Scale - The total wealth management scale increased by 0.72 trillion, returning to over 30 trillion [1] - As of the end of Q2 2025, the wealth management balance reached 30.67 trillion, reflecting a 2.4% growth since the beginning of the year [1][2] - The Q2 single-season wealth management scale increment was 1.53 trillion, lower than the 1.89 trillion from the same period last year, but higher than the average increment of 0.64 trillion from 2021 to 2023 [1][3] Product Characteristics - Open-ended products maintained a stable proportion of around 80%, while cash management products decreased to 6.4 trillion [5] - Open-ended products contributed 86.1% of the scale increment in the first half of the year, with significant growth from minimum holding period products [5] - Fixed income products accounted for 97.2% of the total wealth management products, with a slight increase in the proportion of mixed and equity products [8][10] Asset Allocation - As of the end of Q2 2025, cash and bank deposits reached 8.18 trillion, increasing by 500 billion since the beginning of the year [11] - The allocation to public funds significantly increased by 450 billion, reaching 1.38 trillion, indicating a growing preference for high liquidity assets [12] - The overall asset allocation showed a tendency to increase high liquidity assets while reducing credit bonds [9][11] Market Dynamics - The "disintermediation" effect is expected to support the growth of wealth management scale, although potential disturbances may increase in the second half of the year [13][14] - The low interest rate environment and the need for stable returns are driving the demand for fixed income products, while cash management products face challenges due to lower yields [15] - Regulatory changes are anticipated to enhance the asset management capabilities of wealth management institutions, focusing on quality over scale [16]

Group 1 - The core viewpoint of the articles highlights that the valuation rectification of bank wealth management is entering a critical phase, with multiple institutions steadily advancing their work in accordance with regulatory requirements [1] - Since the issuance of regulatory notifications in December last year, banks have been actively responding to complete their semi-annual rectification plans by the end of June [1] - After the rectification is completed, wealth management products will no longer use methods to smooth net value fluctuations, and investors will need to face real market volatility risks directly [1] Group 2 - The progress of the rectification work shows significant differentiation among institutions, with some banks in southern China having completed their tasks ahead of schedule, while others strictly follow the regulatory timeline [3] - Many wealth management companies are focusing on resolving the closing price valuation issue, which has become the main content of their current work [3] - Regulatory authorities have prohibited wealth management companies from using methods such as closing price adjustments or self-built valuation models to smooth net value fluctuations, requiring the use of third-party valuations [3] Group 3 - The completion of the rectification will lead to a new normal of increased net value fluctuations for bank wealth management products, as investors will directly bear the value changes of underlying assets [4] - The fundamental change in the valuation method for bond assets is a core aspect of this rectification, moving away from using closing prices to a more accurate market value approach [4] - The new valuation system will reflect the fair market value more accurately, ensuring that product net values can promptly synchronize with market changes [4] Group 4 - Bank wealth management companies have begun to adjust their performance comparison benchmarks to guide investors' expectations, with over a hundred products having completed benchmark adjustments [5] - Some products have seen benchmark reductions exceeding 150 basis points, indicating a shift towards a more realistic net value fluctuation environment [5] - The new norm will be that net values of wealth management products will follow market conditions closely, requiring investors to adapt to this more authentic volatility [5]

Core Viewpoint - The valuation rectification of bank wealth management is approaching its mid-year assessment, with multiple banks steadily advancing their rectification plans to switch valuation methods by the end of June and complete the process by the end of 2025 [1] Group 1: Valuation Rectification Process - Several bank wealth management companies are working to complete their semi-annual rectification plans by the end of June [1] - The rectification aims to shift from previous practices of "making up for losses" and self-built models to a more transparent management approach [1] - Post-rectification, wealth management products will require "penetrating" management, allowing investors to directly face net value fluctuations [1] Group 2: Industry Recommendations - Industry experts suggest that bank wealth management companies can enhance asset portfolio efficiency and dynamically adjust allocations to better manage net value volatility [1] - These strategies are aimed at increasing returns for investors despite the anticipated fluctuations in net value [1]

Group 1 - The core viewpoint of the article emphasizes that after the rectification, bank wealth management products will implement "penetrating management," allowing investors to face real net value fluctuations directly [2][5] - Many bank wealth management companies are expected to complete their rectification plans by the end of June, with a focus on two main methods: "using surplus to cover losses" and closing price valuation [3][4] - The adjustment of performance comparison benchmarks by banks is aimed at aligning investor return expectations, with over a hundred bank wealth management products having adjusted their benchmarks, some by more than 150 basis points [5][6] Group 2 - The rectification will lead to a decrease in the number of low-volatility, stable wealth management products, while the proportion of mixed wealth management products may increase [6] - Future focus for bank wealth management companies will shift towards asset allocation capabilities to better cope with normalized net value fluctuations [7] - Companies are encouraged to dynamically adjust their asset holdings and strategies to enhance overall investment returns, with a focus on improving asset combination efficiency [7]

分析师：蔡梦苑 登记编号： S0890521120001 分析师：周佳卉 登记编号： S0890525040001 投资要点 行业动态： 银行理财估值整改行至半程，目前行业整改进度呈现差异化特征，个别股份行理财 子在去年底已完成全面整改。随着新一轮降息潮的到来，大额存单的利率已全面进入"1"时代， 甚至多家银行下架了5年期大额存单产品，反映了银行在净息差压力下对负债结构的主动优化。 同业创新动态： 存款利率持续下行引发银行理财市场深度变革，农银理财等理财公司纷纷以创 新策略抢占市场先机，发力长周期与分红型理财产品。兴银理财为响应金融"五篇大文章"，通 过联动兴业银行各地分行，落地多单认股权业务，覆盖生物医药、国产超算、高端制造等多个 行业领域。浦银理财推出两款"鑫"系列绿色科技主题理财产品，紧密跟踪上证绿色公司债指数 和上证科技创新公司债指数，深度支持清洁能源、绿色交通、生态环保等主题，前瞻布局科技 创新、战略新兴产业等。 收益率表现： 上周（2025/6/2-2025/6/8，下同）现金管理类产品近7日年化收益率录得1.43%， 环比下行1BP；同期货币型基金近7日年化收益率报1.34%，环比下行2BP。现 ...