理财收益率跌破2%，去年1800万投资者跑步入场

Core Viewpoint - The report highlights a significant growth in the wealth management market in China, with a total scale reaching 33.29 trillion yuan and a notable decline in average product yields, dropping below 2% for the first time, indicating a shift in investor behavior and asset allocation strategies [3][4][8]. Group 1: Market Overview - As of the end of 2025, the total number of wealth management products in China reached 4.63 million, an increase of 14.89% from the beginning of the year, with a total scale of 33.29 trillion yuan, marking an increase of 3.34 trillion yuan or approximately 11.15% from the end of 2024 [4][5]. - The growth in wealth management scale is the highest since 2021, with the market experiencing a consistent increase of over 3 trillion yuan for two consecutive years [5]. - The dominance of wealth management companies is evident, with their products accounting for 92.25% of the total market scale, up from 87.85% at the end of the previous year [5]. Group 2: Product Structure and Trends - The wealth management market has seen a significant shift towards longer-term, mixed, and closed-end products, with 70.87% of closed-end products having a duration of over one year, an increase of 3.72 percentage points from the beginning of the year [5][6]. - Fixed-income products remain the mainstream, with a total scale of 32.32 trillion yuan, representing 97.09% of all wealth management products, although the proportion has decreased slightly by 0.24 percentage points [6]. - The scale and proportion of mixed products are on the rise, with a total scale of 0.87 trillion yuan, accounting for 2.61% of the total, an increase of 0.17 percentage points [6]. Group 3: Investor Behavior - Despite the decline in average yields, the number of investors holding wealth management products increased by approximately 18 million, reaching 143 million by the end of 2025 [8][10]. - The average yield of wealth management products fell to 1.98%, a decrease of 0.67 percentage points from 2024, marking a significant drop below 2% for the first time [8][9]. - The risk appetite among individual investors has shown interesting changes, with a continuous increase in the proportion of high-risk preference investors [10]. Group 4: Asset Allocation - There has been a notable increase in the allocation to public funds, with the proportion rising from 2.9% at the beginning of the year to 5.1% by the end of 2025, reflecting a shift in investment strategy [11][13]. - The allocation to cash and bank deposits also increased significantly, from 23.9% to 28.2%, while the proportion of investments in bonds decreased from 43.5% to 39.7% [12][11]. - The trend of increasing public fund allocation and decreasing equity and interbank deposit allocations was particularly pronounced in the fourth quarter of 2025 [13].