证 券 研 究 报 告 银行业周报（20260105-20260111） 银行理财收益率走低，打通入市卡点可提升 推荐（维持） 吸引力 理财产品以固收类配置为主，权益类占比很低。根据益普标准数据，截至 2025 年 12 月末，全市场理财产品存续规模达到 31.63 万亿元。其中固定收益类占 比 76.60%，现金管理类规模占比 20.87%，混合类占比 2.37%，权益类仅占比 0.08%，商品及金融衍生品类占比 0.01%。权益类理财产品占比偏低，既有银 行渠道客户风险偏好较低的原因，也有权益类资产估值波动大、理财产品缺乏 中长期考核要求的约束。 监管考虑理财资金加大入市的可能性，理财产品有望增配权益类资产以提高 收益率。目前拥有 30 万亿体量的理财资金进行权益类投资的权重很小，这与 其考核周期以及资金池运作等方式有关。根据券商中国报道，监管近期通过理 财公司调研了解制约银行理财提高投资 A 股的规模和比例的障碍有哪些，并 邀请理财公司从不限于投资运营政策、考核指标、激励机制、资本市场生态等 维度作答。若在相关制度上有所改进，有望提升权益类产品占比，进而提升整 体的理财产品收益率，增加理财产品对客户的吸 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 （来源：漫步红岭中路） ■ 11月理财规模再创历史新高 结合同业机构交流，全行业当月规模高点接近约34万亿元（高于普益口径数据披露），即使年底会有一定 规模回表，判断年底行业规模可以站稳33万亿元。同时，近期理财存量产品整改节奏有所缓释，考虑到纯 债类理财产品通过增加存款配置、加大委外基金交易等方式应对市场波动，判断产品净值受近期债券市场 波动的冲击整体可控，但也会存在年底赎回基金、落袋为安的动作。但从长期看，理财业内共识是债券回 报已窄，下一步要通过增加权益配置等方式发展"多资产"产品。 ■ 多资产配置是理财子公司利率中枢下行与寻求自身业绩增长的必然战略方向 当前，银行理财面临的核心矛盾在于传统以债券与非标资产为主的"固收+"策略收益中枢趋势性下行，这 与投资者对净值化产品仍抱有的"刚兑预期"或"稳健收益预期"形成落差。为破解这一困局，并开辟新的收 入增长曲线，向多资产、多策略拓展已成为头部理财子的共识性战略选择。2025年以来，部分领先机构如 招银理财、宁银理财等已在此领域进行了积极的产品布局与策略尝试，其方向不仅限于简单的权益资产增 配，更涵盖量化中性、 ...

Core Viewpoint - The introduction of rights-containing products by banks is driven by the need to address the challenges posed by declining market interest rates and the pressure to increase revenue from wealth management product distribution [1][3][11]. Group 1: Market Trends - The bank wealth management market is experiencing a shift towards rights-containing products, with a significant increase in the proportion of equity investments [2][5]. - In August, the total scale of wealth management products in the market remained stable at 31.2 trillion yuan, indicating that funds are circulating internally rather than shrinking [2][3]. Group 2: Investment Preferences - High-net-worth investors are actively reallocating their investments from pure fixed-income products to rights-containing products with an equity investment ratio of at least 30% [6][8]. - The preference for rights-containing products with an equity investment ratio between 20% and 45% has led to substantial net inflows of wealth management funds [3][6]. Group 3: Product Development Challenges - The rapid growth of rights-containing products has created challenges in maintaining yield, as larger fund sizes can dilute returns [11][12]. - Banks are facing pressure to design and develop rights-containing products that meet new investor demands, particularly for flexible, daily-open products [12]. Group 4: Performance Metrics - Rights-containing products linked to dividend strategies and index strategies have achieved annualized returns exceeding 10%, with maximum drawdowns below 2.5%, aligning with investor risk preferences [9][11]. - The introduction of performance management metrics, such as the ratio of annualized absolute return to maximum drawdown, is being considered to balance high return targets with low investment risk [12].

