Group 1 - The issuance of equity and mixed financial products has significantly increased in 2025, with over 300 products currently available in the market [1][5] - As of September 2025, wealth management companies have conducted over 2,100 surveys of A-share listed companies, with a focus on the ChiNext and STAR Market, accounting for nearly half of the total surveys [2][4] - The active engagement of wealth management companies in surveys reflects a strategic shift towards active management and equity investment, influenced by macroeconomic conditions and changing client demands [1][4] Group 2 - The number of equity and mixed financial products issued in 2025 reached 259, with a total scale of 727 billion yuan, surpassing the entire issuance scale of the previous year [5][6] - The focus on "hard technology" companies has emerged, with frequent surveys conducted on firms like Zhongkong Technology and Dongxin Co., indicating a trend towards sectors with strong growth potential [4][6] - The current market environment shows a preference for "fixed income plus" products, as wealth management companies seek to meet client demand for higher risk-return profiles [5][6] Group 3 - The direct equity allocation scale for wealth management products dropped to a five-year low in the first half of 2025, while indirect allocation through funds reached a five-year high [6][7] - The issuance of mixed and "fixed income plus" products has significantly increased since August 2025, with expectations that total equity allocation will exceed 100 billion yuan in the latter half of the year [7] - The construction of equity investment capabilities within wealth management companies is deemed crucial for meeting the increasing client demand for equity investments as market conditions improve [7]

Core Insights - The asset management trust market showed strong performance in August, with significant year-on-year growth in both issuance and establishment [1] - The issuance of asset management trust products reached 2,654, marking a 4.12% increase month-on-month and a 25.79% increase year-on-year, with a disclosed issuance scale of 132.76 billion, reflecting a 1.87% month-on-month and a 37.67% year-on-year growth [1] - The establishment of asset management trusts also saw a year-on-year increase of over 10%, with 2,265 products established, although this represented a slight month-on-month decline of 1.31% [1] Issuance Market - The issuance of standard products (标品信托) was a key driver for the stable growth of the asset management trust issuance market, with 1,506 products issued in August, a month-on-month increase of 1.01% [1] - The internal structure of standard products showed mixed results, with fixed-income product issuance declining by 9.11%, while mixed products and equity products saw increases of 89.29% and 75.51% respectively [1] Establishment Market - In August, the disclosed establishment scale for asset management trusts was 71.67 billion, reflecting a month-on-month decline of 7.74% but a year-on-year increase of 14.92% [1] - Non-standard products saw a significant month-on-month decline in establishment scale by 20.11%, particularly in financial and infrastructure sectors, with financial products decreasing by 5.16 billion and infrastructure products by 8.48 billion [2] Market Dynamics - The decline in non-standard financial products was attributed to a significant drop in credit asset rights transfer business, with banks shifting towards standardized asset transfer methods like ABS, which can lower financing costs to below 2% [2] - The establishment of standard products saw a month-on-month decrease of 4.75%, but the disclosed establishment scale increased by 23.71%, indicating a shift in investor preferences towards equity markets [3] Strategic Insights - The development of standard trust products is seen as a necessary transition for trust companies under new asset management regulations, facilitating direct financing support for enterprises and enhancing the proportion of direct financing in the economy [3] - Standard trust products are expected to accelerate the industry's transition to net value management, aligning with investors' diverse financial needs and helping trust companies leverage their institutional advantages for competitive differentiation [3]

Summary of Key Points from Conference Call Records Industry Overview - The records focus on the banking wealth management industry, specifically analyzing the asset structure and investment behavior of bank wealth management products as of June 2025. Core Insights and Arguments - As of June 2025, the total assets held by bank wealth management products reached approximately 33 trillion yuan, with a leverage level of about 107.45% [1][3][4]. - The bond allocation in wealth management products is close to 42%, while cash and bank deposits account for about 24.8% [1][4]. - The growth of bank wealth management scale positively impacts the downward trend of credit spreads and helps maintain low levels [5]. - The transition to net value-based products has led to a decrease in demand for long-duration and low-rated assets, resulting in widening term spreads [5]. - The personal investor share in wealth management products is around 99%, holding nearly 90% of the total amount, making the liability side relatively unstable and susceptible to redemption pressures [1][8]. - Wealth management products are predominantly fixed-income, accounting for over 97%, with fixed-income plus products making up more than 60% [1][10]. Important but Overlooked Content - The significant feedback events in 2022, particularly in March and November, had different impacts on the market, indicating that price changes in different asset classes can lead to varying degrees of market response [6][7]. - The bond market has experienced two notable negative feedback adjustments in recent years, with the November 2022 adjustment being three times larger than that in March 2022, indicating a significant influence of wealth management scale and investment behavior on the bond market, especially the credit bond market [7]. - The structure of wealth management products shows a trend towards longer average durations for newly issued closed-end products in the first half of 2025, with the proportion of products with a duration of over one year increasing from 67% in 2024 to 73% in 2025 [14]. - The investment behavior of wealth management products is influenced by deposit rates, bond market, and stock market trends, with current deposit rates around 1% and newly issued wealth management products yielding about 2.5% [22]. - The shift towards credit bonds and public funds for investment is notable, with a significant increase in credit bond ETF scale, which is seen as an important tool for future wealth management investments [23]. Conclusion - The banking wealth management industry is undergoing significant changes, with a focus on credit bonds and a shift towards net value-based products. The influence of personal investors and market feedback events plays a crucial role in shaping the investment landscape. The overall trend indicates a cautious but steady growth in wealth management assets, with potential challenges ahead due to changing market conditions and investor behavior.

