再根据央行发布的最新社融数据，从全年数据来看，2025年全年新增人民币26.41万亿元，其中，非银行业金融机构存款增加6.41万亿元，创下10年来的新 高。 所以就有人认为，正是这50万亿资金的"存款搬家"，造就了A股市场的火热行情。 来源：吴晓波频道CHANNELWU "低利率吹响了资金流动的号角，而资本市场则提供了新的港湾。" 从2024年"9.24"新政算起，上证指数已累计上涨49.65%，深证成指累计上涨75.12%，创业板指数累计上涨114.2%。特别是今年以来上证指数"17连阳"，上 证指数突破4000点，彻底激活了A股市场的财富效应。 那么，这些钱到底是从哪里来的？市场有不少观点认为资金的主要来源在于"存款搬家"。 "存款搬家"是一个金融术语，指居民储蓄资金大规模、趋势性地从银行体系流出，转向其他投资渠道的过程。 中金公司测算，2026年将有超过30万亿元的2—5年期定存资金陆续到期。华泰证券认为，2026年将会有超过50万亿元的2年期定存到期。 那么，50万亿的资金和A股有何关联？为什么会出现存款搬家？这些资金到底又会流向何方？ 50万亿存款告别"躺赚" 为什么50万亿存款要选择"搬家"？原因 ...

Core Insights - The banking wealth management industry experienced significant growth in 2025, with 14 major wealth management companies increasing their total assets under management by nearly 3 trillion yuan, reaching a record high by year-end [1][2] Group 1: Industry Growth - By the end of December 2025, the total scale of the 14 major wealth management companies was 25.41 trillion yuan, reflecting a year-on-year growth of approximately 13.3% and an annual increase of 2.98 trillion yuan [2] - The peak industry scale reached nearly 34 trillion yuan in November 2025, marking a historical high with an increase of over 4 trillion yuan since the beginning of the year [2] - The growth in the industry was primarily driven by fixed pure bond products and enhanced fixed-income equity products, which added 1.64 trillion yuan and 1.27 trillion yuan, respectively [3] Group 2: Market Dynamics - The bond market has been volatile, with the yield on 10-year government bonds fluctuating around 1.60% to 1.80% throughout 2025, impacting the yields of wealth management products [4] - The average annualized yield for open-ended fixed-income products dropped to 2.32% and 2.25% for six months and one year, respectively, indicating a downward trend [4] - As deposit rates hit historical lows, many customers are shifting their maturing fixed deposits into wealth management products, reflecting a change in risk appetite [4] Group 3: Future Opportunities - In 2026, wealth management institutions are expected to benefit from multi-asset layouts and a further decline in household savings rates, potentially attracting 2 trillion to 4 trillion yuan of "activated funds" into non-deposit investments [5] - The industry is moving towards a multi-asset and multi-strategy approach to enhance returns, with a focus on diversifying asset allocation beyond traditional equity [6] - Collaboration with public funds is emphasized as a strategy for wealth management companies to enhance their product offerings and risk management capabilities [7]

Core Viewpoint - The banking wealth management industry has experienced significant growth in 2025, reaching a record scale despite a slight monthly contraction due to seasonal factors. The total industry scale peaked at 34 trillion yuan in November 2025, with a year-end total of approximately 33 trillion yuan expected for 2026 [1][3][7]. Group 1: Industry Growth and Performance - The 14 major wealth management companies, managing over 1 trillion yuan each, collectively grew by nearly 3 trillion yuan in 2025, with a total scale of 25.41 trillion yuan by the end of December 2025, reflecting a year-on-year increase of approximately 13.3% [2][3]. - The primary contributors to the industry's growth were fixed pure bond products and enhanced fixed-income equity products, which added 1.64 trillion yuan and 1.27 trillion yuan, respectively, during the year [3][4]. - Mixed-asset wealth management products saw a turnaround, growing by over 300 billion yuan in 2025, with several products achieving annualized returns exceeding 20% [4]. Group 2: Market Trends and Client Behavior - As fixed deposit rates declined and deposits matured, there was a noticeable shift in risk appetite among ordinary clients, leading to increased allocations in wealth management products [6][7]. - Analysts predict that the wealth management sector will continue to attract 2 trillion to 4 trillion yuan of "activated funds" from deposits moving into non-fixed investment areas in 2026 [7]. Group 3: Strategic Shifts in Asset Management - Wealth management firms are increasingly adopting multi-asset and multi-strategy approaches to enhance returns, moving beyond traditional asset management models [9][11]. - Collaboration with public funds is emphasized as a key strategy, allowing wealth management companies to focus on asset allocation and risk management while leveraging external expertise for specific investment strategies [11]. - It is anticipated that wealth management will contribute an additional 150 billion to 300 billion yuan in stock asset allocations in 2026 [10].

