2025年12月财富管理月报：权益市场火热，居民边际配置权益资产

Investment Rating - The report assigns an "Overweight" rating to the investment banking and brokerage industry [3] Core Insights - As of December 2025, the asset allocation of residents is primarily focused on low-risk assets like deposits, with a marginal increase in equity investments. The total market for wealth management products reached 352.5 trillion yuan, reflecting a quarter-on-quarter increase of 1.05% and a year-on-year increase of 10.4% [2][7] - The equity market is performing strongly, with rising returns on equity assets, while fixed-income asset yields are experiencing volatility. The report highlights a significant increase in major stock indices, indicating a shift in resident risk appetite towards higher-yielding assets [8][11] Summary by Sections 1. Wealth Management Market Overview - In December 2025, the primary focus of residents' asset allocation remains on low-risk assets, with a marginal increase in equity investments. Wealth management products include public funds, private funds, private asset management plans, insurance products, and bank wealth management [6][7] 2. Public Funds: Expansion of Equity Fund Scale and Recovery of Fixed-Income New Issues - The total market for public funds reached 37.7 trillion yuan, with a quarter-on-quarter increase of 1.88%. The report notes that equity funds, mixed funds, bond funds, and QDII funds have all seen positive growth [17][18] - New fund issuance in December 2025 saw a total of 1,132.2 billion units, a quarter-on-quarter increase of 19.72%. Equity fund issuance decreased by 10.73%, while bond fund issuance increased significantly by 136.82% [25][26] 3. Private Asset Management/Funds: High Growth in New Private Fund Issuance - The total scale of private funds reached 22.2 trillion yuan, with a quarter-on-quarter growth of 0.27%. New private fund registrations amounted to 989.0 billion yuan, reflecting a quarter-on-quarter increase of 38.6% [3][7] 4. Wealth Management/Insurance/Deposits: Continued Preference for Fixed-Income Wealth Management - Bank wealth management saw a decrease of 2,356.1 billion yuan in total scale, while insurance companies reported a premium income of 4,007 billion yuan, a year-on-year increase of 7.2% [7][8] 5. Investment Recommendations: Brokers Overall Benefit from Resident Capital Inflows - The report suggests that brokers will benefit from the inflow of resident capital into the market, with specific recommendations for stocks such as Guosen Securities, Dongfang Securities, GF Securities, Industrial Securities, and Huatai Securities [3][7]