【银行】7个维度拆解2025理财年报——《中国银行业理财市场年度报告（2025年）点评（王一峰/董文欣）

Core Viewpoint - The report highlights the key characteristics of the banking wealth management market in 2025, emphasizing the significant growth in wealth management scale, the shift towards "fixed income+" products, and the decline in average yields, while also noting the stability of the number of wealth management companies and their market share exceeding 90% [4][6]. Group 1: Scale - The wealth management scale increased by nearly 3.3 trillion yuan in 2025, achieving a year-on-year growth of 11.2%, with the end-of-year scale expected to be between 33 trillion and 34 trillion yuan [4]. - The second half of 2025 saw a significant contribution to scale growth, with 78.4% of the annual increase occurring in this period, amounting to 2.62 trillion yuan [4]. - Factors contributing to this growth included the outflow of funds from deposits, the release of "floating profits" due to valuation adjustments, and the expansion of products with embedded rights [4]. Group 2: Product Structure - Fixed income products maintained a stable share of around 97%, with internal structural shifts observed between "fixed income+" and pure fixed income products, as well as between current management and non-current management products [5]. - The transition towards comprehensive "net value" management is evident, with low to medium-risk products remaining a cornerstone, and the ratio of open-ended to closed-end wealth management products stabilizing at approximately 8:2 [5]. Group 3: Asset Allocation - The asset allocation in wealth management saw a significant increase in deposits, with the proportion of deposit-type assets rising to 28.2%, the highest in recent years [5]. - The total asset allocation scale increased by 3.53 trillion yuan in 2025, with deposits contributing 2.38 trillion yuan, while public funds and interbank lending increased by 890 billion yuan and 400 billion yuan, respectively [5]. Group 4: Wealth Management Returns - The average yield of wealth management products in 2025 was 1.98%, a decrease of 14 and 67 basis points compared to the first half of 2025 and 2024, respectively [6]. - The outlook for 2026 suggests that the customer experience regarding wealth management returns may weaken, as the yield center and performance benchmarks continue to decline [6]. Group 5: Customer Behavior and Competitive Landscape - The number of investors reached 143 million, with individual investors primarily exhibiting a conservative risk preference [7]. - The market share of wealth management companies still has room for upward movement, with distribution channels becoming a significant variable affecting institutional behavior [7].