2025年是"十四五"规划收官之年，也是"十五五"规划谋篇布局之年。站在这承前启后的交汇点上，兴业银行（601166）全资子公司兴银理财在12月19日也 迎来了开业六周年。 六年前，兴银理财在福州正式开业，成为国内首批成立的股份制商业银行理财子公司之一。六年来，兴银理财始终牢记嘱托，奋勇争先，紧扣金融工作的 政治性与人民性，苦练内功、服务居民、扎根实体，推动高质量发展迈出坚实步伐。 一份托付，全心为你 这是兴银理财一以贯之的理念宗旨。在"资管新规"政策精神的指引下，兴银理财回归资管本源，系统推进资管能力建设，致力以优质产品和贴心服务护航 居民财富保值增值。开业至今，兴银理财累计服务客户数量超过3200万人，累计为客户创造投资收益超过4600亿元。长期稳健、优于大市的价值创造能 力，也让广大客户用真金白银投出"信任票"。 以创新引领市场，以投资创造价值 这是兴银理财始终不变的愿景初心。兴银理财将产品创设、客需分析和客户价值创造牢牢结合，以投研销一体化为推手，持续迭代优化产品货架，打磨提 升产品质量。扎实的产品表现不仅获得渠道认可，也深受客户喜爱，转化为扎实的市场口碑和品牌实力。在普益标准"全国银行理财能力排行榜 ...

2025年是"十四五"规划收官之年，也是"十五五"规划谋篇布局之年。站在这承前启后的交汇点上，兴业银行全资子公司兴银理财在12月19日也迎来了开业六周 年。 六年前，兴银理财在福州正式开业，成为国内首批成立的股份制商业银行理财子公司之一。六年来，兴银理财始终牢记嘱托，奋勇争先，紧扣金融工作的政治性与 人民性，苦练内功、服务居民、扎根实体，推动高质量发展迈出坚实步伐。 一份托付，全心为你 这是兴银理财一以贯之的理念宗旨。 在"资管新规"政策精神的指引下，兴银理财回归资管本源，系统推进资管能力建设，致力以优质产品和贴心服务护航居民财富 保值增值。开业至今，兴银理财累计服务客户数量超过3200万人，累计为客户创造投资收益超过4600亿元。长期稳健、优于大市的价值创造能力，也让广大客户用 真金白银投出"信任票"。 以创新引领市场，以投资创造价值 这是兴银理财始终不变的愿景初心。 兴银理财将产品创设、客需分析和客户价值创造牢牢结合，以投研销一体化为推手，持续迭代优化产品货架，打磨提升产品质 量。扎实的产品表现不仅获得渠道认可，也深受客户喜爱，转化为扎实的市场口碑和品牌实力。在普益标准"全国银行理财能力排行榜"全国性理财 ...

2025年是"十四五"规划收官之年，也是"十五五"规划谋篇布局之年。站在这承前启后的交汇点上，兴业银行全资子公司兴银理财，12月19日迎来开业六周 年。 六年前，兴银理财在福州正式开业，成为国内首批成立的股份制商业银行理财子公司之一。六年来，兴银理财始终牢记嘱托，奋勇争先，紧扣金融工作的 政治性与人民性，苦练内功、服务居民、扎根实体，推动高质量发展迈出坚实步伐。 一份托付，全心为你。这是兴银理财一以贯之的理念宗旨。在"资管新规"政策精神的指引下，兴银理财回归资管本源，系统推进资管能力建设，致力以优 质产品和贴心服务护航居民财富保值增值。开业至今，兴银理财累计服务客户数量超过3200万人，累计为客户创造投资收益超过4600亿元。长期稳健、优 于大市的价值创造能力，也让广大客户用真金白银投出"信任票"。 以创新引领市场，以投资创造价值。这是兴银理财始终不变的愿景初心。兴银理财将产品创设、客需分析和客户价值创造牢牢结合，以投研销一体化为推 手，持续迭代优化产品货架，打磨提升产品质量。扎实的产品表现不仅获得渠道认可，也深受客户喜爱，转化为扎实的市场口碑和品牌实力。在普益标 准"全国银行理财能力排行榜"全国性理财机构榜 ...

