银行行业跟踪报告：关注市场风险偏好变化以及监管政策推进节奏

Investment Rating - The industry investment rating is "Outperform the Market" with an expectation of over 10% relative increase compared to the market index in the next six months [4][17]. Core Insights - The total scale of wealth management products is projected to reach 29.95 trillion yuan by the end of 2024, reflecting an 11.75% increase compared to the end of 2023 [10][14]. - Regulatory policies and market interest rate adjustments are expected to enhance the competitiveness of wealth management products, leading to a potential increase in market risk appetite in 2025 [2][3][11]. Summary by Sections Wealth Management Scale - By the end of 2024, the wealth management product scale is expected to be 29.95 trillion yuan, with a growth of 5.01% from June 2024 and 11.75% from the end of 2023 [10][14]. - There are currently 218 banks and 31 wealth management companies offering a total of 40,300 products, an increase of 1,230 products from the end of 2023 [10]. Market Conditions and Regulatory Environment - The reduction in deposit rates and the rectification of high-interest deposits have marginally improved the competitiveness of wealth management products [2][11]. - The market has seen a shift towards low-risk, stable products due to a decrease in overall risk appetite following negative feedback from the bond market in 2022 [3][12]. Future Outlook - The expectation for 2025 includes a potential rise in market risk appetite, which may accelerate the flow of deposits into wealth management products [2][3][14]. - The ongoing regulatory adjustments are anticipated to continue, with a focus on maintaining product stability and managing volatility [3][12].