理财规模跟踪月报（2025年5月）：5月理财规模小幅增长-20250608

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In May 2025, the wealth management scale increased slightly. The scale is expected to decline seasonally in June and may grow significantly in July due to the deposit rate cut [2][10]. - In the first five months of 2025, the wealth management scale of the four major banks' wealth management companies grew moderately, while some joint - stock banks had higher growth rates. Among city and rural commercial bank wealth management companies, Suyin Wealth Management led, and Ningyin Wealth Management had a prominent scale increase [2][11]. - In May 2025, the average monthly annualized yield of pure fixed - income wealth management of wealth management companies declined month - on - month. Due to low bond yields, the subsequent fixed - income wealth management yields may drop to around 2% [2]. - The bond market is volatile with few opportunities. It is recommended to focus on 5Y credit bonds with yields above 2%, as the credit spread may further compress [2]. 3. Summary by Relevant Catalogs 3.1 5 - month Wealth Management Scale Growth - As of the end of May 2025, the total wealth management scale was 31.5 trillion yuan, an increase of 1.58 trillion yuan from the end of the previous year and 0.19 trillion yuan from the end of the previous month. The growth in May exceeded the average increment from 2021 - 2024 [2][5]. - In 2024, the wealth management scale increased by 3.15 trillion yuan. In 2025, the increment in January was 0.17 trillion yuan, much lower than that in January 2022 [9]. - In March 2025, the wealth management scale decreased by 1.11 trillion yuan, close to the seasonal pattern. In April, it increased by 2.2 trillion yuan, exceeding the average increment from 2021 - 2024 [10]. 3.2 Wealth Management Scale of Wealth Management Companies in the First 5 Months - As of the end of May 2025, the top three wealth management companies in terms of scale were China Merchants Bank Wealth Management, Industrial Bank Wealth Management, and CITIC Bank Wealth Management [11]. - Among the big - four banks' wealth management companies, except for CCB Wealth Management, others' scales increased compared to the beginning of the year. In April, their scales increased significantly, but the growth slowed down in May [2][12]. - Among joint - stock bank wealth management companies, Hengfeng Wealth Management, Bohai Bank Wealth Management, Minsheng Wealth Management, and Everbright Wealth Management had remarkable scale growth in the first 5 months [14]. - Among city and rural commercial bank wealth management companies, Suyin Wealth Management led, and Ningyin Wealth Management had a 25% increase in scale compared to the beginning of the year [15]. 3.3 Fixed - Income Wealth Management Yield in May 2025 - In May 2025, the average upper limit of the performance comparison benchmark of newly - issued RMB fixed - income wealth management products of wealth management companies was 2.93%, and the lower limit was 2.28%. The subsequent performance comparison benchmark may further decline [18]. - As of June 1, 2025, the average 7 - day annualized yield of cash - management wealth management products of wealth management companies was 1.38%, and that of money funds was 1.27%. The yield of cash - management wealth management decreased slightly in May [21]. - In May 2025, the average monthly annualized yield of pure fixed - income wealth management products of wealth management companies was 3.01%, a slight decline from the previous month. Future yields are expected to drop to around 2% [2][25]. 3.4 Investment Suggestions - The stage of the fastest decline in banks' liability cost ratio has passed. In May 2025, the policy rate was cut by 10BP, and major banks' deposit rates were further reduced [26]. - As of June 6, 2025, the yields of 10 - year and 30 - year treasury bonds and 5 - year AAA - rated secondary capital bonds decreased significantly, and banks faced a serious yield inversion problem. The 10Y treasury bond yield is expected to range from 1.6% - 1.8% in the second half of the year, and the bond market may fluctuate narrowly [27]. - It is recommended to focus on 5Y credit bonds with yields above 2%, as the deposit rate cut will promote the growth of the wealth management scale in July and further compress the credit spread [33]. - It is also recommended to pay attention to the opportunities of Hong Kong financial stocks, especially the valuation of Hong Kong banks may be repaired, and the net interest margin of commercial banks may stabilize in 2026 [35].