"这本质上是从'类信贷中介'向'真正资产管理机构'的转变。"用益信托研究员帅国让指出，组合投资对 信托公司的业务模式、资产获取、风险定价和投后管理都提出了前所未有的高要求。信托公司不能再仅 仅扮演"放贷者"的角色，而必须成为具备资产配置、风险分散和主动管理能力的"投资管家"。 记者了解到，上海多家信托公司已开始行动。一份某信托公司的产品推介书显示，其新发行的信托计划 已采用组合投资方式，同时向5个不同企业发放贷款，以分散风险。 【环球网财经综合报道】中国信托行业迎来一次深刻的结构性变革。记者从业内多家信托公司证实，自 2025年9月1日起，中国信托登记有限责任公司（下称"中信登"）已正式执行新的信托预登记审查标准， 核心变化是：不再接受底层为单一融资方的非标信托预登记。此举宣告了为单一企业"输血"的"类信 贷"信托模式正式终结，行业将全面转向"组合化"投资时期。 监管重拳落地，单一融资模式落幕 此次变化源于中信登发布的《信托登记业务指南（版本V3.0）》。根据新版指南及附件要求，资产管理 信托必须落实组合投资，明确"不得开展实质为单一融资方提供融资的信托业务"。这意味着，以往信托 公司为某个项目或某个融资方量 ...

Core Viewpoint - The bank wealth management market experienced fluctuations in the first half of 2025, with a decline in the overall scale in the first quarter, followed by a gradual recovery in the second quarter, reaching a total scale of 30.67 trillion yuan by the end of June, a growth of 2.38% compared to the beginning of the year [2][3]. Group 1: Market Performance - By the end of June, the number of wealth management products reached 27.48 trillion yuan, with a year-on-year growth of 12.98%, accounting for 89.61% of the total market [6]. - The Shanghai Composite Index has seen multiple breakthroughs of previous highs, closing at 3812.51 points [2]. - Non-bank financial institutions saw a record monthly increase of 2.14 trillion yuan in deposits, the highest level since 2015, while resident deposits decreased by 1.11 trillion yuan [2]. Group 2: Company Performance - Among 24 disclosed bank wealth management companies, the total net profit reached approximately 156.67 billion yuan, with most companies maintaining growth, although some faced profit pressure [3][5]. - Six companies, including China Merchants Bank Wealth Management and Bank of China Wealth Management, reported net profits exceeding 1 billion yuan, with China Merchants Bank leading at 13.64 billion yuan, despite a year-on-year decline of 5.74% [3][5]. - Some companies, such as Ping An Wealth Management, reported significant declines in net profit, with a 41.28% drop to 7 billion yuan [5]. Group 3: Industry Trends - The performance disparity among wealth management companies is attributed to macroeconomic factors and strategic adjustments by institutions, with a shift of resident savings towards net value-based products due to declining deposit rates [4][10]. - The rise of foreign wealth management companies is notable, with firms like BNP Paribas and Goldman Sachs seeing substantial growth in their asset management scales, indicating a shift in market dynamics [6][7]. - The overall trend suggests that larger institutions with better resource endowments and research capabilities will continue to dominate, while smaller firms may struggle to survive [5][8]. Group 4: Future Outlook - The low interest rate environment is expected to continue driving funds into the wealth management market, with companies encouraged to diversify their product offerings to meet varying customer needs [10][11]. - There is a growing interest in gold as a hedge against market volatility, with predictions of rising gold prices due to global economic conditions [11].

