Core Viewpoint - The competitive landscape of wealth management companies remains unstable, with 12 banks' wealth management subsidiaries disclosing their mid-year business data for 2025, showing mixed results in product scale growth and investment strategies [2][4][9]. Group 1: Product Scale Growth - As of June 2025, 8 out of 12 wealth management companies reported an increase in product scale, with an average growth rate in double digits. Everbright Wealth led with a growth rate of 25.1% [2][4]. - Everbright Wealth's product scale reached 1.79 trillion yuan, increasing by 212.68 billion yuan, marking a growth of 13.5% compared to the end of last year [4][5]. - Postal Savings Wealth Management entered the "trillion club" for the first time, with a product scale of 1.18 trillion yuan, up by 185.47 billion yuan, representing an 18.6% increase [5]. Group 2: Decline in Product Scale - Four wealth management companies experienced a decline in product scale, with Agricultural Bank Wealth Management's scale shrinking by 216.3 billion yuan to 1.75 trillion yuan [4][5]. - Other companies like Huaxia Wealth Management and Suzhou Wealth Management also reported significant growth, with both exceeding 500 billion yuan in product scale and achieving double-digit growth rates [5]. Group 3: Investment Strategy Changes - The proportion of bond investments among wealth management companies has generally decreased, with 9 out of 12 companies reporting a decline in bond allocation compared to the end of last year [6][7]. - Everbright Wealth had the highest bond investment ratio at 70.34%, while Agricultural Bank Wealth Management and Shanghai Wealth Management had around 35% [6]. - Despite a rise in the stock market, the allocation to equity assets decreased for most companies, with only a few, including Agricultural Bank Wealth Management and Ping An Wealth Management, showing slight increases [9]. Group 4: Channel Expansion - Wealth management companies are actively expanding sales channels beyond their parent banks, with over 100 third-party distribution channels established by several firms [9]. - Hangzhou Wealth Management led with 238 external distribution partners, while companies like Huaxia Wealth Management and Everbright Wealth Management saw significant increases in the number of products sold through external channels [9].

中报季，当前已至少有12家银行理财子公司披露了2025年上半年理财产品业务数据。在收益波动增加、渠道变革等多因素交织下，理财公司竞争格局依旧难 言稳定。 其中，截至2025年6月末，有8理财公司产品规模较去年末扩张，增速普遍达两位数，恒丰理财以增速25.1%领先，但有4家产品规模出现缩水。"万亿俱乐 部"中，光大理财产品规模增至1.79万亿元，而农银理财产品规模则较去年末缩水2163亿元至1.75万亿元；光大理财成为近年来除招银理财、兴银理财、信银 理财外，又一产品规模超越头部国有行理财子的股份行理财子公司。此外，中邮理财产品规模半年增加超1800亿元，首次登上"万亿"台阶。 近日以来，股市、债市"跷跷板"效应明显。据业务报告，截至2025年上半年末，12家理财公司中多家存续产品投资债券金额占总配置资产比例较去年末下 降，且包含股票的权益类资产配置比例同样普遍减少。 农银理财产品规模降超2000亿 中邮理财首次跻身"万亿俱乐部" A股上市银行半年报披露进入最后阶段，部分银行理财子公司已提前一步公开上半年理财业务数据。据记者统计，当前至少已有12家银行理财子公司披露了 理财业务2025年半年报，包括2家国有行、 ...