Core Insights - The bank wealth management market in China has shown significant growth in the first half of 2025, with a total scale of 30.67 trillion yuan, marking a year-on-year increase of 7.53% [2][3] - The market generated a total return of 389.6 billion yuan for investors, while the funds supporting the real economy reached 21 trillion yuan [2][3] - The decline in cash management product scales is attributed to lower yields and stricter regulatory policies, leading to decreased attractiveness [3][4] Market Performance - As of June 2025, there were 194 banks and 32 wealth management companies with active products, totaling 41,800 products, an increase of 3.78% from the beginning of the year [2] - Cash management products saw a significant decline, with a scale of 6.4 trillion yuan, representing 25.79% of all open-ended products, down 4.38 percentage points from the start of the year [2][3] Investor Behavior - The proportion of aggressive investors (risk level C5) has increased, indicating a shift in market risk appetite, with stable investors (risk level C2) still holding the largest share at 33.56% [3][4] - The average annualized return for equity-based wealth management products reached 15.06% in 2025, with a notable increase in recent months [4] Distribution Channels - Wealth management companies are expanding their distribution channels beyond their parent banks, with 30 out of 32 companies utilizing additional banks for product sales [5] - The number of institutions distributing wealth management products has increased slightly, with 569 institutions involved as of June 2025 [5] Strategic Recommendations - Leading wealth management subsidiaries are encouraged to enhance their capabilities through financial technology and cross-border investment opportunities [5][6] - Smaller institutions are advised to focus on local market specialization and optimize digital sales systems to reduce operational costs [6]

"近期，以债券为主要底层资产的固定收益类理财产品收益率上升明显，不过，面对市场波动和投资者 多样化需求，银行和理财公司如何在安全性、收益性、流动性三者之间做好动态平衡，将是一个长期挑 战。"董希淼说。 由于固定收益类产品是主体，银行理财产品的风险等级整体较低。《报告》显示，截至2025年6月末， 风险等级为二级(中低)及以下的理财产品存续规模为29.41万亿元，占全部理财产品存续规模的95.89%。 相比之下，风险等级为四级(中高)及以上的理财产品存续规模仅为0.1万亿元，占全部理财产品存续规模 的比例仅为0.32%。 银行理财市场存续规模站上了30万亿元关口。银行业理财登记托管中心7月25日发布的《中国银行业理 财市场半年报告(2025年上)》(以下简称《报告》)显示，截至2025年6月末，银行理财市场存续规模达 30.67万亿元，上半年累计为投资者创造收益3896亿元，较去年同期增长14.18%。 整体收益保持稳健 与市场规模持续上涨相对应，今年上半年，理财产品的整体收益保持稳健，累计为投资者创造收益3896 亿元，较去年同期增长14.18%。其中，银行机构累计为投资者创造收益599亿元；理财公司累计为投 ...

