证券研究报告 2026 年 01 月 08 日 湘财证券研究所 行业研究 银行业理财研究 银行理财月度跟踪 相关研究： 1. 《2026年银行业策略：高股息 为盾，静待价值修复》 行业评级：增持(维持) 近十二个月行业表现 % 1 个月 3 个月 12 个月 | 相对收益 | -5.6 | 1.8 | -17.8 | | --- | --- | --- | --- | | 绝对收益 | -1.4 | 4.7 | 8.0 | 分析师：郭怡萍 证书编号：S0500523080002 Tel：(8621) 50295327 Email：guoyp@xcsc.com 中国人寿金融中心10楼 核心要点： 理财市场动态 2025.12.31 理财信息披露规则体系进一步规范。近日，金融监管总局发布《银行保险 机构资产管理产品信息披露管理办法》，旨在统一银行理财、信托、保险 资管三类产品的信息披露监管规则，解决现行标准不一的问题。《办法》 核心是构建覆盖产品全生命周期的信息披露体系，在坚持"同类业务、相 同标准"统一原则的基础上，对公募产品与私募产品实施差异化要求，形 成"1+3"的规则体系。 《办法》严格规范业绩比较基准调 ...

Summary of Key Points Core Viewpoint - The report provides an analysis of the banking wealth management industry for October 2025, highlighting the performance of various financial products, including their net value, issuance, maturity, and ongoing status. Group 1: Break-even Situation - The break-even ratio of wealth management products in October was 0.31%, a decrease of 1.81 percentage points month-on-month. The break-even rate for fixed-income products was 0.17%, down 1.89 percentage points, while mixed products were at 2.42%, down 0.24 percentage points. The break-even rate for equity products increased to 21.57% [2][4][6]. Group 2: Issuance Situation - In October 2025, a total of 3,005.71 billion yuan was raised from wealth management products, with an average fundraising scale of 31.8 million yuan, representing a more than 40% increase from the previous month [3][13]. Group 3: Maturity Situation - A total of 877 closed-end RMB wealth management products matured in October, with a performance lower limit compliance rate of 87.76% and a performance median compliance rate of 50.29%. The average annualized return for fixed-income products was 2.88%, while mixed products yielded 2.28% [3][22][24]. Group 4: Ongoing Situation - Equity wealth management products showed the best performance in the first ten months of the year, with an average net value growth rate exceeding 15%, reaching 17.17%. Mixed products saw a slight increase in average net value growth from 4.18% to 4.30%, while fixed-income products rose from 1.81% to 2.01% [30][32]. Group 5: Product Structure - In October, 96.4% of newly issued products were public offerings, while 3.6% were private offerings. Closed-end net value products accounted for 61.9% of the total, with fixed-income products dominating at 98.7% of new issuances [10][11][28]. Group 6: Product Performance - The average net value growth rate for equity products in the first ten months was 17.17%, while mixed products grew by 4.30% and fixed-income products by 2.01%. The average maximum drawdown for fixed-income products was 0.17%, while equity products had a maximum drawdown of 9.28% [30][34].

Investment Rating - The industry investment rating is maintained at "Overweight" [4] Core Views - The wealth management market has shown stable growth in the existing scale this year, but the growth rate is slower compared to public funds. As of the end of August 2025, the scale of public funds reached 36.25 trillion yuan, with a year-on-year growth of 17.3%. The existing scale of wealth management has exceeded 30 trillion yuan since the end of the first half of the year, with a growth rate in single digits. This is attributed to the low deposit interest rate environment causing a migration of funds, while public funds continue to attract inflows due to the favorable equity market conditions [5][12] - In September, the average annualized yield of cash management wealth management products was 1.33%, down 2 basis points from the previous month and down 50 basis points from December of the previous year. The average annualized yield of money market funds was 1.21%, unchanged from the previous value, and down 35 basis points from December of the previous year. The yield difference between cash management products and traditional money market funds has been narrowing [6][15] - The overall break-even rate of wealth management products increased in September, with the break-even rate of fixed income + wealth management products at approximately 4.4%, continuing to rise from the previous month. The number of deeply broken products (unit net value < 0.99) remains low, indicating an upward trend in break-even rates due to increased volatility in the bond market and differentiated performance in the equity market [9][27] Summary by Sections Wealth Management Market Dynamics - The existing scale of wealth management has shown stable growth, but the growth rate is slower compared to public funds. The existing scale has exceeded 30 trillion yuan, with a growth rate in single digits. The low deposit interest rate environment has contributed to this expansion, while public funds have attracted more inflows due to favorable equity market conditions [5][12] Wealth Management Product Yields - In September, the average yield of pure fixed income wealth management products was 2.09%, down 0.47 percentage points from the previous month. The yield of fixed income + wealth management products was 1.65%, down 0.99 percentage points. The yields across different maturities of fixed income wealth management products have decreased, with short-term yields at 1.90%, medium-term at 2.38%, and long-term at 1.84% [7][22] - The average yield of short-term fixed income + wealth management products was 1.78%, down 0.37 percentage points, medium-term at 1.50%, down 0.88 percentage points, and long-term at 2.06%, down 2.12 percentage points [8][22] Wealth Management Product Break-even Rates - The break-even rate of wealth management products has increased, with the overall break-even rate of fixed income + wealth management products at approximately 4.4%, indicating a rising trend due to increased market volatility [9][27]

