理财登2025年报解读：规模高增&收益承压，“存款+基金”成配置主线

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The total scale of wealth management reached 33.29 trillion yuan by the end of 2025, with an annual increase of 3.34 trillion yuan, representing a year-on-year growth of 11.15% [14][16] - The narrative of "deposit migration" continues to be stronger than fluctuations in the bond market and stock market diversion, indicating resilience in growth [14][16] - The average yield of wealth management products fell below 2% for the first time, averaging 1.98% in 2025, but the fundraising momentum remained stable [36][40] Summary by Sections Liability Side - The scale of wealth management increased to 33.29 trillion yuan, with a growth slightly higher than in 2024 [14] - Non-managed open-ended products remain the main growth driver, with a significant increase in closed-end products [24][25] - The average yield of wealth management products decreased to 1.98%, but the fundraising heat did not diminish [36][40] Asset Side - By the end of 2025, deposits reached 10.06 trillion yuan, marking a historical high in both scale and proportion [46] - The proportion of public funds reached a historical high of 5.10%, with significant allocations to money market funds and equity ETFs [46][49] - The strategy for wealth management is shifting towards accumulating low-risk assets and seizing opportunities across multiple asset classes [46] Institutional Side - The scale of non-licensed wealth management continues to compress, with no new licenses issued in 2025 [7] - The expectation for the "clearing" of non-licensed banks is well established, but specific timelines and requirements remain unclear [7]