股票研究 /[Table_Date] 2026.03.03 2 月理财月报：总量止跌回升，混合类产品增长放缓 [Table_Industry] 商业银行 | 24 | | --- | | 级: 1 1 | [Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 马婷婷(分析师) | 021-23185608 | matingting@gtht.com | S0880525100001 | | 刘源(分析师) | 021-38677818 | liuyuan2@gtht.com | S0880521060001 | 本报告导读： 2026 年 2 月末银行理财存续规模为 31.66 万亿，同比增长 5.6%、环比微增 0.3%， 结束前序两个月净流出状态。混合类产品保持正增，但单月增量不足 1月的一半。 投资要点： 证 券 研 究 报 告 [Table_Summary] 2 月末银行理财产品存续规模为 31.66 万亿（普益口径）1，同比增 长 5.6%、环比微增 0.3%，单月资金净流入 ...

股票研究 /[Table_Date] 2026.03.03 2 月理财月报：总量止跌回升，混合类产品增长放缓 [Table_Industry] 商业银行 | 24 | | --- | | 级: 1 1 | 股 票 研 究 [Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 马婷婷(分析师) | 021-23185608 | matingting@gtht.com | S0880525100001 | | 刘源(分析师) | 021-38677818 | liuyuan2@gtht.com | S0880521060001 | 本报告导读： 2026 年 2 月末银行理财存续规模为 31.66 万亿，同比增长 5.6%、环比微增 0.3%， 结束前序两个月净流出状态。混合类产品保持正增，但单月增量不足 1月的一半。 投资要点： [Table_Report] 相关报告 商业银行《当前如何看待银行股投资机会》 2026.03.01 商业银行《大型银行短贷显著增加，中小银行信 贷增长放缓》20 ...

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 ...

Group 1 - In 2025, the A-share market experienced a comprehensive recovery, with sectors such as technology, precious metals, non-ferrous metals, communication equipment, semiconductors, and optical modules leading the market in growth [1] - The net value of high-rights financial products saw a recovery, while the bond market faced pressure due to the strong performance of the equity market, leading to a "stock in, bond out" trend [1] - By the end of December 2025, the comprehensive net loss rate of financial products decreased to 0.51%, down 39 basis points from the end of 2024, with seven financial companies achieving "0 net loss" for their public offerings [1] Group 2 - The bond market ended its two-year bull run in 2025, entering a phase of adjustment influenced by fluctuating policy expectations and the stock-bond seesaw effect [2] - The net loss rate of public financial products fluctuated significantly, peaking at 2.24% in January and February 2025 before declining to 0.54% over the next four months [2] - By the end of December 2025, the net loss rate returned to the 0.5% range, reflecting the impact of the strong equity market [2] Group 3 - As of the end of 2025, Huihua Wealth Management, Boyin Wealth Management, and Hangyin Wealth Management had the highest net loss rates among public products, with Huihua at 9.27% and Boyin at 2.22% [4] - Four wealth management subsidiaries and three joint venture companies achieved "0 net loss" for their public products by the end of 2025 [4] Group 4 - The structure of net loss products shifted significantly, with equity and mixed financial products seeing a substantial decline in net loss rates, while fixed-income products became the main type of net loss products in 2025 [6] - The average net value growth rate for public equity financial products reached 22.71%, with some companies like Xinyin Wealth Management achieving a remarkable 36.55% growth [6] - In contrast, the average net value growth rate for fixed-income products was only 2.24%, reflecting a weaker performance compared to equity products [1][12] Group 5 - The average net value growth rate for mixed financial products varied, with Ningyin Wealth Management, Huihua Wealth Management, and Hangyin Wealth Management leading at 15.44%, 12.31%, and 8.84% respectively [10] - The average net value growth rate for fixed-income public financial products was generally between 2% and 2.5%, with some companies like Nanyin Wealth Management and Hangyin Wealth Management performing slightly better [12] - Foreign currency fixed-income financial products had an overall average net value growth rate of 3.90%, with Xinyin Wealth Management and Beiyin Wealth Management exceeding 4% [14]

