银行理财2月报 | 权益理财指数收益弹性凸显，新发产品持续结构长期化

Core Viewpoint - The bank wealth management market shows a stable increase in returns, with equity-based products outperforming the CSI 300 index over the past month and three months. The trend towards long-term and closed-end products continues, with products of 1-3 years accounting for over 55% and closed-end products nearing 95% of the total [3][12][23]. Group 1: Market Overview - The bank wealth management market experienced a slight contraction in scale at the beginning of 2026, with a decrease of 114.2 billion yuan in January. However, the long-term recovery trend remains intact, supported by a preference for stable products like fixed income and cash management [12][38]. - The market structure reflects a "stability first" characteristic, with fixed income and cash management products being the main contributors to growth, while equity products are under pressure due to market volatility [12][23]. Group 2: Product Types and Structures - The investment type distribution shows a continuous expansion of stable products, with fixed income products growing by 184.3 billion yuan from the end of 2025 to February 2026, indicating a strong preference for low-volatility, stable-return products [7][8]. - The proportion of equity products has decreased, with a decline of 1.93 billion yuan from the end of 2025 to February 2026, reflecting investors' cautious approach towards high-risk assets amid market fluctuations [8][11]. Group 3: New Product Issuance - In February 2026, the new issuance scale of bank wealth management products was 440.04 billion yuan, showing a decrease from January but indicating a shift towards long-term, closed-end, and stable products [23]. - The proportion of new products with a duration of 1-3 years has increased to 55.16%, up 5.12 percentage points from December 2025, reflecting a trend of extending product duration to lock in yields in a low-interest environment [15][20]. Group 4: Performance Metrics - The average performance benchmark for newly issued products in February 2026 was 2.46%, a slight increase of 1 basis point from the previous month, indicating stable overall performance [18]. - The performance of equity products has shown significant recovery, with the Wande Equity Wealth Management Index rising by 7.94% over the past three months, outperforming the CSI 300 index by 4.06% [31]. Group 5: Regulatory and Market Trends - The implementation of the "Management Measures for Information Disclosure of Asset Management Products by Banking and Insurance Institutions" in September 2026 is expected to standardize information disclosure, enhancing the stability of bank wealth management products [12][39]. - The market is witnessing a strong demand for low-volatility, stable-return products, with institutions actively promoting these products to attract idle funds during the post-holiday period [12][39].