Core Insights - The report highlights the performance and trends in the bank wealth management industry for August 2025, focusing on the net value of wealth management products, issuance, maturity, and ongoing status. Group 1: Break-even Situation - The break-even rate for wealth management products in August was 0.94%, a decrease of 0.29 percentage points month-on-month, falling below 1% again [2][3] - The break-even rate for fixed-income products was 0.76%, down 0.21 percentage points; for mixed products, it was 3.22%, down 1.47 percentage points; and for equity products, it decreased to 15.75% [2][3] Group 2: New Issuance Situation - In August 2025, the issuance of wealth management products slowed, with a 15% month-on-month decrease in the number of products issued, and only three products raised over 5 billion yuan [2][5] - Despite the slowdown, there was significant innovation, with companies focusing on multi-asset and equity products, leading to an expansion in public equity wealth management offerings [2][5] Group 3: Maturity Situation - A total of 703 closed-end RMB wealth management products matured in August, a decrease of 26.46% month-on-month, with an overall performance benchmark compliance rate of 80.7% [2][10] - The compliance rate for fixed-income products was 48.79%, down 6.36 percentage points from July, while the compliance rate for mixed products was 34.78% [11][12] Group 4: Ongoing Situation - As of the end of August, there were 29,427 public wealth management products across 32 companies, with a break-even ratio of 0.94% [3][12] - Fixed-income products accounted for 92.90% of the total, while mixed products made up 4.98% and equity products only 0.50% [12][13] Group 5: Product Performance - Equity wealth management products showed the best performance in the first eight months of the year, with an average net value growth rate of 13.39%, while mixed products had a growth rate of 3.36% and fixed-income products only 1.68% [3][14] - Fixed-income products maintained a low average maximum drawdown of 0.2%, while equity products had a maximum drawdown of 9.66% [14][15] Group 6: Product Innovation - Huayin Wealth Management launched the "Star Hu+" multi-asset strategy system, focusing on risk control and diversified investments [8] - Shanghai Bank Wealth Management introduced a 2.0 version of its product system, enhancing features for wealth management and investment strategies [8]

Core Insights - The report highlights the performance and trends in the bank wealth management industry for July 2025, focusing on product performance, issuance, and maturity rates. Group 1: Performance Analysis - The net value decline rate for wealth management products in July was 1.23%, an increase of 0.69 percentage points from June. The fixed income product decline rate rose to 0.97%, while the mixed product decline rate decreased to 4.69%. The equity product decline rate increased from 15.65% at the end of June to 17.81% [3][7][5]. - Equity wealth management products showed the best performance in the first seven months of the year, with an average net value growth rate of 7.35%. Mixed products had a growth rate of 2.29%, while fixed income products only achieved a growth rate of 1.45%. However, fixed income products maintained a lower average maximum drawdown of 0.2%, compared to 9.41% for equity products [4][36]. Group 2: Issuance Trends - In July 2025, wealth management companies accelerated the issuance of new products, with a total of 2,272 products launched, representing a more than 25% increase from June's 1,795 products. The average fundraising scale reached 3.12 billion yuan, up over 20% from June's 2.55 billion yuan [9][13]. - The top three companies by issuance volume were Huaxia Wealth Management, Xinyin Wealth Management, and Xingyin Wealth Management, with 188, 160, and 158 products issued, respectively [9][11]. Group 3: Maturity and Compliance Rates - A total of 956 closed-end RMB wealth management products matured in July, a decrease of 12.21% from the previous month. The overall performance benchmark compliance rate for matured products was 84.76%, with fixed income products achieving a compliance rate of 55.15%, up 6.9 percentage points from June [19][22]. - Among the matured products, 423 fixed income products met the performance benchmark, representing 55.15% compliance, while mixed products had a compliance rate of 30.77% [22][26]. Group 4: Product Structure and Risk Levels - In July, public offerings accounted for 93.7% of the total new products issued, with fixed income products dominating at over 95% of the total issuance. The risk level distribution showed that 77% of new products were rated as medium-low risk [11][32]. - The average annualized yield for closed-end fixed income products that matured in July was 2.9%, while mixed products yielded an average of 2.31% [24][28].

