits [6].
减持债券增持基金 低利率周期银行理财配置变局
Zhong Guo Jing Ji Wang·2025-08-01 00:52