Core Insights - The banking wealth management market is experiencing a shift towards equity-linked products, with a notable increase in the proportion of equity investments in these products [1][2][3] - The trend of reallocating funds from pure fixed-income products to equity-linked products is driven by the need to adapt to declining market interest rates and the challenges faced in selling traditional fixed-income products [2][8] - High-net-worth investors are actively adjusting their investment strategies, favoring equity-linked products with a central equity investment ratio of at least 30% [4][5] Group 1: Market Trends - The total scale of wealth management products in August reached 31.2 trillion yuan, remaining stable compared to the previous month, indicating a trend of internal circulation of funds [1] - There is a significant net inflow of funds into equity-linked products with an equity investment ratio between 20% and 45% [2] - The issuance of mixed products by banking wealth management subsidiaries has increased, with 45 new products launched in July, surpassing the average monthly issuance in the first half of the year [7] Group 2: Investor Behavior - Investors are increasingly choosing to invest in equity-linked products rather than directly entering the stock market, reflecting a cautious approach due to past experiences with stock market volatility [3][4] - High-net-worth investors are particularly active in reallocating their funds, moving from pure fixed-income products to more balanced equity-linked products [4][5] - Many investors prefer flexible, daily-open equity-linked products over fixed-term or long-locked products, seeking liquidity amid market fluctuations [9] Group 3: Product Development Challenges - Wealth management subsidiaries face challenges in designing suitable equity-linked products that meet new investor demands, particularly regarding liquidity and risk management [9] - The rapid growth in the scale of R3-rated equity-linked products poses risks of yield dilution and position reduction, prompting companies to diversify investment strategies [8][9] - Companies are exploring customized wealth management services to cater to high-net-worth investors' specific needs, aiming to alleviate pressure from increasing fund scales [8]

Core Viewpoint - The article discusses the challenges and strategies of banks' wealth management subsidiaries in increasing the issuance of mixed and equity financial products to attract more long-term funds into the market, as mandated by national policies [2][3][5]. Group 1: Current Market Situation - As of June 30, the total outstanding wealth management products in the market reached 30.97 trillion yuan, with mixed and equity products accounting for only 2.08% and 0.09%, respectively, totaling approximately 670 billion yuan [3]. - The low scale of mixed and equity products is attributed to two main factors: significant net value volatility and the requirement for in-person signing for first-time purchases, which deters investors [3][6]. Group 2: Regulatory and Policy Environment - The implementation plan released by six ministries allows bank wealth management to participate as strategic investors in listed companies' private placements, providing equal policy treatment with public funds [5]. - The leadership of wealth management subsidiaries is urging teams to respond to this policy by increasing the issuance of products linked to private placements and new stock subscriptions [5]. Group 3: Sales Challenges - Many investors are reluctant to invest in R4-R5 risk-rated products due to their high volatility, with over 80% of investors preferring products with a net value fluctuation of less than 3% [6][7]. - The sales channels prefer to promote R2-R3 "fixed income plus" products due to lower risk and the potential for complaints from investors if higher-risk products perform poorly [7]. Group 4: Emerging Product Trends - In response to sales challenges, banks are increasingly offering "contingent" financial products, which primarily invest in fixed income assets while limiting equity exposure to a maximum of 20% [8][9]. - These contingent products are more appealing to investors as they provide a balance of risk and return, with annualized returns around 3%-4%, higher than pure fixed income products [9]. Group 5: Risk Management and Future Outlook - There are strict net value fluctuation control requirements for contingent products, with a tolerance for slight yield reductions but not for significant net value declines [10]. - Wealth management subsidiaries are focusing on optimizing investment strategies to maintain stable net value fluctuations while attracting more funds into the market [10][11].

