银行理财1月报 | 规模突破33万亿，新发环比增长21%

Core Viewpoint - The bank wealth management market is experiencing steady growth, with the total scale exceeding 33.29 trillion yuan by the end of 2025, reflecting an 11.15% increase from the beginning of the year, indicating a robust growth trend in the industry [3][8]. Group 1: Market Overview - As of the end of 2025, the bank wealth management market's total scale reached 33.29 trillion yuan, marking an 11.15% growth compared to the beginning of the year, continuing the trend of steady growth observed in recent years [3]. - The growth momentum is strong, with the market showing a consistent recovery in scale, particularly in the second half of the year, which reflects increased investor confidence amid the deepening asset management regulations [3][8]. Group 2: Investment Type Changes - Fixed income products dominate the market, with fixed income + and cash management products maintaining stable growth, reaching 16.47 trillion yuan and 6.44 trillion yuan respectively by January 2026, indicating a preference for low-volatility, stable-return products [5]. - The scale of mixed-asset products has increased for three consecutive months, rising from 2389.43 billion yuan in November 2025 to 2885.28 billion yuan in January 2026, reflecting a moderate increase in equity allocation to enhance returns [5][6]. - Equity products saw a slight decline, dropping to 94.87 billion yuan in January 2026, accounting for less than 0.1% of the total, indicating a cautious approach to equity asset allocation in a volatile market [5][6]. Group 3: New Product Issuance - From November 2025 to January 2026, the new issuance of bank wealth management products showed a fluctuating growth trend, with the total new issuance reaching 5674.73 billion yuan in January 2026, a 21.07% increase from the previous month [12]. - Long-term products (1-3 years) accounted for the highest proportion of new issuances, reaching 50.89% in January 2026, reflecting a growing preference for medium to long-term products [12][25]. - The average performance benchmark for newly issued products in January 2026 was 2.43%, slightly down from 2.46% the previous month, indicating a trend where longer-term products generally offer higher benchmarks [15]. Group 4: Performance Tracking - The overall performance benchmark compliance rate for wealth management products was 66.99% in January 2026, a slight increase of 1.42 percentage points from the previous month, reflecting marginal improvements in market conditions [35]. - The compliance rate for products with a holding period of 6-12 months was the highest at 75.62%, while products with a holding period of over 3 years had the lowest compliance rate at 25.0%, indicating improved stability in long-term product performance [35]. - Short-term products also showed significant recovery, with the compliance rate for 1-3 month holding period products rising from 50.0% to 58.33%, demonstrating enhanced liquidity management capabilities [35].