低利率+股债波动：理财公司如何应对？

Core Viewpoint - The average annualized yield of wealth management products in China's banking sector has decreased to 2.12% in the first half of 2025, down from 2.65% in 2024, indicating a significant decline in returns amid a low-interest-rate environment [1] Group 1: Industry Trends - The asset management industry is transitioning from a reliance on single assets to a diversified asset allocation strategy due to low interest rates and an asset shortage [2] - Financial intermediaries, such as banks, are encouraged to transform by enhancing financial services, developing asset management businesses, strengthening asset trading, and promoting comprehensive operations [1][2] - The current asset management market is characterized by a large scale but relatively single asset categories, which limits depth and diversification [3] Group 2: Product Development - Wealth management companies are focusing on combination management and asset allocation strategies to navigate the challenges posed by low yields [1][2] - "Fixed income plus" products are becoming a key competitive tool for banks, allowing for increased yield flexibility while maintaining stability [5][6] - The introduction of rights-containing products is seen as a potential second growth curve for wealth management firms, complementing traditional fixed income products [4][5] Group 3: Strategic Recommendations - The asset management industry should enhance core capabilities by developing equity investment systems and exploring alternative asset allocations like REITs [4] - There is a need for structural reforms in key areas such as client expansion in the wealth management market and optimizing incentive mechanisms for public funds [4] - Companies are advised to leverage technology for smart investment advisory services, providing customized asset allocation plans based on client risk preferences and return objectives [6]