中信证券：权益风险偏好提升极为缓慢 理财表内股票规模持续收缩

Group 1 - The core viewpoint of the report indicates that the proportion of equity assets in bank wealth management has been declining since 2023, with an expected equity asset holding ratio of only 1.90% by the end of 2025, corresponding to an asset scale of 680 billion yuan, which represents a decrease of 0.40 percentage points and 80 billion yuan compared to the first half of 2025 [1] - The decline in equity asset allocation reflects the target clientele of bank wealth management products, which are primarily aimed at low-risk preference groups such as resident savers, highlighting the "savings-like" characteristics of these products [1] - The wealth management industry has been actively promoting the development of fixed income plus products, but the allocation to risk assets remains limited, serving primarily as a supplementary enhancement to overall product returns [1] Group 2 - The future outlook suggests that the inflow of bank wealth management funds into the market and the development of fixed income plus products will be a long-term process [1]