我们的数字答卷 OUR DIGITAL ANSWER SHEET 累计创造 累计服务 投资收益 客户数量 超过4600亿元 超过3200万 服务渠道 荣获资管领域 数量 奖项 超过580家 超过190个 Tim 15 11: 2019.12.19 - 2025.12.19 我们的发展历程 OUR MILESTONES 2019.12.19 获批养老理财产品试点资格 2021.09.01 推出行业首只商品及 金融衍生品类理财产品 兴银理财正式开业 2020.03.06 推出公司 首只混合类理财产品 2020.09.16 推出公司首只ESG主题理财产品 2021.07.18 线企业级数据中台DAP 2022.03.01 2022.11.17 进入开办个人养老金 业务理财公司名单 2023.06.15 兴银理财开业 A 周年 2025年是"十四五"规划收官之年，也是"十五五"规划谋篇布局之年。站在这承前启后的交汇点上，兴业 银行全资子公司兴银理财在12月19日也迎来了开业六周年。 六年前，兴银理财在福州正式开业，成为国内首批成立的股份制商业银行理财子公司之一。六年来，兴 银理财始终牢记嘱托，奋勇争先，紧扣金融工作的 ...

Core Insights - The market saw a total of 2,947 closed-end public wealth management products maturing in Q3 2025, with fixed income products dominating the landscape, accounting for 2,828 products [1][6] - Short to medium-term products are the primary focus for maturing products, with 6-12 month products leading at 984, representing 74.4% of the total [3][5] - Fixed income products showed a higher performance in terms of yield compared to mixed products, with an overall average annualized yield of 2.63% for fixed income products [8][9] Product Type Analysis - Fixed income products accounted for 2,713 of the maturing products, while mixed products totaled 111 [6] - The performance benchmark compliance rates for fixed income products were 41.11% for the central benchmark and 74.11% for the lower benchmark [6][7] - Mixed products had a significantly lower performance, with a central benchmark compliance rate of 12.61% and a lower benchmark compliance rate of 32.76% [8] Yield and Performance Metrics - The average annualized yield for fixed income products was 2.63%, with the highest yield observed in products with a maturity of over 3 years at 3.10% [8][9] - For mixed products, the average annualized yield was 2.59%, with the highest yield in the over 3-year category at 3.48% [8][9] - Short-term fixed income products (1-3 months) exhibited the best performance in terms of compliance rates, with a lower benchmark compliance rate of 94.07% [7][8]

Group 1 - The banking wealth management market showed characteristics of "total growth, pressure on returns" in Q3 2025, with a market size reaching a new high of 32.13 trillion yuan, a year-on-year increase of 9.42% [1] - Fixed income products remain the main driver of growth, with a total size of 31.21 trillion yuan, accounting for 97.14% of all wealth management products [1] - The demand for wealth management products is expected to further increase in Q4 due to the large-scale maturity of insurance company agreement deposits and the continuous decline in deposit rates [2] Group 2 - The cumulative return generated for investors by wealth management products in the first three quarters was 568.9 billion yuan, with quarterly returns decreasing from 206 billion yuan to 179.2 billion yuan [2] - The "fixed income plus" strategy is expected to continue growing and become a significant driver of market size growth, with an estimated annual increase of over 1.4 trillion yuan for these products [2] - The market share of wealth management companies has expanded, reaching 91.13% of the total market by the end of Q3, an increase of 1.52 percentage points from June [3] Group 3 - There is a divergence in banks' enthusiasm for applying for wealth management licenses, with some banks reducing their efforts while others, like those in Sichuan, are actively pursuing joint applications [3] - As of September 2025, 583 institutions were involved in cross-bank sales of wealth management products, an increase of 35 institutions compared to the same period last year [3]

