银行理财市场上半年稳健发展，下半年挑战与机遇并存

Core Insights - The Chinese banking wealth management market reached a total scale of 30.67 trillion yuan by the end of June 2025, with 1.63 million new products launched in the first half of the year, raising 36.72 trillion yuan and generating returns of 389.6 billion yuan for investors [1][3]. Group 1: Market Overview - The proportion of wealth management products from wealth management companies increased, with 27.48 trillion yuan in existing products, a 4.44% increase from the beginning of the year and a year-on-year growth of 12.98%, accounting for 89.61% of the total market [1][3]. - The average yield of wealth management products reached 2.12% in the first half of the year, supported by a loose monetary policy and a decline in deposit rates, which encouraged funds to flow into the wealth management market [3][4]. Group 2: Product Trends - There is a noticeable shift in asset allocation within wealth management products, with a reduction in bond allocation and an increase in deposits and public funds, indicating a strategic adjustment by institutions in response to market changes [4][5]. - The market is experiencing a gradual increase in the proportion of mixed-asset products since 2025, likely due to improved capital market performance and policies encouraging long-term capital inflows [3][4]. Group 3: Future Outlook - Short-term growth in wealth management scale is expected to continue due to the deposit rate comparison effect, while the impact of short-term bond market adjustments on wealth management net values is anticipated to be limited [5]. - Long-term challenges include declining asset yields and reduced attractiveness of wealth management products, which may lead to slower growth rates in scale [5]. - The changing structure of household deposits, with a significant portion in fixed deposits, is driving demand for higher returns and diversified investment options, prompting financial institutions to innovate and diversify their product offerings [5].