存续规模分化！理财公司如何应对“存款搬家”？

Core Insights - The performance of bank wealth management institutions in the first half of the year shows significant differentiation in product management scale, with joint-stock and state-owned banks leading the market [1][3] - The industry landscape is characterized by "head concentration, foreign capital rise, and regional differentiation," with top banks demonstrating clear advantages [1][4] - The total outstanding scale of wealth management products in China reached 30.67 trillion yuan, reflecting a 2.38% increase from the beginning of the year and a 7.53% year-on-year growth [4] Product Management Scale - Joint-stock bank wealth management subsidiaries dominate the top three positions in product management scale, with figures exceeding 2 trillion yuan: 2.46 trillion yuan for China Merchants Bank, 2.32 trillion yuan for Xinyin Wealth Management, and 2.13 trillion yuan for XinYin Wealth Management [3] - There are 13 members in the "trillion club," including 6 state-owned and 7 joint-stock bank wealth management subsidiaries [3] - Some local bank wealth management subsidiaries have significantly lower scales, with Qingyin Wealth Management at 189.48 billion yuan [3] Profitability - The top three wealth management companies by net profit are China Merchants Bank Wealth Management (1.364 billion yuan), Bank of China Wealth Management (1.358 billion yuan), and Agricultural Bank of China Wealth Management (1.273 billion yuan) [3] - A total of 20 wealth management companies reported a combined net profit of 15.179 billion yuan for the first half of the year [3] Investment Focus - Wealth management companies are focusing on supporting the real economy, developing ESG (Environmental, Social, and Governance) initiatives, and expanding distribution channels [5][6] - For instance, China Merchants Bank reported that its wealth management assets supporting the real economy amounted to 1.93 trillion yuan [5] - Ping An Wealth Management indicated that by June 2025, it had provided over 280 billion yuan in funding to the real economy and over 110 billion yuan for ESG initiatives [5] Distribution Channel Expansion - Companies like Xinyin Wealth Management and Minsheng Wealth Management have reported successful expansion of their distribution channels [6] - Xinyin Wealth Management has established over 540 partnerships with small and medium-sized banks, with a distribution balance of 237.963 billion yuan, an increase of 47.801 billion yuan from the previous year [6] - Minsheng Wealth Management added 20 new distribution institutions, with off-balance sheet distribution growing by 46.37% compared to the previous year [6] Strategic Recommendations - In the context of "deposit migration," wealth management companies are advised to enhance collaboration across product, channel, and service dimensions [6] - Product strategies should focus on tiered design to meet diverse needs, balancing stable performance with opportunities in the equity market [6] - Channel strategies should leverage local banks' advantages to penetrate broader customer bases, while service strategies should aim to attract potential clients through reduced fees and enhanced investor education [6]