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

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 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% [11][12] 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 new issuance of equity funds increased significantly by 66.5% [23][31] - The total number of public fund units was 31.9 trillion, with a quarter-on-quarter change of -0.4% and a year-on-year change of +8.8% [24][25] 3. Private Fund/Asset Management: Steady 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 scale of private asset management reached 12.4 trillion yuan, with a quarter-on-quarter change of +0.6% [11][12] 4. Wealth Management/Insurance/Deposits: Fixed Income Management Still Favored - The scale of bank wealth management reached 29.7 trillion yuan, with a quarter-on-quarter change of -0.15%. The scale of resident deposits was 168.0 trillion yuan, with a quarter-on-quarter change of +1.3% [11][12] 5. Investment Recommendations: Securities Firms Overall Benefit from Resident Funds Entering the Market - The low-interest-rate environment and the profit effect of the equity market are driving residents to gradually invest in the market. Securities firms are expected to benefit from the influx of incremental funds. Recommended stocks include Industrial Securities and GF Securities [7][12]