Investment Rating - The report maintains an "Outperform" rating for the banking wealth management industry, indicating expected performance exceeding the market benchmark by over 10% [39]. Core Insights - In April, the scale of bank wealth management returned to historical highs, reaching approximately 30.8 trillion yuan, with a weighted average annualized yield of 2.70%, an increase from the previous month [1][9]. - The growth in bank wealth management is driven by a "seesaw" effect due to weak stock performance and strong bond performance, along with increased marketing efforts by banks [1]. - There is a notable misalignment between the growth of wealth management products and liabilities, with banks increasing their allocation to certificates of deposit and financial bonds rather than credit bonds [2]. Summary by Sections Market Trends - The average annualized yield for cash management products is 1.50%, while pure bond products yield 3.34%, and "fixed income+" products yield 3.01% [9]. - The total scale of wealth management products increased by 1.8 trillion yuan month-on-month in April [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 [16]. - The average performance benchmark for newly issued products fell to 2.56% in April [16]. Maturity and Performance - A total of 2,127 closed-end bank wealth management products matured in April, with most meeting their performance benchmarks [26]. Asset Allocation - The primary assets in bank wealth management products include high-grade credit bonds and equity investments through outsourcing, with recent performance data provided [29].