专题：理财业务的收入贡献有望正向、稳定、可预期

Investment Rating - The report rates the industry as "Overweight" [4]. Core Insights - The establishment of wealth management companies by banks in 2025 is expected to stabilize and positively contribute to income, especially with favorable equity market conditions enhancing performance elasticity [2]. - The wealth management market has surpassed 30 trillion yuan, accounting for 18.8% of the large asset management market, indicating a shift towards standardized development [7][9]. - The risk appetite for wealth management investments has marginally increased, with a notable shift in asset allocation towards high liquidity assets and public funds [32][37]. Summary by Sections 1. Wealth Management Development - The total scale of wealth management products has exceeded 30 trillion yuan, with 4.39 million products in circulation, reflecting a 10% year-on-year growth [7]. - By the end of Q3 2025, the scale of wealth management companies reached 29.28 trillion yuan, representing 91.1% of the total market, with 14 companies managing over 1 trillion yuan each [12][17]. 2. Changes in Product Types and Asset Investment Structure - The proportion of fixed income and hybrid products has steadily increased since 2024, while cash management products have significantly decreased [23]. - By Q3 2025, fixed income products accounted for 76.5% of the total wealth management products, with a notable decline in cash management products [23][24]. 3. Future Income Expectations - Wealth management income is anticipated to show stable and positive growth, with a significant recovery from a 43.2% year-on-year decline in 2023 to a narrower decline of 2.7% in 2024 [6][7]. - The transition period for asset management regulations is nearing completion, which is expected to alleviate previous income pressures [6][7]. 4. Investment Structure and Risk Appetite - The investment structure has shifted, with a decrease in bond investments and an increase in cash and bank deposits, reflecting a strategy to enhance liquidity [34]. - The risk appetite for equity investments has improved, with a notable increase in the proportion of public fund investments [37].