21独家｜上半年苏银、宁银理财规模增千亿，建信降两千亿

Core Insights - The report highlights significant growth in the asset management scale of city commercial banks' wealth management subsidiaries in the first half of the year, with some achieving over 20% growth compared to the beginning of the year [1][2][3] - The growth is primarily driven by leading city commercial banks and some joint-stock banks, while major state-owned banks have seen a decline in their asset management scales [3][4] Group 1: Growth Metrics - Ningyin Wealth Management reported the highest growth, reaching 601.09 billion yuan, a 26.94% increase from the start of the year [1] - Suyin Wealth Management remains the largest among city commercial banks at 745.38 billion yuan, with a growth of 17.72% [1] - Other notable growth includes Hangyin Wealth Management at 514.39 billion yuan (17.28% increase), Nanyin Wealth Management at 543.26 billion yuan (14.75% increase), and Beiyin Wealth Management at 417.49 billion yuan (11.79% increase) [1] Group 2: Market Dynamics - The top four city commercial banks in terms of scale are all from the Yangtze River Delta region, indicating a regional concentration of growth [2] - The overall wealth management market saw a total of 27.48 trillion yuan in assets under management, reflecting a 4.44% increase from the beginning of the year [2] - The report indicates a stark contrast in growth, with leading city commercial banks thriving while major state-owned banks like ICBC and ABC experienced significant declines in their asset management scales [3][4] Group 3: Investment Strategies - The growth in asset management scale is attributed to a favorable performance in equity markets, with significant returns from investments in stocks, gold, and U.S. markets [5][6] - The report notes that city commercial banks have shifted towards more aggressive equity investments, which were previously conservative, in response to changing client demands [6][7] - The number of equity and mixed-asset products has increased significantly among the top-performing city commercial banks, with Suyin Wealth Management offering 51 such products [7] Group 4: Distribution Channels - High external distribution channel ratios have been identified as a common factor among wealth management subsidiaries with significant growth, with some exceeding 50% [8] - The expansion of distribution channels is crucial for driving sales, particularly in large joint-stock banks and regional rural banks [9][10] - However, the increased equity exposure poses risks, as it can lead to greater volatility in product returns, which may not align with the conservative preferences of some clients [9]