| 2025年上半年理财、货基、债基规模同比少增 | | | | | | --- | --- | --- | --- | --- | | | 存款 | 理财 | 货基 | 债基 | | 2024上半年规模增加(万亿元) | 11. 45 | 1.72 | 1.91 | 1.57 | | 2024上半年规模同比多增(万亿元) | -8. 67 | 4. 03 | 0.88 | 1.08 | | 2024下半年规模增加(万亿元) | 6.54 | 1. 43 | 0.42 | -0. 05 | | 2024下半年规模同比多增(万亿元) | | -0.03 - | 11 0.63 | -0. 59 | | 2025上半年规模增加(万亿元) | 17.92 | 0. 72 | 0.62 | 0. 44 | | 2025上半年规模同比多增(万亿元) | 6.47 | -1.00 | -1.29 | -1. 13 | | 2024年12月余额同比增速(%) | 6.33 | 11. 75 | 20. 68 | 28. 77 | | 2025年6月余额同比增速(%) | 8.27 | 7.53 | 7.92 | 5.78 ...

分机构来看，兴银理财、中银理财、平安理财和工银理财到期产品数量位列前四，2025年上半年到期产品数量超300只。 半年以内期限固定收益类理财业绩下限达标率超九成 2025年上半年31家理财公司合计有5,905款（按登记编码核算）封闭式公募产品到期，较2024年上半年增长35.44%。其中，固定收益类、混合 类、商品及金融衍生品理财分别到期5,759只、145只和1只。 分投资周期来看，6—12个月期限到期产品数量最多，达2,074只，占比35.1%；其次为3—6个月期限产品，有1,814只到期，占比30.7%；1—2 年期限的到期产品有1,378只，占比23.3%；其余投资周期到期产品数量占比不足10%。 人民币固定收益类封闭式理财到期年化收益率跌破3% 由于固定数值报价型产品和区间报价型产品数量较多，课题组主要对上述两类产品的达标率和到期收益水平进行分析。在剔除了因信息披露 不达标导致无法计算到期年化收益率的样本后，课题组以5,587只（按登记编码核算）到期产品为样本进一步分析。 在5,587只到期产品中，固定收益类、混合类和商品及金融衍生品类理财分别有5,446只、140只和1只。到期产品综合业绩基准中枢 ...

信银理财最新发布的品牌TVC中，排球队姑娘们日复一日的训练、一次又一次地摔倒后爬起成就了稳扎 稳打的成长，也成了"不急，就稳了"的真实表达。 "一时输赢不急，心态稳了；长期投资不急，未来稳了"。这句"不急"其实也一语道破了当前国家经济发 展战略核心科创领域背后的深层逻辑——长期主义。在科技创新的浪潮中，"不急"并非消极等待，而是 以"耐心"为锚点，脚踏实地地陪伴企业成长，构建全生命周期、全链条的金融服务格局。 当前，国家正以顶层设计推动金融"接力赛"模式的落地。国务院办公厅印发的《关于做好金融"五篇大 文章"的指导意见》明确提出，到2027年，科技金融体系需与高水平科技自立自强目标需求相适应。这 一政策导向强调"投早、投小、投长期、投硬科技"，通过政府引导基金、市场化基金、保险资金等多方 协同，形成"从0到1"的孵化支持和"从1到100"的市场化接力，旨在通过壮大耐心资本，做"时间的朋 友"，在风险共担中陪伴企业成长，最终共享创新红利。 助力壮大"耐心资本"，"驰援"科创企业发展 "耐心资本"是专注于长期投资并对风险有较高承受力的资本，对加强科技创新、提高创新效率具有重要 意义。且"耐心资本"并非简单的长期持 ...

2025年6月末 2024年末 较2024年末 产品规模（亿元） 产品规模（亿元） 变动幅度 浦银理财 12948.23 12705.56 1.91% 华夏理财 9931.11 8332.93 19.18% 苏银理财 7453.84 6331.85 17.72% 恒丰理财 2075.41 1659.31 25.08% 青银理财 1894.80 1993.26 -4.94% 数据来源/理财公司理财业务报告 制表/吴杨 ...

