报告导读： 规模承接行业增量，获取"无风险"收益下探，机构分层加深。 2025 年面对存款搬家，理财投了什么？ 2025 年理财在"存款搬家"背景下温和扩张、增速回归常态，存续规模 33.29 万亿元 ，同比增长 11.2% 。 结构 上，资产端更偏防御与工具化配置，增量更多指向存款与基金通道，存款占比上升 4.3 个百分点，公募基金占比上升、权益占比回落；产品端由高流动性向 收益性与稳定性再平衡，最小持有期型、固收类、 R3 级产品占比抬升（ +6.83pct 、 +3.65pct 、 +2.42pct ），每日开放型、现金管理类、 R2 级产品占 比下降（ -3.64pct 、 -3.77pct 、 -2.86pct 、）。 理财还能带来多少"无风险"收益？ 理财"类无风险"收益锚下移成为全年关键变量。 2025 年以中低风险产品与纯固收、现金管理类产品为代表的 稳健型产 品，近一年收益中枢主要在 2% 至 3% 区间， 中低风险产品上沿可至 3.5% ， 全市场总体近一年平均年化收益率较 2024 年末下降 0.93 个百分点至 2.2% 左右，居民在理财与基金、权益资产之间的机会成本权衡发生变化。 定 ...

近日，银行业理财登记托管中心发布的《中国银行业理财市场年度报告（2025年）》显示，2025年，理 财投资者数量维持增长态势。截至2025年末，持有理财产品的投资者数量达1.43亿个，较年初增长 14.37%。其中，个人投资者数量较年初新增1769万个，机构投资者数量较年初新增31万个。从结构上 看，截至2025年末，理财市场仍以个人投资者为主，数量为1.41亿个，占比98.64%；机构投资者数量为 194万个，占比1.36%。 ...

Core Insights - The report indicates that the wealth management market in China has reached a total size of 33.29 trillion yuan, with 3.34 trillion yuan raised in new products during 2025, marking a significant growth in the sector [1][2] Group 1: Market Size and Growth - As of the end of 2025, there are 159 banks and 32 wealth management companies offering a total of 4.63 million products, an increase of 14.89% from the beginning of the year [2] - The total size of the wealth management market increased by 3.34 trillion yuan, representing an 11.15% growth compared to the end of 2024 [2] - The growth in wealth management products has exceeded 3 trillion yuan for the second consecutive year, with quarterly growth observed in the latter half of 2025 [2] Group 2: Product Structure and Composition - Fixed-income products remain the dominant category, accounting for 97.09% of the total market size, while mixed products have seen a slight increase in both scale and proportion [3] - The proportion of closed-end products with a maturity of over one year has risen to 70.87%, indicating a trend towards longer-term investments [2][3] - The asset allocation within wealth management products has shifted, with a notable increase in public funds and a decrease in direct equity and bond allocations [7][8] Group 3: Investor Behavior and Preferences - Despite a decline in average yields, the number of investors holding wealth management products has increased by approximately 18 million, reaching 143 million by the end of 2025 [4][5] - The average yield of wealth management products fell to 1.98%, a significant drop from 2.65% in 2024, reflecting the low-interest-rate environment [4][5] - There is a notable shift in risk preferences among individual investors, with an increase in the proportion of those with higher risk tolerance [6] Group 4: Future Outlook - Analysts predict continued growth in the wealth management market, with expectations of an increase of over 3 trillion yuan in 2026, driven by demand for mixed products as bond yields remain low [3][4] - The competitive landscape may lead to increased pressure on wealth management firms to adjust their asset allocations and product offerings to meet investor expectations [8]

编辑丨杨希 1月23日，银行业理财登记托管中心发布《中国银行业理财市场年度报告（2025年）》（下 称"报告"）。报告显示，截至2025年末，中国银行理财市场存续规模达33.29万亿元，较年初 增长11.15%，全年新发产品3.34万只，募集资金高达76.33万亿元，显示出强劲的市场活力。 市场参与热情持续升温， 持有理财产品的投资者数量攀升至1.43亿个，较年初增长14.37%。 更为直观的是，2025年理财产品累计为投资者创造收益7303亿元（ 平均收益约5107元 ），全 以下文章来源于21世纪资管研究院 ，作者21世纪资管研究院 21世纪资管研究院 . 21世纪资管研究院是南方财经全媒体集团旗下致力于资管领域政策和业务研究的独立智库，研究院宗 旨：探索全球资管发展新趋势，求解国内资管发展新问题，搭建资管人才成长大平台，促进资管行业健 康长远发展。 记者丨冯紫彤 从运作模式看，开放式产品占据近八成份额，存续规模26.59万亿元；封闭式产品规模6.70万 亿元。其中，现金管理类产品规模7.04万亿元，占开放式产品规模的26.48%，流动性管理功 能显著。 年平均收益率达到1.98%， 在波动的市场环境中提 ...

