2024 年 5 月银行理财市场月报：固收+理财迎来暖风，混合类产品发行热度不减

Investment Rating - The report does not explicitly provide an investment rating for the banking wealth management industry Core Insights - The issuance of non-principal guaranteed wealth management products in May 2024 decreased by 2.1% year-on-year, totaling 2,549 products [9] - The proportion of fixed income + strategy wealth management products issued by wealth management companies increased from 49% in January to 57% in May 2024 [14] - The average performance benchmark for fixed income products decreased by 56 basis points year-on-year and 5 basis points month-on-month [12] Summary by Sections 1. Regulatory Policies and Asset Management Market News - Regulatory authorities are seeking opinions on a new rating method for banking wealth management companies, emphasizing quality over scale [6] 2. Monthly Overview of the Wealth Management Market 2.1 Non-Principal Guaranteed Wealth Management Products - In May 2024, 2,549 non-principal guaranteed wealth management products were issued, a decrease of 2.1% year-on-year and 5.0% month-on-month [9] - The issuance breakdown includes 2,341 fixed income products, 39 mixed products, 104 equity products, and 10 commodity and financial derivative products [9] 2.2 Wealth Management Subsidiary Products - Wealth management subsidiaries issued 1,335 products in May 2024, with 1,305 being fixed income, 19 mixed, 5 equity, and 6 commodity and financial derivative products [13] - The average performance benchmark for fixed income products varies by duration, with benchmarks of 2.62% for products under 3 months and 3.77% for products over 3 years [14] 2.3 Product Break-even Situation - In May 2024, 1,483 wealth management products were at a break-even point, accounting for 2.52% of all market products, an improvement from 3.08% the previous month [2] 2.4 Product Tracking - New Mixed Wealth Management Products - New mixed wealth management products participating in the Beijing Stock Exchange's IPOs were issued by Xingyin Wealth Management [2] 3. Performance Benchmarks - The average performance benchmarks for various durations in May 2024 were 2.60% for products under 1 month, 2.72% for 1-3 months, 2.92% for 3-6 months, 3.23% for 6-12 months, 3.35% for 1-3 years, and 3.77% for over 3 years [12]