银行理财破33万亿，却不再是投资者“稳稳的幸福”

Core Insights - The banking wealth management market has reached a significant milestone, surpassing 33 trillion yuan and approaching 34 trillion yuan, driven by the ongoing "migration" of resident deposits and the reallocation of low-risk funds [1][2] - There is a notable increase in the number of wealth management companies managing over 2 trillion yuan, expanding from 3 to 6 companies, indicating a rapid growth in the market [2] - Investor anxiety persists due to fluctuations in the net value of wealth management products, particularly influenced by recent adjustments in the bond market [4][5] Market Growth and Dynamics - The banking wealth management market experienced explosive growth in 2025, with a cumulative increase of approximately 3.43 trillion yuan among 14 major wealth management companies in the first 11 months of the year [1] - The fourth quarter saw a remarkable performance, with these companies growing by 1.67 trillion yuan in just two months, accounting for nearly half of the annual increase [1] - The "fixed income plus" products have become a key vehicle for investors seeking higher returns compared to traditional deposits, with a net increase of 1.32 trillion yuan in such products among the 14 major companies [2] Investor Behavior and Product Trends - There is a shift in focus among banks from attracting deposits to increasing Assets Under Management (AUM), with a significant emphasis on marketing "fixed income enhancement" products [3] - The average annual yield for bank wealth management products in 2025 is projected to be around 2.39%, a decline of 89 basis points from 2024, indicating a downward trend in returns [5] - The market is witnessing a surge in index-based wealth management products, with 98 existing non-structured products containing "index" in their names as of December 10, 2025, and 58 new issuances this year [9] Risk and Volatility - The bond market's recent adjustments have led to fluctuations in the net value of wealth management products, causing investor anxiety, particularly among those with lower risk tolerance [4][6] - The overall risk of wealth management products is considered manageable, with improvements in asset allocation and liquidity management enhancing their resilience against market volatility [8] - Investors are advised to maintain a rational approach to market fluctuations and consider long-term value when making investment decisions [7][8]