Core Insights - The banking wealth management market has shown steady growth, reaching a scale of 32.13 trillion yuan, with wealth management companies solidifying their dominant position [1][2] - The industry faces challenges and needs to transform its asset allocation logic to seek "certainty of returns" amid uncertainties [1][3] Market Overview - As of the end of Q3 2025, there are 4.39 million existing wealth management products, a year-on-year increase of 10.01%, with a total scale surpassing 32 trillion yuan, reflecting a 9.42% year-on-year growth [1] - Wealth management companies dominate the market with 3.06 million products and a scale of 29.28 trillion yuan, accounting for 91.13% of the total market [1][2] Product Structure and Asset Allocation - Fixed income products remain the mainstream, with a scale of 31.21 trillion yuan, representing 97.14% of the market, showing a slight increase of 0.05 percentage points year-on-year [2] - The asset allocation is primarily in fixed income, with bonds, cash, and bank deposits making up 40.4%, 27.5%, and 13.1% of total investment assets, respectively [2] - The industry’s leverage ratio has decreased to 106.65%, down 0.84 percentage points year-on-year, indicating effective risk management [2] Support for the Real Economy - The wealth management industry has supported the real economy with approximately 21 trillion yuan through investments in bonds, non-standardized debt, and unlisted equity [2] - In alignment with national strategies, 77 ESG-themed wealth management products were issued in Q3, raising over 20 billion yuan, with a total scale nearing 300 billion yuan [2] Investor Engagement - In the first three quarters of 2025, wealth management products generated a total return of 568.9 billion yuan for investors, with Q3 alone contributing 179.2 billion yuan [3] - The number of investors holding wealth management products reached 139 million, a year-on-year increase of 12.70% [3] Industry Challenges - The industry is entering a competitive era where bank wealth management, public funds, and insurance asset management all exceed 30 trillion yuan, leading to the need for a transformation in asset allocation logic [3][4] - Key challenges include the need for a paradigm shift in asset allocation due to a "low interest rate, high volatility, and asset scarcity" environment [4] - Differentiated positioning in the reallocation of household wealth is crucial, as the growth rates of insurance and public funds have outpaced wealth management [4] Future Transformation Directions - The industry must build a factory-like, industrialized management system that aligns with client risk-return needs [5] - Solutions should address three core issues: transforming vague investment strategies into precise guidelines, upgrading operations to standardized processes, and creating a human-centered multi-strategy system [6][7]

Core Insights - The report indicates a steady growth in the banking wealth management market, with a total of 4.39 million products in existence and a total scale of 32.13 trillion yuan as of the end of Q3 2025, reflecting year-on-year increases of 10.01% and 9.42% respectively [1][2] Group 1: Market Overview - As of the end of Q3 2025, there are 109 banks and 32 wealth management companies that have collectively issued 0.89 million new wealth management products, raising a total of 20.15 trillion yuan [2] - The number of investors holding wealth management products reached 139 million, marking a year-on-year growth of 12.70% [4] Group 2: Product Structure - Fixed income products dominate the market, with a total scale of 31.21 trillion yuan, accounting for 97.14% of the total wealth management product scale, which is an increase of 0.05 percentage points from the previous year [3] - Mixed products account for 2.58% of the total scale, while equity and commodity/financial derivative products have relatively small scales of 0.07 trillion yuan and 0.02 trillion yuan respectively [3] Group 3: Investment Returns - In the first three quarters of 2025, wealth management products generated a total return of 568.9 billion yuan for investors, with 179.2 billion yuan generated in Q3 alone [4] - Banks contributed 28.3 billion yuan to this return, while wealth management companies contributed 150.9 billion yuan [4] Group 4: Asset Allocation - The total investment assets of wealth management products reached 34.33 trillion yuan, reflecting a year-on-year increase of 8.53%, while total liabilities decreased by 2.89% to 2.14 trillion yuan [5] - The leverage ratio of wealth management products stands at 106.65%, a decrease of 0.84 percentage points from the previous year [5] Group 5: Support for the Real Economy - The wealth management industry has actively responded to national policy calls, supporting the real economy with approximately 21 trillion yuan through investments in bonds, non-standardized debt, and unlisted equity [6] - As of Q3 2025, 77 ESG-themed wealth management products have been issued, raising over 20 billion yuan, with a total scale of nearly 300 billion yuan [6] - The market also features over 200 specialized products related to themes such as rural revitalization and green low-carbon initiatives, with a total scale exceeding 100 billion yuan [6]

