银行理财2025年度盘点：规模破33万亿 固收占比七成 权益投研能力待提升

Core Viewpoint - The bank wealth management market in 2025 experienced a "V-shaped" recovery, with a total scale increase of approximately 15.76% from 29.14 trillion yuan to 33.74 trillion yuan, demonstrating resilience amid declining interest rates and market volatility [2][3]. Group 1: Market Scale and Growth - The bank wealth management scale rose from 29.14 trillion yuan at the end of Q1 to 30.67 trillion yuan at the end of Q2, and further to 32.13 trillion yuan in Q3, with a total scale of about 33.74 trillion yuan by December 19 [1][2]. - The overall trend for 2025 was characterized by a "low at the beginning and high at the end," with significant growth driven by factors such as interest rate cuts, changes in residents' wealth management concepts, and adjustments within the industry [2][3]. Group 2: Product Structure - Fixed income products accounted for over 74% of the total wealth management scale, with a total size of 24.22 trillion yuan, indicating a dominant presence in the market [5]. - Cash management products remained stable at around 6.5 to 6.6 trillion yuan, representing about 20% of the total, while other product types like mixed, equity, and commodity derivatives accounted for less than 3% [5]. Group 3: Yield and Risk Distribution - The overall average annualized yield for bank wealth management products was above 2.4%, with significant yield differentiation among product categories [8]. - Over 96% of wealth management funds were concentrated in low-risk products (R1/R2), reflecting a strong preference for capital preservation among investors [8][9]. Group 4: Future Outlook - In 2026, the bank wealth management sector is expected to continue exploring the balance between yield and risk in a low-interest-rate environment, with "fixed income +" and multi-asset strategies becoming key growth drivers [9]. - It is anticipated that wealth management funds will increasingly enter equity markets through diversified strategies, potentially bringing in an incremental 150 to 250 billion yuan [9].