上周市场整体走高，但各大指数表现分化。其中中证500、科创50等指数涨幅领跑，沪深300、上证50却小幅走低。 中信行业板块方面：建材、石油石化、钢铁指数涨幅居前；银行、通信、食品饮料指数跌幅居前。 | | | 估值水平 (PE TTM) | 周涨跌幅 | 近一李度 涨跌幅 | | | --- | --- | --- | --- | --- | --- | | A股主要 | 中证500 | 39. 06 | 4. 34% | 18. 35% | 15.06% | | | 中证1000 | 51.81 | 2. 89% | 14.17% | 11. 53% | | | 科创50 | 180. 18 | 2. 62% | 6. 26% | 15. 59% | | | 深证成指 | 33. 62 | 1. 11% | 8. 66% | 6. 76% | | | 上证综指 | 17.13 | 0. 84% | 4. 70% | 4.22% | | 证券指数 | 创业板指 | 43. 64 | -0. 34% | 5.61% | 4. 57% | | | 科创创业50 | 59. 10 | 0. 54% | 3. 49 ...

| 代理销售理财 | 官方网站 | 客服热线 | 合作协议生效日 | | --- | --- | --- | --- | | 产品合作机构名称 | | | | | 兴银理财有限责任公司 | https://www.cibwm.com.cn/ | 40015-95561 | 2020年8月1日 | | 南银理财有限责任公司 | https://www.nanyinwealth.com/ | 4001195302 | 2022年1月11日 | | 杭银理财有限责任公司 | https://www.hzbankwealth.com.cn/ | 400-8950-999 | 2023年4月25日 | | 宁银理财有限责任公司 | http://www.wmbnb.com | 4000995574 | 2023年6月30日 | | 苏银理财有限责任公司 | http://www.suyinwealth.com | 95319-8-2 | 2025年3月12日 | | 招银理财有限责任公司 | https://www.cmbchinawm.com | 400-079-5555 | 2025年8月22日 | | 渤银理财有 ...

近期，农银理财、中邮理财、招银理财、上银理财等多家机构下调旗下理财产品业绩比较基准，部分产 品最大降幅达100个基点。调整后，多数产品的业绩比较基准上限已不足3%，理财市场低收益新常态特 征愈发凸显。 受访专家表示，此次调整受市场利率环境变化与监管导向的驱动，后续业绩基准仍面临下行压力，但降 幅会逐步收窄。 最大降幅达100个基点 1月20日，中邮理财发布公告称，旗下财富鑫鑫向荣人民币理财产品自1月23日起，业绩比较基准由3% 至4%（年化）调整为2.5%至3.5%（年化）。对于调整原因，中邮理财表示，近期，随着无风险利率水 平的下降，十年期国债收益率持续下行，债券类资产的整体收益率持续降低。 农银理财调整的力度更为显著。1月22日，农银理财公告称，农银同心·灵动90天优选配置人民币理财产 品（对公优享）自2026年4月24日起，业绩比较基准由2.4%至3%（年化）降至1.90%至2.3%（年化）； 1月20日，农银理财已宣布两款产品调整计划：农银安心·灵动7天人民币理财产品（对公专属）自2月3 日起，业绩比较基准从2.2%至3.2%（年化）调整为1.7%至2.2%（年化），上限降幅达100个基点；农银 同心 ...

本报记者 彭妍 近期，农银理财、中邮理财、招银理财、上银理财等多家机构下调旗下理财产品业绩比较基准，部分产品最大降幅达100 个基点。调整后，多数产品的业绩比较基准上限已不足3%，理财市场低收益新常态特征愈发凸显。 受访专家表示，此次调整受市场利率环境变化与监管导向的驱动，后续业绩基准仍面临下行压力，但降幅会逐步收窄。 最大降幅达100个基点 业绩比较基准由产品管理人依据理财产品的投资范围、投资策略、资产配置计划，并综合考虑市场环境等因素测算，仅为 收益预估参考，不构成收益承诺，实际收益可能高于或低于该基准。 对于后续趋势，业内普遍认为业绩比较基准下行压力仍将延续但降幅会收窄。上海金融与法律研究院研究员杨海平对《证 券日报》记者表示，当前，债券市场收益中枢下移的压力持续存在。预计下一阶段，固收类理财产品业绩比较基准将延续温和 下行趋势，但降幅将收窄。与此同时，理财公司积极升级投研体系，以此为基础探索增加权益类理财产品，或者在"固收+"及 混合类理财产品项下，增配权益类资产、其他大类资产，以此改善理财产品的收益率表现。 明明表示，未来理财产品业绩比较基准将进入相对较低的平稳周期，低利率环境或持续一段时间，行业将 ...