Core Insights - The performance of equity products was the best in the first half of the year, while fixed income products performed the worst [1][3] - The overall number of existing wealth management products reached 27,381, with a significant majority being fixed income products [1][12] - The average net value growth rate for equity products was 5.82%, while fixed income products had a much lower average growth rate of 1.26% [3][10] Product Distribution - As of June 30, 2025, 72.97% of existing wealth management products were rated as medium-low risk (Level 2), followed by medium risk (Level 3) at 12.22% and low risk (Level 1) at 12.11% [1] - Fixed income products dominated the investment nature, accounting for 92.55% of the total, while equity products only made up 0.55% [1] Performance Analysis - Equity products experienced a significant rebound in the A-share and Hong Kong stock markets, leading to their strong performance in the first half of the year [3][12] - Fixed income products showed the lowest performance, with an average maximum drawdown of only 0.19%, indicating their stability despite lower returns [3][6] Company-Specific Insights - The top three wealth management companies by the number of existing products were Xingyin Wealth Management (1,976 products), Xinyin Wealth Management (1,946 products), and Zhaoyin Wealth Management (1,869 products) [1][18] - The highest average net value growth rate for fixed income products was recorded by Su Yin Wealth Management at 1.61% [10] Break-even Rate Trends - The break-even rate for wealth management products reached a new low by the end of June 2025, with nine companies reporting a break-even rate of 0% [12][16] - The break-even rate for fixed income products decreased to 0.17%, while mixed products had a break-even rate of 5.58% [16][18]

Core Insights - The report focuses on the performance of three types of investment products: "Fixed Income + Equity," mixed-type, and equity-type financial products [1] - The data covers products with different investment cycles and performance metrics, highlighting the average net value growth and maximum drawdown for each category [2] Group 1: Overall Performance - As of July 24, the average net value growth rate for "Fixed Income + Equity" public financial products over the past year is 4.12%, with an average maximum drawdown of 0.99% [6] - 72.13% of the "Fixed Income + Equity" products achieved positive returns each quarter over the past year, with notable products from state-owned banks leading the rankings [6] - The top three performing products in this category are from 工银理财, 农银理财, and 中邮理财, with net value growth rates of 6.17%, 5.61%, and 5.12% respectively [6] Group 2: Highlighted Product Analysis - 中邮理财's "邮银财富添颐·鸿锦封闭式系列2022年第2期养老理财" is a low-risk fixed income product with a significant allocation to non-standard assets, comprising 46.2% of its total assets [7] - The investment manager anticipates a downward trend in bond rates, while equity investments are expected to be influenced by various geopolitical and economic factors [7] - The mixed-type public financial products have shown a net value growth rate of 2.63% over the past six months, with 兴银理财's "兴合汇景1号" and 宁银理财's "宁赢平衡增利智能制造5号" exceeding 10% growth [12][13] Group 3: Equity Market Performance - As of July 28, the Shanghai Composite Index has increased by 4.46% in July, reflecting a strong equity market [12] - The average net value growth rate for equity public financial products over the past six months is 11.65%, with 37 sample products recording positive returns [17] - The top-performing product in this category is 华夏理财's "天工日开6号," achieving a net value growth rate of 26.92% [17]

Core Viewpoint - The domestic market has entered a new round of interest rate cuts, with the one-year deposit rate falling below 1% and the three-year rate below 2%, leading to a low-interest-rate environment for fixed-income assets. Investors are encouraged to diversify their asset allocation and consider global markets for better investment opportunities [1][4]. Group 1: Investment Strategy - Investors are advised to expand their investment horizons from single asset classes to diversified and multi-category asset allocations to effectively reduce portfolio risk and enhance return sources [1][2]. - The newly launched product by Huihua Wealth, "Global Gain," focuses on global asset allocation and employs a "fixed income plus" investment strategy, integrating international investment frameworks and resources [1][2]. Group 2: Product Details - The product allocates 80% of its fixed income portion to a flexible duration strategy, actively managing domestic and foreign bonds while ensuring liquidity and capturing market opportunities [2]. - The product is now available for sale at Standard Chartered Bank, marking Huihua Wealth's first collaboration with a foreign bank for distribution, reflecting market recognition of the company [2][3]. Group 3: Company Background - Huihua Wealth is the first Sino-foreign joint venture wealth management company established by France's largest asset management company, Amundi, and Bank of China’s wholly-owned subsidiary, BOC Wealth Management, officially launched in September 2020 [3]. - The company has developed a research and investment system characterized by global asset classes, with specialized teams focusing on macro, fixed income, derivatives, and equity, ensuring a comprehensive approach to asset management [3]. Group 4: Market Outlook - The company indicates mixed signals in the current market, with stable aggregate data but structural divergence, suggesting ongoing pressure on fundamentals. However, expectations for "anti-involution" are strengthening, and large-scale infrastructure projects are boosting risk appetite [4]. - The company emphasizes the need for cautious duration management and flexible short-term trading strategies while seeking structural opportunities in the market [4].

