Core Insights - The growth of wealth management subsidiaries of city commercial banks has been significant in the first half of the year, with some achieving over 20% growth compared to the beginning of the year [1][2][3] - The top city commercial banks in terms of scale growth are primarily located in the Yangtze River Delta region, with Ningyin Wealth Management leading at over 600 billion yuan, followed by Suyin Wealth Management at 745.38 billion yuan [1][2] - The overall wealth management market has seen a total product count of 27.48 trillion yuan, reflecting a 4.44% increase since the beginning of the year [2] City Commercial Banks Performance - Ningyin Wealth Management reported a 26.94% increase in scale, reaching over 600 billion yuan, while Suyin Wealth Management grew by 17.72% to 745.38 billion yuan [1] - Other notable growth includes Hangyin Wealth Management at 17.28% and Nanyin Wealth Management at 14.75% [1] - The competition among city commercial banks is intense, particularly between Nanyin and Hangyin Wealth Management, both of which are in the 500 billion yuan range [2] Wealth Management Market Trends - The growth in wealth management scale is primarily driven by top city commercial banks and some joint-stock banks, while major state-owned banks have seen significant declines [3][4] - For instance, ICBC Wealth Management saw a decrease of approximately 180 billion yuan, while Agricultural Bank of China Wealth Management declined by 220 billion yuan [3] - Conversely, some smaller city rural commercial banks also experienced scale declines, indicating a mixed performance across the sector [3] Investment Strategies and Market Conditions - The increase in scale for wealth management subsidiaries is linked to their equity investments and favorable returns from assets like USD, gold, and US stocks [5][6] - The equity market has rebounded, with significant increases in major indices, which has positively impacted the performance of wealth management products [6] - City commercial banks have shifted from conservative investment styles to include more equity investments in response to changing customer demands [6][7] Distribution Channels and Challenges - A common characteristic among wealth management subsidiaries with significant growth is a high proportion of external distribution channels [8] - For example, Xinyin Wealth Management and Xinyin Wealth Management have nearly 40% of their sales through external channels, while others like Guangda Wealth Management and Huaxia Wealth Management exceed 50% [8] - However, increasing equity positions can lead to greater volatility in product returns, posing challenges for maintaining customer trust, especially among conservative investors [9][10]

具体来看，城商行理财子中，规模增幅最大的是宁银理财，截至6月底规模达到了6010.90亿元，较年初 增长26.94%；其次是苏银理财，规模仍是城商行理财子里最大的，为7453.81亿元，较年初增长了 17.72%；杭银理财规模较年初增长17.28%，达到了5143.89亿元；南银理财较年初增长了14.75%，规模 来到了5432.57亿元；北银理财规模较年初增长了11.79%，规模为4174.92亿元。 整体来看，城商行理财子规模前五中，前四家被长三角地区的理财子包揽，依次为苏银理财、宁银理 财、南银理财、杭银理财，最后一家为北银理财，规模也分别沿着7000亿、6000亿、5000亿、4000亿递 延，其中在5000亿规模区间，南银理财和杭银理财竞争焦灼，目前杭银理财增势更猛。 虽然不如城农商行理财子增幅大，但是一些股份行理财子也在原本存续规模基数较大的基础上，继续稳 定增长，规模也不断突破原有上限。 有人欢喜，有人忧。《中国银行业理财市场半年报告（2025年上）》数据显示，截至 2025 年 6 月末， 理财公司存续产品只数 2.79 万只，存续规模 27.48 万亿元，较年初增加 4.44%。在城商行理财 ...