Core Insights - The total scale of the bank wealth management market has surpassed 30 trillion yuan, reaching 30.67 trillion yuan by the end of June 2025, with a cumulative return of 389.6 billion yuan for investors in the first half of the year, representing a year-on-year growth of 14.18% [1][2] Market Performance - The overall yield of wealth management products remained stable, with an average annualized yield of 2.12% in the first half of 2025. The banking sector generated 59.9 billion yuan, while wealth management companies contributed 329.7 billion yuan to investor returns [2] - A total of 132 banks and 32 wealth management companies launched 16,300 new products, raising 36.72 trillion yuan in funds during the same period [2] Product Composition - Fixed income products dominate the market, with a total scale of 29.81 trillion yuan, accounting for 97.2% of the total wealth management products. This represents a slight decrease of 0.13 percentage points from the beginning of the year but an increase of 0.32 percentage points year-on-year [3] - The risk level of wealth management products is generally low, with 29.41 trillion yuan (95.89%) classified as level two (medium-low) or below, while only 0.1 trillion yuan (0.32%) falls into level four (medium-high) or above [3] Operational Models - Open-ended wealth management products have become mainstream, with a total scale of 24.82 trillion yuan, representing 80.93% of the total. This is an increase of 0.13 percentage points from the beginning of the year and 1.06 percentage points year-on-year [4] Investor Demographics - The number of investors holding wealth management products reached 136 million, an increase of 8.37% from the beginning of the year. Individual investors make up 98.66% of this group, totaling 134 million [5] - Among individual investors, those with a risk preference of level two (steady) account for 33.56%, indicating a low risk appetite overall [5] Support for the Real Economy - Wealth management products have supported the real economy with approximately 21 trillion yuan invested in bonds, non-standardized debt, and unlisted equity by the end of June 2025. The total investment assets reached 32.97 trillion yuan, a year-on-year increase of 7.31% [8] - The investment in green bonds exceeded 320 billion yuan, with over 1 trillion yuan allocated to special bonds for initiatives like the Belt and Road and poverty alleviation [9] Pension Products - Personal pension wealth management products have seen significant growth, with a total balance exceeding 15.16 billion yuan, a 64.7% increase from the beginning of the year. The average annualized yield for these products is over 3.4% [10]

文/刘杰 反内卷的风逐步扩散，金融行业自然也概莫能外。以当前内卷态势最显著的如外卖、新能源车等行业为 例，共性特征是产品差异化小，区分度低。目前看来，银行理财行业在某种程度上也很符合这一特征。 转型至今，理财规模已经重新站上历史新高，但是行业整体盈利能力并未实现同步增长，降管理费的竞 争此起彼伏，"增量不增收"是行业内卷力度加大的重要表征。我们可以从产品、投资、渠道、宣传等方 面逐个细数： 产品端：仍有大量几乎"无波"中短期限理财产品 理财公司牌照刚开始发放时，市场就认为真正的全能资管牌照来了，因为资产配置可投范围和空间很有 优势。但时至今日，理财行业的资产配置结构过去几年并未发生实质性的变化，核心问题是负债端风险 偏好低且期限较短，很难真正跨周期投资。 但是在"创新"技术和策略以迎合客户所好方面，理财机构却动作频频。从2022年末赎回潮之后开始增配 存款，发行可以嵌套保险资管投资高收益的协议存款，再到借道信托计提"特别信托利益"实现平滑机 制，以及所谓的自建估值模型等，所有这些行为的目的都是创造所谓的波动较低的、收益又有优势的理 财产品来上规模，好在种种行为均逐步被监管注意到并叫停整改，最新又有多家机构成体 ...

