银行理财月度跟踪：4月末封闭式理财产品达基率上升-20250513

Investment Rating - The investment rating for the banking industry is "Positive" [2] Core Insights - The report highlights a recent increase in the closed-end wealth management product achievement rate, which reached 83.17% by the end of April 2025, while the open-end product achievement rate decreased to 54.80% [15][16] - The overall market's wealth management product net loss rate was recorded at 2.23%, showing a decrease of 0.27 percentage points compared to the previous month [12] - The number of existing net value-type wealth management products decreased to 18,600, a decline of 1.85% month-on-month [22] Summary by Sections Wealth Management Market Overview - As of the end of April 2025, the broken net rate was 2.23%, down from a peak of 20.60% in December 2022 [12] - The achievement rate for closed-end products increased to 83.17%, while open-end products saw a decrease to 54.80% [15][16] Net Value-Type Wealth Management Products - The total number of existing net value-type products was 18,600, reflecting a month-on-month decrease of 1.85% [22] - The proportion of net value-type products with a negative net value growth was 2.95% as of the end of April [31] Issuance Market Situation - In April 2025, the total number of newly issued wealth management products was 5,990, representing a year-on-year increase of approximately 44.83% [39] - Non-principal guaranteed products have seen a significant rise, with principal guaranteed products effectively reaching zero [42] - The largest proportion of newly issued products in April was for the 12-24 month term, accounting for 25.03% of the total [45] Investment Recommendations - The report suggests focusing on national banks with solid fundamentals and low valuations, particularly those benefiting from the state-owned enterprise reform context, such as Postal Savings Bank, Agricultural Bank, and CITIC Bank [7] - It also highlights regional banks with sustained performance in wealth management, such as Qilu Bank and Ningbo Bank, as potential investment opportunities [7]