理财收益率跌破2%，去年1800万投资者跑步入场

Core Insights - The report highlights a significant increase in the wealth management market, with a total scale reaching 33.29 trillion yuan and a net increase of 3.34 trillion yuan in 2025, marking an 11.15% growth compared to the previous year [2] - Despite a decline in average returns on wealth management products, the number of investors increased by approximately 18 million, reaching 143 million by the end of 2025 [4][6] - There is a notable shift in asset allocation towards public funds, while the proportion of direct equity and bond investments has decreased [7][8] Group 1: Market Overview - As of the end of 2025, there were 159 banks and 32 wealth management companies offering a total of 46,300 products, an increase of 14.89% from the beginning of the year [2] - The wealth management market's scale has seen a continuous growth trend, with the annual increase exceeding 3 trillion yuan for the second consecutive year [2] - The dominance of wealth management companies is evident, holding 92.25% of the market share in terms of product scale [2] Group 2: Product Performance - The average yield of wealth management products fell to 1.98% in 2025, a decrease of 0.67 percentage points from 2024 [4] - The total earnings generated for investors reached 730.3 billion yuan, reflecting a 2.87% increase year-on-year [4] - The trend of declining yields is consistent with the downward movement of market interest rates, with the average yield closely tracking the 10-year government bond yield [5] Group 3: Investor Behavior - By the end of 2025, the number of individual investors increased by 17.69 million, indicating a growing interest in wealth management products despite lower yields [6] - The risk appetite among individual investors has shifted, with a rising proportion of those with higher risk tolerance [6] - The majority of individual investors still prefer low-risk products, with 95.73% of the total product scale classified as low to medium risk [7] Group 4: Asset Allocation Trends - There has been a significant increase in the allocation to public funds, rising from 2.9% to 5.1% of total investments by the end of 2025 [7][8] - The allocation to cash and bank deposits also increased, from 23.9% to 28.2% [7] - Conversely, the allocation to bonds decreased from 43.5% to 39.7%, while equity investments dropped from 2.6% to 1.9% [8]