Core Insights - The Chinese asset management industry achieved a record scale of 170.13 trillion yuan by mid-2025, marking a 4.27% increase from the end of 2024, indicating a stable development phase post-implementation of new regulations [1][9] - Bank wealth management and public funds are the main drivers of industry growth, with bank wealth management reaching 30.67 trillion yuan (up 2.38%) and public funds at 34.39 trillion yuan (up 4.78%) by mid-2025 [1][5] - The market is experiencing a concentration effect, with major institutions like E Fund and Huaxia leading the public fund sector, while state-owned and joint-stock banks dominate the bank wealth management market [2][7] Asset Management Scale - As of June 2025, the total assets under management (AUM) in China's asset management industry reached 170.13 trillion yuan, a historical high [1] - The bank wealth management market had a total scale of 30.67 trillion yuan, with a notable increase in the market share of wealth management companies to 89.61% [3][4] Market Dynamics - The number of banks in the wealth management sector decreased by 24, while the number of wealth management companies increased by 1, indicating market consolidation [4] - The public fund sector saw a total of 12,905 products with a net asset value of 34.39 trillion yuan, reflecting a 4.78% growth [5] Product Performance - Bank wealth management products generated an average net value growth rate of approximately 0.65% in Q2 2025, with equity mixed products achieving a growth rate of 1.01% [3] - QDII funds showed strong performance, with average returns of 7.91% for equity QDII funds and 10.72% for mixed QDII funds in Q2 2025 [6] Investment Trends - The asset allocation in the insurance asset management sector is shifting towards equities, with a 16.65% increase in stock investments by life insurance companies compared to the previous year [8] - Innovative products such as REITs and ETFs are emerging, providing new investment channels and reflecting a shift in investor preferences [9] Future Outlook - The asset management industry is expected to focus more on quality rather than just growth in scale, with an emphasis on professionalization, differentiation, and internationalization [10] - The industry faces challenges such as low interest rates and the need for refined product management to meet diverse investor demands [10]

随着资管新规过渡期进入倒计时，银行理财产品的迁移工作也在提速。北京商报记者5月31日发现，招 商银行、中信银行近日相继发布公告，拟将部分前期发行的理财产品分批划转至理财子公司。除此之 外，兴业银行、光大银行、农业银行、南京银行等银行此前也均启动了理财产品迁移工作。分析人士指 出，随着理财子公司发展日益成熟，其理财产品发行销售、运营管理和投资研究等能力都逐步跟上，母 行理财产品加速迁移至理财子公司的必要性正在加大。 银行理财产品移行提速 根据5月31日中信银行发布的《关于部分理财产品变更产品管理人的公告》，为保障理财业务平稳、合 规、健康地发展，该行拟将部分前期发行的理财产品分批有序地划转至信银理财管理。迁移产品包 括"中信理财之乐赢成长强债日开净值型人民币理财产品""中信理财之共赢稳健纯债三个月锁定期净值 型人民币理财产品""中信理财之慧赢成长强债日开净值型人民币理财产品""中信理财之尊享中短债净值 型人民币理财产品"和"中信理财之尊享短债净值型人民币理财产品"。中信银行表示，将于2021年6月10 日-11日暂停上述5类产品的申购及赎回交易，划转后对应理财产品在全国银行业理财信息登记系统中登 记的募集起始日 ...

"大资管"时代下，券商资管规模已从峰值逐步降至8.64万亿元，压降幅度超50%。券商资管面临全 面转型，提升主动管理能力成为重要转型方向。最新数据显示，中信证券的月均资管规模、主动管理资 产规模双双突破1万亿元；中金公司等5家券商的主动管理资产规模占比均超90%，转型成效凸显。 主动管理规模环比大增87% 在资管新规下，券商通道业务受到压缩，主动管理能力开始成为券商壮大资管业务的关键。2021年 四季度，前20强券商的主动管理资产规模合计达5.21万亿元。其中，中信证券的主动管理月均资产规模 已超1万亿元，为10462.5亿元。去年三季度，中金公司的主动管理资产规模逼近中信证券，仅相差250 亿元；然而，仅仅经历了一个季度，中信证券再次拉开差距，领先中金公司规模1887亿元，而且，中信 证券的主动管理资产规模占比也提升至89.61%。 不过，在步伐不断加快的转型过程中，也暴露出不少问题。其中，资管新规落实不到位、资管产品 违规运作、投资管理不规范、信用风险管理机制不健全等方面的问题较为突出。 前20强券商资管规模 合计突破6万亿元 2月23日晚间，中基协发布资管月均规模（更新）显示，2021年四季度，前20强 ...

