银行理财，积极信号！底层配置和存续期限均有良性趋势显现

Core Viewpoint - The 2025 wealth management industry report indicates a significant positive trend in the sector, with an increase in the proportion of closed-end products and a substantial extension of their average duration [1]. Group 1: Product Trends - The weighted average duration of newly issued closed-end wealth management products in 2025 ranges from 322 to 489 days, which is an increase of 38 to 97 days compared to the 2024 range of 284 to 392 days [1]. - By the end of 2025, the outstanding scale of closed-end wealth management products reached 6.7 trillion yuan, accounting for 20.13% of the total outstanding scale, up from 5.75 trillion yuan and 19.2% the previous year [1]. - The proportion of closed-end products with a duration of over one year reached 70.87%, an increase of 3.72 percentage points from the beginning of the year [1]. Group 2: Asset Allocation - Fixed income products still dominate the market, comprising 97.09% of the total outstanding scale at 32.32 trillion yuan, although this represents a decrease of 0.24 percentage points from the previous year [3]. - The scale of mixed products increased to 0.87 trillion yuan, accounting for 2.61% of the total, which is an increase of 0.17 percentage points [3]. - The allocation to equity products and financial derivatives remains small, with equity products increasing from 0.06 trillion yuan to 0.08 trillion yuan, and derivatives from 0.01 trillion yuan to 0.02 trillion yuan [3]. Group 3: Future Strategies - Industry professionals indicate that in 2026, there will be a common strategy to pursue returns through multi-asset and multi-strategy approaches, moving beyond simple equity asset allocation [4]. - Leading institutions have begun actively developing multi-asset and multi-strategy products since 2025, indicating a shift towards genuine asset management [4]. - Analysts predict that wealth management products will increasingly incorporate equity assets and index funds, while also expanding into low-risk, short-duration fixed income products and high-risk, long-duration products [4].