银行理财市场热度不减 截至2025年末，存续规模较年初增长11.15%

Core Viewpoint - The bank wealth management market continues to thrive as deposit rates decline, leading low-risk preference funds to migrate towards bank wealth management products [1] Group 1: Market Overview - As of the end of 2025, the bank wealth management market's outstanding scale reached 33.29 trillion yuan, an increase of 11.15% from the beginning of the year [1] - A total of 3.34 million new wealth management products were issued throughout the year, raising funds of 76.33 trillion yuan [1] - Fixed income products accounted for 32.32 trillion yuan, representing 97.09% of the total outstanding scale of wealth management products [1] - Wealth management products with a risk level of two (medium-low) and below totaled 31.87 trillion yuan, making up 95.73% of the total outstanding scale [1] Group 2: Factors Driving Growth - The increase in bank wealth management scale is attributed to three main factors: declining interest rates on demand and time deposits, increased volatility in capital markets, and enhanced competitiveness of bank wealth management products [1][2] - The decline in deposit yields has driven low-risk preference funds to seek better allocation options [1] - The volatility in capital markets and significant pullback in stock funds have heightened risk aversion, prompting a return to fixed income products [1] Group 3: Challenges and Strategies - Wealth management companies face both opportunities and challenges due to the influx of funds [2] - Companies need to balance client expectations for stable returns with the scarcity of quality assets, shifting investment paradigms from "asset-led" to "strategy-led" [2] - There is a need for refined client segmentation based on risk preferences and return objectives to match appropriate strategy combinations [2] Group 4: Product Diversification - The variety of wealth management products has increased, with companies offering a range of cash management, fixed income, mixed, and equity products [3] - Investors are showing a growing acceptance of net value fluctuations, although the preference for stable returns remains dominant [3] - Companies are focusing on "fixed income and fixed income+" products to create a foundation of low volatility and stable returns, while also driving differentiation through mixed, equity, and alternative products [3] Group 5: Future Outlook - The growth trend of bank wealth management is expected to continue, but the pace will be constrained by cycles and market volatility [4] - If the economy improves and risk preferences recover, some funds may shift to equity and mixed assets, while the structure will lean towards "fixed income+" [4] - Long-term, bank wealth management is expected to play a role as a "stable return base" and "inclusive allocation entry point" in the broader asset management landscape [4]