Workflow
2025年理财半年报点评:规模扩张下的结构转型
ZHONGTAI SECURITIES·2025-07-28 14:03

Report Title - "Structural Transformation under the Expansion of Wealth Management Scale - Review of the Semi - annual Report of Wealth Management in 2025" [1] Core Viewpoints - In the context of falling deposit rates and deposit migration, the wealth management market has steadily expanded. As of the end of June 2025, there were 194 bank institutions and 32 wealth management companies with outstanding wealth management products, with a total of 41,800 products, a 3.78% increase from the beginning of the year and a 4.54% increase year - on - year. The outstanding scale reached 30.67 trillion yuan, a 2.38% increase from the beginning of the year and a 7.53% increase year - on - year. The wealth management company's outstanding scale accounted for 89.61% of the total market, with a year - on - year growth of 12.98%, while the bank institution's outstanding scale decreased by 24.04% year - on - year [9]. - The product yield has significantly declined. In the first half of 2025, the average annualized yield of wealth management products was 2.12%, a 68 - basis - point decline from 2.80% in the first half of 2024 and a 53 - basis - point decline from 2.65% at the end of 2024 [9]. - In terms of product structure, the scale of cash - management products has continued to shrink. As of the end of June 2025, the outstanding scale of open - ended wealth management products was 24.82 trillion yuan, accounting for 80.93%, a slight increase of 0.13 percentage points from the beginning of the year. The outstanding scale of cash - management products was 6.40 trillion yuan, accounting for 25.79% of open - ended products, a 14.55% decline from the same period last year [6][9]. - The proportion of credit bonds has slightly declined, and there is active allocation of assets such as science and technology innovation bond ETFs. As of the end of June 2025, the total investment assets of wealth management products were 32.97 trillion yuan. Bond - related assets (including bonds and inter - bank certificates of deposit) were the largest allocation category, with a scale of 18.33 trillion yuan, accounting for 55.60% of total investment assets. The scale of held credit bonds was 12.79 trillion yuan, accounting for 38.79% of total investment assets, a 2.34 - percentage - point decline from the same period last year. Since July, many wealth management products have actively participated in the subscription of science and technology innovation bond ETF products, and the proportion of wealth management products among the top ten holders of 10 science and technology innovation bond ETF products has reached 3.57% [10]. - From a time - series perspective, the proportion of cash and non - standard assets has been continuously compressed, and the proportion of bond allocation has stabilized. The proportion of cash and bank deposits has increased from 23.9% at the end of 2024 to 24.8% in the middle of 2025. The proportion of equity assets has continued the downward trend, accounting for 2.40% of total investment assets in the middle of 2025. The proportion of bonds and inter - bank certificates of deposit has stabilized at 55.60% in the middle of 2025 after gradually adjusting from the high point of 68.39% at the end of 2021 [10]. Industry Investment Rating - The document does not mention the industry investment rating. Summary by Related Catalogs Product Scale and Structure - As of the end of June 2025, there were 194 bank institutions and 32 wealth management companies with outstanding wealth management products, with 41,800 products, a 3.78% increase from the beginning of the year and a 4.54% increase year - on - year. The outstanding scale was 30.67 trillion yuan, a 2.38% increase from the beginning of the year and a 7.53% increase year - on - year [9]. - The wealth management company's outstanding scale was 27.48 trillion yuan, accounting for 89.61% of the total market, with a year - on - year growth of 12.98%, while the bank institution's outstanding scale was 3.19 trillion yuan, a 24.04% decline year - on - year [9]. - Open - ended wealth management products had an outstanding scale of 24.82 trillion yuan, accounting for 80.93%, a slight increase of 0.13 percentage points from the beginning of the year. Closed - ended products had a scale of 5.85 trillion yuan, accounting for 19.07% [6][9]. - The outstanding scale of cash - management products was 6.40 trillion yuan, accounting for 25.79% of open - ended products, a 14.55% decline from the same period last year [6]. Product Yield - In the first half of 2025, the average annualized yield of wealth management products was 2.12%, a 68 - basis - point decline from 2.80% in the first half of 2024 and a 53 - basis - point decline from 2.65% at the end of 2024 [9]. Asset Allocation - As of the end of June 2025, the total investment assets of wealth management products were 32.97 trillion yuan. Bond - related assets (including bonds and inter - bank certificates of deposit) were the largest allocation category, with a scale of 18.33 trillion yuan, accounting for 55.60% of total investment assets [10]. - The scale of held credit bonds was 12.79 trillion yuan, accounting for 38.79% of total investment assets, a 2.34 - percentage - point decline from the same period last year. The scale of interest - rate bonds was 0.99 trillion yuan, accounting for 3.01% of total investment assets [10]. - Other assets included cash and bank deposits (24.8%), inter - bank lending and bond repurchase (6.6%), and public funds (4.2%) [10]. - Since July, many wealth management products have actively participated in the subscription of science and technology innovation bond ETF products, and the proportion of wealth management products among the top ten holders of 10 science and technology innovation bond ETF products has reached 3.57% [10]. Long - term Trend - The proportion of cash and bank deposits has increased from 23.9% at the end of 2024 to 24.8% in the middle of 2025. The proportion of equity assets has continued the downward trend, accounting for 2.40% of total investment assets in the middle of 2025 [10]. - The proportion of bonds and inter - bank certificates of deposit has stabilized at 55.60% in the middle of 2025 after gradually adjusting from the high point of 68.39% at the end of 2021 [10].