国泰海通证券研究·2026-02-04 14:28Core Viewpoint - The report indicates a slight decline in the total scale of bank wealth management products, with a year-on-year growth of 5.7% but a month-on-month decrease, primarily driven by fixed income products [1]. Group 1: Wealth Management Scale - As of the end of January 2026, the total scale of bank wealth management products was 31.55 trillion, reflecting a year-on-year increase of 5.7% and a month-on-month decrease of 0.2% [1]. - The decline in scale was mainly attributed to fixed income products, which saw a decrease of 891 billion, while cash management and mixed products increased by 141 billion and 204 billion respectively compared to the beginning of the year [1]. Group 2: New Product Issuance - In January, 2,513 new wealth management products were issued, which is a decrease of 324 from December, with an initial fundraising scale of 4,238 billion, down 22.0% month-on-month [1]. - The breakdown of new products includes 54 cash management, 2,411 fixed income, 32 mixed, and 16 equity products, with respective month-on-month changes of -4, -261, -41, and -8 [1]. Group 3: Average Yield - The weighted average yield of bank wealth management products in January was 2.86%, an increase of 8 basis points from December [1]. - Specifically, the average yields for cash management and pure fixed income products were 1.78% and 2.65%, showing decreases of 8 basis points and 2 basis points respectively; while the yields for fixed income + type and mixed products increased by 5 basis points and 78 basis points to 2.89% and 4.19% respectively [1]. - Equity products saw a significant rise in yield from 4.57% to 12.33%, highlighting a pronounced shift in market dynamics [1]. Group 4: Product Performance - The number of underperforming wealth management products returned to a lower level in January, with 1,074 products breaking net value, accounting for 1.5% of the total, marking the lowest level in nearly two years [2].