银行理财不香了？1月规模掉1000亿，投资者“倒戈”公募、基金新开户激增169%

Core Insights - The banking wealth management sector experienced a significant contraction in January 2026, with a total market scale reduction of over 114.2 billion yuan, contrary to the usual "opening red" season [3][4] - In contrast, public funds saw a remarkable surge, with monthly issuance reaching a three-year high and the number of new accounts doubling, indicating a shift in investor sentiment [7][10] Banking Wealth Management - January typically marks a peak for bank wealth management, but this year saw a decline in scale, with a drop of 114.2 billion yuan, leading to a total of 33.18 trillion yuan by the end of the month [3][4] - The top 14 wealth management companies reported a combined management scale of 24.59 trillion yuan, down approximately 815 billion yuan, primarily due to significant reductions from state-owned banks [4] - Factors contributing to this decline include aggressive credit issuance leading to a "funds return" to banks, a decrease in deposit rates, and increased cash flow demands ahead of the Lunar New Year [5][6] Public Fund Market - The public fund market experienced a robust performance in January, with 169 new fund products issued, marking an increase of 87 products year-on-year, and total issuance reaching 161.12 billion units, up approximately 132% [7][10] - Mixed funds led the issuance with 66.2 billion units, followed by equity funds at 36.9 billion units and bond funds at 20.4 billion units [8][9] - The surge in public funds is attributed to a "profitability effect," as some funds achieved monthly returns exceeding 30%, with three funds surpassing 50%, highlighting a stark contrast to the low returns of bank wealth management products [11]