Investment Rating - The report maintains an "Outperform" rating for the banking wealth management industry, indicating that it is expected to perform better than the market by over 10% in the next 6 to 12 months [39]. Core Insights - In April, the scale of bank wealth management returned to historical highs, reaching approximately 30.8 trillion yuan, benefiting from a "weak stock, strong bond" market environment, with an average annualized yield of 2.70%, an increase from the previous month [1][9]. - The growth drivers for bank wealth management include the "seesaw" effect of the current market conditions, the maturity of some fixed deposits, and increased marketing efforts by banks to promote competitive product yields, with new products averaging a yield benchmark of over 2.50% [1][9]. - There is a notable divergence between the growth of wealth management products and liabilities, with a general lack of investment in credit bonds and an increased allocation to certificates of deposit and financial bonds [2]. Summary by Sections Market Trends - The weighted average annualized yield for bank wealth management products in April was 2.70%, with cash management products yielding 1.50%, pure bond products yielding 3.34%, and "fixed income+" products yielding 3.01% [9]. - The total scale of wealth management products increased by 1.8 trillion yuan month-on-month, indicating a recovery in the market [10]. New Issuance - In April, the initial fundraising scale for newly issued products was 352.4 billion yuan, primarily consisting of fixed income products, with most being closed-end products. The average performance benchmark for new products fell to 2.56% [16]. Maturity and Performance - A total of 2,127 closed-end bank wealth management products matured in April, with most achieving their performance benchmarks [26]. Asset Allocation - The primary assets in bank wealth management products include high-grade credit bonds, equity investments through outsourcing, and non-standard assets. The report highlights the performance of these assets over the past year and the last month [29].