银行理财2025年12月月报：2026：银行理财能接力险资入市吗？-20251207

Investment Rating - The report maintains an "Outperform" rating for the banking wealth management industry, indicating expected performance above the market benchmark by over 10% [43]. Core Insights - The banking wealth management sector reached a historical high in scale, with approximately 34 trillion yuan in November, and is expected to stabilize around 33 trillion yuan by year-end [1]. - The industry consensus is shifting towards "multi-asset" products as traditional bond returns narrow, with leading institutions actively exploring diverse strategies beyond simple equity allocations [1][2]. - The successful implementation of multi-asset strategies relies on matching the risk-return characteristics of funds, emphasizing the need for long-term capital and investor education [2]. - Collaboration with public funds is essential for building investment capabilities, as banks cannot economically develop comprehensive research teams independently [3][6]. - Regulatory improvements are crucial for unlocking the potential of wealth management funds in the market, encouraging the development of innovative products that align with investor risk tolerance [6][7]. Summary by Sections Industry Scale and Performance - The wealth management sector's scale reached 31.7 trillion yuan in November, with a slight month-on-month increase [12][13]. - The average annualized yield for banking wealth management products in November was 1.23%, reflecting a decrease of 165 basis points from the previous month [12]. Product Development and Strategy - New product issuance in November totaled 271.7 billion yuan, primarily in fixed-income products, with the average performance benchmark for new products declining to 2.34% [20]. - The majority of maturing products met their performance benchmarks, indicating stability in product performance [31]. Market Trends and Future Outlook - By 2026, it is anticipated that wealth management funds will increasingly allocate to equity markets, with expected annual inflows ranging from 150 billion to 250 billion yuan [7]. - The unique requirements of wealth management funds for yield certainty and volatility control will drive public funds to innovate and develop matching products [7].