低利率时代下，银行理财市场正不断寻求变革。随着2024年年报的披露，已有20家理财公司"成绩单"浮出水面，"赚钱"能力提升、产品规模壮大成为大部分 理财公司年报内的亮点，但在结构调整等经营策略影响下，也不乏理财公司掉队，出现净利润增速下滑或产品规模减少的情况。 存款降息进程的不断推进，使得理财产品收益率优势凸显，年报之外，降费率与下调业绩比较基准时常交替或同时出现。而客户需求的日益多元、监管政策 的号召，也促使理财公司积极求变，探索权益市场配置机会。 进入2025年，银行理财市场存续规模有望在30万亿关口突围，以固收类产品作为中流砥柱的理财公司将有哪些"新打法"？ 年报之内：规模与业绩分化 受益于债券牛市行情，2024年多数理财公司交出亮眼"成绩单"，20家理财公司中18家披露净利润情况，其中14家"赚钱"能力提升。 年报内是净利与规模的"战报"，年报外则是客源的争夺。随着存款利率的不断下行，理财产品收益率优势凸显，理财产品费率优惠已成为理财公司惯常吸引 客户的方式。4月14日，北京商报记者梳理发现，2025年开年至今，中银理财、中邮理财、招银理财、兴银理财、光大理财、渤银理财、宁银理财等多家理 财公司宣布对 ...

上周银行理财产品发行量回升，多家理财公司宣布增配权益资产。 据同花顺数据梳理，4月7日—4月13日，银行理财市场共新发人民币理财产品984款（份额分开计算，下同），发行量 环比增加165款。根据运作方式划分，封闭式产品721款，开放式产品263款。 从发行机构来看，理财子公司为当前银行理财市场主体，31家理财公司上周共发行801款理财产品，占比81%。其中， 平安理财新发产品数量最多，达75款，其次是兴银理财、华夏理财，分别发行70款、64款产品。另有71家银行发行了 183款理财产品，天津银行发行数量最多，共新发23款理财产品，其次是吉林银行、上海农商银行，分别发行了9款、 7款理财产品。 坚决看好中国资本市场，积极推动理财资金入市，上周多家理财公司宣布增加权益资产配置。其中，苏银理财、光大 理财、中邮理财、交银理财、浦银理财、北银理财、徽银理财均发声表示，持续增持交易型开放式指数基金 （ETF）。 中银理财发文提到，面对近期市场波动，该公司迅速研判，在管理好产品整体风险的同时，积极寻找机会进行权益资 产配置，重点投向新质生产力领域和内需板块。 光大理财在增配包括ETF在内的指数化投资工具之外，还加大对上市 ...