Investment Rating - The industry investment rating is maintained at "Overweight" [4] Core Insights - The bank wealth management market experienced steady growth in the first half of 2025, with a total scale of 30.67 trillion yuan, representing a year-on-year increase of 7.53%. The scale of wealth management companies reached 27.48 trillion yuan, up 12.98% year-on-year. This growth is attributed to the migration of funds due to low deposit interest rates, indicating potential for continued stable expansion [6][14] - The structure of wealth management products shows that fixed-income products account for 97.20% of the total scale, with a slight decrease of 0.13 percentage points since the beginning of the year. This decline is expected to be related to bond market volatility and improved conditions in the equity market [6][16] - In terms of asset allocation, there has been an increase in cash and deposit assets as well as public funds, while allocations to bonds and interbank certificates of deposit have decreased. Specifically, the allocation ratios for bonds, interbank certificates, and equity assets have decreased by 1.7%, 0.6%, and 0.5% to 41.8%, 13.8%, and 2.4%, respectively [6][20] Wealth Management Product Yield - The yield of cash management wealth management products has continued to decline, with a 7-day annualized yield of 1.44% in July, down 6 basis points from the previous month and 40 basis points from December of the previous year. In comparison, the yield of money market funds was 1.25%, down 9 basis points month-on-month and 31 basis points year-on-year [8][24] - The average annualized yield for short-term pure fixed-income wealth management products was 2.15%, up 0.03 percentage points from the previous month, while the yields for medium-term and long-term products decreased [9][27] - The overall break-even rate for fixed-income + wealth management products increased to approximately 2.4% in July, indicating a rise from the previous month, although the number of deeply discounted products remains low [10][35] Market Performance - Over the past 12 months, the industry has shown a relative return of 13.49% and an absolute return of 25.64%, indicating strong performance compared to the market benchmark [5]

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].

Market Overview - The bond market is experiencing fluctuations with an overall balanced and loose funding environment. As of June 27, the weighted average of DR007 is 1.7%, and the yield on 10-year government bonds is at 1.65% [2] - In the stock market, easing geopolitical tensions in the Middle East led to gains in major A-share indices, with the weekly increases for the ChiNext Index, CSI 1000 Index, and CSI 500 Index being 5.69%, 4.62%, and 3.98% respectively. The computer, defense, and non-bank financial sectors saw the highest weekly gains [2] Product Performance - As of June 27, 2025, there are 23,906 active public wealth management products, with 137 products having a cumulative net value below 1, resulting in a comprehensive broken net rate of 0.57%. The broken net rates for equity and mixed wealth management products are 48.78% and 6.55% respectively, while fixed income products have a broken net rate of 0.16% [3] - The broken net rates for fixed income products across various maturities remain low, all below 1%. The broken net rates for 1-2 year and 2-3 year products are slightly higher at 0.43% and 0.3% respectively [3] New Product Issuance - A total of 448 wealth management products were issued by 31 wealth management companies from June 23 to June 27, with the highest issuance from joint-stock banks. Notable issuers include Xinyin Wealth Management, Xingyin Wealth Management, Puyin Wealth Management, and Huaxia Wealth Management, which issued 41, 38, 33, and 32 products respectively [4] - The newly issued products are primarily R2 (medium-low risk), closed-end net value type, and fixed income public products, with only 5 mixed products (1.1% of total) and 2 equity products from Zhongyou Wealth Management [6] Product Observations - Zhongyou Wealth Management launched its first equity public products, indicating a strategic move into equity investment. The two products focus on technology and intelligent manufacturing, and FOF investment strategies, with a minimum holding period of 14 days and a starting investment of 10,000 yuan. The fundraising scale for these products was relatively small, with 4.7 million yuan and 5.7 million yuan respectively [8] - Huaxia Wealth Management's closed-end product failed to raise the required minimum amount, leading to its non-establishment [9] Yield Performance - All categories of RMB public wealth management products recorded positive returns last week. Fixed income products had an average net value growth rate of 0.0625%, while mixed, equity, and commodity financial derivative products had growth rates of 0.142%, 1.5611%, and 0.0601% respectively [10] - The average weekly yield for fixed income products across all maturities was positive, with the 2-3 year products showing the highest average net value growth rate of 0.0725% [10] Negative Yield Situation - The proportion of negative yield products slightly increased, with 3.8% of RMB public wealth management products experiencing negative returns last week. The proportions for fixed income, mixed, equity, and commodity financial derivative products were 2.99%, 17.45%, 13.51%, and 0% respectively [13] - Among fixed income products, the highest proportion of negative yield products was for those with maturities over 3 years at 12.27%, while the lowest was for products with maturities of less than 1 month at 1.12% [13] Industry Trends - Regulatory scrutiny on bank wealth management subsidiaries has intensified, with significant penalties being imposed. Recently, Zhongyin Wealth Management was fined 12.9 million yuan for various violations, marking the second instance of a bank wealth management subsidiary receiving a fine exceeding 10 million yuan this year. The total penalties for these two companies approached 30 million yuan, nearing last year's total [16]