Core Insights - The bank wealth management market demonstrated resilience amid increased yield volatility, with the market size reaching 30.97 trillion yuan by the end of June, an increase of 1.3 trillion yuan in the first half of the year [2][3] - The average annualized yield of wealth management products was 2.65%, significantly higher than the declining deposit rates, which fell below 1% for one-year fixed deposits [2][3] - There was a notable divergence in yields among different types of wealth management products, with cash management products yielding an average of 1.54%, while fixed income products yielded 2.98% and "fixed income plus" products yielded 2.71% [2][4] Market Size and Trends - As of the end of June, the wealth management market surpassed 30 trillion yuan, showing a "down-up" trend in the first half of the year, with a decline in the first quarter followed by recovery in the second quarter [3] - The proportion of cash management products decreased to 22.1%, marking a continuous decline for three years, while fixed income products increased to 75.6% [3][4] - In the first half of the year, 93.3% of newly issued products were fixed income products, while cash management products accounted for only 4.3% of new issuances [3] Yield Dynamics - Cash management products, primarily invested in deposits, saw their yields decline due to falling deposit rates, with an average annualized yield of 1.54% [4] - Fixed income products benefited from rising bond prices as interest rates fell, resulting in an average annualized yield of 2.79% in the first half of the year [5] - Equity-related products experienced significant yield fluctuations, with average annualized yields ranging from -2.01% to 8.72% during the first half of the year [7] Performance Expectations - The average performance benchmark for newly issued open-ended and closed-end wealth management products fell to 1.97% and 2.54%, respectively, indicating a downward trend in performance expectations [9][11] - Many wealth management companies are adjusting their performance targets in response to declining yields and increased volatility [9][11] Investment Strategies - To address yield pressures, wealth management companies are diversifying their asset allocations, incorporating equity and derivative products to enhance returns [11] - The average annualized yield for "fixed income plus" products was 2.72%, which did not show a significant advantage over pure fixed income products [11][12]

Core Insights - The first instance of wealth management funds participating in a listed company's private placement has been realized, with Everbright Wealth Management leading the way [1][2]. Group 1: Wealth Management Participation - Everbright Wealth Management participated in the private placement of Waigaoqiao, acquiring 1.814882 million shares for approximately 20 million yuan, as part of a total fundraising of 2.475 billion yuan from the issuance of 225 million shares [1][2]. - This event marks the first market case of wealth management funds directly investing in a listed company's private placement since the policy changes aimed at facilitating long-term capital market investments [2][3]. Group 2: Policy Support and Market Environment - In 2024, various departments have been actively promoting the entry of long-term funds into the market, with a focus on breaking down barriers for social security, insurance, and wealth management funds [2][3]. - The China Securities Regulatory Commission has revised rules to allow wealth management companies to participate as offline investors in IPOs and private placements, ensuring they receive equal treatment in allocation ratios compared to other investors [3]. Group 3: Investment Strategies - Wealth management companies, including Everbright Wealth Management, are increasing their allocation to capital markets, with a focus on index investment tools such as ETFs, and are also enhancing investments in private placements, convertible bonds, and other financial instruments [4].

Core Insights - The article emphasizes the importance of promoting long-term funds into the market, which is crucial for the development of the equity market and investor interests [1][7] Group 1: Current Market Situation - As of the end of 2024, the scale of equity products in the banking wealth management market is only 0.06 trillion yuan, accounting for 0.2% of the total [2] - The balance of wealth management products directed towards equity assets is 0.83 trillion yuan, representing 2.58% of the total [2] - Most bank wealth management investors have a low risk appetite, with 33.83% classified as level two (stable) risk preference [3] Group 2: Challenges in Attracting Investment - The current focus of bank wealth management is on low to medium-risk fixed income products, limiting the availability of mixed and equity products for investors [2][3] - The customer access mechanism and limited sales channels hinder the ability to attract high-risk investment [4][5] - The sales process for high-risk products is complicated, requiring in-person assessments and risk matching, which discourages potential investors [4] Group 3: Strategies for Improvement - There is a need for wealth management companies to expand their sales channels beyond banks to include compliant internet platforms and fund companies [5] - The average duration of bank wealth management products is short, making it challenging to match long-term investments [5] - Enhancing equity investment capabilities and building a robust investment research system are essential for wealth management firms to compete effectively [6][8] Group 4: Future Outlook - The government encourages wealth management companies to strengthen their equity investment capabilities and issue more long-term equity products [7] - The introduction of policies allowing bank wealth management to participate as strategic investors in capital markets is expected to enhance investment efficiency and returns [7][9] - Wealth management firms are increasingly focusing on hiring professionals to improve their equity investment capabilities, indicating a shift towards more aggressive equity strategies [8]