跌了也要买，银行理财收益率跌落1.98%新低，规模登顶33万亿高峰

Core Viewpoint - The banking wealth management market is experiencing a significant transformation, with a notable increase in market size but a decline in average product yields, raising questions about the future of bank wealth management products. Group 1: Market Size and Growth - As of the end of 2025, the banking wealth management market reached a size of 33.29 trillion yuan, reflecting an 11.15% growth from the beginning of the year [2] - The total number of investors holding wealth management products reached 143 million, a 14.37% increase from the start of the year, marking the highest scale in the history of Chinese banking wealth management [3] - The growth in wealth management scale in 2025 was driven by multiple factors, including the outflow of funds from deposits, valuation adjustments, and the expansion of products with rights to enhance yields [3] Group 2: Yield Trends - The average yield of wealth management products fell to 1.98% in 2025, the lowest in history, down 67 basis points from 2024's average of 2.65% [1][6] - In 2025, wealth management products generated a total return of 730.3 billion yuan for investors, a 2.87% increase from the previous year [6] - The decline in yields is attributed to significant fluctuations in the stock and bond markets, as well as a general decrease in risk-free rates [5][6] Group 3: Future Outlook and Strategies - Analysts predict that the trend of deposit "disintermediation" will continue to drive funds towards wealth management, but the core demand from clients remains focused on stability [4][11] - Wealth management institutions are advised to enhance their research capabilities and adopt a systematic approach to risk management, particularly in response to bond market volatility and high underlying asset risks [1][9] - There is a call for wealth management firms to diversify their product offerings and focus on long-term strategies, particularly in areas such as retirement planning and green finance, to meet the evolving needs of investors [10][11]