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]

Core Insights - The report indicates that the scale of bank wealth management products reached 29.14 trillion yuan by the end of Q1 2025, representing a year-on-year growth of 9.41% [1] - The outstanding scale of fixed-income products was 28.33 trillion yuan, accounting for 97.22% of the total, with a year-on-year increase of 0.57 percentage points [1] - Wealth management products from wealth management companies accounted for 88.33% of the total market share [1] - In Q1, wealth management products generated a total return of 206 billion yuan for investors, surpassing the average level from the same period last year [1] - Economic recovery and signals of monetary easing from the central bank have boosted market confidence, leading to increased capital inflow into the wealth management market, which in turn has driven growth in both product scale and quantity [1]

从理财市场一季报来看，2 0 2 5Q1末理财规模较年初下降0 . 8 1万亿元，同比多减0 . 6 4万亿元。资产配置方面，一季度理财产品增 配同业资产，减配存款和同业存单。展望来看，随着二季度债市修复和银行负债压力减弱，理财规模有望重回景气扩张。从银 行板块投资看，在宏观"审慎"和"走弱"的两种假设情形下，银行板块相对于大部分行业而言，基本面具备相对稳健特征，相对 价值显著。 ▍ 事项： 本周银行业理财登记托管中心发布《中国银行业理财市场季度报告（2 0 2 5年一季度）》；中共中央政治局4月2 5日召开会议， 分析研究当前经济形势和经济工作。 ▍ 市场规模：2 0 2 5Q1末理财规模较年初下降0 . 8 1万亿元。 1）2 0 2 5Q1年末理财存续规模2 9 . 1 4万亿元，同比增长9 . 4 1%，较年初下降0 . 8 1万亿元，同比多减0 . 6 4万亿元。 2 0 2 5年一季 度，理财市场整体景气度处于低位，当季债市波动较大影响理财收益率，根据我们的样本测算，2 0 2 5Q1纯债型和非纯债型固 收类理财产品平均年化收益率分别为1 . 5 6%/ 1 . 3 7%（2 0 2 4Q1分别为 ...