规模实现较快增长 寻求波动与收益新平衡 建立和深耕差异化优势 与会嘉宾认为，2025年银行理财市场的规模扩张与结构调整形成鲜明对比，全行业规模增速或超15%。 唐倩华表示，广义"固收+"理财产品规模增长约50%。以中邮理财为例，混合类产品规模实现翻倍。王 茜表示，规模的增长既有短期开放式产品的被动增长，也有"固收+"、跨境配置类产品的主动增长。 产品结构上，纯固收产品仍是基石，"固收+"与混合类产品快速增长。在唐倩华看来，未来的打法不再 是以爆款去赢得客户，更多的是要构建一个立体的产品矩阵，去满足和响应客户的多元需求。 在投资策略层面，2025年，大类资产配置与多元投资成为主流。孙俊杰表示，北银理财在资产证券化、 公募REITs、私募股权等领域的长期坚守逐步取得收获。王茜表示，汇华理财通过每日两次投研碰头 会、基于深度分析的买方研究体系，实现波段操作与多元配置的有机结合。王茜预计，2026年将形成更 加公平的竞争环境，具备产品力与客户服务能力的机构将脱颖而出。 2025年是银行理财行业创新发展加速、净值化转型深化的一年；同时，债券市场震荡加剧、权益市场结 构性行情凸显，让"平衡波动管控与收益提升"成为行业的核 ...

● 本报记者 李静 11月银行理财规模延续上涨态势。业内人士认为，季节性规律与存款利率下行驱动的资金搬家成为其核 心增长动力。尽管12月季末银行考核带来的资金回表压力可能引发理财规模阶段性回调，但机构普遍预 计年底这一数字仍将站上33万亿元关口。 与规模增长形成反差的是，11月现金管理类、纯固收类理财产品收益率同步承压，同时年底前完成估值 整改的监管时限日趋临近，银行理财净值化转型进一步深化。在此背景下，理财机构积极调整策略，通 过多资产配置提升收益弹性，同时拉长封闭式产品期限以适应净值化转型。 季节性规律叠加资金搬家 展望12月，尽管传统季末时点临近，银行考核压力将推动部分理财资金回流表内，可能引发理财规模阶 段性回调，但机构对整体态势仍持乐观预期。华西证券首席经济学家刘郁认为，12月是理财估值整改的 最后窗口期，前期浮盈的全面释放将兑现为存续产品收益，叠加存款搬家的持续效应，年底理财规模有 望站上33万亿元关口。 多家机构统计数据显示，11月理财规模延续上涨态势。华源证券研报表示，截至11月末，理财规模合计 34万亿元，较10月末增加0.35万亿元。华西证券研报也表达了类似看法：截至11月末，理财规模为3 ...

Core Viewpoint - The article highlights the persistent issue of inflated annualized returns displayed by banks for their wealth management products, leading to a significant trust deficit among investors [1][6][12]. Group 1: Market Trends - The shift from traditional savings accounts to bank wealth management products has become a new trend as the one-year fixed deposit rate falls below 1% [6]. - The total scale of the bank wealth management market reached 30 trillion yuan in the first half of the year [6]. Group 2: Issues with Product Display - Banks are criticized for showcasing the highest returns while hiding the actual performance, leading to confusion among investors [8][9]. - There is a lack of standardized information disclosure mechanisms, resulting in various performance metrics that complicate investor decision-making [8][10]. - Some banks only display historical performance for specific periods, omitting more relevant short-term returns [7]. Group 3: Investor Experience - Investors express frustration over the difficulty in accessing quality wealth management products, often requiring special permissions or facing limited availability [10][11]. - Many investors report that the performance metrics presented do not accurately reflect the long-term performance of the products, leading to misinterpretations of potential returns [9][12]. Group 4: Regulatory Environment - Regulatory bodies have issued guidelines to address the misleading display of wealth management product performance, yet issues persist in the market [12][13]. - The transition to a net asset value-based system for wealth management products is seen as a necessary step for improving transparency and accountability [12][13].

