Investment Rating - The report does not explicitly provide an investment rating for the banking wealth management industry Core Insights - The banking wealth management market reached a total scale of 33.29 trillion yuan by the end of 2025, reflecting an 11.15% growth from the beginning of the year, with an annual increment of 3.34 trillion yuan [2][9] - The product structure shows a clear trend of "cash management contraction, fixed income dominance, and mixed asset expansion" [10] - The report highlights a significant increase in allocations to public funds and bank deposits, while reducing allocations to credit bonds and interbank certificates of deposit [11][12] Regulatory and Industry Dynamics - The banking wealth management market demonstrated resilience with multiple growth drivers, including the "deposit migration" narrative, proactive market layout by wealth management companies, and strong net value management capabilities [9] - The product structure optimization indicates a shift towards fixed income products, which contributed significantly to the growth, while cash management products saw a decline in both scale and attractiveness [10] - By the end of 2025, public fund investments reached 1.82 trillion yuan, marking a historical high, while cash and bank deposits also increased to 10.06 trillion yuan [11] Yield Performance - The average yield of wealth management products fell below 2% for the first time, recorded at 1.98%, down from 2.12% in the first half of 2025 and 2.65% in 2024 [13] - Recent weekly data shows cash management products had a 7-day annualized yield of 1.27%, a decrease of 1 basis point [14][18] Net Value Tracking - The net value ratio of banking wealth management products was 0.55%, a decrease of 0.25 percentage points from the previous week, with credit spreads also narrowing [25][26]