来源：金融时报 近日，银行业理财登记托管中心发布《中国银行业理财市场年度报告（2025年）》。报告显示，截至 2025年末，理财市场存续规模达33.29万亿元，较年初增长11.15%；理财产品全年为投资者创造收益 7303亿元，平均收益率为1.98%。更多投资者进入银行理财市场"掘金"，截至2025年末，持有理财产品 的投资者数量已达1.43亿个，较年初增长14.37%。 规模与投资者数量双增 截至2025年末，银行理财市场存续规模33.29万亿元，较年初增长11.15%。其中理财公司存续产品只数 3.37万只，存续规模30.71万亿元，较年初增加16.72%，占全市场的比例达到92.25%。 "存款持续降息后理财产品具备性价比优势；存续浮盈释放也支撑产品业绩、投资者实际体感仍较好， 共同支撑理财行业景气度。"对此，中金公司研究表示。 从资产配置情况看，2025年理财产品资产配置以固收类为主，投向债券类、非标准化债券类资产、权益 类资产余额分别为18.52万亿元、1.82万亿元、0.66万亿元，分别占总投资资产的51.93%、5.10%、 1.85%。 持有理财产品的投资者数量达到1.43亿个，14.37%的 ...

债券研究 /[Table_Date] 2026.01.30 承接"存款搬家"，理财投了什么，收 益如何 2025 理财市场回顾与 2026 展望 规模承接行业增量，获取"无风险"收益下探，机构分层加深。 投资要点： | [Table_Authors] | 唐元懋(分析师) | | --- | --- | | | 0755-23976753 | | | tangyuanmao@gtht.com | | 登记编号 | S0880524040002 | | | 汤志宇(分析师) | | | 021-38031036 | | | tangzhiyu@gtht.com | | 登记编号 | S0880525070031 | [Table_Report] 相关报告 如何理解 ONRRP 类工具与双向隔夜回购 2026.01.30 债券 ETF 规模跃升之后：业绩归因、策略优化与 未来挑战 2026.01.29 强者恒强，关注业绩筑底走向 2026.01.27 配置力度不减，高久期偏好更趋明确 2026.01.27 人民币升值结汇如何影响银行间流动性 2026.01.25 证 券 研 究 报 告 请务必阅读正文之后的免责条 ...

Core Insights - The report indicates that the number of investors holding wealth management products reached 143 million by the end of 2025, marking a 14.37% increase from the beginning of the year [1] - The total scale of the bank wealth management market was 33.29 trillion yuan, reflecting an 11.15% growth year-on-year, with 33,400 new wealth management products issued throughout the year, raising 76.33 trillion yuan [1] Group 1: Investor Growth and Composition - The number of individual investors increased by 17.69 million, while institutional investors grew by 310,000 [1] - Individual investors accounted for 98.64% of the total, with 141 million individuals, while institutional investors made up 1.36% with 1.94 million [5] - The majority of individual investors are classified as having a low-risk preference, with 33.54% being moderate-risk (level 2) investors [5][6] Group 2: Product Performance and Structure - Wealth management products generated a total return of 730.3 billion yuan in 2025, a 2.87% increase from the previous year, with banks contributing 113.2 billion yuan and wealth management companies 617.1 billion yuan [2] - The average yield of wealth management products was 1.98%, with fixed-income products dominating the market at 97.09% of the total scale [2][3] - The scale of fixed-income products was 32.32 trillion yuan, while mixed products accounted for 0.87 trillion yuan, and equity and commodity products were significantly smaller at 0.08 trillion yuan and 0.02 trillion yuan, respectively [2] Group 3: Risk Levels and Product Types - By the end of 2025, 95.73% of wealth management products were rated as level 2 (medium-low risk) or below, while only 0.24% were rated level 4 (medium-high risk) or above [3] - Open-ended wealth management products made up 79.87% of the total scale, amounting to 26.59 trillion yuan, while closed-end products accounted for 20.13% [3] - The average duration of newly issued closed-end products ranged from 322 to 489 days, with 70.87% of these products having a duration of over one year [4] Group 4: Support for the Real Economy - Wealth management funds supported approximately 21 trillion yuan in the real economy by investing in bonds, non-standardized debt assets, and equity assets [8] - Investments in bonds totaled 18.52 trillion yuan, with credit bonds making up 13.27 trillion yuan, representing 37.21% of total investment assets [8] - The report highlights the role of wealth management products in optimizing fund allocation and supporting various sectors, including green bonds and initiatives related to the Belt and Road [8][9]