Core Insights - The report highlights the current state and trends in the banking wealth management industry, emphasizing the importance of timely and accurate assessments for the sector's transformation and development [1] Market Review - The bond market experienced slight adjustments with an overall balanced and loose funding environment, as evidenced by a DR007 weighted average of 1.65% and a 10-year government bond yield of 1.73% [2] - The A-share market continued to rise, with the Sci-Tech Innovation 50 Index, CSI 500 Index, and ChiNext Index showing weekly increases of 4.63%, 3.28%, and 2.76% respectively [2] Break-even Situation - The number of underperforming wealth management products remains low, with 24,604 public wealth management products in existence, of which 100 have a cumulative net value below 1, resulting in a comprehensive break-even rate of 0.41% [3] - The break-even rates for equity and mixed wealth management products decreased to 39.02% and 5.11% respectively, while fixed-income public wealth management products maintained a low break-even rate of 0.09% [3] New Issuance Situation - A total of 508 wealth management products were issued by 32 companies from July 21 to July 25, marking an 11.16% increase from the previous week [4] - Zhejiang Bank Wealth Management led in product issuance with 45 new products, followed by Huaxia Wealth Management with 43 products [4] Product Characteristics - New products primarily consisted of R2 (medium-low risk) fixed-income public products, with open-ended products increasing to 48.2% of total issuances [6] - The pricing for products with maturities of over three years saw the largest decline, dropping by 0.2 percentage points to 2.15% [6] Key Focus - Zhejiang Bank Wealth Management launched 45 new fixed-income public products, focusing on strategies such as ETF rotation, all-weather, and dividend strategies [8] - The newly issued "Zhongrong Jiuyue Tianli 180-day Holding No. 2 ETF Rotation Strategy Enhanced Wealth Management Product" aims to enhance returns through various strategies while primarily investing in fixed-income assets [8] Earnings Situation - The overall performance of wealth management products remained positive due to the rise in equity markets, with fixed-income products showing an average net value growth rate of 0.049% over the past week [11] - Cash management products yielded average annualized returns of 1.389% for RMB, 3.887% for USD, and 2.9% for AUD [12] Negative Earnings Situation - The proportion of wealth management products with negative returns increased significantly, with 15.54% of RMB public wealth management products reporting negative returns over the past week [15] - The highest proportion of negative returns was observed in fixed-income products with maturities over three years, reaching 24.83% [15] Industry Hotspots - As of June 30, the total scale of the banking wealth management market exceeded 30 trillion RMB, with 1.63 million new products issued in the first half of the year, raising 36.72 trillion RMB [19] - The industry is shifting from traditional fixed-income strategies to more diversified investment approaches, including increased allocations to short-duration assets and public funds [20]

Core Viewpoint - The performance of bank wealth management products has improved in the first half of 2025, with a focus on quality over scale, leading to optimized product structures and a decrease in the central levels of returns and risks [1] Group 1: Product Performance - The monthly ranking of wealth management products shows significant cumulative excess returns, with fixed-open mixed products achieving the highest annualized return of 4.63% [1][4] - Fixed-open "bond+" products and shortest holding period "bond+" products demonstrated excellent risk-adjusted returns [1] - The average annualized return for fixed-open "bond+" products was 2.63%, significantly higher than the market average of 1.25% [4] - Fixed-open pure bond products had an annualized return of 2.17%, outperforming the market average of 1.89% [5] - The annualized return for fixed-open mixed products was 4.63%, with a volatility of 3.28%, indicating a strong ability to balance risk and return [6] Group 2: Product Categories and Metrics - The total number of fixed-open "bond+" products was 4,400, with a total scale of 20.5 trillion yuan [2] - The annualized Sharpe ratio for fixed-open "bond+" products was 1.68, compared to the market average of 0.85 [4] - The annualized return for the shortest holding period "bond+" products was 2.98%, with a Sharpe ratio of 1.78, both exceeding market averages [6] Group 3: Institutional Performance - Systemically important banks and their wealth management subsidiaries led in product scale and quantity, with 招银理财 achieving the highest number of product rankings at 9 times [7] - In city commercial banks, 杭银理财 ranked first with 10 product rankings, while in rural financial institutions, 渝农商理财 led with 12 rankings [7]

Core Viewpoint - The bond market is experiencing adjustments due to the "see-saw effect" triggered by rising stock markets, but a significant decline in the bond market is unlikely in the second half of the year [1][2][3] Group 1: Market Performance - As of July 28, the average annualized yield of wealth management products was 3%, a decrease of 42 basis points from the end of June; pure fixed-income products saw a more pronounced decline, with yields dropping to 2.23%, down 54 basis points [2] - The 10-year government bond yield increased from 1.65% at the beginning of July to 1.74% by July 25, leading to a decline in bond prices and consequently affecting the net value of wealth management products [2][3] Group 2: Future Outlook - Analysts believe that the likelihood of a significant decline in the bond market is low due to the continuation of a moderately loose monetary policy and the need for low interest rates to support the economy [2][3] - The current monetary policy environment lacks strong drivers for a substantial drop in bond prices, despite factors that may increase volatility [2][3] Group 3: Investment Strategies - Wealth management companies are advised to upgrade their product systems and adopt "fixed income plus" strategies to enhance yields by including equity assets [1][4] - To stabilize investor sentiment and avoid irrational large redemptions, several wealth management subsidiaries have communicated that the current bond market adjustment is within a reasonable range and do not warrant excessive panic [3][4] - Recommendations for investors include shortening investment durations, diversifying product types, and increasing allocations to cash management and mixed-asset products to mitigate risks associated with pure fixed-income investments [4]

