农银理财产品规模半年降超2000亿，被光大理财赶超

Core Viewpoint - The competition landscape among wealth management subsidiaries of banks remains unstable, with varying growth rates in product scales and shifts in investment strategies as of mid-2025 [2][3]. Group 1: Product Scale Changes - As of June 2025, 12 bank wealth management subsidiaries reported their product scale data, with 8 companies showing growth and 4 experiencing declines [3][4]. - Everbright Wealth Management leads with a product scale of 1.79 trillion yuan, an increase of 212.68 billion yuan, representing a growth rate of 13.5% [5]. - Agricultural Bank Wealth Management's product scale decreased by 216.3 billion yuan to 1.75 trillion yuan, marking an 11% decline [5][6]. - Postal Savings Wealth Management entered the "trillion club" for the first time, reaching a product scale of 1.18 trillion yuan, up by 185.47 billion yuan, or 18.6% [4][5]. Group 2: Investment Allocation Trends - The "see-saw" effect between the stock and bond markets has been notable, with many wealth management companies reducing their bond investment ratios as of mid-2025 [7][8]. - Among 12 companies, 9 disclosed their bond investment ratios, with Everbright Wealth Management leading at 70.34%, while Agricultural Bank and Shanghai Bank had the lowest ratios around 35% [7][8]. - The allocation of equity assets has generally decreased, with only a few companies, including Agricultural Bank and Postal Savings, showing slight increases in their equity asset ratios [9]. Group 3: Distribution Channels - Many wealth management subsidiaries are actively expanding their distribution channels beyond their parent banks, with Hangzhou Bank Wealth Management leading with 238 external distribution institutions [9][10]. - The number of products sold through external channels has increased significantly for several companies, with Guangyin Wealth Management seeing a 96% increase in the number of products sold externally [10].