银行理财2024年12月月报：理财规模季节性回落，破净率下降

Investment Rating - The report provides a "Buy" rating for the banking sector, indicating a positive outlook for the industry in the coming year [44]. Core Insights - The banking wealth management market saw a slight decline in the total scale, with a total of 29.59 trillion yuan at the end of December 2024, a decrease of 157.8 billion yuan from the previous month [6][41]. - The issuance scale of bank wealth management products in December was 485.6 billion yuan, down by 9.7 billion yuan from the previous month [15]. - The average yield of wealth management products in 2024 was reported at 2.65%, reflecting a stable performance in the market [41]. Summary by Sections 1. Existing Wealth Management Market Overview - As of December 2024, the total scale of bank wealth management products was 29.59 trillion yuan, with a month-on-month decrease of 157.8 billion yuan [6]. - The top three institutions by product scale were: - China Merchants Bank Wealth Management: 2.44 trillion yuan - Industrial Bank Wealth Management: 2.16 trillion yuan - Agricultural Bank Wealth Management: 1.97 trillion yuan [6]. 2. Wealth Management Product Issuance Market Overview - The issuance scale of wealth management products in December was 485.6 billion yuan, a decrease of 9.7 billion yuan from the previous month [15]. - The breakdown of issuance by product type showed that daily open-type products accounted for 2.6% of the total issuance, while products with a maturity of 3-12 months and over 1 year each accounted for 44.7% [15][16]. 3. Wealth Management Product Net Value Tracking - The annualized yield for cash management products was 1.67%, while fixed income products yielded 3.91%, reflecting an increase of 37 basis points from the previous month [29]. - The number of wealth management products with a net value below par decreased, with 1,213 products (1.78% of the total) reported as below par at the end of December [36]. 4. Industry Dynamics - The China Banking Wealth Management Registration and Custody Center reported that by the end of 2024, the total scale of bank wealth management products was 29.95 trillion yuan, an increase of 11.75% from the beginning of the year [41]. - A total of 3.08 million new wealth management products were issued in 2024, raising 167.31 trillion yuan in funds [41].