深圳商报·读创客户端首席记者 谢惠茜 银行业理财市场交出上半年"成绩单"。日前，银行业理财登记托管中心发布的《中国银行业理财市场半 年报告（2025年上）》（以下简称《报告》）显示，截至2025年6月末，银行理财市场存续规模达30.67 万亿元，较年初增加2.38%，同比增加7.53%。上半年理财产品平均年化收益率为2.12%，共为投资者创 造收益3896亿元；较去年同期增长14.18%。 其中，值得关注的是，上半年个人养老金理财迎来跨越式增长，开户数较年初显著增加。《报告》显 示，开立个人养老金理财产品行业信息平台账户的投资者已超143.9万人，较年初增长46.2%。另外，投 资者还积极购买个人养老金理财产品普通份额，累计购买余额1103.6亿元。 从投资性质看，固定收益类产品占据绝对主导地位。《报告》显示，截至2025年6月末，固定收益类产 品存续规模为29.81万亿元，占全部理财产品存续规模的比例达97.2%；较年初减少0.13个百分点，较去 年同期增加0.32个百分点。混合类产品存续规模为0.77万亿元，占比为2.51%；较年初增加0.07个百分 点，较去年同期减少0.22个百分点。权益类产品和商品及 ...

Core Insights - The report highlights the steady expansion of the wealth management market amid declining interest rates and the migration of deposits, with a total of 194 banks and 32 wealth management companies offering 41,800 products as of June 2025, marking a 3.78% increase from the beginning of the year and a 4.54% year-on-year increase [6][8] - The total assets under management reached 30.67 trillion yuan, reflecting a 2.38% increase from the start of the year and a 7.53% year-on-year growth [6][8] - The average annualized yield of wealth management products fell to 2.12% in the first half of 2025, down 68 basis points from 2.80% in the first half of 2024 and 53 basis points from 2.65% at the end of 2024 [6][8] Product Structure - Cash management products continue to shrink, with open-ended wealth management products accounting for 80.93% of the total, slightly up by 0.13 percentage points from the beginning of the year and up 1.06 percentage points year-on-year [7] - The scale of cash management products within open-ended products was 6.40 trillion yuan, representing 25.79% of open-ended products, a decline of 14.55% compared to the same period last year [7] Asset Allocation - As of June 2025, the total investment assets of wealth management products reached 32.97 trillion yuan, with bond assets (including bonds and interbank certificates of deposit) being the largest category at 18.33 trillion yuan, accounting for 55.60% of total investment assets [8] - The scale of credit bonds was 12.79 trillion yuan, making up 38.79% of total investment assets, a decrease of 2.34 percentage points year-on-year [8] - The proportion of cash and bank deposits increased from 23.9% at the end of 2024 to 24.8% in mid-2025, while equity assets continued to decline, accounting for 2.40% of total investment assets [9]

Investment Rating - The investment rating for the banking industry is "Positive" [2] Core Insights - The report highlights a recent increase in the closed-end wealth management product achievement rate, which reached 83.17% by the end of April 2025, while the open-end product achievement rate decreased to 54.80% [15][16] - The overall market's wealth management product net loss rate was recorded at 2.23%, showing a slight decrease of 0.27 percentage points compared to the previous month [12] - The number of net value-type wealth management products has decreased to 18,600, reflecting a month-on-month decline of 1.85% [22] - The issuance of wealth management products in April 2025 saw a significant year-on-year increase of approximately 44.83%, totaling 5,990 products [39][42] Summary by Sections 1. Wealth Management Market Overview - The broken net rate as of the end of April was 2.23%, indicating a stable trend after a peak in December 2022 [12] - The achievement rate for closed-end products increased to 83.17%, while open-end products saw a decline to 54.80% [15][16] 2. Net Value-Type Wealth Management Products - The total number of net value-type products decreased to 18,600, down 1.85% from the previous month [22] - The proportion of net value-type products with a risk level of R2 is the highest at 77.58% [25] 3. Issuance Market Situation - The issuance of wealth management products in April 2025 increased significantly, with 5,990 products issued, marking a 44.83% year-on-year growth [39] - Non-principal guaranteed products have surged, while principal guaranteed products have nearly disappeared from the market [42] - The largest share of newly issued products in April was for the 12-24 month term, accounting for 25.03% of total issuances [45] 4. Wealth Management Returns - As of April 6, 2025, the expected annualized returns for various term wealth management products were 2.36% for 3 months, 2.54% for 6 months, and 2.50% for 1 year [4] 5. Wealth Management Company Products - In April 2025, 32 wealth management companies issued a total of 5,077 products, with a slight increase from the previous month [5] - The leading company in terms of the number of existing products is Xingyin Wealth Management, holding a market share of 9.59% [5]