Report Industry Investment Rating No relevant content provided. Core Views of the Report - Last week, the A-share market declined, with most major global indices also falling. Only 4 out of the Shenwan industry indices closed higher, and 7.25% of the 1021 Wind concept sector indices closed up [3][6]. - Active equity funds underperformed last week. In the fixed - income category, products with higher equity attributes had weaker average returns than purer bond - type products. QDII funds also performed poorly on average, while gold funds stood out [3]. - The total scale of newly established funds last week reached 20.469 billion yuan, a 315.90% increase from the previous week. There were 9 newly issued, 4 newly established, and 11 newly listed on - exchange funds last week. This week, 15 ETFs are to be issued and 8 are to be listed [3]. - Some forward - looking public funds are targeting "pioneering" differentiated ETF products to gain a market edge. Bank wealth management is actively entering the market through ETFs [3]. Summary by Directory Market Review - A - share market: The Shanghai Composite Index fell 3.11% to close at 3,238.23, and the Shenzhen Component Index dropped 5.13% to 9,834.44. Among other indices, the ChiNext Index fell 6.73%, and the Kechuang 50 Index declined 0.63%, while the Beizheng 50 Index rose 0.92% [3][6]. - Global market: Most major global indices declined. In the US, the S&P 500 rose 5.70%, the Nasdaq Index increased 7.29%, and the Dow Jones Industrial Index climbed 4.95%. In the Asia - Pacific region, the Hang Seng Index fell 8.47%, and the Nikkei 225 Index dropped 0.58% [7]. - Industry performance: Among the Shenwan industry indices, the agriculture, forestry, animal husbandry, and fishery sector had the largest gain of 3.28%, followed by the commerce and retail sector with a 2.88% increase. The bottom - performing sectors were power equipment, communication, machinery, media, and steel [9]. - Concept sectors: 7.25% of the 1021 Wind concept sector indices closed up. The consecutive limit - up concept had the largest gain of 23.70%, followed by the first - board concept with a 21.68% increase [11]. Fund Performance Off - exchange Funds - Equity funds: On average, they underperformed. Common stock funds fell 3.86%, partial - stock hybrid funds dropped 3.86%, balanced hybrid funds declined 2.24%, and flexible allocation funds decreased 2.77%. The weekly return of Harvest Beijing Stock Exchange Select Two - Year Fixed - Open A was the highest at 6.24% [14]. - Fixed - income funds: Due to the weaker stock market than the bond market last week, products with higher equity attributes had weaker average returns. Partial - debt hybrid funds fell 0.71%, secondary - bond funds dropped 0.49%, primary - bond funds declined 0.04%, medium - and long - term pure - bond funds rose 0.16%, short - term pure - bond funds increased 0.10%, and the average 7 - day annualized yield of money - market funds was 1.44%. The weekly return of Green Fortune Interest - Rate Bond was the highest at 3.08% [16]. - QDII funds: They performed poorly on average. Stock - type QDII funds fell 4.79%, hybrid QDII funds dropped 4.90%, bond - type QDII funds declined 1.43%, and alternative - investment QDII funds decreased 3.56%. The weekly return of Invesco Great Wall Global Gold was the highest at 2.07%, and gold funds performed well [18][19]. On - exchange Funds - ETFs: The total on - exchange scale was 392.0119 billion yuan, with a net inflow of 107.626 billion yuan. Stock - type ETFs had a net inflow of 85.512 billion yuan, bond - type ETFs had a net inflow of 5.614 billion yuan, money - market ETFs had a net inflow of 7.936 billion yuan, QDII - type ETFs had a net outflow of 7.976 billion yuan, and alternative - investment ETFs had a net inflow of 16.539 billion yuan. The Grain 50 ETF performed well, and the CSI 300 ETF had the largest capital inflow [21][23]. - LOFs: The total on - exchange scale was 4.1905 billion yuan, with a net outflow of 717 million yuan. Stock - type LOFs had a net outflow of 105 million yuan, hybrid LOFs had a net outflow of 600 million yuan, bond - type LOFs had a net inflow of 2 million yuan, QDII - type LOFs had a net inflow of 102 million yuan, and alternative - investment LOFs had a net outflow of 73 million yuan. The Yin Hua Nei Xu LOF performed well, and the Hang Seng Index Fund LOF had the largest capital inflow [21][26]. Fund Issuance Dynamics Public Fund Issuance, Establishment, and Listing Dynamics - The total scale of newly established funds last week was 20.469 billion yuan, a 315.90% increase from the previous week. Among the established funds, China AMC Shanghai Science and Technology Innovation Board Composite Linked A had the largest scale of 4.892 billion yuan [31][33]. On - exchange Fund Issuance, Establishment, and Listing Details - Last week, there were 9 newly issued, 4 newly established, and 11 newly listed on - exchange funds. This week, 15 ETFs are to be issued, including Huaxia China National Aerospace and Aviation Industry ETF, etc., and 8 ETFs are to be listed, such as Fullgoal Shenzhen 100 ETF [35][37][38]. Market Hot - spot Review Public Funds Target "Pioneering" Differentiated ETF Products - The domestic ETF market has grown explosively, with the latest scale about to exceed 4 trillion yuan. However, the problem of intensified homogeneous competition is prominent. Some public funds are targeting "pioneering" differentiated products to gain an edge. For example, GF Fund's GF CSI Smart - Selected High - Dividend Strategy ETF is the first ETF linked to the Smart - Selected High - Dividend Index, and Harvest Fund's Harvest ChiNext New Energy Industry Theme ETF is the first of its kind in the market [42][43]. Bank Wealth Management Enters the Market Actively through ETFs - With the release of the 2024 annual reports of public funds, some wealth - management companies' investment operations of entering the market through stock ETFs have emerged. Some wealth - management products are among the top ten holders of stock ETFs. This is driven by multiple factors and is expected to become the mainstream choice for wealth - management funds to enter the market [45].

Group 1 - Several banks' wealth management companies are increasing their investments in ETFs and equity assets through direct and indirect methods [1] - Major wealth management companies such as Bank of China Wealth Management, Bank of Communications Wealth Management, China Post Wealth Management, and Shanghai Pudong Development Bank Wealth Management have announced their plans to increase holdings in ETFs and equity assets [1] - These companies are set to further enhance their investment efforts in the capital markets [1]

