Core Insights - The development of bank wealth management has lagged behind, with public fund scale surpassing bank wealth management for the first time by June 2023, indicating a shift in competitive advantages [2] - The bank wealth management industry is undergoing a reassessment of its service clientele, operational models, and positioning to regain competitiveness [2][4] - The industry is expected to transition towards professional asset management companies in 2024, enhancing risk preference, product structure, and investment research capabilities [2][4] Industry Challenges - The year 2023 has been challenging for the industry, with both scale and performance under pressure, leading to adjustments in product performance benchmarks and fee structures to attract investors [4][5] - Bank wealth management scale fluctuated significantly, increasing from 23.4 trillion yuan at the end of 2019 to 25.34 trillion yuan by mid-2023, but saw a notable decrease compared to 2022 due to declining product yields [4][5] - The low risk tolerance of clients and the contradiction with the net value of wealth management products have led to increased volatility in product scale, complicating investment strategies [5] Strategic Shifts - The investment environment for bank wealth management has undergone five key changes, including more rational market expectations, low client confidence recovery, and a shift towards stable asset structures [8] - The focus for 2024 will be on maintaining a balanced approach to asset allocation, emphasizing safety and supporting national strategies while managing risks effectively [11] - There is a need for bank wealth management companies to diversify their product offerings, including cash and short-term debt products, while also exploring higher volatility products to create a more comprehensive product system [9][10] Future Outlook - The bank wealth management sector is projected to achieve a 10% growth in scale in 2024, with total assets expected to reach between 31 trillion and 32 trillion yuan [13] - The performance benchmark for wealth management products is anticipated to stabilize and potentially rise, which could support growth in the sector [13] - The asset allocation strategy will continue to follow the "80-20 rule," with a focus on maintaining a balance between safe assets and higher-yielding investments [13]

来源：中国证券报 在利率持续走低的背景下，银行理财正悄然调整资产配置策略。 银行业理财登记托管中心近日发布的《中国银行业理财市场半年报告(2025年上)》显示，上半年，理财 产品减配债券及权益类资产，转而增持公募基金、现金及银行存款、非标准化债权类资产。 业内人士表示，今年固收资产挖掘收益难度加大，随着底层资产收益率持续下行，上半年理财产品平均 年化收益率已跌至2.12%，未来直投获取较高收益率的难度将持续增大，理财公司与基金业的合作有望 加强。 减配债券和权益类资产 从资产配置结构来看，截至6月末，理财产品资产配置仍以固收类资产为主，同时理财产品在增配公募 基金、现金及银行存款、非标准化债权类资产及金融衍生品的同时，减少了对债券和权益类资产的配置 比例。 具体来看，截至6月末，理财产品投向债券、权益类资产余额分别为13.78万亿元、0.78万亿元，分别占 总投资资产的41.8%、2.38%。今年一季度末，理财产品投向债券、权益类资产余额分别为13.68万亿 元、0.81万亿元，分别占总投资资产的43.9%、2.6%。今年年初，理财产品投向债券、权益类资产余额 分别为13.98万亿元、0.83万亿元，分别占总 ...

Core Viewpoint - The banking wealth management sector is adjusting its asset allocation strategies in response to declining interest rates, shifting away from bonds and equity assets towards public funds, cash, bank deposits, and non-standardized debt assets [1][4]. Asset Allocation Changes - As of the end of June, the asset allocation of wealth management products remains predominantly in fixed-income assets, while the proportion of bonds and equity assets has decreased. Specifically, the balance of investments in bonds and equity assets was 13.78 trillion yuan and 0.78 trillion yuan, accounting for 41.8% and 2.38% of total investment assets, respectively [2][3]. - The allocation to public funds has significantly increased, with a balance of 1.38 trillion yuan, representing 4.2% of total investment assets, an increase of 0.45 trillion yuan compared to the end of the first quarter [3]. Challenges in Fixed-Income Asset Returns - The average annualized return of wealth management products has declined to 2.12% in the first half of the year, down from 2.65% in 2024, indicating a 0.53 percentage point decrease. The difficulty in obtaining returns from fixed-income assets has increased, with a notable differentiation between allocation and trading strategies [4][5]. - Credit bonds continue to dominate the allocation, comprising 90% of bond investments, with a total holding of 12.79 trillion yuan, which is 38.79% of total investment assets [4]. Market Trends and Future Outlook - The total scale of the banking wealth management market reached 30.67 trillion yuan by the end of June, reflecting a 2.4% increase from the beginning of the year and a 7.54% year-on-year growth. However, the growth rate may slow down in the medium to long term due to declining returns on wealth management products [5][6]. - The pressure on the expansion of wealth management product scales is expected to increase as the advantages of returns, particularly for cash management products, diminish compared to deposits [6].

Core Insights - The banking wealth management sector is adjusting its asset allocation strategies in response to declining interest rates, shifting from bonds and equity assets to public funds, cash, bank deposits, and non-standardized debt assets [1][4] Asset Allocation Changes - As of the end of June, the balance of wealth management products invested in bonds and equity assets was 13.78 trillion yuan and 0.78 trillion yuan, accounting for 41.8% and 2.38% of total investment assets, respectively. This represents a decrease from 43.9% and 2.6% at the end of the first quarter [2] - The proportion of public fund allocations in wealth management products has significantly increased, with a balance of 1.38 trillion yuan, representing 4.2% of total investment assets, up from 0.93 trillion yuan in the previous quarter [2][3] Shift to Low-Volatility Assets - Wealth management products have increased their allocation to low or non-volatile assets, with cash and bank deposits totaling 8.18 trillion yuan and non-standardized debt assets at 1.82 trillion yuan, representing 24.8% and 5.52% of total investment assets, respectively [3] Declining Yield Trends - The average annualized yield of wealth management products has dropped to 2.12% in the first half of the year, down from 2.65% in 2024, indicating increasing difficulty in generating returns from fixed-income assets [3][4] Credit Bond Dominance - Credit bonds remain the primary focus within bond allocations, with a total of 12.79 trillion yuan held, accounting for 38.79% of total investment assets, although this is a decrease of 2.34 percentage points from the previous year [2][4] Market Growth and Future Outlook - As of the end of June, the total scale of the banking wealth management market was 30.67 trillion yuan, reflecting a growth of 2.4% year-to-date and 7.54% year-on-year. However, the growth rate may slow down in the medium to long term due to declining yields [4][5] - Analysts predict that while short-term growth may continue due to deposit pricing effects, the attractiveness of wealth management products may diminish as yields decline, leading to increased pressure on expansion [5][6]

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]