银行理财月度跟踪（2024.12）：12月开放式产品达基率提升

Investment Rating - The report gives an investment rating of "Positive" for the banking sector [2] Core Insights - The report highlights a stable performance in the banking wealth management sector, with a notable increase in the achievement rate of wealth management products [7] - The overall market for wealth management products shows a decrease in the number of net value products, indicating a trend towards consolidation in the industry [23][24] - The report emphasizes the importance of focusing on national banks with solid fundamentals and low valuations, particularly in the context of state-owned enterprise reforms [7] Summary by Sections 1. Wealth Management Market Overview - As of the end of December, the overall market's broken net rate stands at 2.40%, a decrease of 0.35 percentage points from the previous month [11] - The achievement rate for closed-end wealth management products is 84.63%, while open-end products have an achievement rate of 72.56% [14][15] 2. Net Value Wealth Management Products - The number of net value products has decreased to 18,900, a decline of 2.25% month-on-month [24] - The proportion of products with negative net value growth as of December 31 is 5.48% [30] 3. Issuance Market Conditions - In December, the total number of newly issued wealth management products reached 5,478, reflecting a year-on-year increase of approximately 31.40% [36] - There have been no new issuances of guaranteed fixed-income products for 39 consecutive months, indicating a shift towards non-guaranteed products [39] 4. Maturity Market Conditions - In the last week of December, the issuance of products with a maturity of 1-3 months increased, while those with a maturity of 3-6 months decreased [44] 5. Wealth Management Returns - As of December 31, the expected annualized returns for various maturity periods are as follows: 1 week at 2.70%, 1 month at 2.12%, 3 months at 2.48%, 6 months at 2.57%, and 1 year at 2.88%, all showing a decline compared to previous values [4] 6. Wealth Management Company Products - In December, 31 wealth management companies issued a total of 4,380 products, an increase of 1,238 from the previous month [5] - The leading company in terms of the number of existing products is Xingyin Wealth Management, accounting for 9.62% of the total [5] 7. "Fixed Income +" and FOF Product Dynamics - The report notes a gradual recovery in the yields of "Fixed Income +" funds, with a significant proportion of wealth management products falling into this category [6] - As of December 31, there are 174 FOF products in existence, with ICBC Wealth Management and Agricultural Bank of China Wealth Management leading in terms of quantity [6]