Core Insights - The average annualized yield of commodity and financial derivative wealth management products significantly increased to 89.73% in January 2026, marking a rise of 13.83 percentage points from December 2025, reaching the highest level in nearly a year [1][2] Group 1: Yield Performance - In January 2026, the average annualized yields for commodity and financial derivative wealth management products over different periods were reported as follows: 89.73% (1 month), 51.31% (3 months), 56.72% (6 months), and 47.69% (1 year) [2] - The average annualized yield for equity wealth management products also saw a substantial increase, with yields of 38.92% (1 month), 22.86% (3 months), 28.82% (6 months), and 25.26% (1 year) [2] - The 1-month average annualized yield for equity products rose by 32.15 percentage points compared to December 2025, indicating a significant improvement [2] Group 2: Market Influence - The surge in yields for derivative and equity wealth management products is attributed to the strong performance of the A-share market, particularly the Shanghai Composite Index, which achieved a record 17 consecutive days of gains from December 17, 2025, to January 12, 2026 [4] - The trend indicates that since January 13, 2026, the Shanghai and Shenzhen indices have entered a consolidation phase, suggesting a likelihood of yield decline for these products in the short term [4] - Despite the short-term outlook, the long-term trend for A-shares remains unclear, with optimistic expectations suggesting that these products may continue to perform well, although it is unlikely to replicate the recent exceptional performance [4]

Investment Rating - The report maintains a positive outlook on the banking sector, particularly highlighting the potential of specific banks such as China Merchants Bank [1][5]. Core Insights - The banking sector is experiencing a significant expansion in wealth management, with the total scale reaching 33.3 trillion yuan by the end of 2025, reflecting a growth of 3.34 trillion yuan and an annual growth rate of 11.2% [3][12]. - The report indicates a strategic shift towards increasing allocations in deposits and public funds while slightly reducing allocations in certificates of deposit and equity assets [4][5]. - The average yield of wealth management products is reported at 1.98%, with a total of 730.3 billion yuan generated for investors in 2025 [4]. Summary by Sections Market Dynamics - The A-share market saw an increase of 1.81% this week, while the banking sector declined by 2.70% [15]. - The People's Bank of China maintained the loan market quotation rate (LPR) at 3.0% for one year and 3.5% for five years and above [1][12]. Wealth Management Trends - By the end of 2025, the wealth management scale is projected to reach 33.3 trillion yuan, with various product categories showing different growth patterns [3][4]. - Cash management products have seen a decline, with a total decrease of 0.26 trillion yuan in 2025, although there was a recovery in the second half of the year [3]. Asset Allocation - As of the end of 2025, the investment assets of wealth management products totaled 35.66 trillion yuan, with bonds, deposits, and public funds making up the majority of the allocations [4]. - The report notes a significant increase in allocations to deposits (2.38 trillion yuan) and public funds (0.89 trillion yuan) [4]. Future Outlook - The report anticipates that the wealth management scale will continue to grow rapidly in 2026, with a neutral expectation of an increase of approximately 3 trillion yuan [5].

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]

Core Viewpoint - 2025 marks a significant transition year for the company as it concludes the "14th Five-Year Plan" and prepares for the "15th Five-Year Plan," coinciding with the sixth anniversary of its wholly-owned subsidiary, Xinyin Wealth Management [1] Group 1: Company Overview - Xinyin Wealth Management was established in Fuzhou six years ago and is one of the first shareholding commercial bank wealth management subsidiaries in China [1] - The company has focused on high-quality development, emphasizing political and public service aspects of financial work while enhancing internal capabilities and serving residents [1] Group 2: Service and Performance - The company has served over 32 million clients and generated more than 460 billion yuan in investment returns since its inception [2] - Xinyin Wealth Management has consistently outperformed the market, earning client trust and loyalty through its stable and superior value creation capabilities [2] Group 3: Innovation and Market Leadership - The company integrates product creation, client needs analysis, and value creation, continuously optimizing its product offerings [3] - It has ranked first in the national bank wealth management capability rankings for 31 consecutive quarters and is positioned 90th globally and 8th in China in the "2025 Global Asset Management 500" list [3] Group 4: Mission and Strategic Focus - Xinyin Wealth Management aims to support industrial transformation and upgrade by integrating financial tools with technology and industry [4] - The company has invested over 60 billion yuan in technology financial assets and has incorporated ESG elements into its investment and risk control systems, with ESG product holdings exceeding 100 billion yuan [4] Group 5: Development Milestones - Key milestones include the launch of various innovative products, such as the first mixed-asset product and the first ESG-themed product, as well as entering the personal pension business [6][7] - The company has shown a commitment to long-term stable development, increasing its registered capital to 10 billion yuan by September 2025 [8]

