HTSC·2025-06-10 07:27Investment Rating - The report maintains an "Overweight" rating for banks and securities [9] Core Views - The report highlights the growth in wealth management products and the expansion of ETF assets, driven by the continuous improvement in the capital market's financing reforms [1][2] - It suggests seizing opportunities in high-quality individual stocks, recommending banks like China Merchants Bank and Ningbo Bank, as well as securities firms like GF Securities and Orient Securities [1] Summary by Sections Wealth Management - In May 2025, the total number of wealth management products issued was 5,400, a month-on-month decrease of 9.8% [2][16] - The total outstanding scale of bank wealth management products reached 31.29 trillion yuan, an increase of 0.35 trillion yuan month-on-month, primarily driven by fixed-income products [2][39] - The average yield of bank wealth management products remained stable at 2.52% [2] Public Funds - As of the end of May 2025, the total market size of public funds was 32.03 trillion yuan, with a month-on-month increase of 0.35% and a year-on-year increase of 10% [3][16] - The issuance of public funds in May was 64.1 billion units, a month-on-month decrease of 31% [3][16] - The ETF assets saw a slight increase in net value, with the benchmark credit bond ETF contributing significantly to the growth [3] Securities Asset Management - As of Q4 2024, the scale of securities asset management was 6.10 trillion yuan, a quarter-on-quarter decrease of 3% [4][16] - In May 2025, the new issuance was 1.337 billion units, a month-on-month decrease of 55% [4] Private Funds - By the end of April 2025, the total scale of private fund products was 20.22 trillion yuan, with a month-on-month increase of 1.28% [5][16] - In April, the newly registered scale of private funds was 64.4 billion yuan, a year-on-year increase of 83% [5] Insurance Asset Management - As of Q1 2025, the balance of insurance fund utilization reached 34.93 trillion yuan, an increase of 5% since the beginning of the year [6][16] - The allocation ratio of bonds and stocks increased month-on-month [6] Trusts - In May, the issuance scale of trust products was 17.2 billion yuan, a month-on-month decrease of 64% [7][16]