银行理财产品周观察：理财规模破新高，存款往哪搬家？

Industry Investment Rating - The report does not explicitly provide an overall industry investment rating [1][2][3] Core Views - Wealth management product scale has reached a new high, with a significant increase of over 2 trillion yuan since April 2024 [1][6] - The growth in wealth management product scale is largely influenced by the recent policy adjustment restricting manual interest subsidies, leading to a notable "deposit migration" phenomenon [1][6] - Non-cash fixed-income wealth management products have seen a continuous increase in scale, accounting for 67.91% of the total scale as of May 19, 2024 [7][8] - Agricultural Bank of China Wealth Management, ICBC Wealth Management, CCB Wealth Management, and Bank of China Wealth Management have seen significant scale growth, with Agricultural Bank of China Wealth Management leading at 4666.19 billion yuan [10][11] - In the low-interest-rate era, asset allocation has become increasingly important, with investors shifting towards more diversified investment strategies, including equities, mutual funds, and insurance products [12][13] Summary by Relevant Sections Wealth Management Scale Growth - Wealth management product scale reached 29.6 trillion yuan by May 19, 2024, an increase of 2.89 trillion yuan from the end of March 2024 [1][6] - The growth is attributed to seasonal recovery and the impact of policy adjustments restricting manual interest subsidies [1][6] - In April 2024, RMB deposits decreased by 3.92 trillion yuan, with household deposits decreasing by 1.85 trillion yuan and non-financial corporate deposits decreasing by 1.87 trillion yuan, indicating a significant shift towards wealth management products [1][6] Characteristics of Deposit Migration to Wealth Management - Non-cash fixed-income wealth management products accounted for 67.91% of the total scale as of May 19, 2024, an increase of 2.41% from the beginning of the year [7][8] - Cash management wealth management products accounted for 29.56%, a decrease of 1.94% from the beginning of the year [7][8] - Products with a maturity of less than one month saw an increase in scale, while daily open-end products saw a slight decline [7][8] - The annualized return of open-end products with a maturity of less than one month was 2.59% as of May 19, 2024 [7][8] Growth in Wealth Management Companies - Agricultural Bank of China Wealth Management saw the highest scale growth at 4666.19 billion yuan, followed by ICBC Wealth Management, CCB Wealth Management, and Bank of China Wealth Management, all with growth exceeding 2000 billion yuan [10][11] - A total of 11 wealth management companies saw scale growth exceeding 1000 billion yuan [10][11] - The growth in scale is likely related to the high proportion of parent bank channel sales, with Agricultural Bank, ICBC, and CCB selling over 90% of their wealth management subsidiary products [10][11] Importance of Asset Allocation in Low-Interest-Rate Era - Investors are increasingly focusing on asset allocation as traditional high-interest savings and large-denomination certificates of deposit become less attractive [12][13] - Residents typically allocate 25%-35% of their funds to low-risk, stable investments, with wealth management products regaining trust and seeing scale growth [12][13] - In a low-interest-rate environment, investors are advised to diversify their investments, including equities, mutual funds, and insurance products, to enhance returns [12][13]