Core Viewpoint - The article highlights the achievements and future direction of Xingyin Wealth Management, emphasizing its commitment to high-quality development and customer-centric services in the financial sector as it marks its sixth anniversary [1][2]. Group 1: Company Achievements - Xingyin Wealth Management has served over 32 million customers and generated investment returns exceeding 460 billion yuan since its inception [2]. - The company has consistently ranked first in the national bank wealth management capability rankings for 31 consecutive quarters and is positioned 90th globally in the "2025 Global Asset Management 500" list [3]. - The firm has integrated ESG elements into its investment and risk control systems, with ESG product holdings exceeding 100 billion yuan [4]. Group 2: Strategic Initiatives - Xingyin Wealth Management aims to support industrial transformation and upgrade by utilizing a diverse range of financing tools, investing over 60 billion yuan in technology financial assets [4]. - The company is focused on enhancing customer value through product innovation and a comprehensive understanding of customer needs, ensuring a strong market reputation [3]. - The firm plans to deepen its alignment with national strategies and customer demands, aiming to contribute to income growth for urban and rural residents [4]. Group 3: Development Milestones - Key milestones include the launch of its first mixed-asset product in March 2020 and its first ESG-themed product in September 2020 [6][7]. - In June 2023, the company entered the top 100 of the global asset management rankings for the first time, ranking 85th globally and 6th in China [7]. - Future plans include launching various innovative financial products and increasing registered capital to 10 billion yuan by September 2025 [8].

Core Insights - 2025 marks the end of the "14th Five-Year Plan" and the beginning of the "15th Five-Year Plan," with Xinyin Wealth Management celebrating its six-year anniversary [1] - Xinyin Wealth Management has served over 32 million customers and generated investment returns exceeding 460 billion RMB since its inception [1][8] Group 1: Company Achievements - Xinyin Wealth Management has consistently ranked first in the "National Bank Wealth Management Capability Ranking" for 31 consecutive quarters [2] - The company is ranked 90th globally and 8th among Chinese asset management institutions in the "2025 Global Asset Management 500" list [2] - The firm has invested over 60 billion RMB in technology financial assets and has a scale of over 100 billion RMB in ESG products [3] Group 2: Product Development and Innovation - Xinyin Wealth Management integrates product creation, customer needs analysis, and value creation, continuously optimizing its product offerings [2] - The company has launched various innovative products, including the first ESG-themed wealth management product in its industry [5][6] - The firm aims to enhance its capabilities and support urban and rural residents' income growth through its development strategy [3] Group 3: Future Goals and Strategic Direction - Xinyin Wealth Management is committed to aligning its operations with national strategies and customer needs, focusing on value-oriented wealth management [3] - The company plans to deepen its integration of finance with technology and industry to support industrial transformation and upgrade [3] - The firm aims to establish a new development model that balances social functions, customer value, and sustainable growth [3]

Core Insights - The company, Xingyin Wealth Management, has achieved significant milestones since its establishment, focusing on high-quality development and customer service [6][4] - The firm has created over 460 billion yuan in investment returns for more than 32 million customers, demonstrating its strong market presence and customer trust [6][2] - Xingyin Wealth Management has been recognized for its capabilities, ranking first in the national bank wealth management capability rankings for 31 consecutive quarters and being listed among the top 100 global asset management firms [7][6] Company Development - Xingyin Wealth Management was officially established on December 19, 2019, and has since launched various innovative financial products, including the first mixed-asset and ESG-themed wealth management products in the company [4][6] - The company has received approval for pilot programs in pension wealth management and has expanded its services to include personal pension products [4][6] Investment Strategy - The company emphasizes innovation in product development and customer value creation, integrating investment research and sales to enhance product quality [6][7] - Xingyin Wealth Management has invested over 60 billion yuan in technology finance assets and has incorporated ESG elements into its investment and risk control systems, with ESG product holdings exceeding 100 billion yuan [7][6] Future Outlook - As it celebrates its sixth anniversary, Xingyin Wealth Management aims to align its strategies with national priorities and customer needs, focusing on sustainable development and enhancing the income of urban and rural residents [6][7]