新年伊始，银行理财市场再次密集降费。据Wind信息统计，2026年1月初以来理财公司已发布超300条 费率调整公告，平安理财、交银理财、民生理财、宁银理财、南银理财、上银理财等多家理财公司纷纷 宣布下调部分产品费率。 其中，宁银理财旗下部分产品管理费率、销售费率直接降为0%（年化，下同），上银理财部分产品两 费合计降超1%。有机构分析，2026年将有数十万亿元定期存款集中到期，随着近年存款利率大幅下 行，居民存款到期后面临再配置需求，银行理财、分红险等可能成为替代品。理财机构正通过降费、优 化产品结构等抢滩资金"蓄水池"。 管理费、销售费现"零费率" 开年以来，理财市场再掀"降费潮"，参与机构覆盖国有行、股份行及城商行旗下理财子公司。Wind数 据显示，2026年1月以来，理财公司已发布超300份费率调整公告，平安理财、交银理财、民生理财、宁 银理财、南银理财、上银理财等多家理财公司纷纷下调旗下产品费率。 其中，宁银理财近期的降费动作尤为引人关注。据官网披露，仅2024年12月29日以来，宁银理财已发布 超20条产品费率优惠公告，宣布自2026年1月起调降旗下超500只产品（不同份额分开计算，下同）的管 理费 ...

新年伊始，银行理财市场再次密集降费。据Wind信息统计，2026年1月初以来理财公司已发布超300条 费率调整公告，平安理财、交银理财、民生理财、宁银理财、南银理财、上银理财等多家理财公司纷纷 宣布下调部分产品费率。 其中，宁银理财旗下部分产品管理费率、销售费率直接降为0%（年化，下同），上银理财部分产品两 费合计降超1%。有机构分析，2026年将有数十万亿元定期存款集中到期，随着近年存款利率大幅下 行，居民存款到期后面临再配置需求，银行理财、分红险等可能成为替代品。理财机构正通过降费、优 化产品结构等抢滩资金"蓄水池"。 管理费、销售费现"零费率" 开年以来，理财市场再掀"降费潮"，参与机构覆盖国有行、股份行及城商行旗下理财子公司。Wind数 据显示，2026年1月以来，理财公司已发布超300份费率调整公告，平安理财、交银理财、民生理财、宁 银理财、南银理财、上银理财等多家理财公司纷纷下调旗下产品费率。 其中，宁银理财近期的降费动作尤为引人关注。据官网披露，仅2024年12月29日以来，宁银理财已发布 超20条产品费率优惠公告，宣布自2026年1月起调降旗下超500只产品（不同份额分开计算，下同）的管 理费 ...

Core Viewpoint - The company has approved the use of up to 200 million yuan of idle self-owned funds for investment and wealth management, focusing on safe, liquid, and controllable risk financial products [1] Group 1 - The company held its 18th temporary meeting of the sixth board of directors on December 30 [1] - The board approved a proposal to continue using part of its idle funds for investment and wealth management [1] - The investment products will include structured deposits, reverse repos, income certificates, and fixed-income products, all from financial institutions with legal operating qualifications [1] Group 2 - The approved investment amount is capped at 200 million yuan and is valid for 12 months from the date of board approval [1] - The funds can be used in a rolling manner within the specified limit [1]

Core Insights - The total scale of bank wealth management reached 3.16 trillion yuan by the end of November, marking a 6% year-on-year increase [1] - The number of existing wealth management products totaled 45,132, reflecting an 11.69% growth compared to the end of November last year [1] Group 1: Product Types - Fixed income products saw the fastest growth, with a total scale of 2.42 trillion yuan, up 12.78% year-on-year, accounting for 76.57% of the total wealth management products, an increase of 4.52 percentage points from the previous year [2] - Cash management products experienced a significant reduction, with a scale of 6.61 trillion yuan, down by 1.02 trillion yuan year-on-year, representing 20.88% of the total, a decrease of 4.72 percentage points [2] - Equity products also saw a slight decline, with a scale of 24.598 billion yuan, down 17.11 billion yuan year-on-year, making up 0.08% of the total, a decrease of 0.01 percentage points [2] Group 2: "Fixed Income +" Products - "Fixed income +" products have diversified, primarily using fixed income assets like bonds to provide basic returns, supplemented by a certain proportion of equity assets to enhance yields, appealing to investors seeking low volatility and stable returns [3] - Examples include "fixed income + preferred shares" and "fixed income + convertible bonds," which have been well-received in the market [3] Group 3: Performance and Trends - The issuance of wealth management products continued to grow, with 2,321 new products launched in November, an increase of 441 from the previous month, with over 70% of new products being open-ended [4] - The average annualized yield for open-ended fixed income products reached 2.79%, up 0.35 percentage points month-on-month, while closed-end products saw a yield of 3.38%, an increase of 0.87 percentage points [4] - The recovery in yields is attributed to declining deposit rates and seasonal market changes, particularly as year-end approaches, which typically tightens the money market [4] Group 4: Cash Management Product Yields - Cash management products have seen a decline in yields, with the average annualized yield for the past seven days at 1.26%, down 0.02 percentage points month-on-month [5] - The one-month average yield was 1.27%, also down 0.02 percentage points, while the three-month yield averaged 1.28%, down 0.02 percentage points [5] - The one-year average yield stood at 1.44%, down 0.04 percentage points, and the average yield since inception was 1.57%, down 0.03 percentage points [5]