Core Insights - The report indicates that the wealth management market in China has reached a total size of 33.29 trillion yuan, with 3.34 trillion yuan raised in new products during 2025, marking a significant growth in the sector [1][2] Group 1: Market Size and Growth - As of the end of 2025, there are 159 banks and 32 wealth management companies offering a total of 4.63 million products, an increase of 14.89% from the beginning of the year [2] - The total size of the wealth management market increased by 3.34 trillion yuan, representing an 11.15% growth compared to the end of 2024 [2] - The growth in wealth management products has exceeded 3 trillion yuan for the second consecutive year, with quarterly growth observed in the latter half of 2025 [2] Group 2: Product Structure and Composition - Fixed-income products remain the dominant category, accounting for 97.09% of the total market size, while mixed products have seen a slight increase in both scale and proportion [3] - The proportion of closed-end products with a maturity of over one year has risen to 70.87%, indicating a trend towards longer-term investments [2][3] - The asset allocation within wealth management products has shifted, with a notable increase in public funds and a decrease in direct equity and bond allocations [7][8] Group 3: Investor Behavior and Preferences - Despite a decline in average yields, the number of investors holding wealth management products has increased by approximately 18 million, reaching 143 million by the end of 2025 [4][5] - The average yield of wealth management products fell to 1.98%, a significant drop from 2.65% in 2024, reflecting the low-interest-rate environment [4][5] - There is a notable shift in risk preferences among individual investors, with an increase in the proportion of those with higher risk tolerance [6] Group 4: Future Outlook - Analysts predict continued growth in the wealth management market, with expectations of an increase of over 3 trillion yuan in 2026, driven by demand for mixed products as bond yields remain low [3][4] - The competitive landscape may lead to increased pressure on wealth management firms to adjust their asset allocations and product offerings to meet investor expectations [8]

Core Insights - The scale of bank wealth management reached a historical high of 33.29 trillion yuan by the end of 2025, marking an increase of 11.15% from the beginning of the year [5] - In 2025, wealth management products generated a total return of 730.3 billion yuan for investors, reflecting a growth of 2.87% compared to the previous year [3][14] Group 1: Market Overview - By the end of 2025, there were 136 banks and 32 wealth management companies that launched a total of 33,400 new wealth management products, raising 76.33 trillion yuan [5] - The total number of existing wealth management products reached 46,300, an increase of 14.89% from the start of the year [5] Group 2: Product Types - Fixed income products accounted for 97.09% of the total wealth management product scale, with a total size of 32.32 trillion yuan, which decreased by 0.24 percentage points from the beginning of the year [8][9] - Mixed products saw an increase in their share, reaching 2.61% with a total size of 0.87 trillion yuan, up by 0.17 percentage points [8][9] Group 3: Asset Allocation - As of the end of 2025, the asset allocation of wealth management products remained predominantly in fixed income, with investments in bonds, non-standardized debt assets, and equity assets amounting to 18.52 trillion yuan, 1.82 trillion yuan, and 0.66 trillion yuan respectively [12] - The proportion of assets allocated to public funds increased to 5.1%, up by 2.2 percentage points from the previous year [12] Group 4: Investor Growth - The number of investors holding wealth management products reached 143 million by the end of 2025, a growth of 14.37% from the beginning of the year [15] - Among these, the number of individual investors increased by 17.69 million, while institutional investors grew by 310,000 [15] Group 5: Distribution Channels - In 2025, wealth management companies expanded their distribution channels beyond their parent banks, with 31 out of 32 companies offering products through other banks [18] - A total of 593 institutions engaged in cross-bank distribution of wealth management products by December 2025, an increase of 31 from the start of the year [18]

与此同时，在理财公司产品货架或官微推广渠道上，也越来越多出现分红型理财的身影。招银理财官微 推出一款封闭式固定收益类的季度分红理财，产品期限36个月，业绩比较基准2.05%—2.65%。渝农商 理财也于近日上线多只固定收益类分红理财。 对于近期分红型理财产品的快速发展，普益标准研究员黄轼剡指出，其发行节奏明显提速，规模呈现持 续扩张趋势。"这主要是为了应对存款利率持续下行的环境，理财公司通过此类产品满足投资者对稳健 收益的需求。" 某理财公司业务人士表示，利率一降再降，最近不少银行的大额存单利率甚至已降至1%以下，进 入"0"字头区间，而且预期未来一段时间，银行定期存单的发行规模可能继续收缩，利率或将继续下 行。"在这种环境下，通过定期分红兼顾一定流动性的分红理财，尤其长期限分红理财，能更好地适配 稳健型风险偏好投资者的'长钱'资金的配置需求，因此越来越受投资者青睐。理财公司在产品供给上也 在相应跟进。" 从产品布局差异来看，黄轼剡指出，不同类型理财公司展现出鲜明的差异化特征。大型国有银行理财公 司，依托强大的客户基础，更倾向于发行封闭式分红产品或"按季"分红的产品，利用"固收+非标"的传 统优势，锁定优质资 ...

