回顾2025年银行理财市场，《金融时报》记者发现，银行理财规模和产品数量呈现持续增长的态 势。这一年，银行理财市场整体表现出怎样的特点和亮点？2026年投资者该如何布局？ 数据显示，银行理财规模在2025年四季度呈延续增长态势。根据中信证券测算，截至2025年11月 末，银行理财规模增长至33.8万亿元。 "理财规模逼近34万亿元，这是居民财富管理需求与市场供给变革共振的结果。"南开大学金融学教 授田利辉在接受《金融时报》记者采访时表示，存款利率下行推动投资者寻求替代方案。与此同时，金 融机构通过渠道下沉与数字化赋能，降低了投资门槛，有效承接了市场需求，加之政策引导理财回归资 管本源，共同驱动了规模扩张。 可以看到，目前，存款利率与同期新发理财产品业绩比较基准之间存在显著的收益差。近年来，大 量高息存款的集中到期进一步加速了"迁移"过程。 那么，持续增加的理财资金主要流向了哪些产品？ 普益标准监测数据显示，截至2025年12月22日，2025年四季度银行理财产品数量增长约6000只。其 中，资金主要流向以债券为底仓、辅以权益类资产增厚收益的"固收＋"产品。 责任编辑：杨喜亭 2025年银行理财市场的另一个亮点 ...

Core Insights - The banking wealth management industry has surpassed 32 trillion yuan, reaching 32.1 trillion yuan by the end of September 2023, with a significant increase of approximately 1.4 trillion yuan in the third quarter compared to the end of June 2023 [1][2] - The growth in the banking wealth management scale was characterized by a "rise and then fall" pattern, with a notable increase of 2 trillion yuan in July, followed by a decrease of 850 billion yuan in September due to seasonal factors and increased cash demand before the National Day holiday [1][3] - The decline in September was temporary, and it is expected that the scale will recover in October as the pressure from quarterly assessments eases and liquidity demand decreases after the holidays [2][3] Industry Trends - Fixed-income products dominate the banking wealth management market, accounting for over 95% of the total product scale, as they offer stable returns that align with the risk tolerance of most investors [3][4] - The average annualized yield for closed-end fixed-income wealth management products decreased in the third quarter of 2023, with a near one-month yield of 2.30% and a near three-month yield of 2.73%, reflecting a downward trend in interest rates [4] - The "fixed-income plus" products are gaining popularity among investors seeking higher returns, combining stable fixed-income assets with riskier assets like stocks or convertible bonds [4][5] Future Projections - The growth of "fixed-income plus" products is expected to continue, with an anticipated increase in scale exceeding 1.4 trillion yuan for the year, contributing to an overall wealth management scale projected to surpass 33.5 trillion yuan [5][6]