Core Viewpoint - The company has approved a proposal to authorize the general manager to invest up to RMB 1.7 billion in various financial products to enhance fund utilization efficiency and provide better returns for shareholders [1] Group 1 - The board of directors will hold its third meeting on December 8, 2025, to review the investment proposal [1] - The approved investment includes fixed income products, non-fixed income products, and equity assets [1] - The investment authorization is valid for 12 months from the date of board approval, and the funds can be used on a rolling basis [1]

Core Insights - The 2025 Analyst Conference highlighted the current chaotic state of global asset allocation, with a focus on the potential for a bull market in A-shares and Hong Kong stocks [3][4] - Li Bei, founder of Hanxia Investment, emphasized the challenges in asset allocation due to various global uncertainties, including high fiscal deficits in the US and concerns over asset safety [3][4] Market Performance - The past year saw decent performance across various asset classes, but the difficulty in asset allocation has increased significantly [3][6] - A-shares and Hong Kong stocks are viewed as "small fortunes" with the CSI 300 index currently at a PE ratio of approximately 13 times, implying a 7% return [4][10] - Despite ongoing economic deflation, the core index's ROE has stabilized, indicating resilience in leading companies' profitability [4][10] Sector Analysis - Leading companies in struggling sectors, such as construction and real estate, have begun to see profit recovery, with some construction leaders achieving net profit margins of 6% [4][11] - Real estate firms are gaining improved bargaining power in land acquisition, leading to net profit margins exceeding 10% for new projects [4][11] Future Outlook - There is optimism for a bull market in A-shares and Hong Kong stocks, driven by the potential migration of capital into Chinese assets as domestic economic stability improves [4][12] - The current low risk appetite among Chinese residents, with significant wealth concentrated in fixed income, presents a potential catalyst for future asset reallocation [4][12] - The mismatch between China's manufacturing share and its international reserve status suggests that a recovery in the economy could lead to increased RMB settlement and reserve ratios [4][15]

Core Points - The official WeChat account of the "China Insurance Asset Management Association" has been renamed to "China Banking and Insurance Asset Management Association," indicating the integration of banking and insurance asset management into a unified self-regulatory system [1] - This renaming signifies an upgrade in self-regulation within the banking and insurance asset management industry, enhancing the effectiveness of industry self-regulation and promoting healthy development through collaboration with regulatory mechanisms [1] Summary by Sections Association Overview - The China Insurance Asset Management Association was established in September 2014, approved by the State Council and the Ministry of Civil Affairs, and directly led by the National Financial Supervision and Administration [1] - The association currently has 561 member units covering all segments of China's financial market, with 30 bank wealth management subsidiaries among its members [1] Recent Developments - In April, the association announced the members of its second Public Market Investment Professional Committee, including representatives from nine bank wealth management subsidiaries [2] - The association's publication, originally titled "China Insurance Asset Management," will be renamed to "China Asset Management" starting November 2024, reflecting the evolving landscape of the asset management industry [2] Market Insights - According to the "China Banking Wealth Management Market Quarterly Report (Q3 2025)," there were 10,890 new wealth management products issued, raising a total of 120.15 trillion yuan [2] - As of the end of Q3 2025, there were 43,900 existing wealth management products with a total size of 32.13 trillion yuan, marking a year-on-year increase of 9.42% [2][3] Product Categories - As of Q3 2025, fixed-income products accounted for 97.14% of the total existing wealth management product size, with a scale of 31.21 trillion yuan, showing a slight increase from the previous year [3] - Mixed products and equity products represent a smaller portion of the market, with existing scales of 0.83 trillion yuan and 0.07 trillion yuan, respectively [3] Self-Regulatory Organizations - Besides the China Banking and Insurance Asset Management Association, other major self-regulatory organizations for bank wealth management companies include the Banking Wealth Management Registration and Custody Center and the Banking Association's Wealth Management Business Professional Committee [3]

