2月理财月报：总量止跌回升，混合类产品增长放缓

Investment Rating - The report assigns an "Overweight" rating for the industry, indicating a potential increase of over 15% relative to the CSI 300 index [2][18]. Core Insights - As of the end of February 2026, the total scale of bank wealth management products reached 31.66 trillion yuan, reflecting a year-on-year growth of 5.6% and a slight month-on-month increase of 0.3%, ending a two-month trend of net outflows [4][11]. - The mixed product category continues to show positive growth, although the monthly increase is less than half of January's figures, totaling only 10.8 billion yuan [7]. - In February, 2,015 new wealth management products were launched, with an initial fundraising scale of 299.5 billion yuan, which is less than half of January's due to the impact of the long holiday [7][8]. Summary by Sections Wealth Management Scale - The total scale of bank wealth management products is 31.66 trillion yuan, with a year-on-year growth of 5.6% and a month-on-month increase of 0.3%. The net inflow for the month was 94.8 billion yuan, ending the previous two months of net outflows [4][11][7]. Product Structure - Cash management and fixed-income products have rebounded, with net increases of 7.7 billion yuan and 77 billion yuan, respectively. Mixed products maintained positive growth but saw a significant decrease in monthly increments, totaling only 10.8 billion yuan [7]. - In February, 2,015 new wealth management products were issued, with a total initial fundraising of 299.5 billion yuan. The breakdown includes 32 cash management products, 1,941 fixed-income products, 36 mixed products, and 6 equity products [7][8]. Average Yield - The weighted average yield of bank wealth management products in February was 2.8%, a decrease of 6 basis points from January. Cash management and pure fixed-income products saw further declines in average yields, while equity products experienced an increase in yield to 11.84% [9][7].