银行理财2025年7月月报：理财整改为信用指数和权益市场带来增量资金-20250709

Investment Rating - The report maintains an "Outperform" rating for the banking wealth management industry, indicating expected performance exceeding the market benchmark by over 10% [4][39]. Core Insights - The banking wealth management sector has shown stable growth in scale, with a total asset size of approximately 31.0 trillion yuan, reflecting a year-on-year increase of 3.4% despite a slight month-on-month decline of 0.3 trillion yuan [1][11]. - The structure of wealth management products remains dominated by fixed-income products, which account for over 70% of the total, while cash management products represent nearly 20% [1]. - Regulatory changes have prompted a shift towards net asset value-based operations, with a significant portion of historical floating profits already released, necessitating strategies to reduce volatility in wealth management products [2][3]. - The anticipated inflow of funds into the equity market from wealth management reforms is estimated to be between 80 billion to 120 billion yuan, aligning with a neutral return strategy [3]. Summary by Sections Market Trends - The weighted average annualized yield for banking wealth management products in June 2025 was 2.62%, an increase of 11 basis points from the previous month [10]. - The initial fundraising scale for newly issued products in June was 459.6 billion yuan, primarily consisting of fixed-income products [17]. Product Performance - Most closed-end banking wealth management products maturing in June met their performance benchmarks, with 2,117 products reaching their targets [26]. - The report highlights a cautious approach towards long-duration assets due to liquidity concerns, with a preference for short-term high-rated bonds [2][3]. Asset Allocation - The primary assets in banking wealth management products include high-grade credit bonds and equities, with a focus on enhancing returns through diversified strategies [29].