14家银行理财，规模增约3万亿！

Core Viewpoint - The banking wealth management industry experienced significant growth in 2025, reaching a record high in total assets under management despite a slight monthly contraction due to seasonal factors at the end of the year [1][2]. Group 1: Industry Growth and Performance - In 2025, 14 major wealth management companies, including 6 state-owned and 8 joint-stock banks, saw their total assets grow by nearly 3 trillion yuan, reaching a peak of 34 trillion yuan in November [2][3]. - By the end of December 2025, the total assets of these companies amounted to 25.41 trillion yuan, reflecting a year-on-year increase of approximately 13.3% and an annual growth of 2.98 trillion yuan [3]. - The growth was primarily driven by fixed pure bond products and enhanced fixed-income equity products, which added 1.64 trillion yuan and 1.27 trillion yuan, respectively [4]. Group 2: Market Trends and Client Behavior - As fixed deposit rates declined and matured deposits were reinvested, there was a noticeable shift in client risk preferences, with many opting for wealth management products as a conservative investment choice [5][6]. - The average annualized yield for open-ended fixed-income products dropped to 2.32% and 2.25% for the past six months and one year, respectively, indicating a challenging environment for fixed-income investments [5]. Group 3: Future Outlook and Strategies - The wealth management industry is expected to embrace a multi-asset and multi-strategy approach to enhance returns, moving away from traditional asset management models [7][8]. - Collaboration with public funds is emphasized as a key strategy, allowing wealth management companies to focus on asset allocation and risk management while leveraging external expertise for specific investment strategies [8]. - Predictions suggest that the wealth management sector could attract an additional 1.5 trillion to 3 trillion yuan in equity asset allocation funds in 2026 [7].