Core Insights - The banking wealth management market in China reported a total scale of 30.67 trillion yuan as of June 2025, reflecting a 2.38% increase from the beginning of the year and a 7.53% year-on-year growth [2][4] - The average annualized yield of wealth management products in the first half of the year was 2.12%, generating a total return of 389.6 billion yuan for investors, which is a 14.18% increase compared to the same period last year [2][5] - There has been significant growth in personal pension wealth management, with the number of accounts exceeding 1.439 million, marking a 46.2% increase since the beginning of the year [2] Investment 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, showing 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] - Mixed products have a scale of 0.77 trillion yuan, representing 2.51% of the total, with a slight increase of 0.07 percentage points from the beginning of the year but a decrease of 0.22 percentage points year-on-year [3] - Equity products and commodity/financial derivatives are relatively small, with scales of 0.07 trillion yuan and 0.02 trillion yuan, respectively [3] Operational Trends - Open-ended wealth management products are increasingly favored, with a total scale of 24.82 trillion yuan, making up 80.93% of all wealth management products, which is an increase of 0.13 percentage points from the beginning of the year and 1.06 percentage points year-on-year [3] - Cash management products account for 6.4 trillion yuan, representing 25.79% of open-ended products, but have seen a decrease of 4.38 percentage points from the beginning of the year and 7.09 percentage points year-on-year [3] Market Drivers - The growth of the wealth management market is attributed to the continuous decline in deposit rates, leading investors to seek safer and more stable returns through bank wealth management products [4] - The number of investors holding wealth management products reached 136 million, an increase of 8.37% since the beginning of the year [4] - Increased awareness of asset allocation among individual investors has led to a greater demand for diversified investment channels, with bank wealth management products standing out due to their transparency and strict regulation [5]

Group 1 - The bank wealth management market has reached a significant milestone, with a total scale of 30.67 trillion yuan as of June 2025, reflecting a growth of 2.38% year-to-date and 7.53% year-on-year [1] - The number of investors in the bank wealth management market has expanded to 136 million, an increase of 8.37% since the beginning of the year [1] - In the first half of the year, wealth management products generated a total return of 389.6 billion yuan for investors, marking a year-on-year increase of 14.18% [1] Group 2 - The structure of bank wealth management products shows a strong emphasis on stability, with fixed-income products dominating at 29.81 trillion yuan, accounting for 97.20% of all wealth management products [3] - The proportion of mixed products has increased slightly to 2.51%, while equity and commodity/financial derivative products remain relatively small at 0.07 trillion yuan and 0.02 trillion yuan, respectively [3] - Products with medium-low risk and below constitute 95.89% of the total scale, indicating a heightened focus on asset safety among investors [3] Group 3 - Personal pension wealth management products are experiencing rapid growth, with over 1.439 million investors opening accounts, a 46.2% increase since the beginning of the year [4] - The cumulative purchase balance of personal pension wealth management products has reached 110.36 billion yuan, with an average annualized return exceeding 3.4% [4] - The market has seen a proactive response to policy guidance, with three wealth management companies issuing five new personal pension products in the first half of the year [4]