14家银行理财，规模增约3万亿元！

Core Insights - The banking wealth management industry experienced significant growth in 2025, with 14 major wealth management companies increasing their total assets under management by nearly 3 trillion yuan, reaching a record high by year-end [1][2] Group 1: Industry Growth - By the end of December 2025, the total scale of the 14 major wealth management companies was 25.41 trillion yuan, reflecting a year-on-year growth of approximately 13.3% and an annual increase of 2.98 trillion yuan [2] - The peak industry scale reached nearly 34 trillion yuan in November 2025, marking a historical high with an increase of over 4 trillion yuan since the beginning of the year [2] - The growth in the industry was primarily driven by fixed pure bond products and enhanced fixed-income equity products, which added 1.64 trillion yuan and 1.27 trillion yuan, respectively [3] Group 2: Market Dynamics - The bond market has been volatile, with the yield on 10-year government bonds fluctuating around 1.60% to 1.80% throughout 2025, impacting the yields of wealth management products [4] - The average annualized yield for open-ended fixed-income products dropped to 2.32% and 2.25% for six months and one year, respectively, indicating a downward trend [4] - As deposit rates hit historical lows, many customers are shifting their maturing fixed deposits into wealth management products, reflecting a change in risk appetite [4] Group 3: Future Opportunities - In 2026, wealth management institutions are expected to benefit from multi-asset layouts and a further decline in household savings rates, potentially attracting 2 trillion to 4 trillion yuan of "activated funds" into non-deposit investments [5] - The industry is moving towards a multi-asset and multi-strategy approach to enhance returns, with a focus on diversifying asset allocation beyond traditional equity [6] - Collaboration with public funds is emphasized as a strategy for wealth management companies to enhance their product offerings and risk management capabilities [7]