2024年12月银行理财市场月报：理财规模稳中有升，目标盈类理财增幅较大

Investment Rating - The report does not explicitly provide an investment rating for the banking wealth management industry Core Insights - The banking wealth management market has shown steady growth, with the total scale reaching 29.95 trillion yuan by the end of 2024, an increase of 11.75% from the beginning of the year [10][3] - The average yield of wealth management products is stable at 2.65%, generating a total return of 709.9 billion yuan for investors, which is a 1.69% increase year-on-year [10][3] - The issuance of non-principal guaranteed wealth management products increased by 1% year-on-year and 13.6% month-on-month in December 2024, with a total of 2,933 products issued [18][4] - Target return wealth management products have seen significant growth, with 248 products issued in 2024, a year-on-year increase of 170%, and a total scale of approximately 40 billion yuan, up 253% [6][4] Summary by Sections Regulatory Policies and Asset Management Market News - By the end of 2024, there were 218 banking institutions and 31 wealth management companies with active products, totaling 40,300 products [10][3] - The asset allocation of wealth management products reached 32.13 trillion yuan, a year-on-year increase of 10.56% [10][3] - The leverage ratio of wealth management products is 107.14%, a decrease of 1.17 percentage points from the previous year [10][3] Wealth Management Market Monthly Overview - In December 2024, the issuance of non-principal guaranteed products included 2,756 fixed income products, 46 mixed products, 17 equity products, and 2 commodity and financial derivative products [19][4] - The average performance benchmark for fixed income products decreased by 72 basis points year-on-year, while mixed products saw a decline of 127 basis points [22][4] Wealth Management Subsidiary Products - In December 2024, wealth management subsidiaries issued 1,946 products, with 1,883 being fixed income, 44 mixed, 17 equity, and 2 commodity and derivative products [23][4] - The performance benchmarks for fixed income products varied by duration, with 3 months or less at 2.19%, and over 3 years at 3.22% [25][4] Product Tracking - Target Return Products - The number of target return products has significantly increased, with 238 products remaining active by the end of December 2024, maintaining an average scale of around 150 million yuan per product [6][4]