银行理财2026年2月月报：从财报看理财子如何布局多资产-20260208

Investment Rating - The report maintains an "Outperform" rating for the banking sector, indicating expected performance above the market benchmark by more than 10% [4][41]. Core Insights - The banking wealth management sector is experiencing a low overall allocation in multi-asset products, with significant individual differences and early-stage development characteristics [1]. - The industry is transitioning from pure fixed income to "fixed income plus" and multi-asset strategies, with mixed products currently being the main battleground for this transformation [2]. - In January 2026, the average annualized yield for bank wealth management products increased to 3.62%, reflecting a recovery of 181 basis points month-on-month [11]. Summary by Sections Market Overview - In January, the wealth management product scale remained stable, with a total scale of 31.6 trillion yuan, showing little month-on-month change [13]. - The mixed product scale reached 6,383.7 billion yuan, significantly higher than the equity product scale of 271.5 billion yuan, indicating a preference for mixed strategies [12]. Product Performance - The newly issued products in January had an initial fundraising scale of 4,238 billion yuan, primarily consisting of fixed income products, with the performance benchmark remaining stable at 2.33% [20]. - Most of the closed-end bank wealth management products that matured in January met their performance benchmarks, demonstrating a strong performance in the sector [29]. Strategic Development - Wealth management subsidiaries are focusing on mixed products first, gradually building a multi-asset allocation framework before introducing pure equity products [2]. - Leading wealth management institutions are leveraging their channel and brand advantages to strengthen mixed products as core tools for wealth management clients [2].