Core Viewpoint - The report highlights the recovery and growth of the banking wealth management market in the first half of 2025, with a focus on asset allocation trends and product characteristics [3][4]. Scale - In the first half of 2025, the wealth management scale increased by 0.72 trillion, with the total balance exceeding 30 trillion, reaching 30.67 trillion by the end of Q2 2025, reflecting a 2.4% growth since the beginning of the year [3]. - The Q2 2025 single-quarter increase was 1.53 trillion, lower than the 1.89 trillion increase in the same period last year, but higher than the average increase of 0.64 trillion from 2021 to 2023 [3]. Product Characteristics - Fixed income products maintained a stable proportion of 97.2% by the end of Q2 2025, with a growth of 2.3% to 29.81 trillion since the beginning of the year [4]. - The cash management products decreased by 0.9 trillion to 6.4 trillion, indicating a "seesaw" effect between cash management and non-cash management products [4]. - Mixed and equity products saw a recovery, with mixed products increasing by 40 billion to 770 billion and equity products increasing by 10 billion to 700 billion since the beginning of the year [4]. Asset Allocation - Bond assets totaled 18.33 trillion, decreasing by 2.7 trillion since the beginning of the year but increasing by 4.5 trillion since the beginning of Q2 2025, with a proportion of 55.6% [6]. - Cash and bank deposits increased by 5 trillion to 8.18 trillion, with a proportion of 24.8% [6]. - Public fund allocations reached 1.38 trillion, with a significant increase of 450 billion in Q2 2025, representing 4.2% of the total [6].

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]