33.29万亿元，历史新高

Core Insights - The total scale of bank wealth management products reached a historic high of 33.29 trillion yuan by the end of 2025, with a year-on-year increase of 11.15% [2][6] - Wealth management products generated a total return of 730.3 billion yuan for investors in 2025, reflecting a growth of 2.87% compared to the previous year [1][11] Product Issuance and Scale - In 2025, 136 banks and 32 wealth management companies launched a total of 33,400 new wealth management products, raising 76.33 trillion yuan [2] - By the end of 2025, there were 159 banks and 32 wealth management companies with active products, totaling 46,300 products, an increase of 14.89% from the beginning of the year [2] Product Types and Composition - Fixed income products accounted for 97.09% of the total wealth management product scale, amounting to 32.32 trillion yuan, while mixed products increased to 0.87 trillion yuan, representing 2.61% [4][6] - The scale of equity products and commodity/financial derivatives was relatively small, at 0.08 trillion yuan and 0.02 trillion yuan, respectively [4][6] Asset Allocation - As of the end of 2025, the asset allocation of wealth management products remained predominantly in fixed income, with investments in bonds, non-standardized debt, and equity assets totaling 18.52 trillion yuan, 1.82 trillion yuan, and 0.66 trillion yuan, respectively [8] - The proportion of investments in public funds increased to 5.1%, up by 2.2 percentage points from the previous year [8] Investor Growth - The number of investors holding wealth management products reached 143 million by the end of 2025, marking a growth of 14.37% from the beginning of the year [11] - The average return on wealth management products in 2025 was 1.98%, with banks generating 113.2 billion yuan and wealth management companies generating 617.1 billion yuan in returns for investors [11] Distribution Channels - In 2025, wealth management companies expanded their distribution channels beyond their parent banks, with 31 out of 32 companies offering products through other banks [14] - A total of 593 institutions engaged in cross-bank distribution of wealth management products by December 2025, an increase of 31 institutions from the beginning of the year [14]