银行行业跟踪报告：关注后续新发中长期产品的规模变动

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][19]. Core Insights - Under low risk appetite, the configuration of newly issued products and asset allocation is unlikely to change significantly in the short term [1][10]. - In January 2024, the total number of newly issued wealth management products by banks reached 2,794, a month-on-month increase of 3.9%, while the total scale was 4,877 billion, a month-on-month decrease of 4.7% [5][11]. - The proportion of products with a duration of 3-6 months continues to rise, reaching 39% by the end of January, an increase of 12 percentage points compared to January 2023 [5][10]. - The proportion of fixed income products remains high, exceeding 99%, while the performance benchmark for newly issued products has declined to 3.33%, down 0.53% year-on-year and 0.05% month-on-month [7][11]. Summary by Sections 1. New Product Configuration and Asset Allocation - The scale of newly issued medium to long-term products by banks has slightly rebounded, with a total of 2,794 products issued in January 2024 [5]. - The proportion of fixed income products remains high, and the performance benchmark continues to decline [7]. - The overall market risk appetite is low, and the configuration of new products is expected to remain stable in the short term [10]. 2. Wealth Management Company Issuance - In January 2024, wealth management companies issued a total of 1,467 products, a month-on-month increase of 128 products, with a total scale of 4,159 billion, reflecting a month-on-month decrease of 151 billion [11]. - The average fundraising scale per product was 284 million, with the proportion of newly issued products steadily increasing within the banking sector [11]. 3. Investment Recommendations - The continued increase in the proportion of short-term products (3-6 months) and the high proportion of fixed income products reflect a low market risk appetite [16]. - The potential adjustment of deposit rates may further help restore the scale of the wealth management market [16].