Core Viewpoint - The banking wealth management industry experienced significant growth in 2025, reaching a record high in total assets under management despite a slight monthly contraction due to seasonal factors at the end of the year [1][2]. Group 1: Industry Growth and Performance - In 2025, 14 major wealth management companies, including 6 state-owned and 8 joint-stock banks, saw their total assets grow by nearly 3 trillion yuan, reaching a peak of 34 trillion yuan in November [2][3]. - By the end of December 2025, the total assets of these companies amounted to 25.41 trillion yuan, reflecting a year-on-year increase of approximately 13.3% and an annual growth of 2.98 trillion yuan [3]. - The growth was primarily driven by fixed pure bond products and enhanced fixed-income equity products, which added 1.64 trillion yuan and 1.27 trillion yuan, respectively [4]. Group 2: Market Trends and Client Behavior - As fixed deposit rates declined and matured deposits were reinvested, there was a noticeable shift in client risk preferences, with many opting for wealth management products as a conservative investment choice [5][6]. - The average annualized yield for open-ended fixed-income products dropped to 2.32% and 2.25% for the past six months and one year, respectively, indicating a challenging environment for fixed-income investments [5]. Group 3: Future Outlook and Strategies - The wealth management industry is expected to embrace a multi-asset and multi-strategy approach to enhance returns, moving away from traditional asset management models [7][8]. - Collaboration with public funds is emphasized as a key strategy, allowing wealth management companies to focus on asset allocation and risk management while leveraging external expertise for specific investment strategies [8]. - Predictions suggest that the wealth management sector could attract an additional 1.5 trillion to 3 trillion yuan in equity asset allocation funds in 2026 [7].

Core Viewpoint - The banking wealth management industry has experienced significant growth in 2025, with the total scale reaching a record high, despite a slight monthly contraction at the end of the year due to seasonal factors [2][3]. Group 1: Industry Growth - By the end of December 2025, the top 14 wealth management companies had a combined management scale of 25.41 trillion yuan, reflecting a year-on-year growth of approximately 13.3% and an annual increase of 2.98 trillion yuan [3]. - The overall industry scale peaked at nearly 34 trillion yuan in November 2025, marking an increase of over 4 trillion yuan since the beginning of the year [3]. - The growth in wealth management products was primarily driven by fixed pure debt products and enhanced fixed-income equity products, which added 1.64 trillion yuan and 1.27 trillion yuan, respectively, since the beginning of 2025 [4]. Group 2: Market Dynamics - The decline in fixed deposit rates and the maturity of these deposits have led to a migration of low-risk preference funds towards bank wealth management products [3][5]. - As of the end of 2025, mixed wealth management products saw a significant increase of over 300 billion yuan, reversing a previous trend of decline [4]. - Analysts expect the bond market to remain volatile in 2026, which may impact the yields of fixed-income products offered by wealth management companies [5]. Group 3: Future Opportunities - The wealth management sector is anticipated to benefit from a further decline in household savings rates and an increase in risk appetite among residents, potentially leading to an influx of 2 trillion to 4 trillion yuan into non-deposit investment areas [6]. - Companies are expected to adopt multi-asset and multi-strategy approaches to enhance returns, moving beyond traditional asset management models [7]. - There is a growing emphasis on expanding the range of products to include equity assets and index funds, while also maintaining a solid base of low-risk, fixed-income products [8].