今年国内市场开启新一轮降息，一年期存款利率跌破1%，三年期已不足2%。随着 利率中枢 不断下移，固定收益类资产整体进入了低利率时代。在此背景下，若执着于追求单一资产类 别的超额回报，不仅难度加大，更难以持续。 面对低利率时代的投资困境，投资者可考虑扩宽投资视野，从单一资产类别的配置，到多元 化、多品种的资产配置；同时，不妨将目光从国内市场扩展到全球市场。世界各大经济体周 期不同频，展现出不同的投资机会；而且通过分散配置不同类别的资产，可充分利用不同资 产类别之间存在的负相关或弱相关关系，有效降低投资组合风险，并丰富收益来源。 关于当前市场，汇华理财表示，近期基本面有喜有忧，总量数据保持平稳，但结构性数据有 分化，基本面仍有压力。但是"反内卷"预期逐渐走强，超大型基建启动带动风险偏好提升， 债市面临一定调整压力，尤其考虑机构整体久期与杠杆水平都处在偏高水平，市场情绪影响 易被放大。因此，一方面久期维持谨慎，短期波动操作应更为灵活；另一方面需挖掘结构性 机会，寻找曲线、利差、新老券和信用等机会。后续需继续紧密关注基本面变化、政策节 奏、央行态度以及外部冲击的进展。 此外，可积极探寻境外固收市场的机会，目前境内外固 ...

Group 1 - The "China Construction Bank" App provides convenient access to social security information, allowing users to view their electronic social security card and check pension details, insurance payments, and employment services [2][9]. - Users can easily search for social security services within the app, enhancing the overall user experience [6][9]. - The app also offers a feature for users to accumulate tasks and receive rewards, promoting engagement with the platform [5]. Group 2 - The app facilitates online queries for social security account changes, making it easier for users to stay updated [3][4]. - Users can access various social security services, including payment information and proof of insurance, directly through the app [9].

1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report - The recent rise in commodity prices and the stock market is mainly driven by expectations. The increase in commodity prices has a limited impact on bond market funds due to the limited scale of the commodity market and large differences among investors. The focus is on the impact of the stock market rise on the bond market [4][12]. - The flow of funds from the bond market to the stock market is limited. The impact of the stock market on the bond market through changes in residents' asset allocation and financial institutions' asset structure is not significant, and the bond market does not face direct capital outflow pressure [4][6][7]. - The risk of further significant adjustment in the bond market is limited. It is recommended to hold bonds for observation. The stock market rise is more driven by valuation recovery and requires a low - interest - rate environment, making a simultaneous rise in stocks and bonds more likely [7][40]. 3. Summary by Related Catalogs 3.1 Impact of Stock Market on Residents' Asset Allocation - **New Savings**: There is no significant correlation between the residents' savings rate and the stock market. The stock market has neither an obvious wealth effect nor a significant crowding - out effect on consumption. For example, during the 2014 - 2015 bull market and the stock market rally from September to October last year, the residents' savings rate did not decrease significantly [4][13]. - **Stock of Assets**: In the distribution of residents' financial and non - financial assets, the stock market bull market generally does not significantly squeeze non - financial assets such as real estate. The stock market trend and the sales volume of commercial housing are often positively correlated, indicating that there is no obvious behavior of selling real estate to invest in stocks [5][13]. - **Financial Asset Structure**: During the stock market bull market, funds may flow from residents' deposits to the stock market. There is a significant negative correlation between residents' deposits and the rise and fall of the Shanghai Composite Index. For every 1000 - point increase in the Shanghai Composite Index, the growth rate of residents' deposits drops by 3.5 percentage points. However, this is just a change in the form of deposits, not a net decrease in deposits, so it does not bring direct pressure on bond market capital outflow [6]. 3.2 Impact of Stock Market on Financial Institutions' Asset Allocation - **Funds**: When the stock market is strong, funds will increase the proportion of equity assets, and institutions will increase the subscription of equity - linked funds and reduce the subscription of pure - bond funds. In the past, during stock market rallies, bond funds faced certain redemption pressure. For example, during the stock market rally from September to October last year, the bond fund share decreased by 700 billion shares. But this time, the pressure on bond fund scale may be less than last year [7][16]. - **Insurance**: The rise of the stock market has limited impact on insurance premium income. It mainly affects the asset allocation structure of insurance. Although the investment in stocks increases, the investment in bonds does not necessarily decrease. For example, during the stock market rally from September to October last year, the stock investment of life insurance in the fourth quarter of last year increased by 84.1 billion yuan, while the bond investment increased by 822.6 billion yuan [7][20]. - **Wealth Management**: The scale of funds transferred from wealth management products to the stock market is relatively limited due to the inconsistent risk preferences of investors. The proportion of equity assets in wealth management assets decreased in the second half of last year, while the proportion of bond assets increased significantly. The share of equity assets decreased from 2.8% in June last year to 2.6% in December, and the share of bond assets increased from 55.6% to 57.9% [26]. 3.3 Market Negative Feedback Redemption Pressure Currently, funds and wealth management products do not show obvious redemption pressure. Wealth management products did not experience large - scale net - value breakage, and in March 2025, about 23% of wealth management assets were in cash and deposits, with strong redemption - coping ability. Bond funds are mainly held by institutional investors, and if their liabilities are stable, the redemption pressure is relatively limited [7][38].