Core Viewpoint - The report highlights the performance and trends in the banking wealth management industry for May 2025, indicating a significant decline in the net loss rate of wealth management products and a shift towards longer-term products in issuance. Group 1: Net Loss Situation - The net loss rate of wealth management products reached a new low of 0.71% by the end of May, down 0.25 percentage points from the previous month [4][8] - The net loss rates for fixed income, mixed, and equity wealth management products all decreased, with fixed income products dropping to 0.25% and mixed products to 7.07% [9] - Most wealth management companies reported a decrease or maintained a net loss rate of zero for their public fixed income products [9] Group 2: New Issuance Situation - In May 2025, 32 wealth management companies issued a total of 1,806 products, a decrease of over 15% from April, likely due to the "May Day" holiday [10] - The proportion of products with a term of over one year increased by 1.24 percentage points, indicating a trend towards longer-term products [12] - The average pricing for products with a term of less than one month fell to 2.14%, with expectations of approaching the 1% era [15] Group 3: Expiry Situation - A total of 836 closed-end RMB wealth management products expired in May, a decrease of 17.64% from the previous month [5][21] - The overall performance benchmark compliance rate for expired products was 84.32%, with fixed income products achieving a compliance rate of 51.58% [24][28] - The average annualized yield for fixed income products at expiry was 2.89%, with 1-2 year products yielding the highest at 3.32% [25][26] Group 4: Ongoing Situation - As of the end of May, there were 27,163 ongoing wealth management products, with fixed income products making up 92.41% of the total [34] - The proportion of open-ended products increased to 54.04%, while closed-end products decreased correspondingly [34] - The performance of equity products was the best among all types in the first five months of the year, with an average net value growth rate of 2.88% [38] Group 5: Performance by Company - The highest average net value growth rate for fixed income products in the first five months was achieved by Huayin Wealth Management at 1.21% [44] - For mixed products, Ningyin Wealth Management led with an average growth rate of 2.54% [46] - The report indicates that the performance of wealth management products varies significantly among different companies, reflecting their management capabilities and client expectation management [28]

Core Insights - The overall net loss rate of wealth management products in April decreased to below 1%, reaching 0.96%, down by 0.11 percentage points from March [2][3] - The issuance of wealth management products increased, with 2,192 products launched in April, a 6.05% rise from March, and the average fundraising scale of new products surged over 80% [2][5] - The performance of fixed-income products improved, with a net loss rate of 0.45%, while equity and mixed products saw an increase in their net loss rates [4][5] Breakdown by Category Net Loss Situation - The net loss rate for wealth management products fell to 0.96% by the end of April, with fixed-income products at 0.45% and equity products experiencing a rise in their net loss rates [2][4] - The net loss rate for fixed-income products decreased by 0.13 percentage points from March, while equity and mixed products saw increases of 0.28 and 5.26 percentage points, respectively [4][5] New Issuance Situation - In April, 31 wealth management companies issued a total of 2,192 products, marking a 6.05% increase from March [5] - The average fundraising scale for new products exceeded 80%, with three products raising over 7 billion yuan, including the "ESG Preferred Stable Direct Train" from Bank of China, which raised 74.99 billion yuan [2][7] Expiry Situation - A total of 1,015 closed-end RMB wealth management products expired in April, a decrease of 31.43% from the previous month [3][8] - The overall performance benchmark compliance rate for expired products was 80.99%, with fixed-income products achieving a compliance rate of 82.67% [9][10] Existing Situation - As of the end of April, there were 23,057 existing public wealth management products, with fixed-income products making up 92.37% of the total [11][12] - The proportion of short-term investment products (less than 3 months) continued to increase, while the share of products with longer investment periods decreased [12][13] Performance Insights - Fixed-income products showed the best performance in the first four months of the year, with an average net value growth rate of 0.76%, followed by equity products at 0.7% [13][14] - The average annualized yield for fixed-income products was 2.91%, with longer-term products (over 3 years) yielding the highest at 3.56% [10][14]