银行理财子公司，近七成公司净利润增速为正

Core Insights - The performance of wealth management subsidiaries of listed banks has shown significant improvement in the first half of 2025, with 13 subsidiaries managing over 1 trillion yuan, including Huaxia Wealth Management entering the "trillion club" [1][3] - Among the 22 wealth management subsidiaries that disclosed their performance, 15 reported positive net profit growth, with 9 achieving double-digit year-on-year growth [1][6] Wealth Management Scale - As of June 30, 2025, 13 wealth management subsidiaries have surpassed 1 trillion yuan in assets under management, with 2 subsidiaries entering the "2 trillion club" [3] - Huaxia Wealth Management experienced a 36.31% increase in management scale compared to the beginning of the year, making it the fastest-growing company in this regard [3] - 14 out of 27 wealth management subsidiaries achieved double-digit growth in management scale, representing 51.8% of the total [3] Profitability - In terms of profitability, 15 out of 22 wealth management subsidiaries reported positive year-on-year net profit growth, accounting for 68.18% [7][9] - Five companies, including Bank of China Wealth Management and Yunnan Rural Commercial Bank Wealth Management, reported net profit growth exceeding 20% [7] - The standout performer was Pudong Development Bank Wealth Management, with a remarkable 76.19% year-on-year net profit growth [7][9] Performance by Institution - The top three wealth management subsidiaries by net profit in the first half of 2025 were: 1. China Merchants Bank Wealth Management with a net profit of 1.364 billion yuan, down 5.74% year-on-year 2. Bank of China Wealth Management with a net profit of 1.358 billion yuan, up 22.23% year-on-year 3. Agricultural Bank of China Wealth Management with a net profit of 1.273 billion yuan, up 13.66% year-on-year [9]