34万亿银行理财“增与降”

Core Insights - The bank wealth management market in China has reached a record high of approximately 34 trillion yuan, driven by a shift in investor preferences towards more stable investment options amid declining deposit rates [1][2][10] - There is a notable trend of increasing risk appetite among investors, with a growing proportion of aggressive investors, indicating a structural change in investment preferences [5][6] Market Size and Performance - As of the end of Q3 2025, the total number of wealth management products in the market reached 43,900, with a total scale of 32.13 trillion yuan, reflecting a year-on-year increase of 9.42% [2] - The average performance benchmark for newly issued wealth management products has decreased by 30 basis points since the beginning of the year, with expectations that it will stabilize around 2.0% in the future [2][3] Investor Behavior and Preferences - Investors are increasingly favoring wealth management products over traditional bank deposits due to lower interest rates, with a significant shift towards products that offer a balance of stability and moderate returns [1][3] - The proportion of aggressive investors has risen to 6.1% in the first half of 2025, while conservative and stable investors have decreased, indicating a gradual increase in risk tolerance [5][6] Product Trends - The "fixed income plus" products have gained popularity, with their market share exceeding 50% as of November 2025, reflecting a shift from pure debt products to those that enhance returns through equity exposure [5][6][7] - Wealth management companies have become the dominant players in the market, with their products accounting for 91.13% of the total market scale, indicating a significant consolidation within the industry [7][9] Future Outlook - The bank wealth management market is expected to maintain steady growth, with projections suggesting a scale of approximately 38 trillion yuan by the end of 2026, driven by continued shifts in asset allocation from deposits to wealth management products [10][11] - The industry is anticipated to evolve towards a more customer-centric approach, focusing on comprehensive asset allocation services rather than just product sales, as financial literacy among residents increases [11]