Report Title - "Structural Transformation under the Expansion of Wealth Management Scale - Review of the Semi - annual Report of Wealth Management in 2025" [1] Core Viewpoints - In the context of falling deposit rates and deposit migration, the wealth management market has steadily expanded. As of the end of June 2025, there were 194 bank institutions and 32 wealth management companies with outstanding wealth management products, with a total of 41,800 products, a 3.78% increase from the beginning of the year and a 4.54% increase year - on - year. The outstanding scale reached 30.67 trillion yuan, a 2.38% increase from the beginning of the year and a 7.53% increase year - on - year. The wealth management company's outstanding scale accounted for 89.61% of the total market, with a year - on - year growth of 12.98%, while the bank institution's outstanding scale decreased by 24.04% year - on - year [9]. - The product yield has significantly declined. In the first half of 2025, the average annualized yield of wealth management products was 2.12%, a 68 - basis - point decline from 2.80% in the first half of 2024 and a 53 - basis - point decline from 2.65% at the end of 2024 [9]. - In terms of product structure, the scale of cash - management products has continued to shrink. As of the end of June 2025, the outstanding scale of open - ended wealth management products was 24.82 trillion yuan, accounting for 80.93%, a slight increase of 0.13 percentage points from the beginning of the year. The outstanding scale of cash - management products was 6.40 trillion yuan, accounting for 25.79% of open - ended products, a 14.55% decline from the same period last year [6][9]. - The proportion of credit bonds has slightly declined, and there is active allocation of assets such as science and technology innovation bond ETFs. As of the end of June 2025, the total investment assets of wealth management products were 32.97 trillion yuan. Bond - related assets (including bonds and inter - bank certificates of deposit) were the largest allocation category, with a scale of 18.33 trillion yuan, accounting for 55.60% of total investment assets. The scale of held credit bonds was 12.79 trillion yuan, accounting for 38.79% of total investment assets, a 2.34 - percentage - point decline from the same period last year. Since July, many wealth management products have actively participated in the subscription of science and technology innovation bond ETF products, and the proportion of wealth management products among the top ten holders of 10 science and technology innovation bond ETF products has reached 3.57% [10]. - From a time - series perspective, the proportion of cash and non - standard assets has been continuously compressed, and the proportion of bond allocation has stabilized. The proportion of cash and bank deposits has increased from 23.9% at the end of 2024 to 24.8% in the middle of 2025. The proportion of equity assets has continued the downward trend, accounting for 2.40% of total investment assets in the middle of 2025. The proportion of bonds and inter - bank certificates of deposit has stabilized at 55.60% in the middle of 2025 after gradually adjusting from the high point of 68.39% at the end of 2021 [10]. Industry Investment Rating - The document does not mention the industry investment rating. Summary by Related Catalogs Product Scale and Structure - As of the end of June 2025, there were 194 bank institutions and 32 wealth management companies with outstanding wealth management products, with 41,800 products, a 3.78% increase from the beginning of the year and a 4.54% increase year - on - year. The outstanding scale was 30.67 trillion yuan, a 2.38% increase from the beginning of the year and a 7.53% increase year - on - year [9]. - The wealth management company's outstanding scale was 27.48 trillion yuan, accounting for 89.61% of the total market, with a year - on - year growth of 12.98%, while the bank institution's outstanding scale was 3.19 trillion yuan, a 24.04% decline year - on - year [9]. - Open - ended wealth management products had an outstanding scale of 24.82 trillion yuan, accounting for 80.93%, a slight increase of 0.13 percentage points from the beginning of the year. Closed - ended products had a scale of 5.85 trillion yuan, accounting for 19.07% [6][9]. - The outstanding scale of cash - management products was 6.40 trillion yuan, accounting for 25.79% of open - ended products, a 14.55% decline from the same period last year [6]. Product Yield - In the first half of 2025, the average annualized yield of wealth management products was 2.12%, a 68 - basis - point decline from 2.80% in the first half of 2024 and a 53 - basis - point decline from 2.65% at the end of 2024 [9]. Asset Allocation - As of the end of June 2025, the total investment assets of wealth management products were 32.97 trillion yuan. Bond - related assets (including bonds and inter - bank certificates of deposit) were the largest allocation category, with a scale of 18.33 trillion yuan, accounting for 55.60% of total investment assets [10]. - The scale of held credit bonds was 12.79 trillion yuan, accounting for 38.79% of total investment assets, a 2.34 - percentage - point decline from the same period last year. The scale of interest - rate bonds was 0.99 trillion yuan, accounting for 3.01% of total investment assets [10]. - Other assets included cash and bank deposits (24.8%), inter - bank lending and bond repurchase (6.6%), and public funds (4.2%) [10]. - Since July, many wealth management products have actively participated in the subscription of science and technology innovation bond ETF products, and the proportion of wealth management products among the top ten holders of 10 science and technology innovation bond ETF products has reached 3.57% [10]. Long - term Trend - The proportion of cash and bank deposits has increased from 23.9% at the end of 2024 to 24.8% in the middle of 2025. The proportion of equity assets has continued the downward trend, accounting for 2.40% of total investment assets in the middle of 2025 [10]. - The proportion of bonds and inter - bank certificates of deposit has stabilized at 55.60% in the middle of 2025 after gradually adjusting from the high point of 68.39% at the end of 2021 [10].

