固定收益点评：理财增配了什么？

Group 1: Investment Rating - No information provided on the industry investment rating Group 2: Core Viewpoints - The scale of wealth management products reached 33.3 trillion yuan in 2025, with a year - end year - on - year growth rate of 11.2%, maintaining double - digit high - speed growth and breaking through 30 trillion yuan for the first time in recent years. Although the average yield in the second half of 2025 decreased to 1.98%, it still had an advantage over other products, which attracted funds to flow in and promoted the growth of the scale [1][9]. Group 3: Asset Allocation Deposit Allocation - Since the wealth management redemption wave in Q4 2022, wealth management has been increasing cash and deposit allocation to stabilize net value. By the end of 2025, the proportion of cash and deposits in wealth management assets reached 28.2%, 3.4 percentage points higher than mid - year. In the second half of 2025, 1.88 trillion yuan of cash and deposits were added, accounting for 69.9% of the overall asset scale increase in the second half of the year [2][10]. Equity Asset Allocation - In 2025, wealth management did not directly increase equity assets. The proportion of equity assets decreased from 2.4% in mid - year to 1.9% at the end of the year. However, it may have increased the scale of fixed - income + assets through public funds. The proportion of public funds in wealth management assets increased from 4.2% in mid - year to 5.1% at the end of the year, with a net increase of 0.43 trillion yuan [3][11]. Bond Allocation - Wealth management continued to reduce bond holdings, especially interest - rate bonds, while slightly increasing credit bonds. By the end of 2025, the proportion of bonds and certificates of deposit in total assets was 51.9%, 3.7 percentage points lower than mid - year. In the second half of 2025, 0.09 trillion yuan of interest - rate bonds and 0.2 trillion yuan of certificates of deposit were reduced, while 0.48 trillion yuan of credit bonds were added [4][14]. Group 4: Product Structure - In the second half of 2025, cash - management products and closed - end products grew significantly. The scale of closed - end products increased by 0.85 trillion yuan, and the scale of cash - management products increased by 0.64 trillion yuan to 7.04 trillion yuan. The proportion of cash - management and closed - end products increased by 0.7 and 1.1 percentage points respectively in the second half of the year. The proportion of closed - end products with a term of more than one year in all closed - end products increased by 3.72 percentage points compared with the beginning of the year [20]. Group 5: Outlook for 2026 Challenges - Wealth management net value fluctuations may increase due to restricted valuation smoothing methods and intensified bond market volatility transmission. The yield may further decline as underlying asset bond yields fall and previously allocated high - yield assets mature. High - interest assets are becoming scarcer, and wealth management may rely more on trading and entrusted investment for returns [5][25]. Opportunities - Deposit migration is conducive to the growth of wealth management scale as residents' deposits may flow into relatively low - risk and low - volatility wealth management products. Developing equity - linked products can help increase wealth management yields as the stock market has been strong since the second half of 2025 [6][28].