国泰海通｜固收：承接“存款搬家”，理财投了什么，收益如何——2025理财市场回顾与2026展望

Core Viewpoint - The article discusses the gentle expansion of wealth management products in 2025 against the backdrop of "deposit migration," with a total scale of 33.29 trillion yuan, reflecting a year-on-year growth of 11.2% [1]. Group 1: Wealth Management Product Structure - The asset side is increasingly defensive and tool-oriented, with a rise in the proportion of deposits and fund channels; deposits increased by 4.3 percentage points [1]. - The product side is shifting from high liquidity to a balance of yield and stability, with minimum holding period products, fixed income, and R3-rated products seeing increases of 6.83 percentage points, 3.65 percentage points, and 2.42 percentage points respectively [1]. - Daily open-type, cash management, and R2-rated products have decreased by 3.64 percentage points, 3.77 percentage points, and 2.86 percentage points respectively [1]. Group 2: Risk and Return Dynamics - The "risk-free" return anchor for wealth management has shifted downwards, with stable products yielding an average annual return of around 2.2%, down 0.93 percentage points from the end of 2024 [2]. - Mid-to-low risk products have a return range primarily between 2% and 3%, with the upper limit reaching 3.5% [2]. - There is a clearer differentiation in pricing and risk, with high-risk or low-liquidity assets commanding a premium, while the "fixed income +" category has not significantly outperformed pure fixed income [2]. Group 3: Institutional Landscape - Wealth management subsidiaries continue to dominate, while bank self-operated wealth management is contracting, reflecting a shift in funding and pricing power towards wealth management subsidiaries [2]. - Within wealth management subsidiaries, there is a stratification in scale expansion and profit realization, with regional wealth management subsidiaries showing more marginal elasticity in growth, driven by low base effects and regulatory influences [2].