2024年理财市场年度报告点评：银行行业：理财规模接近30万亿，增配同业存单、减配存款

Investment Rating - The industry investment rating is "Positive" [6] Core Viewpoints - The banking wealth management scale is steadily growing, approaching 30 trillion yuan by the end of 2024, with a year-on-year increase of 11.75% [1][3] - Wealth management funds are showing a trend of reducing bank deposits and increasing interbank certificates of deposit due to regulatory adjustments and declining deposit rates [1][14] - Fixed income products dominate the wealth management market, accounting for 97.33% of the total, with open-ended products increasing to 80.8% [5][21] Summary by Sections Wealth Management Scale - By the end of 2024, the total scale of wealth management products reached 29.95 trillion yuan, with a year-on-year growth of 11.75% [3] - The increase in wealth management scale is significantly higher than the growth rate of deposits, which was 6.29% [3] Asset Allocation - The allocation of wealth management assets is primarily in bonds, with a notable increase in interbank certificates of deposit and a decrease in bank deposits [14] - As of the end of 2024, the balance of wealth management investment assets was 32.13 trillion yuan, with bonds accounting for 57.9% of the total [14] Product Types - Fixed income products have the largest scale, with a total of 29.15 trillion yuan, representing 97.33% of all wealth management products [5][21] - Open-ended wealth management products have increased in proportion, primarily driven by non-cash management products, while cash management products have seen a decline [5][21] Performance Metrics - The average yield of wealth management products in 2024 was 2.65%, a decrease of 29 basis points year-on-year [15] - The net value of wealth management products has continued to rise, with net value products accounting for 98.5% of the total by the end of 2024 [15]