Core Insights - In the first half of 2025, banks lowered deposit rates, enhancing the attractiveness of wealth management products, leading to a significant shift of funds from deposits to these products [1][2] - The issuance of net value-based wealth management products increased by over 40% year-on-year, with 10,941 products launched by 32 companies compared to 7,805 in the first half of 2024 [1][2] - The product structure is shifting towards multi-asset and multi-strategy approaches, with a notable increase in the issuance of mixed and equity products [4][5] Product Issuance - The number of newly issued products reached 10,941, with a year-on-year increase of over 40% [2] - Leading issuers include Huaxia Wealth Management with 820 products, followed by Xingyin Wealth Management and Everbright Wealth Management, each exceeding 700 products [2] - The majority of new products are public offerings, accounting for approximately 90.6%, while private offerings make up 9.4% [4] Investment Characteristics - Fixed-income products represent 97.4% of the total, a slight decrease of 0.9 percentage points year-on-year, while mixed and equity products have seen an increase in issuance [4] - The proportion of closed-end net value products has dropped significantly to 59.9%, while open-end products have risen to 40% [4] - Short-term products (less than one month) now account for 22.2% of new issuances, up 5.5 percentage points from the previous year [4] Pricing Trends - The performance benchmark for wealth management products has been on a downward trend, with one-month products dropping below 2%, recorded at 1.88% in June 2025 [7][8] - The pricing for products with longer durations has also decreased, with two to three-year products falling to 2.71% and three-year products below 2.5% [7][8] Fundraising Dynamics - The total fundraising for newly issued products in the first half of 2025 was approximately 17,579.06 billion yuan, with an average fundraising size of 2.69 million yuan, down 13.5% from 3.11 million yuan in the same period of 2024 [8][9] - Only one product exceeded 100 billion yuan in fundraising, the "Anying Xiang Fixed Income Stable Profit 14-Month Series" from Xinyin Wealth Management [9][11] - The competition for fundraising has intensified, with the top ten products raising a total of 823.2 billion yuan, a year-on-year increase of 24.88% [9]

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]