Core Viewpoint - The article emphasizes the importance of refined management and diversified asset allocation strategies for wealth management companies in the second quarter, particularly in response to increasing external uncertainties. Companies will focus on high-grade credit bonds, duration management, and credit risk management to stabilize net value and enhance returns [1][2]. Group 1: Investment Strategies - Wealth management companies will implement refined management and diversified asset allocation to balance net value stability and return enhancement [1]. - Companies are expected to prioritize high-grade credit bonds, complemented by interest rate bonds and convertible bonds, while optimizing duration management based on macroeconomic and market changes [2][3]. - The focus will be on managing credit risk by primarily investing in medium to high-grade credit bonds and diversifying across industries and regions to mitigate risks [2][3]. Group 2: Market Conditions and Challenges - The bond market has faced a pullback in the first quarter, leading to net value pressure on bank wealth management products, prompting companies to optimize withdrawal management strategies [2]. - External uncertainties, such as U.S. tariff policies and geopolitical conflicts, may cause significant fluctuations in global asset prices, impacting domestic equity markets negatively [3][5]. - The current low-interest-rate environment necessitates adjustments in investment strategies, with a focus on "fixed income plus" strategies and exploring diverse asset classes to enhance returns [6][7]. Group 3: Asset Allocation and Risk Management - Companies will explore multi-asset and multi-strategy combinations to effectively increase product returns while managing risks associated with market volatility [4][7]. - Emphasis will be placed on liquidity management by allocating a portion of high-liquidity bond assets to meet client redemption needs while seizing market opportunities [2][3]. - The overall asset allocation strategy will align with national strategic directions and industry development trends to improve the quality and efficiency of credit bond investments [7].

Core Insights - The core viewpoint of the news is that Everbright Bank has demonstrated robust growth in its business scale for 2024, with significant achievements in wealth management and financial services, particularly through its Everbright Wealth Management division [1][2]. Business Performance - As of the end of 2024, Everbright Bank's total assets reached 6.96 trillion yuan, reflecting a growth of 2.75% compared to the beginning of the year [1]. - Everbright Wealth Management managed a total asset scale of 1,599.5 billion yuan, generating over 34 billion yuan in returns for investors throughout the year [1][2]. Wealth Management Development - Everbright Wealth Management has issued over 800 wealth management products in 2024, with cumulative returns exceeding 340 billion yuan since its inception in 2004 [2]. - The total issuance of wealth management products from 2004 to the end of 2024 surpassed 47 trillion yuan, with cumulative returns exceeding 500 billion yuan [2]. Investment Research and Product Performance - The company has focused on enhancing its investment research capabilities, leading to a growth of 22 billion yuan in mixed and equity product scales within the year [3]. - In the fourth quarter of 2024, Everbright Wealth Management ranked among the top five in comprehensive wealth management capabilities and return performance according to the Puyi Standard report [3]. Financial Services and Strategic Initiatives - Everbright Bank is actively involved in supporting national strategies through its financial services, focusing on technology finance, green finance, inclusive finance, pension finance, and digital finance [4]. - By the end of 2024, Everbright Wealth Management's investment balance in supply chain and consumer finance ABS exceeded 50 billion yuan, with nearly 100 billion yuan allocated to support key industries and national strategies [4]. Technology and Green Finance - The company has pioneered a comprehensive financial service model integrating technology finance and asset management, signing cooperation agreements with 239 technology enterprises [5]. - In 2024, Everbright Wealth Management's investment in green finance exceeded 38 billion yuan, contributing to ecological restoration and green transformation of enterprises [6]. Inclusive and Pension Finance - Everbright Wealth Management has issued inclusive finance-themed products, with over 70% of its 1,000+ managed products priced at 1 yuan or less, promoting wealth accumulation for residents [6]. - The company has achieved strong performance in pension wealth management, with six out of the top ten pension products by annualized return rate coming from Everbright Wealth Management [7]. Digital Finance Initiatives - The company is enhancing its digital capabilities, developing a comprehensive technology system and integrating AI models to improve investment and trading processes [7]. - Everbright Wealth Management aims to continue its customer-centric approach, ensuring the protection of investors' rights and contributing to sustainable value creation [8].

Core Insights - The article emphasizes the importance of promoting long-term funds into the market, which is crucial for the development of the equity market and investor interests [1][7] Group 1: Current Market Situation - As of the end of 2024, the scale of equity products in the banking wealth management market is only 0.06 trillion yuan, accounting for 0.2% of the total [2] - The balance of wealth management products directed towards equity assets is 0.83 trillion yuan, representing 2.58% of the total [2] - Most bank wealth management investors have a low risk appetite, with 33.83% classified as level two (stable) risk preference [3] Group 2: Challenges in Attracting Investment - The current focus of bank wealth management is on low to medium-risk fixed income products, limiting the availability of mixed and equity products for investors [2][3] - The customer access mechanism and limited sales channels hinder the ability to attract high-risk investment [4][5] - The sales process for high-risk products is complicated, requiring in-person assessments and risk matching, which discourages potential investors [4] Group 3: Strategies for Improvement - There is a need for wealth management companies to expand their sales channels beyond banks to include compliant internet platforms and fund companies [5] - The average duration of bank wealth management products is short, making it challenging to match long-term investments [5] - Enhancing equity investment capabilities and building a robust investment research system are essential for wealth management firms to compete effectively [6][8] Group 4: Future Outlook - The government encourages wealth management companies to strengthen their equity investment capabilities and issue more long-term equity products [7] - The introduction of policies allowing bank wealth management to participate as strategic investors in capital markets is expected to enhance investment efficiency and returns [7][9] - Wealth management firms are increasingly focusing on hiring professionals to improve their equity investment capabilities, indicating a shift towards more aggressive equity strategies [8]