Core Insights - The scale of bank wealth management has returned to a historical high, reaching 31.35 trillion yuan as of May 29, indicating a strong demand for stable returns in a low-interest-rate environment [1][2] - The transformation towards "net value" in bank wealth management has shown effectiveness, reflecting the industry's adaptation to changing market conditions [1] Group 1: Supporting the Real Economy - Bank wealth management funds primarily invest in fixed-income assets, with over 80% allocated to bonds, cash, and bank deposits as of the first quarter of this year [2] - There is a growing demand from emerging industries for equity and non-standard debt financing, necessitating innovation in financial services to better support the real economy [2] - Some banks have successfully launched specialized products to provide comprehensive funding support for sectors like semiconductors and biomedicine, demonstrating a positive shift in asset allocation [2] Group 2: Meeting Diverse Wealth Management Needs - With market interest rates declining, residents are seeking stable wealth management products that can replace traditional deposits, leading to a strong demand for flexible investment options [3] - The current asset allocation in bank wealth management poses challenges in meeting investor return expectations, necessitating an increase in equity investments and product innovation [3] - Enhancing risk management, innovation capabilities, and equity investment skills is crucial for banks to improve their competitive edge in the wealth management sector [3] Group 3: Increasing Market Participation - As of the first quarter, bank wealth management investments in equity assets exceeded 800 billion yuan, but only accounted for 2.6% of total investments, indicating significant room for growth [4] - Banks are encouraged to steadily increase their market participation to become a stabilizing force in the capital market, benefiting both investors and the overall financial ecosystem [4] - The transformation of bank wealth management must be approached with caution to mitigate risks associated with credit downgrades, investor expectations, and potential liquidity challenges [4]

Core Insights - The development of bank wealth management has lagged behind, with public fund scale surpassing bank wealth management for the first time by June 2023, indicating a shift in competitive advantages [2] - The bank wealth management industry is undergoing a reassessment of its service clientele, operational models, and positioning to regain competitiveness [2][4] - The industry is expected to transition towards professional asset management companies in 2024, enhancing risk preference, product structure, and investment research capabilities [2][4] Industry Challenges - The year 2023 has been challenging for the industry, with both scale and performance under pressure, leading to adjustments in product performance benchmarks and fee structures to attract investors [4][5] - Bank wealth management scale fluctuated significantly, increasing from 23.4 trillion yuan at the end of 2019 to 25.34 trillion yuan by mid-2023, but saw a notable decrease compared to 2022 due to declining product yields [4][5] - The low risk tolerance of clients and the contradiction with the net value of wealth management products have led to increased volatility in product scale, complicating investment strategies [5] Strategic Shifts - The investment environment for bank wealth management has undergone five key changes, including more rational market expectations, low client confidence recovery, and a shift towards stable asset structures [8] - The focus for 2024 will be on maintaining a balanced approach to asset allocation, emphasizing safety and supporting national strategies while managing risks effectively [11] - There is a need for bank wealth management companies to diversify their product offerings, including cash and short-term debt products, while also exploring higher volatility products to create a more comprehensive product system [9][10] Future Outlook - The bank wealth management sector is projected to achieve a 10% growth in scale in 2024, with total assets expected to reach between 31 trillion and 32 trillion yuan [13] - The performance benchmark for wealth management products is anticipated to stabilize and potentially rise, which could support growth in the sector [13] - The asset allocation strategy will continue to follow the "80-20 rule," with a focus on maintaining a balance between safe assets and higher-yielding investments [13]