Core Insights - The bank wealth management market experienced fluctuations in the first half of 2025, with a recovery starting in the second quarter, leading to a total market size of 30.67 trillion yuan by the end of June, a 2.38% increase from the beginning of the year [1][4] - The performance of wealth management companies showed significant divergence, with 24 companies reporting a combined net profit of 156.67 billion yuan, indicating a "stronger getting stronger" trend in the industry [2][3] - The shift towards equity and gold investments is becoming a new focus for asset allocation, driven by declining deposit rates and increasing investor sensitivity to returns [8][9] Market Performance - By the end of June, the number of wealth management products reached 27,480, with a total size of 27.48 trillion yuan, reflecting a 4.44% increase from the beginning of the year and a 12.98% year-on-year growth [4][5] - The top wealth management companies, such as 招银理财 (Zhaoyin Wealth Management) and 兴银理财 (Xingyin Wealth Management), reported net profits exceeding 10 billion yuan, while some smaller firms faced significant declines [2][5] Profitability Trends - The profitability of wealth management companies is increasingly polarized, with some firms achieving substantial growth while others, like 平安理财 (Ping An Wealth Management), reported a 41.28% decline in net profit [3][6] - The pressure on profitability is attributed to factors such as the ceiling effect on scale and the trend of reducing management fees, which compresses revenue [3][6] External Factors - The influx of funds into the wealth management market is driven by the declining willingness of residents to save due to lower deposit rates, creating a "price comparison effect" that encourages investment in higher-yield products [8][9] - Foreign wealth management firms are gaining traction in the market, with significant growth rates reported, such as 法巴农银理财 (Société Générale) achieving a nearly fivefold increase in scale [5][6] Investment Strategies - Wealth management companies are advised to diversify their product offerings and enhance risk management capabilities to adapt to market volatility and changing investor preferences [8][9] - The focus on equity investments is expected to grow, although the current allocation remains low, with only 0.07 trillion yuan in equity products by the end of June [8][9]

Core Viewpoint - The recent strong performance of the stock market has significantly impacted the bank wealth management market, leading to the early termination of several wealth management products linked to the "CSI 1000 Index" due to reaching performance targets [1][2]. Group 1: Early Termination of Wealth Management Products - Several wealth management companies, including Xingyin Wealth Management and ICBC Wealth Management, announced the early termination of products linked to the CSI 1000 Index after they reached the performance benchmarks [2][3]. - The CSI 1000 Index saw a 4.7% increase in July, contributing to a year-to-date rise of 6%, which triggered the early termination of these products [2]. - The early termination mechanism is designed to secure profits when the linked asset performs better than expected, thus avoiding potential market volatility risks [3]. Group 2: New Product Issuance - Following the early terminations, wealth management institutions are actively launching new products linked to the CSI 1000 Index to fill the gap [4]. - For instance, Zhaoyin Wealth Management launched a new product with a fundraising scale exceeding 71.67 million yuan, continuing the trend of products linked to the CSI 1000 Index [4]. - A total of 53 wealth management products linked to various indices are currently in the fundraising or ongoing phases, with over 40% of them still open for subscription [5]. Group 3: Market Trends and Product Structure - As of June 2025, the total scale of bank wealth management products reached 30.97 trillion yuan, reflecting a 3.4% increase from the previous year, although the product structure shows increasing imbalance [6]. - Cash management products have decreased to 22.12% of the total, while fixed-income products dominate at 75.57%, with mixed and equity products accounting for less than 2.2% [6]. - The average yield across the market has declined to 2.4%, with a notable drop of 22 basis points, while mixed products saw a slight increase in yield [6].

