Investment Rating - The industry is rated as "Outperforming the Market" with an expected increase of over 10% relative to the market index in the next six months [5][19]. Core Insights - As of the end of 1H25, the total scale of wealth management products reached 30.67 trillion yuan, reflecting a year-on-year growth of 7.53% and a quarter-on-quarter increase of approximately 1.53 trillion yuan [2][11][17]. - There is an observed increase in the risk appetite among individual investors, with the proportion of aggressive investors rising by 1.25 percentage points compared to the same period in 2024 [2][12][17]. - The recent adjustments in deposit rates, particularly the significant drop in one-year deposit rates below 1%, are expected to drive a gradual increase in demand for fund reallocation, as investors seek better returns in a low-interest environment [2][13][17]. - Regulatory policies and their implementation pace are crucial to monitor, especially following the negative feedback from the bond market in 2022, which has affected overall risk appetite [3][14][16]. Summary by Sections Wealth Management Scale - The total number of wealth management products in existence reached 4.18 million, with a year-on-year growth of 4.54% [11]. - Wealth management products from companies accounted for 89.61% of the total market scale, with a total scale of 27.48 trillion yuan, reflecting a year-on-year growth of 12.98% [12]. Fund Reallocation Demand - Recent adjustments in deposit rates have led to a significant decline, with the average reduction exceeding 15 basis points, marking the largest cut in three years [13]. - The low-interest environment, combined with a recovering capital market, is expected to enhance risk appetite and increase the demand for fund reallocation [2][13][17]. Regulatory Policy Focus - The focus on regulatory policies is heightened, particularly in light of the need to stabilize net asset values and manage risk [3][14][16]. - The ongoing regulatory adjustments are anticipated to continue, necessitating close attention to the direction and pace of policy changes [3][16]. Investment Recommendations - The expectation is for the wealth management scale to maintain steady growth throughout 2025, driven by increasing risk appetite and the need for diversified investment products [2][17]. - Attention should be given to valuation differentiation and the evolving regulatory landscape as key factors influencing future performance [3][17].
银行行业跟踪报告：理财存续规模环比上升
Wanlian Securities·2025-08-12 11:08