Core Viewpoint - The report highlights the current state and trends in the banking wealth management industry, emphasizing the need for timely and accurate assessments to support the industry's transformation and development [1] Market Review - The bond market remained volatile with an overall balanced and loose funding environment; the weighted average of DR007 was 1.42% and the yield on 10-year government bonds closed at 1.695% [2] - In the stock market, major A-share indices declined, with the CSI 1000, ChiNext, and Shanghai Composite Index experiencing weekly declines of 0.54%, 0.74%, and 0.94% respectively; the pharmaceutical, communication, and media sectors showed the highest weekly gains [2] Break-even Situation - The number of products below par value is low, with 24,774 public wealth management products in existence as of August 3, 2025, of which 324 had a cumulative net value below 1, resulting in a comprehensive break-even rate of 1.31% [3] - The break-even rates for equity and mixed wealth management products were 40.48% and 5.46% respectively, while fixed income products had a break-even rate of 1.02% [3] - Fixed income products with 1-2 years and over 3 years had slightly higher break-even rates of 2.27% and 2.82% respectively; 210 newly established public wealth management products in July 2025 were temporarily below par [3] New Product Issuance - A total of 441 wealth management products were issued by 32 wealth management companies from July 28 to August 1, 2025, with the highest issuance from joint-stock banks [4] - The majority of new products were R2 (medium-low risk), closed-end net value type, and fixed income public products; only 8 mixed products and 1 equity product were issued [4] - The pricing of products varied, with short-term products under 1 month dropping below 2% to 1.98%, while products over 3 years saw a rebound to 2.51%, an increase of 0.36 percentage points [4] Focus on Key Products - Everbright Wealth launched a new product "Yixiang Sunshine Gold Enjoyment 2028 Phase 1," an open-ended "fixed income + equity" product with a term of 3 years and no redemption transactions during the period [5] - The product aims for stable low-volatility returns from fixed income and targets long-term value investment returns from equity investments in broad-based and dividend ETFs [5] Yield Situation - The average net value growth rate for fixed income wealth management products was only 0.0227% over the past week, while mixed and equity products had average growth rates of 0.0363% and -0.5417% respectively [6] - The proportion of negative yield products increased, with 29.63% of RMB public wealth management products yielding negative returns; the highest negative yield was observed in fixed income products with a 51.05% rate for those over 3 years [6] Industry Hotspots - Guangyin Wealth was penalized for irregular investment operations, with a total fine and confiscation amounting to 11.5988 million yuan due to issues such as data management and information registration [7] Industry Trends - The banking wealth management market is expected to exceed 32 trillion yuan in 2025, following a projected growth to 29.95 trillion yuan by the end of 2024; the market is anticipated to reach 45 trillion yuan by 2026 [9] - The industry faces challenges in profitability despite a growing scale, with competition leading to reduced management fees and a focus on maintaining scale and net value [8][9]

Core Viewpoint - The financial industry is entering a new phase characterized by challenges and opportunities, with a focus on serving the real economy and promoting high-quality development through innovative financial products and services [1] Group 1: Bank Wealth Management Transformation - The transition to net value-based bank wealth management is reshaping market dynamics and investor behavior, breaking the expectation of "guaranteed returns" and increasing investor risk awareness [3][4] - Investors are more accepting of high-volatility products, creating better conditions for household wealth to enter the market [3][4] - The demand for innovative products is driven by the structural contradiction of abundant funds and a scarcity of quality assets, leading to a need for product innovation that balances stability and yield [4][5] Group 2: Personal Pension Wealth Management Market - The personal pension wealth management market is experiencing historic development opportunities due to aging demographics and increasing demand for retirement savings [10][11] - The government is supporting this market through policies that promote long-term investment in quality assets and improve the pension account system [10][11] - Financial institutions are responding by diversifying product offerings and enhancing service experiences to meet the evolving needs of consumers [10][11] Group 3: ESG Investment Trends - ESG investment in China is growing rapidly, driven by policy support and market expansion, with significant increases in ESG mutual funds and green bonds [13][14] - The integration of ESG factors into financial decision-making is becoming a competitive advantage for banks, as it can lower financing costs and enhance asset quality [14] - However, challenges remain, including data quality issues and the risk of "greenwashing" among companies [13][14] Group 4: Investment Strategies in Low-Interest Environment - Fixed-income funds need to adopt refined operational strategies to cope with declining yields, focusing on risk factor segmentation and dynamic asset allocation [15][16] - The market is facing complex risks, including interest rate sensitivity and liquidity issues, necessitating a comprehensive risk management framework [16][17] - Investors are advised to lower yield expectations and focus on matching holding periods with diversified asset allocations to navigate the low-interest environment [17]