Core Insights - The total scale of private asset management products by securities firms reached 5.73 trillion yuan by the end of September, an increase of approximately 2687.33 billion yuan since the beginning of the year, reflecting a growth rate of 4.92% [1] - Actively managed collective asset management plans have seen significant growth, with their scale rising to 31,957.89 billion yuan, an increase of 3004.97 billion yuan, representing a growth rate of 10.38% and accounting for 55.73% of the total scale of private asset management products [1] - The scale of single asset management plans, primarily focused on channel business, decreased to 25,386.32 billion yuan, a reduction of 317.63 billion yuan, making up 44.27% of the total scale [1] Industry Overview - The total scale of private asset management products across securities and futures institutions reached 12.46 trillion yuan by the end of September, a decrease of 1210.08 billion yuan from the previous month, reflecting a month-on-month decline of 0.96% [1] - The breakdown of private asset management product scales includes 5.73 trillion yuan from securities firms and their asset management subsidiaries, 4.79 trillion yuan from fund management companies, 904.88 billion yuan from fund subsidiaries, and smaller amounts from other entities [2] - Fixed income products dominate the investment types, with 17,550 products accounting for 44.7% of the total number, and a total scale of 8.93 trillion yuan, representing 71.7% of the total asset management scale [2]

Core Insights - The total scale of private asset management products by securities firms reached 5.73 trillion yuan as of the end of September, marking an increase of approximately 2687.33 billion yuan or 4.92% since the beginning of the year [1][2] - Actively managed collective asset management plans have seen significant growth, with a scale of 31,957.89 billion yuan, an increase of 3004.97 billion yuan or 10.38%, accounting for 55.73% of the total scale of private asset management products [1] - Single asset management plans, primarily focused on channel business, decreased to 25,386.32 billion yuan, a reduction of 317.63 billion yuan, representing 44.27% of the total scale [1] Detailed Breakdown - The scale of private asset management products by various entities is as follows: securities companies and asset management subsidiaries at 5.73 trillion yuan, fund management companies at 4.79 trillion yuan, fund subsidiaries at 904.88 billion yuan, private subsidiaries of securities companies at 638.31 billion yuan, futures companies and their asset management subsidiaries at 389.91 billion yuan, and private subsidiaries of fund management companies at 6.29 billion yuan [2] - In terms of investment types, fixed income products dominate both in quantity and scale, with 17,550 products accounting for 44.7% of the total number, and a total scale of 8.93 trillion yuan, representing 71.7% of the total asset management scale [2]

Group 1 - The private asset management market in China experienced significant recovery in September, with the number of registered products reaching a nearly nine-year high, indicating a rebound in market vitality and a profound change in capital flow and institutional strategies under the current macroeconomic environment [1] - Securities companies and their asset management subsidiaries emerged as the market leaders in September, with a total of 1,537 registered products and a total scale of 47.675 billion yuan, accounting for nearly 60% of the market [1] - Collective asset management plans became the main force behind this expansion, with a scale share of 68.32%, while single asset management plans, despite having a higher number of registrations, showed smaller average scales, reflecting a trend towards smaller and more diversified products to meet varying investment needs [1] Group 2 - Fixed income products maintained a dominant position in the market, with their establishment scale accounting for over 50% in September and a share of 71.7% in the total existing scale of 12.46 trillion yuan by the end of September [3] - Equity products showed low levels of new registrations and scale share in September, indicating a cautious market attitude towards equities, while mixed products remained active and important in the market [3] - Despite the active registration activities in September, the overall existing scale of the market saw a slight decline of 0.96%, with brokerage and fund systems remaining the two main pillars of the market, holding shares of 46.02% and 38.42% respectively [3] Group 3 - A senior financial researcher noted two main trends in the private asset management market: a concentration towards leading firms, with securities asset management gaining larger market shares, and a shift towards stability, as evidenced by the dominant position of fixed income products reflecting investors' preference for certainty in the current economic environment [4] - The structural differentiation observed may continue, with the market transitioning from a focus on scale expansion to a more quality-oriented and refined development phase [4]