又一家股份行理财子公司产品规模反超国有行

Core Viewpoint - The competitive landscape of wealth management companies remains unstable, with 12 banks' wealth management subsidiaries disclosing their mid-year business data for 2025, showing mixed results in product scale growth and investment strategies [2][4][9]. Group 1: Product Scale Growth - As of June 2025, 8 out of 12 wealth management companies reported an increase in product scale, with an average growth rate in double digits. Everbright Wealth led with a growth rate of 25.1% [2][4]. - Everbright Wealth's product scale reached 1.79 trillion yuan, increasing by 212.68 billion yuan, marking a growth of 13.5% compared to the end of last year [4][5]. - Postal Savings Wealth Management entered the "trillion club" for the first time, with a product scale of 1.18 trillion yuan, up by 185.47 billion yuan, representing an 18.6% increase [5]. Group 2: Decline in Product Scale - Four wealth management companies experienced a decline in product scale, with Agricultural Bank Wealth Management's scale shrinking by 216.3 billion yuan to 1.75 trillion yuan [4][5]. - Other companies like Huaxia Wealth Management and Suzhou Wealth Management also reported significant growth, with both exceeding 500 billion yuan in product scale and achieving double-digit growth rates [5]. Group 3: Investment Strategy Changes - The proportion of bond investments among wealth management companies has generally decreased, with 9 out of 12 companies reporting a decline in bond allocation compared to the end of last year [6][7]. - Everbright Wealth had the highest bond investment ratio at 70.34%, while Agricultural Bank Wealth Management and Shanghai Wealth Management had around 35% [6]. - Despite a rise in the stock market, the allocation to equity assets decreased for most companies, with only a few, including Agricultural Bank Wealth Management and Ping An Wealth Management, showing slight increases [9]. Group 4: Channel Expansion - Wealth management companies are actively expanding sales channels beyond their parent banks, with over 100 third-party distribution channels established by several firms [9]. - Hangzhou Wealth Management led with 238 external distribution partners, while companies like Huaxia Wealth Management and Everbright Wealth Management saw significant increases in the number of products sold through external channels [9].