Core Insights - The trend of decreasing fees for bank wealth management products has been observed, with some fees dropping to zero, indicating a competitive shift in the market [1][2] - The decline in fees is attributed to a combination of factors including a relaxed funding environment, increased competition among banks, and the transition to net value products [1][2] - Future competition may lead more banks to adopt fee reduction strategies, emphasizing the importance of comprehensive financial services and customer satisfaction [3] Group 1: Fee Adjustments - Several banks, including China Merchants Bank and Huaxia Bank, have announced fee reductions for their wealth management products, with some fees now at zero [1] - The main fees associated with bank wealth management products include sales fees, custody fees, and management fees, among others, with variations across different banks [2] Group 2: Market Dynamics - The overall trend shows that fixed fees for bank wealth management products are generally lower than those for public funds, particularly in terms of custody fees [2] - The competitive landscape is evolving due to the implementation of asset management regulations, prompting banks to adjust their fee strategies in response to public funds and other asset management entities [2][3]

Core Insights - The banking wealth management industry in China has shown stable growth, achieving a market size of 29 trillion yuan by the end of 2021, a year-on-year increase of 12.14% [1] - The transition period for regulatory compliance under the new asset management regulations has been largely completed, with the scale of guaranteed wealth management products reduced to zero and net value products accounting for 92.97% of the total [2] - The report indicates a significant increase in the number of investors holding wealth management products, reaching approximately 81.3 million by the end of 2021, with individual investors growing by 94.48% [5][6] Market Overview - The total number of new wealth management products issued in 2021 was 47,600, raising 12.219 trillion yuan, generating nearly 1 trillion yuan in returns for investors [1] - The proportion of bond assets in wealth management products has increased, with bond holdings rising by 4.13 percentage points year-on-year [3] - The report highlights that credit bonds accounted for 48.13% of total investment assets, with AA+ rated and above credit bonds making up 84.05% of the credit bond holdings [3] Regulatory Environment - The regulatory framework for wealth management has been strengthened, with a focus on professional supervision and risk management [7] - The China Banking and Insurance Regulatory Commission (CBIRC) will continue to approve new wealth management companies based on a "mature one, approve one" principle [7] - The report emphasizes the need for ongoing regulatory oversight to ensure compliance and mitigate risks in the wealth management sector [7][8] Future Outlook - The banking wealth management industry is expected to enter a new phase of quality improvement and upgrading in 2022, focusing on differentiated development and increased openness to foreign investment [8] - There will be an emphasis on enhancing asset allocation efficiency and flexibility, directing funds into key areas of the national economy [8][9] - The industry aims to better meet the diverse and high-quality development needs of wealth management, with a focus on social responsibility investments and supporting the real economy [8][9]

面对市场变化，银行理财应如何降低收益波动？根据记者了解，多家理财公司正在加紧研究措施，进一 步加强资产配置。一方面，根据银行客户普遍的低风险配置倾向，加大对债券等固定收益类产品的投 入；另一方面，加大对权益类产品配置的投资研究能力，同时，适当延长相关理财产品的封闭期，相当 于延长了投资期限，减少短期市场波动对投资者行为的干扰。 针对以上现象，市场上有声音认为，这是因为银行理财此前"赔本"了、没人买了，理财公司这才开始自 购产品。需要厘清的是，该观点属于误读。回顾股票市场，上市公司高管增持自家股票并非新鲜事。与 此类似，理财公司自购理财产品也属于正常的市场行为。 "此次自购的主要原因有三方面。"多家理财公司负责人表示，一是对经济长期向好有信心，二是对中国 资本市场的韧性有信心，三是对自己的投资研究能力有信心。 信心足则预期稳。此前，银行理财市场曾出现预期波动——多款理财产品跌破净值出现"赔本"。同花顺 统计数据显示，截至2022年3月27日，银行理财子公司所发产品的"破净"数量已达1734款，在已披露净 值数据的11548款产品中占比15%。 银行理财不是保本保息吗？为什么它的收益表现与资本市场波动紧密相关？根 ...

