理财2025Q1季报解读：春潮涌动，韧性彰显

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights a recovery in wealth management growth in April, surpassing the highest point of 2024, with expectations for further growth in May [6][17] - The market share of wealth management is increasingly concentrated among wealth management companies due to stringent regulatory expectations, with small banks actively exiting the market [30][39] - The asset allocation is shifting towards bonds, with a slight increase in the proportion of bonds and non-standard assets, while cash and bank deposits continue to decline [47][50] Summary by Sections 1. Liability Side: Q1 Short-term Fluctuations, April Highs Surpass 2024 Peaks - As of the end of Q1 2025, the wealth management scale was 29.14 trillion yuan, a decrease of approximately 800 billion yuan from the beginning of the year [5][14] - The Q1 end reporting strength decreased year-on-year, but growth resumed in Q2 [19][6] - The best-performing category remains the "minimum holding period" type, which has seen significant growth due to its balance of liquidity and returns [24][5] 2. Asset Side: Passive Increase in Bond Holdings, Valuation Adjustments May Affect Risk Appetite - It is expected that the overall holding will continue to reflect a "decrease in deposits, increase in bonds" trend [47] - The proportion of cash and bank deposits has been declining for three consecutive quarters, while the proportion of bonds has slightly increased to 43.89% [47][48] - The proportion of wealth management supporting the real economy has dropped to below 70% [50] 3. Investment Recommendations - Wealth management subsidiaries of joint-stock banks can consolidate retail customer bases through differentiated advantages, with recommendations for Citic Bank and China Everbright Bank, while beneficiaries include China Merchants Bank and Industrial Bank [8]