农银理财董事长马曙光：跨越低利率周期，坚定为民理财初心

Core Viewpoint - The banking wealth management market is experiencing a stark contrast between "record high scale" and "pressured returns," with the industry scale expected to reach 34 trillion yuan by the end of 2025, while the average annualized return on products has dropped to 2.12% in the first half of the year, challenging the traditional fixed-income investment model [1][2]. Group 1: Industry Development Trends - The development environment for banking wealth management is undergoing profound changes, with a policy focus on maintaining low comprehensive financing costs leading to difficulties in significantly increasing bond yields [3]. - Customer risk preferences are converging, with conservative (level one) and stable (level two) clients now accounting for nearly 50% of the total, while the proportion of aggressive (level five) clients has slightly increased [3]. - As of June 2025, the combined scale of level one and level two wealth management products has risen to 96%, with level two products now making up 70% of the total, indicating a shift towards lower-risk investments [3]. Group 2: Product Structure Changes - The asset allocation structure is adjusting, with bonds and non-standard investments dropping below 50% of total investments, while deposits, public funds, QDII, and financial derivatives are on the rise [4]. - The average annualized return on wealth management products in the first half of 2025 is 2.12%, a decrease of 53 basis points from 2024 [4]. Group 3: High-Quality Growth Strategies - The construction of a financial powerhouse presents new opportunities for wealth management growth, with the potential for significant development still to be tapped [5]. - The aging population is expected to drive the scale of the pension system to reach 30 trillion to 40 trillion yuan by 2030, becoming a crucial source of incremental funds for banking wealth management [6]. - The banking wealth management sector must enhance its multi-asset investment capabilities and innovate product offerings to adapt to the low-interest-rate environment [6]. Group 4: Integration with National Strategies - The banking wealth management sector should align its asset allocation optimization with national strategies, focusing on technology finance, pension finance, inclusive and green finance, and digital finance [9]. - Emphasis on technology-driven investment strategies, such as participating in sci-tech bonds and public REITs, is essential for enhancing returns [9]. - The sector must also develop a diversified investment strategy and improve product labeling to strengthen its core competitiveness [10]. Group 5: Client Engagement and AI Integration - Continuous client engagement is necessary in the low-interest-rate era, with a focus on managing expectations and providing tailored services [12]. - The integration of AI in client services is seen as a priority, aiming to create a comprehensive AI-driven wealth management platform that offers market insights and investment strategies [13].