——居民资产负债表系列之一：理财配置有何变化？

Group 1: Financial Trends - In 2025, the balance of bank wealth management products reached 33.3 trillion yuan, with a year-on-year growth rate of 11.2%[4] - The number of individual investors increased by 17.69 million, a year-on-year growth of 14.3%, reaching a total of 143 million investors[4] - Wealth management funds shifted towards deposits, increasing their allocation to cash and public funds while reducing bond assets[4] Group 2: Product Supply Changes - The scale of fixed-income products reached 32.3 trillion yuan, an increase of 3.2 trillion yuan from the previous year, while cash management products decreased by 0.26 trillion yuan[5] - The proportion of low-risk products fell to 27.9%, while medium-low risk products slightly increased to 67.9%[5] - The share of minimum holding period products increased, while daily open products saw a decline in proportion[5] Group 3: Returns on Wealth Management Products - The average yield of wealth management products dropped to 1.98%, a decrease of 0.67% from the previous year, despite total revenue increasing to 730.3 billion yuan[5] - R1 (low-risk) products saw yields decline from approximately 1.9% to around 1.4%, while R3-R5 products showed an upward trend[5] - "Fixed income plus" products did not outperform pure fixed income, with a yield gap of about 20 basis points at year-end[5]