Guosen Securities(SZ:002736) Guoxin Securities·2026-01-06 13:40Investment Rating - The report maintains an "Outperform" rating for the banking wealth management industry, indicating expected performance above the market benchmark by over 10% [41]. Core Insights - The banking wealth management industry experienced a slight contraction in scale at the end of the year, with a total asset size of 31.6 trillion yuan as of December, a decrease of 0.1 trillion yuan month-on-month, but a year-on-year increase of 10% [1][13]. - The transition to net value management in banking is deepening, with a focus on stabilizing net values amid low-risk preferences and market volatility. This has led to innovations in valuation and product design [1][2][6]. - The industry is expected to explore new valuation methods, such as utilizing third-party valuation tools to smooth out net value fluctuations, particularly for high-volatility asset classes [1][6]. - Product design innovations, such as regular dividend-type products, are emerging to address investor concerns about net value volatility, providing a cash flow experience that enhances investor confidence [2]. - Regulatory changes are expected to bring policy benefits, allowing wealth management companies to participate directly in new stock and refinancing issuances, thereby reducing intermediary costs and complexity [3]. - The use of derivative tools is being explored to create structured products that offer asymmetric returns, catering to risk-averse clients [6]. - Client segmentation and investor education are crucial for stabilizing net values, as the client base is evolving with varying risk preferences [7]. Summary by Sections Market Trends - The weighted average annualized yield for banking wealth management products rose to 1.81% in December, an increase of 58 basis points from the previous month [12]. - The initial fundraising scale for newly issued products in December was 332.9 billion yuan, with a continued decline in performance benchmarks [20]. Product Performance - Most closed-end banking wealth management products that matured in December met their performance benchmarks, indicating a stable return environment [30]. - The primary assets in banking wealth management products include bonds, equities, and non-standard assets, with a focus on high-grade credit bonds [32].