21世纪经济报道记者冯紫彤 1月23日，银行业理财登记托管中心发布《中国银行业理财市场年度报告(2025年)》(下称"报告")。报告显示，截至2025年末，中国银行理财市场存续规模达 33.29万亿元，较年初增长11.15%，全年新发产品3.34万只，募集资金高达76.33万亿元，显示出强劲的市场活力。 市场参与热情持续升温，持有理财产品的投资者数量攀升至1.43亿个，较年初增长14.37%。更为直观的是，2025年理财产品累计为投资者创造收益7303亿 元，全年平均收益率达到1.98%，在波动的市场环境中提供了稳健的财富增值渠道。 理财存续规模增加11.15% 2025年，理财市场实现了规模与质量的同步提升。 报告显示，截至2025年末，理财市场存续产品数量增至4.63万只，较年初增加14.89%；存续规模33.29万亿元，较年初增加11.15%，稳健迈上新台阶。 从市场主体看，理财公司已成为绝对主力。截至2025年末，全国32家理财公司存续产品3.37万只，存续规模30.71万亿元，同比增长16.72%，占全市场比例 高达92.25%。相比之下，传统银行机构的存续规模占比持续收缩。 从产品类型看，固定收益 ...

Group 1 - The bond market has entered a new round of adjustment since November, with significant price declines in long-term bonds, putting pressure on the net value of bond-heavy wealth management products [2][5] - As of the end of November 2025, the total scale of bank wealth management products reached 31.65 trillion yuan, with a year-on-year increase of 1.82 trillion yuan, reflecting a growth rate of 6.1% [3] - The average annualized yield of wealth management products has dropped to 2.52%, a decrease of 0.19 percentage points from the previous month [5][6] Group 2 - The structure of wealth management products shows that fixed-income products remain dominant, with a total scale of 24.23 trillion yuan, accounting for 76.57% of the market [3][6] - The average annualized yield for cash management, fixed income, mixed, and equity products as of the end of November 2025 was 1.43%, 2.57%, 4.86%, and 18.09% respectively, indicating a decline in fixed income and mixed products [6][9] - The current wealth management market faces dual challenges: compressed yield space for fixed-income assets and increased difficulty in stock selection in the equity market [9][10] Group 3 - The asset allocation of wealth management products is primarily in fixed income, with investments in bonds, cash, and bank deposits amounting to 13.86 trillion yuan, 9.45 trillion yuan, and 4.50 trillion yuan respectively [10][11] - The "fixed income plus" product system, which combines fixed income with stocks, gold, and convertible bonds, is becoming mainstream and widely recognized by investors [11]

Core Insights - The People's Bank of China reported a significant drop in RMB deposits in July 2023, with a total decrease of 1.12 trillion yuan, marking a rare monthly decline compared to previous years [2] - The decline in deposits is attributed to various factors, including seasonal influences, reduced loan demand, and a shift in residents' financial behavior towards early mortgage repayments [4][6] - The overall deposit growth for the first seven months of 2023 was 18.98 trillion yuan, but the sharp drop in July affected the growth rate [2][6] Group 1: Deposit Trends - In July, household deposits decreased by 809.3 billion yuan, while corporate deposits fell by 1.53 trillion yuan, with fiscal deposits increasing by 907.8 billion yuan [2] - The decline in deposits is linked to a cooling demand for loans, as evidenced by a 200.7 billion yuan drop in household loans [2][4] - Seasonal factors, such as banks' assessment pressures at the end of the quarter, contributed to the short-term movement of funds [2][6] Group 2: Early Mortgage Repayment - Early mortgage repayments have become a significant driver of fund outflow, with residents opting to pay off loans to save on interest costs [4] - The average interest saved by paying off a 1 million yuan loan early can reach up to 73 million yuan [4] - The trend of early repayments is expected to moderate in the second half of 2023 as mortgage rates decrease [6] Group 3: Investment Behavior - The low interest rates have led to a shift in funds from deposits to wealth management products and the stock market, with non-bank deposits increasing by 2.14 trillion yuan [6] - The wealth management market is projected to grow from 25.34 trillion yuan in June 2023 to 30.67 trillion yuan by mid-2025, with an average annualized return of 3.39% [8] - Despite the growth in wealth management, there are concerns about risks associated with these products, prompting residents to be cautious in their investments [8] Group 4: Consumer Spending and Economic Impact - Consumer spending remains weak, with retail sales in July increasing by only 2.5%, below expectations [4] - The savings rate has climbed to 35%, indicating a preference for saving over spending, which could have a dampening effect on economic growth [4][10] - The overall economic outlook suggests a need for policies to stimulate consumption and investment, as the GDP growth rate is projected to be around 5% [12][14]

