Core Insights - The report highlights the steady expansion of the wealth management market amid declining interest rates and the migration of deposits, with a total of 194 banks and 32 wealth management companies offering 41,800 products as of June 2025, marking a 3.78% increase from the beginning of the year and a 4.54% year-on-year increase [6][8] - The total assets under management reached 30.67 trillion yuan, reflecting a 2.38% increase from the start of the year and a 7.53% year-on-year growth [6][8] - The average annualized yield of wealth management products fell to 2.12% in the first half of 2025, down 68 basis points from 2.80% in the first half of 2024 and 53 basis points from 2.65% at the end of 2024 [6][8] Product Structure - Cash management products continue to shrink, with open-ended wealth management products accounting for 80.93% of the total, slightly up by 0.13 percentage points from the beginning of the year and up 1.06 percentage points year-on-year [7] - The scale of cash management products within open-ended products was 6.40 trillion yuan, representing 25.79% of open-ended products, a decline of 14.55% compared to the same period last year [7] Asset Allocation - As of June 2025, the total investment assets of wealth management products reached 32.97 trillion yuan, with bond assets (including bonds and interbank certificates of deposit) being the largest category at 18.33 trillion yuan, accounting for 55.60% of total investment assets [8] - The scale of credit bonds was 12.79 trillion yuan, making up 38.79% of total investment assets, a decrease of 2.34 percentage points year-on-year [8] - The proportion of cash and bank deposits increased from 23.9% at the end of 2024 to 24.8% in mid-2025, while equity assets continued to decline, accounting for 2.40% of total investment assets [9]