银行理财2025年6月月报：“存款搬家”遇到监管指引-20250604

Investment Rating - The report maintains an "Outperform" rating for the banking wealth management industry, indicating expected performance above the market benchmark by over 10% [37]. Core Views - The banking wealth management scale continued to grow significantly in May, with a weighted average annualized return of 2.57%, remaining stable compared to the previous month [9][10]. - Regulatory policies are increasingly standardizing wealth management practices, focusing on quality over mere scale growth, with a new classification and rating system for wealth management companies being discussed [1][2]. - The new regulatory framework aims to reduce reliance on performance benchmarks, encouraging investors to focus on underlying assets and risk levels instead [1][2]. Summary by Sections Wealth Management Scale and Returns - In May, the total scale of wealth management products rebounded to 31.3 trillion yuan, an increase of 0.5 trillion yuan month-on-month [10]. - The annualized return for cash management products was 1.49%, while pure bond products yielded 2.69% [9]. Regulatory Environment - The regulatory framework is shifting to emphasize business quality, with a new rating system that includes governance, asset management capability, risk management, and investor protection [1]. - The new policies will allow wealth management products to not disclose performance benchmarks, which may initially confuse investors but ultimately guide them towards more rational decision-making [1][2]. Product Trends - The report predicts a further decline in wealth management product pricing benchmarks by 30-50 basis points [2]. - There is a trend towards long-term liabilities and short-term assets in wealth management configurations, with an increased focus on equity and risk assets [2].