2026年1月财富管理月报：居民持续边际增配权益，股票ETF规模收缩-20260313

Investment Rating - The report assigns an "Overweight" rating for the industry [6] Core Insights - In January 2026, residents' asset allocation remains primarily in low-risk deposits, with a marginal increase in equity investments. Securities firms, as key intermediaries for equity assets, will benefit from the influx of resident funds into the market [2][10] - The total market for wealth management products reached 353.2 trillion yuan, with a quarter-on-quarter change of +0.7% and a year-on-year change of +10.3%. The net increase in wealth management products was 2.5 trillion units, with a quarter-on-quarter change of -38.9% [7][11] - The equity market experienced fluctuations, but residents' risk appetite remained high, indicating a shift of funds from deposits to higher-yielding assets [12][16] Summary by Sections 1. Wealth Management Market Overview - In January 2026, the direction of residents' asset allocation is still primarily low-risk, with a marginal increase in equity investments. The wealth management financial products include public funds, private funds, private asset management plans, insurance products, and bank wealth management [10][11] 2. Public Funds: Significant Increase in Equity New Issuance, Noticeable Reduction in Bond Funds - The total scale of public funds reached 37.8 trillion yuan, with a quarter-on-quarter change of +0.1% and a year-on-year change of +18.3%. The market saw a slight increase in public fund assets, while bond funds experienced a significant reduction [23][24] - In January 2026, new public fund issuance reached 1.2021 trillion units, with a quarter-on-quarter change of +6.2% and a year-on-year change of +44.4%. Equity funds saw a substantial increase in new issuance, while bond funds faced pressure [31] 3. Private Asset Management/Funds: Stable Growth in Private Fund/Asset Management Scale - The scale of private funds reached 22.4 trillion yuan, with a quarter-on-quarter change of +1.3%. The new registration scale of private funds was 64.06 billion yuan, with a quarter-on-quarter change of -35.2% [11][12] 4. Wealth Management/Insurance/Deposits: Fixed Income Wealth Management Remains Popular - The scale of bank wealth management reached 29.7 trillion yuan, with a quarter-on-quarter change of -0.15%. The total resident deposit scale was 168.0 trillion yuan, with a quarter-on-quarter change of +1.3% [11][12] 5. Investment Recommendations: Securities Firms Overall Benefit from Residents' Market Entry - The low-interest environment and the profit effect of the equity market are driving residents' funds into the market steadily. Securities firms are expected to benefit from the influx of incremental funds, with recommendations for specific firms such as Industrial Securities and GF Securities [7][12]