跨越低利率周期，坚定为民理财初心

Core Insights - The banking wealth management market is experiencing a stark contrast between "record high scale" and "pressured returns," with the industry scale expected to reach 34 trillion yuan by the end of 2025, while the average annualized return on products has dropped to 2.12% in the first half of the year [1][2][3] Group 1: Market Trends - The development environment for banking wealth management is undergoing profound changes, with a policy focus on maintaining low social financing costs leading to a subtle shift in market dynamics [2] - The risk appetite of wealth management clients is generally converging, with conservative and stable clients now accounting for a combined 50% of the market, while the proportion of aggressive clients has slightly increased [2] - As of June 2025, the combined scale of conservative and stable wealth management products has risen to 96%, with stable products now making up 70% of the total [2] Group 2: Asset Allocation - Fixed income products dominate the wealth management market, accounting for 97% of the total, but there is a trend towards more diversified and balanced offerings [3] - The average annualized return on wealth management products in the first half of 2025 was 2.12%, a decrease of 53 basis points compared to 2024 [3] Group 3: Growth Opportunities - The construction of a financial powerhouse presents new opportunities for wealth management growth, with the banking sector expected to play a crucial role in enhancing residents' property income [4] - By 2030, the scale of the three-pillar pension system in China is projected to reach 30 to 40 trillion yuan, which will become a significant source of incremental funds for banking wealth management [4] Group 4: Investment Strategies - The banking wealth management sector must enhance its multi-asset investment capabilities and innovate product offerings to achieve high-quality growth [4][5] - The shift towards a more diversified investment strategy is essential, as traditional fixed income investments alone will not suffice in the current low-interest-rate environment [5] Group 5: Client Engagement - Wealth management clients continue to prioritize stable returns, with a strong demand for low-risk, acceptable yields [6] - The industry faces challenges in balancing returns and volatility in multi-asset investments, as historical reliance on fixed income limits the ability to diversify effectively [6] Group 6: Strategic Initiatives - The banking wealth management sector should integrate asset allocation optimization with broader strategic initiatives, focusing on technology finance, pension finance, inclusive finance, and digital finance [7][8] - Enhancing investment strategies and product offerings through collaboration within banking groups and innovation in response to market dynamics is critical for maintaining competitiveness [8][9]