Core Viewpoint - The regulatory authorities are actively promoting the entry of bank wealth management subsidiaries into the public fund management sector, indicating a strong expectation for the high-quality development of these subsidiaries [1][2][3]. Regulatory Changes - The China Securities Regulatory Commission (CSRC) has released new rules allowing bank wealth management subsidiaries to apply for public fund licenses, which is a continuation of previous policies aimed at enhancing the quality of the public fund industry [2][3]. - The new regulations are seen as a way to gradually push bank wealth management towards public offerings, benefiting more ordinary investors and providing competitive opportunities against other asset management institutions [3][5]. Market Impact - The acquisition of public fund licenses is expected to significantly enhance the equity investment capabilities of bank wealth management subsidiaries, allowing them to offer a wider range of investment products [2][3]. - With the trend of declining interest rates, these subsidiaries are looking to improve their equity investment capabilities to better serve their clients and expand their market presence [3][5]. Collaboration and Competition - There is a potential for collaboration between bank wealth management subsidiaries and existing fund companies, with the expectation that cooperative effects will outweigh competitive tensions [6][7]. - The risk-return characteristics of products from bank wealth management subsidiaries and public funds differ significantly, which may lead to a complementary relationship rather than direct competition [6][7]. Future Outlook - If bank wealth management subsidiaries obtain public fund licenses, they are likely to focus initially on cash management and fixed-income products, which could complement traditional public funds that emphasize equity investments [7]. - The long-term success of these subsidiaries will depend on their ability to leverage their existing banking relationships and sales channels to meet diverse client financing needs while navigating the competitive landscape [7].

Core Viewpoint - Investors should not solely rely on displayed yield numbers when selecting bank wealth management products, as these figures require careful analysis of their specific types and regulatory context [1][2]. Group 1: Types of Yield - Various yield types include performance comparison benchmarks, annualized yields over different periods (7 days, 1 month, 3 months, since inception), which serve different purposes in evaluating investment performance [2][3]. - The performance comparison benchmark is a target set by the product manager and does not guarantee future performance or actual returns [2][3]. - Annualized yield is calculated on a yearly basis to standardize returns for easier comparison, with different time frames providing multiple metrics for investors [3][4]. Group 2: Regulatory Context - Regulatory requirements prohibit the prediction of future performance for wealth management products, emphasizing that past performance does not indicate future results [1][4]. - Financial institutions can display various past performance metrics based on product characteristics, but there is no unified standard for presenting these yields [4]. Group 3: Investment Strategy - Investors should align their analysis of yield types with their investment horizon; for long-term investments (over 6 months), focus on performance comparison benchmarks and annualized yields, while for short-term investments (1 to 6 months), short-term yields should be prioritized [4]. - It is suggested that investors extend their investment duration to achieve more stable returns, as most net value-based products tend to fluctuate around the performance comparison benchmark over time [4].

"保险资管机构应积极拥抱财富管理市场，在培育高净值户、扩展资金来源和销售渠道，丰富产品 类别，开发工具类产品，并提供相应资产配置咨询服务等方面，发挥自身优势，赢得市场。"近期，国 寿资产有关团队在《中国保险资产管理》上发布的《新时代加快发展保险资管产品的思考与建议》文章 中称。 同时，上述文章还呼吁让所有资管机构在同一起跑线上公平竞争，在税收待遇、打新政策等方面与 公募基金保持一致，并期望相关监管部门放开年金、社保基金对保险组合类资管产品的投资。 组合类保险资管大发展 在此背景下，组合类保险资管产品应从多方面进行应对，积极拥抱财富管理市场。首先，保险资管 有望通过养老金及高净值客户进一步拓宽资金来源；其次，保险资管产品代销正处起步阶段，合作模式 和能力建设仍需持续深耕。 加快行业发展几个建议 上述文章还分析，保险资管行业也面临一些问题。比如，部分保险资管产品存在税负优惠不同的问 题，降低产品对投资者的吸引力；保险资管产品股票打新被认定为B类投资者，配售比例低于基金及基 本养老金和社会保障基金等。2023年，保险业IFRS9的实施将给保险资管机构带来诸多挑战。 对此，该文也提出了一些政策期待。2018年，资管新 ...

值得注意的是，从投资者结构看，个人投资者仍占绝对比重，但机构投资者的比例也有所上升。截 至2022年6月末，个人投资者数量为9061.68万人，占比99.08%，机构投资者数量为83.72万个，占比 0.92%，较上年末的占比0.77%上升了0.15个百分点。 广受关注的银行理财市场实现了稳步增长、深化改革、服务实体经济发展。 8月19日，银行业理财登记托管中心发布的《中国银行业理财市场半年报告（2022年上）》（以下 简称《报告》）显示，银行理财上半年累计为投资者创造收益4172亿元；截至2022年6月末，理财产品 存续规模达29.15万亿元，同比增长12.98%，投资者数量达9145.40万个，同比增长49%。 "产品更加丰富、服务更加专业，这些因素增加了理财产品对投资者的吸引力。"招联金融首席研究 员董希淼说，预计全年理财市场规模将突破30万亿元，投资者将超过1亿个。 与此同时，理财产品服务实体经济的质效持续提升。根据资管新规要求，目前保本理财产品已清 零，净值型理财产品大幅增加，占比达95.09%；截至2022年6月末，银行理财产品支持实体经济资金规 模约25万亿元，同业理财、多层嵌套大幅减少。 投资 ...