Core Viewpoint - The article discusses the challenges of aging population in Shanghai and the need for innovative pension finance solutions during the "14th Five-Year Plan" period to address these challenges effectively [3]. Group 1: Action Plan Overview - The Shanghai Banking and Insurance Regulatory Bureau released the "Action Plan for High-Quality Development of Pension Finance" which outlines a clear development blueprint and practical path for pension finance over the next five years [3][4]. - The plan aims to establish a comprehensive pension finance work mechanism, diversify pension financial products, and create a replicable and scalable pension finance system [3][4]. Group 2: Goals and Targets - The action plan sets specific goals for the next five years, including significant achievements in pension finance development, a unique pension management system, and a robust risk prevention and regulatory framework [3][5]. - It emphasizes that the growth rate of loans to the pension industry should exceed the overall loan growth rate [3]. Group 3: Key Measures - The action plan proposes 20 measures across six areas: building a pension security system, strengthening support for the pension industry, meeting financial needs of the elderly, improving internal governance of financial institutions, enhancing business regulation, and establishing collaborative mechanisms [4][6]. - It supports various financial institutions in managing basic pension insurance funds and increasing resources for enterprise annuities and occupational pensions [5]. Group 4: Financial Support for Pension Industry - The plan emphasizes increasing financial support for the pension industry, encouraging banks to innovate credit models and allocate long-term funds for health and pension facilities [6]. - It also promotes the use of financial tools like REITs and ABS to provide stable funding for the pension industry, which is expected to see more projects led by large insurance companies and brand operators in the coming years [6]. Group 5: Product Supply and Governance - The action plan calls for banks and insurance institutions to offer comprehensive pension financial solutions, transitioning from single product services to a comprehensive service ecosystem [7]. - It encourages the establishment of specialized departments for pension finance within financial institutions and the creation of a Shanghai Pension Finance Alliance for dynamic monitoring and evaluation [7].

1月23日金融一线消息，国家金融监督管理总局发布关于杨晴翔建信理财有限责任公司董事、总裁任职 资格的批复，核准杨晴翔建信理财有限责任公司董事、总裁的任职资格。 公开资料显示，杨晴翔曾任建行总行金融市场部处长、资深副经理，2025年4月11日，其建信理财副总 裁的任职资格获核准。 责任编辑：王馨茹 1月23日金融一线消息，国家金融监督管理总局发布关于杨晴翔建信理财有限责任公司董事、总裁任职 资格的批复，核准杨晴翔建信理财有限责任公司董事、总裁的任职资格。 公开资料显示，杨晴翔曾任建行总行金融市场部处长、资深副经理，2025年4月11日，其建信理财副总 裁的任职资格获核准。 责任编辑：王馨茹 ...

满足养老产业融资和风险保障需求方面，加大对养老产业的金融支持力度，指导银行机构围绕健康养 老、养老设施建设及产业链上下游，创新信贷模式、合理配置中长期资金，提升融资精准性；指导保险 机构通过股权投资、REITs等方式，为养老产业提供长期稳定资金支持；支持信托机构开展相关定制化 服务和不动产信托业务；鼓励金融租赁公司开展养老服务业融资租赁等金融业务；支持理财机构投资与 养老特征相匹配的长期优质资产。同时，不断完善养老产业保险保障体系，针对不同银发场景优化保险 产品服务，增强养老服务业的风险抵御能力。 丰富养老金融产品供给方面，要求银行保险机构推出综合养老金融解决方案，推动养老金融从单一产品 服务向综合服务生态转变；聚焦老年群体实际需求，形成覆盖养老准备、财富积累、消费支付和风险保 障的全生命周期产品谱系。鼓励保险机构优化精算模型，创新商业养老保险产品，开发具有长期领取功 能的保险产品，适度提升产品流动性。同时，通过优化网点布局、完善适老设施、提升线上平台友好 度，加强老年金融消费者权益保护，持续提升老年群体金融服务的便利性、安全性和获得感。 下一步，上海金融监管局将引导辖内各银行保险机构结合上海"十五五"发展规 ...