财富观 | 去年1800万投资者跑步入场，公募基金成增配首选

Group 1 - The core viewpoint of 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 [3] - The average yield of wealth management products fell below 2% for the first time, reaching 1.98% in 2025, a decrease of 0.67 percentage points from 2024 [5][7] - The number of investors holding wealth management products increased by approximately 18 million, reaching 143 million by the end of 2025, indicating a growing interest despite declining yields [5][9] Group 2 - The report indicates that the number of existing wealth management products rose to 46,300, with a notable increase in the proportion of mixed and closed-end products [3][4] - Fixed-income products remain the dominant category, accounting for 97.09% of the total scale, although mixed products are gradually increasing in both scale and proportion [4] - The asset allocation within wealth management products has shifted significantly, with a marked increase in allocations to public funds and cash deposits, while allocations to equity and bond assets have decreased [9][10] Group 3 - The report forecasts optimistic growth for the wealth management market in 2026, with expectations of an increase of over 3 trillion yuan, driven by the low bond yield environment [4] - The risk preference of individual investors is shifting, with a growing proportion of investors showing a higher risk appetite, particularly among those classified as moderate risk [8][9] - The trend of reallocating assets towards public funds and away from equities and bonds is expected to continue, with public fund allocations rising from 2.9% to 5.1% by the end of 2025 [9][10]