本课题组成员： 研究员：黄桂煊 薛茹云 陈子卉 数据分析师：张稆方 数据来源：粤港澳大湾区（广东）财经数据中心、南财理财通 编者按：《机警理财日报》作为南财集团、21世纪经济报道、南财理财通的金牌理财专栏，目前细分了现金、纯固收、固收+期权、固收+权益、混合、权 益、衍生品七大类，已实现对银行理财市场的每日追踪。为了进一步反映银行理财行业发展现状，南财理财通课题组特开设银行理财月报独家专题，力求及 时准确研判理财行业趋势、洞悉理财产品表现，以期为银行理财行业转型发展带来参考价值。 本期，南财理财通课题组发布7月份银行理财行业运作报告，对理财产品破净情况、新发情况、到期情况和存续情况进行分析。 摘要： 破净情况：7月理财产品破净率破净比例为1.23%，环比6月上升0.69个百分点。其中固收类理财产品破净率上升至0.97%；混合类理财产品破净率4.69%，环 比下降0.89个百分点；权益类理财产品破净率从6月末的15.65%升至17.81%。 新发情况：2025年7月，理财公司加快产品新发，产品发行量环比涨超25%。此外，理财公司加大了产品在渠道端的营销力度，产品募集规模较为可观，募 集规模均值达到3.12亿元， ...

Core Viewpoint - The report highlights the performance and trends in the bank wealth management industry for June 2025, indicating a significant decline in the net loss rate of wealth management products, alongside stable issuance and maturity rates, reflecting a cautious yet optimistic market environment [2][4][12]. Break-even Situation - In June 2025, the break-even rate of wealth management products reached a new low of 0.54%, with fixed-income products at 0.17%, mixed products at 5.58%, and equity products at 15.65% [2][4][12]. - The majority of public fixed-income products maintained a break-even rate of 0 or saw a decrease in their break-even rates [4][11]. New Issuance Situation - A total of 1,795 wealth management products were issued by 32 companies in June 2025, remaining stable compared to May's 1,806 products [2][5]. - The structure of new products showed an increase in short-term, low-risk, high-liquidity products, with the proportion of level one risk products rising to 22.1% [6][8]. Maturity Situation - In June 2025, 1,089 closed-end RMB wealth management products matured, marking a 30.26% increase from the previous month [3][8]. - The overall performance compliance rate for matured products was 82.42%, with fixed-income products achieving a performance compliance rate of 48.25% [9][10]. Existing Situation - As of the end of June, there were 27,381 existing wealth management products, with fixed-income products accounting for 92.55% [11]. - The proportion of open-ended products increased to 54.79%, indicating a shift in product structure [11]. Product Performance - Equity wealth management products showed the best performance in the first half of the year, with an average net value growth rate of 5.82% [12][14]. - Fixed-income products had the lowest average net value growth rate of 1.26%, but exhibited superior stability with a maximum drawdown of only 0.19% [12][14].