Industry Focus - 17 listed banks have announced the cancellation of their supervisory boards, influenced by the revised Company Law and financial regulatory policies set to take effect in 2024 [1] Corporate Dynamics - Hangzhou Bank has completed the market-oriented conversion of 15 billion yuan in convertible bonds, marking significant progress in capital replenishment [4] - JiuTai Rural Commercial Bank is facing a pre-loss forecast of 1.7 billion to 1.9 billion yuan for 2024 and is set to delist following a voluntary conditional cash offer for its H-shares and domestic shares [5] - Chengdu Rural Commercial Bank plans to absorb and merge six village banks located in Sichuan Province [6] - Chongqing Rural Commercial Bank has obtained fund custody qualifications, becoming the first commercial bank to do so this year [7] - Shunde Rural Commercial Bank has withdrawn its IPO application after a prolonged lack of progress since its initial submission in 2019 [8] Financial Personnel - Zheshang Bank announced the resignation of Chairman Lu Jianqiang due to age, with Chen Haiqiang approved to take over as the new president [9][10]

Core Insights - The scale of bank wealth management has returned to a historical high, reaching 31.35 trillion yuan as of May 29, 2023, marking a new peak since 2022, reflecting the urgent demand for stable returns in a low-interest-rate environment and the effectiveness of the net value transformation in the industry [1][2] Group 1: Supporting the Real Economy - Bank wealth management has played a significant role in supporting the development of the real economy, with approximately 20 trillion yuan allocated to support the real economy and 126 million investors as of the end of Q1 2023 [1][2] - There is a need for banks to innovate financial services and increase investments in equity and non-standard debt assets to better serve the real economy, especially as new industries have a strong demand for such funding [2][3] Group 2: Meeting Diverse Wealth Management Needs - With market interest rates declining, residents are seeking stable wealth management products that can replace traditional deposits, leading to a strong demand for products with yield flexibility [3][4] - To enhance competitiveness, banks should increase investments in equity assets and innovate product offerings, which will require improved risk control, innovation capabilities, and equity investment skills [3][4] Group 3: Increasing Market Participation - As of the end of Q1 2023, bank wealth management funds invested over 800 billion yuan in equity assets, accounting for only 2.6% of total investments, indicating significant room for growth [4] - Banks should steadily increase their market participation to become a crucial stabilizing force in the market, which will also enhance returns for investors and promote balanced capital market financing [4]

Regulatory Policies and Asset Management Market Insights - On April 21, the China Interbank Market Dealers Association released the "Self-Regulatory Guidelines for Bond Valuation Business in the Interbank Bond Market (Trial)" which emphasizes the need to standardize product net value measurement and restrict the use of valuation rules to avoid net value requirements [2][6] - The central bank introduced a package of monetary policy measures on May 7, aimed at guiding commercial banks to lower deposit rates, which may create a "double-edged sword" effect in the bank wealth management market [2][10] - The China Securities Regulatory Commission (CSRC) released the "Action Plan for the High-Quality Development of Public Funds" on May 7, indicating that the public fund industry may face short-term pain but will optimize its long-term ecosystem [2] Market Performance and Trends - In April, the total outstanding scale of wealth management products significantly rebounded, increasing by 7.58% month-on-month to 31.09 trillion yuan, with a year-on-year growth of 8.05% [3] - The annualized yield of cash management products fell to 1.49%, down 10.25 basis points, while pure fixed-income products saw an annualized yield rise to 3.10%, up 48.82 basis points [3] - New issuance of wealth management products saw a decline in April compared to March, with fixed-income plus products, closed-end products, and 1-3 year products dominating the new issuance landscape [3] Product Performance and Standards - The compliance rate of wealth management products reached 74.75% in April, an increase of 7.05% compared to March [4] - The "Valuation Guidelines" aim to enhance the scientific, fair, and transparent nature of the valuation process, addressing issues such as market volatility and the disconnect between primary and secondary market prices [7] - The guidelines also clarify that users of valuation products bear the primary responsibility for understanding and evaluating these products, especially during periods of market volatility [7]