Core Insights - The bank wealth management market reached a scale of 32.13 trillion yuan by the end of Q3 2025, showing a year-on-year growth of 9.42% [1] - The market demonstrated strong resilience, with a cumulative growth of 2.2 trillion yuan in the first three quarters, surpassing the average growth rate of 5.1% over the past six years [1][2] - The number of investors in wealth management products reached 139 million, an increase of 12.70% year-on-year, generating a total return of 568.9 billion yuan for investors [1] Market Dynamics - The growth in scale is attributed to lower deposit rates and stable product performance supported by "floating profits" [2] - The annualized yield for fixed-income wealth management products reached 2.16%, maintaining good net value stability despite downward pressure [2] - The decline in deposit rates has made wealth management products more attractive compared to traditional deposits, enhancing customer experience [2] Product and Participant Trends - Fixed-income products remain the primary driver of growth, accounting for 97.14% of the total wealth management product scale, with a total of 31.21 trillion yuan [4] - The market structure shows stability, with a slight increase in mixed products, while equity and commodity derivative products remain relatively small [4] - The "fixed income plus" products are expected to gain attention as they offer the potential for excess returns in a low-interest environment [4] Company Market Share - Wealth management companies have increased their market share, with their products accounting for 91.13% of the total market by the end of Q3 2025, marking a 1.52 percentage point increase since June [5] - The growth in market share is supported by banks' efforts to integrate wealth management subsidiaries and expand distribution channels beyond their parent banks [5] Asset Allocation and Economic Support - The total investment assets in the bank wealth management market reached 34.33 trillion yuan, with a year-on-year growth of 8.53% [6] - The allocation primarily focuses on fixed-income assets, with significant investments in bonds, cash, and bank deposits [6] - Approximately 21 trillion yuan has been allocated to support the real economy, with a notable emphasis on ESG-themed products and other specialized offerings [7]

Group 1 - The total scale of wealth management products exceeded 30 trillion yuan, but the growth rate has slowed down. As of June 30, 2025, the total scale was 30.67 trillion yuan, an increase of 0.72 trillion yuan from the end of 2024, with a growth rate of 2.4%, down from 7.5% year-on-year [1][11][13] - The scale and proportion of wealth management companies continued to rise, while the scale of banking institutions continued to shrink. By June 30, 2025, the scale of wealth management products from wealth management companies was 27.48 trillion yuan, an increase of 1.17 trillion yuan, accounting for 89.6% of the total [2][13][14] Group 2 - Fixed income products remain dominant, accounting for 97.20% of the total wealth management products, although this proportion has slightly decreased. Mixed products have seen a slight increase in proportion [2][17][18] - The scale of cash management products has declined, while the scale of non-cash management products has continued to rise. As of June 30, 2025, open-ended products accounted for 80.93% of the total, with cash management products at 20.87% and non-cash management products at 60.06% [2][19][20] - The average duration of newly issued closed-end products has increased, with the proportion of closed-end products with a duration of over one year rising to 72.86% [2][23][24] Group 3 - The total investment assets of wealth management products reached 32.97 trillion yuan, an increase of 0.84 trillion yuan from the end of 2024, with a leverage ratio of 107.45% [3][30][36] - The scale of bond investments has decreased compared to the end of last year, while the proportion of deposits and public funds has increased significantly. As of June 30, 2025, bond investments accounted for 55.60% of total investment assets [4][31][34] - There has been a reduction in credit bond holdings, with a decrease of 0.42 trillion yuan compared to the end of 2024, while the holdings of interest rate bonds increased by 0.24 trillion yuan [5][42][44] Group 4 - In the future, the relative yield advantage of wealth management products will still have certain attractiveness, supporting the growth of the wealth management scale in the short term. However, the growth rate may slow down in the medium to long term due to the decline in underlying asset yields [6][46]

Core Insights - The report indicates that the number of investors holding wealth management products increased by 8.37% year-on-year, reaching 136 million by the end of June [1][4] - The average annualized yield of wealth management products fell to 2.12%, down 68 basis points from 2.8% in the same period last year [1][4] - The total scale of the wealth management market reached 30.67 trillion yuan, with a year-to-date increase of 720 billion yuan [2][3] Investor Trends - The number of personal investors increased by 10.29 million in the first half of the year, indicating a strong influx of new investors [1][4] - The risk appetite of individual investors has shifted, with an increase in the proportion of those with higher risk preferences [4][6] Market Dynamics - The gap between the scale of wealth management products and public funds has widened, with public fund assets totaling 34.39 trillion yuan, a year-to-date increase of 1.56 trillion yuan [2][3] - The growth in wealth management products was primarily driven by the second quarter, contributing approximately 1.53 trillion yuan to the total scale [3] Product Composition - Cash management products have seen a significant decline, with a reduction of nearly 1 trillion yuan in the first half of the year, now accounting for 25.79% of open-ended wealth management products [7][8] - The proportion of risk-rated products has shifted, with a notable increase in the share of higher-risk products [6][9] Asset Allocation - Wealth management products have increased their allocation to public funds, cash, and deposits, while reducing exposure to credit bonds [10][11] - By the end of June, the total investment assets of wealth management products reached 32.97 trillion yuan, with a significant portion allocated to bonds [10][11]