2025年银行理财半年报点评：负债期限拉长，资产品类拓宽

Investment Rating - The investment rating for the banking industry is "Outperform the Market" (maintained) [3][23]. Core Insights - The report highlights a slight growth in the scale of bank wealth management products, reaching 30.7 trillion yuan by mid-2025, with expectations to exceed 33 trillion yuan by year-end due to factors like deposit rate cuts and shifts in household funds [4]. - The duration of closed-end products has lengthened, with over 70% of products having a duration of more than one year, attributed to the increase in multi-asset and "fixed income+" products [4][8]. - There is a strategic shift towards increasing allocations in interest rate bonds and public funds while reducing exposure to credit bonds and non-standard assets, indicating a trend towards enhancing liquidity and trading opportunities [4][10]. - The distribution channels for wealth management products are expanding, with third-party sales accounting for 35% of the total, and expectations for more banks to obtain wealth management licenses [4][15]. Summary by Sections Wealth Management Products - As of June 2025, there are 194 banks and 32 wealth management companies with active products, totaling 4.18 million products and a scale of 30.67 trillion yuan, marking a 2.38% increase from the beginning of the year and a 7.53% year-on-year increase [5]. - The proportion of closed-end products with a duration of over one year has increased to 72.86%, up 5.71 percentage points from the start of the year [8]. Asset Allocation - Fixed income products dominate the wealth management landscape, with a scale of 29.81 trillion yuan, accounting for 97.20% of the total, while mixed, equity, and commodity products remain minimal [9]. - There is a notable reduction in allocations to credit bonds and equities, with a corresponding increase in interest rate bonds and public fund allocations [10]. Investor Base and Distribution Channels - The number of investors holding wealth management products reached 136 million by mid-2025, reflecting an 8.37% increase since the beginning of the year [14]. - The number of institutions distributing wealth management products has grown to 569, with a decrease in the proportion of sales through the parent bank to around 65% [15].