Core Viewpoint - The banking wealth management industry is undergoing a valuation rectification process, which aims to eliminate irregular valuation methods and enhance market transparency [1][4][5]. Group 1: Valuation Rectification Progress - Financial regulatory authorities have set a deadline for wealth management companies to complete rectification by the end of this year, with many companies reporting that they have completed over half of their tasks [2][3]. - Some companies, particularly in southern China, have already completed their rectification efforts as early as last year [2]. - The focus of the rectification is primarily on the closing price valuation method, which is used for trading bonds on exchanges [2][3]. Group 2: Impact on Market Dynamics - The rectification process is expected to increase the volatility of wealth management product net values, as companies will no longer use smoothing methods to adjust net value fluctuations [1][6]. - The average annualized yield of open-ended fixed-income wealth management products has decreased to 2.84% as of the end of May, reflecting the impact of the rectification [6]. - The number of low-volatility, stable wealth management products is likely to decrease, while the proportion of mixed wealth management products may rise [6]. Group 3: Future Focus and Strategy - Post-rectification, wealth management companies will need to enhance their research and asset allocation capabilities to better manage net value fluctuations [7]. - Companies are advised to optimize their underlying asset allocation structure and improve their research capabilities in equity assets to balance market opportunities and volatility control [7].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The period from 2022 - 2024 was a significant turning point for the wealth management industry, with notable changes in the asset - liability structure, risk, and return of wealth management products. In 2025, the industry is entering a new stage of net - value transformation. Short - term low - volatility remains the core goal of bank wealth management, and in the long run, there are two potential breakthroughs: continuing to create deposit - alternative products and adopting the "fixed income + multi - asset" strategy [13][70]. 3. Summary Based on Relevant Catalogs 3.1 2022 - 2025, Changes in the Yield and Drawdown of Wealth Management Products - **2022: Representative shock after the full net - value transformation of the wealth management market** - In Q4 2022, after the extreme compression of credit spreads, the bond market reversed, leading to a redemption negative feedback shock in the wealth management market. The industry scale dropped from 31.4 trillion yuan in Oct 2022 to 25.0 trillion yuan in Mar 2023. About 76% of products had a maximum drawdown exceeding 50bp, and nearly half of the products had an annualized yield falling below 2% [2][12][14]. - **2023: The "repair year" after negative feedback** - The wealth management industry shifted its focus to stabilizing yields, introduced net - value smoothing operations, and reshaped the product layout and asset allocation. The weighted annualized return rose to 3.30% from 1.47% in 2022. Over 70% of products had an annual maximum drawdown below 20bp [20][21][24]. - **2024: The "final year" of the low - volatility era of wealth management** - Regulatory tightening ended the low - volatility era. The product structure concentrated more on short - duration products. The proportion of products with an annualized yield between 2.5% and 3.5% increased to 49%, and about 60% of products had a drawdown within 10bp [28][30]. - **2025: Valuation rectification may be carried out in an orderly manner** - Regulatory focus is on the "closing price valuation". As of May 31, 2025, the scale of Shanghai Stock Exchange private bonds held through trust was still 2.49 trillion yuan. As of May 31, 19% of products had a drawdown exceeding 20bp, and 6% had a drawdown over 50bp, but 73% of products had a drawdown within 10bp [35][40]. 3.2 Returning to "Net - value", What Changes Have Occurred in Wealth Management? - **Liability side: Expand scale and reduce costs** - In 2025, wealth management institutions aimed to expand scale. By May 31, wealth management had increased by 1.58 trillion yuan compared to the beginning of the year. The liability side shifted from absolute drawdown sensitivity to partial yield sensitivity, and the weighted duration of products started to rise. Wealth management also actively lowered the lower limit of the performance benchmark [44][45][50]. - **Asset allocation: Emphasize liquidity and gradually enter the new stage of "certificates of deposit + short - term bonds"** - In 2025, there were three transformation signals in asset allocation: continued reduction of the deposit position, increased allocation of certificates of deposit, and increased allocation of bond - related assets, especially interest - rate bonds. The proportion of public funds in the first - quarter allocation also increased by 0.1 pct to 3.0% [55][56][63]. 3.3 Looking Ahead, Seeking Opportunities in Changes - In the short term, low - volatility remains the core goal of bank wealth management. In the long run, there are two potential breakthroughs: continuing to create deposit - alternative products and adopting the "fixed income + multi - asset" strategy [70].

Core Insights - The low interest rate environment is significantly impacting household asset allocation and pushing the financial industry towards transformation [2][5] - Financial companies are adapting to the pressure on yields by focusing on "fixed income plus" products and diversifying their investment strategies [3][6] Group 1: Market Trends - As of the end of 2024, 95.69% of the existing wealth management products have a risk level of R2 (medium-low) or below, with fixed income products dominating at 73% of the total scale [3] - The annualized yield for fixed income wealth management products has dropped to the "2" range, while cash management products have fallen to the "1" range [3] Group 2: Product Strategy - Financial companies are increasingly optimizing their fixed income product asset allocation and trading capabilities to stabilize investor experience [3][6] - The introduction of "fixed income plus" products aims to enhance yields by incorporating convertible bonds, public REITs, and equity assets [3][4] Group 3: Investor Guidance - Investors are advised to manage their yield expectations as financial companies are lowering performance benchmarks for new products, with a 15 basis point reduction for semi-annual fixed income products and 20 basis points for one-year products [5] - When purchasing equity-linked products, investors should assess their risk tolerance, review product details, and consider the product's duration and liquidity [7]