银行行业跟踪报告：低风险偏好持续影响产品布局和资产配置

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market in the next six months [2][19]. Core Insights - The report highlights that the wealth management product scale showed a trend of initial decline followed by recovery in 2023, with a total scale of 26.80 trillion yuan at the end of 2023, down 3.1% year-on-year but up 5.8% compared to mid-2023 [4][16]. - Fixed income products dominate the market, with their scale reaching 25.82 trillion yuan, reflecting a continued low risk appetite among investors [10][11]. - The proportion of wealth management products with a risk level of secondary (medium-low) or below reached 92.80%, indicating a conservative investment approach [10][11]. Summary by Sections 1. Wealth Management Product Scale - As of the end of 2023, there were 39,800 wealth management products, an increase of 14.86% from the beginning of the year, with a total scale of 26.80 trillion yuan, showing a trend of initial decline followed by recovery [4][6]. - Wealth management companies accounted for 83.58% of the total market scale, with 31 companies managing 22.47 trillion yuan [6][9]. - Individual investors represented 98.82% of the total number of investors in wealth management products, with a total of 114 million investors [9]. 2. Dominance of Fixed Income Products - Fixed income products accounted for 96.34% of the total scale, with a year-on-year increase of 1.84%, indicating a low risk appetite in the market [10]. - The asset allocation remains primarily in fixed income, with 45.3% allocated to bonds and 26.7% to cash and bank deposits [11]. - The proportion of closed-end products increased to 20.97%, with a shorter average duration for newly issued products [15]. 3. Investment Recommendations - The report suggests that the wealth management market is characterized by a recovery in product scale in the second half of 2023, although it has not returned to the levels seen at the end of 2022 [16]. - The potential for further adjustments in deposit rates is anticipated, which may aid in the recovery of the wealth management market scale [16].