证券研究报告·行业动态·理财子产品发行指数周报第 194 期 农银光大发混合类产品， 信银理财产品和资产结构 核心观点 从发行数量来看，上周样本理财子最新理财子产品发行量 139 只，发行量上升。具体来看，发行数量增加的有 7 家，占比为 63.6%。平均基准利率为 2.55%，环比下降 9 个 bp；最新理财 子产品发行数量指数 315.91；发行基准利率波动指数最新为 57.94，环比下降 3.1%。2025 年 2 月 21日样本理财子产品的破 净率为 1.46%，环比上升 109 个 bp。最新观点更新：下半年，信 银理财产品和资产结构变化。 本周指数更新（2.17-2.21） 1、三大指数环比变化情况 从发行数量来看，最新理财子产品发行数量指数 315.91，环 比上升 26.4%，发行数量增加。调整后理财子产品发行数量指数 226.56，环比上升 25.0%。从发行数量偏离度来看，最新偏离度为 1.04，偏离度下降，该指数显示：上周发行的 139 只产品中，136 只为固收类产品，3 只为混合类产品。 2、样本理财子公司发行情况 从发行数量来看，上周样本理财子公司最新理财子产品发行 数量为 139 ...

Core Viewpoint - The article highlights the increasing trend of index-based investment in bank wealth management products, indicating a shift towards equity investments to attract long-term capital into the market [1][4][6]. Group 1: Index Investment Trends - Multiple wealth management companies are intensifying their focus on equity investments, particularly through index-linked products, to facilitate the entry of long-term funds into the market [1][7]. - The number of bank wealth management products linked to passive indices has significantly increased, with 92 products identified in various stages of sale, indicating a growing acceptance of index-based investment strategies [2][4]. - Index-based investment strategies have become a popular choice in the asset management industry, with passive index public funds surpassing active equity funds for the first time in Q3 2024 [4]. Group 2: Product Characteristics and Types - Index-based wealth management products are characterized by their transparency and ability to track specific indices, making them more appealing to investors compared to traditional products [7][10]. - The products can be categorized into three types: self-developed off-market index products, linked public ETF products, and exchange-traded index products (ETP) [10]. - Some products are specifically linked to industry or thematic indices, such as AI computing power and wind power generation, reflecting a diversification in investment themes [5]. Group 3: Industry Insights and Future Directions - Industry experts believe that the shift towards index-based products requires banks to enhance their research and development capabilities, as many have historically focused on fixed-income investments [9][10]. - Companies are encouraged to learn from domestic and international index investment experiences, including establishing dedicated index investment departments and leveraging financial technology for index management [11]. - The development of index-based products is seen as a strategic move to meet the evolving needs of investors and to break traditional perceptions of wealth management products [7][8].

Core Viewpoint - The article discusses the ongoing adjustments in performance benchmarks by wealth management subsidiaries, indicating a significant decline in expected returns, with many products now having benchmarks below 2% [2][3][6]. Group 1: Performance Benchmark Adjustments - Multiple wealth management subsidiaries have recently lowered their performance benchmarks, with many products now below 2% [3][4]. - As of the end of January, the total annualized yield for existing products from wealth management subsidiaries was 3.05%, a decrease of 0.25% from the end of the previous year [3]. - The adjustments in benchmarks range from 10 basis points (BP) to 160 BP, reflecting a broader trend of declining yields in the market [3][4]. Group 2: Market Trends and Future Outlook - The wealth management market is facing challenges such as asset scarcity and declining absolute returns, which are expected to persist into 2025 [2][6]. - Analysts predict that the average performance benchmark for new products may drop by 40-50 BP, potentially falling below 2% [7][8]. - Despite a slight recovery in the number of new products in February, the downward trend in performance benchmarks continues [6][8]. Group 3: Strategic Shifts in Asset Management - Wealth management subsidiaries are increasingly focusing on a "multi-asset, multi-strategy" approach to enhance returns amid a challenging environment [10][11]. - There is a growing emphasis on diversifying asset classes beyond fixed-income assets to stabilize yields [11][12]. - Companies are exploring various asset types, including credit bonds and REITs, to balance stability, growth, and investor expectations [12].