Investment Rating - The report maintains an "Outperform" rating for the banking sector, indicating expected performance above the market benchmark by more than 10% [4][41]. Core Insights - The banking wealth management sector is experiencing a low overall allocation in multi-asset products, with significant individual differences and early-stage development characteristics [1]. - The industry is transitioning from pure fixed income to "fixed income plus" and multi-asset strategies, with mixed products currently being the main battleground for this transformation [2]. - In January 2026, the average annualized yield for bank wealth management products increased to 3.62%, reflecting a recovery of 181 basis points month-on-month [11]. Summary by Sections Market Overview - In January, the wealth management product scale remained stable, with a total scale of 31.6 trillion yuan, showing little month-on-month change [13]. - The mixed product scale reached 6,383.7 billion yuan, significantly higher than the equity product scale of 271.5 billion yuan, indicating a preference for mixed strategies [12]. Product Performance - The newly issued products in January had an initial fundraising scale of 4,238 billion yuan, primarily consisting of fixed income products, with the performance benchmark remaining stable at 2.33% [20]. - Most of the closed-end bank wealth management products that matured in January met their performance benchmarks, demonstrating a strong performance in the sector [29]. Strategic Development - Wealth management subsidiaries are focusing on mixed products first, gradually building a multi-asset allocation framework before introducing pure equity products [2]. - Leading wealth management institutions are leveraging their channel and brand advantages to strengthen mixed products as core tools for wealth management clients [2].

股票研究 /[Table_Date] 2026.02.03 1 月理财月报：总量微降，现金管理和混合类产品规模上升 [Table_Industry] 商业银行 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 马婷婷(分析师) | 021-23185608 | matingting@gtht.com | S0880525100001 | | 刘源(分析师) | 021-38677818 | liuyuan2@gtht.com | S0880521060001 | 本报告导读： 2026 年 1 月末银行理财存续规模为 31.55 万亿，同比增长 5.7%，环比连续两个月下 降。但降幅以固收为主，现金管理类和混合类产品规模分别较年初增长 141、204 亿。 投资要点： [Table_Report] 相关报告 商业银行《战略投资者拟扩围，利好银行长期资 本补充》2026.02.01 商业银行《银行快报陆续披露，25A 业绩稳健增 长》2026.01.25 [Table_Invest] 评级： 增持 [Table_Summary] ...

Core Insights - The bank wealth management market continues to thrive as deposit rates decline, leading low-risk preference funds to migrate towards bank wealth management products [1] - By the end of 2025, the total scale of the bank wealth management market reached 33.29 trillion yuan, an increase of 11.15% from the beginning of the year, with 3.34 million new wealth management products issued, raising 76.33 trillion yuan [1] - Fixed income products accounted for 97.09% of the total wealth management product scale, while products with a risk level of secondary (medium-low) and below made up 95.73% of the total [1] Group 1: Market Dynamics - The growth in bank wealth management scale is attributed to three main factors: declining deposit rates, increased volatility in capital markets, and enhanced competitiveness of bank wealth management products [1] - The shift in investment strategy from "asset-led" to "strategy-led" is necessary to balance client expectations for stable returns with the scarcity of quality assets [2] - The acceptance of net value fluctuations among investors is increasing, although clients still primarily prefer stable returns [3] Group 2: Product Diversification - The wealth management product offerings have become increasingly diverse, including cash management, fixed income, mixed, and equity products, with various product forms such as daily open, minimum holding period, periodic open, and closed-end products [3] - Companies are focusing on a product layout characterized by "fixed income and fixed income plus" to achieve low volatility and stable returns, while also driving differentiation through mixed, equity, and alternative products [3] Group 3: Future Outlook - The growth trend of bank wealth management is expected to continue, but the speed will be constrained by cycles and market volatility [4] - If the economy improves and risk preferences recover, some funds may shift to equity and mixed assets, while the structure will lean towards "fixed income plus" [4] - Long-term, bank wealth management is expected to play a role as a "stable return base" and "inclusive allocation entry" in the broader asset management landscape [4]

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 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 当时代的车轮驶过2025年，国内银行理财市场亦在变革与重塑中，绘就了一幅规模与结构俱进、机遇与 挑战并存的新画卷。 这一年，市场存续规模接近34万亿元大关，创历史新高，其增速甚至超越公募基金，展现出强大的内生 活力与韧性。 然而，规模的扩张仅是表象，市场肌理的深层演变更值得关注。例如，收益率曲线从剧烈波动趋向平缓 收敛，"稳"字当头成为各方共识；资产配置在"存款化"与"委外化"间寻求平衡，折射出机构在低利率与 严监管下的精耕细作；产品格局上，短期限、高流动性的固收类产品持续受捧，而权益类理财、养老理 财也在政策推动下悄然布局，探索转型新路径。与此同时，监管规则的持续完善，正引导行业不断涤荡 套利浮尘，回归"受人之托、代人理财"的资管本源。 下面，笔者透过十大银行理财市场"印象"，深入梳理2025年银行理财市场的脉络与温度，揭示数字背后 的驱动逻辑与未来启示。 印象一： 规模创历史新高，增速或超公募基金 2025年，银行理财市场规模实现较快增长，创历史新高，增速或超公募基金市场。 如图1所示，按银行业信贷资产登记流转中心（以下简称银登中心）口径，截至2025年9 ...

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]