临近年末，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 的走势。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，银行理财规模在四季度延续增长态势，根据中信证券测算，截至2025年11月末，银行理财规 模环比上升约3000亿元，总规模达到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类产品？ 2025年银行理财市场另一个亮点在于，权益类产品的快速成长。 Wind数据显示，截至2025年12月22日，混合类与权益类银行理财产品存续规模达6855.57亿元，较2024 年末增长超40%。可以看到， ...

Core Insights - The performance of bank wealth management institutions in the first half of the year shows significant differentiation in product management scale, with joint-stock and state-owned banks leading the market [1][3] - The industry landscape is characterized by "head concentration, foreign capital rise, and regional differentiation," with top banks demonstrating clear advantages [1][4] - The total outstanding scale of wealth management products in China reached 30.67 trillion yuan, reflecting a 2.38% increase from the beginning of the year and a 7.53% year-on-year growth [4] Product Management Scale - Joint-stock bank wealth management subsidiaries dominate the top three positions in product management scale, with figures exceeding 2 trillion yuan: 2.46 trillion yuan for China Merchants Bank, 2.32 trillion yuan for Xinyin Wealth Management, and 2.13 trillion yuan for XinYin Wealth Management [3] - There are 13 members in the "trillion club," including 6 state-owned and 7 joint-stock bank wealth management subsidiaries [3] - Some local bank wealth management subsidiaries have significantly lower scales, with Qingyin Wealth Management at 189.48 billion yuan [3] Profitability - The top three wealth management companies by net profit are China Merchants Bank Wealth Management (1.364 billion yuan), Bank of China Wealth Management (1.358 billion yuan), and Agricultural Bank of China Wealth Management (1.273 billion yuan) [3] - A total of 20 wealth management companies reported a combined net profit of 15.179 billion yuan for the first half of the year [3] Investment Focus - Wealth management companies are focusing on supporting the real economy, developing ESG (Environmental, Social, and Governance) initiatives, and expanding distribution channels [5][6] - For instance, China Merchants Bank reported that its wealth management assets supporting the real economy amounted to 1.93 trillion yuan [5] - Ping An Wealth Management indicated that by June 2025, it had provided over 280 billion yuan in funding to the real economy and over 110 billion yuan for ESG initiatives [5] Distribution Channel Expansion - Companies like Xinyin Wealth Management and Minsheng Wealth Management have reported successful expansion of their distribution channels [6] - Xinyin Wealth Management has established over 540 partnerships with small and medium-sized banks, with a distribution balance of 237.963 billion yuan, an increase of 47.801 billion yuan from the previous year [6] - Minsheng Wealth Management added 20 new distribution institutions, with off-balance sheet distribution growing by 46.37% compared to the previous year [6] Strategic Recommendations - In the context of "deposit migration," wealth management companies are advised to enhance collaboration across product, channel, and service dimensions [6] - Product strategies should focus on tiered design to meet diverse needs, balancing stable performance with opportunities in the equity market [6] - Channel strategies should leverage local banks' advantages to penetrate broader customer bases, while service strategies should aim to attract potential clients through reduced fees and enhanced investor education [6]

Group 1 - The core viewpoint of the articles highlights the significant performance of equity-based wealth management products, with over 40 products showing positive annualized returns, and 17 products exceeding 10% returns, driven by a recovering capital market and supportive macro policies [1][2][3]. Group 2 - As of August 3, there are 46 publicly offered equity-based wealth management products, with 43 showing positive returns, representing 93% of the total, indicating a strong recovery in the equity market [1][2]. - The average net value growth rate for equity-based wealth management products this year is 5.82%, outperforming fixed income and mixed products, which have average growth rates of 1.26% and 1.56%, respectively [2]. - The maximum drawdown for fixed income products is only 0.19%, while mixed products have a higher drawdown of 1.26%, showcasing the stability of fixed income products [2]. Group 3 - The increase in equity product performance is attributed to improved market sentiment and policy support, allowing banks to invest more in equity markets through various channels like IPOs and ETFs [3]. - The implementation of new regulations in January 2025 has opened up new avenues for wealth management companies to diversify their asset allocations, responding to the demand for higher returns from clients [3]. Group 4 - Despite the strong performance of equity-based products, their market size remains relatively small, with the total wealth management market reaching 30.67 trillion yuan, where fixed income products dominate at 29.81 trillion yuan [4]. - The preference for fixed income assets is expected to decline as the yield center decreases, leading to an increased allocation towards equity assets in the future [4].

Core Viewpoint - The performance of equity-based wealth management products has significantly improved, with over 90% of such products yielding positive annualized returns, driven by a recovering capital market and supportive macro policies [2][4]. Group 1: Performance of Equity Wealth Management Products - As of August 3, there are 46 publicly offered equity wealth management products, with 43 showing positive returns, and 17 of these exceeding 10% annualized returns [2][4]. - The average net asset value growth rate for equity wealth management products this year is 5.82%, making them standout performers in the wealth management market [4]. - The average maximum drawdown for fixed income products is only 0.19%, while mixed products have a higher average maximum drawdown of 1.26% [4]. Group 2: Market and Policy Influences - The significant rise in equity wealth management product yields is attributed to the recovery of the capital market and macro policies that boost market confidence [6]. - A policy issued in January 2025 allows bank wealth management to participate more actively in the capital market, enhancing the allocation of wealth management funds to equity assets [6]. - The current low interest rate environment is pushing wealth management companies to diversify their asset allocations to meet client demands for higher returns [6]. Group 3: Market Size and Trends - Despite the strong performance of equity wealth management products, their market size remains relatively small, with the total wealth management market reaching 30.67 trillion yuan, where fixed income products dominate [7]. - Equity products account for only 0.07 trillion yuan of the total market, indicating a low proportion in the overall wealth management landscape [7]. - Analysts predict that as the preference for bond assets diminishes due to lower yields, there will be an increased allocation towards equity assets in the future [8].

Core Viewpoint - The performance of equity bank wealth management products has been outstanding this year, with a significant number of products achieving positive annualized returns, driven by a strong capital market and supportive policies [1][2][3]. Group 1: Performance of Equity Wealth Management Products - As of August 3, 2023, out of 46 publicly offered equity wealth management products, 43 have positive annualized returns, representing a 93.48% success rate [2]. - Among the profitable products, 17 have returns exceeding 10%, accounting for 39.53% of the total [2]. - The top-performing product, "Tiangong Rikai 6 (Microplate Growth Low Volatility Index)," managed by Huaxia Wealth Management, achieved a remarkable annual return of 30.51% [2]. Group 2: Market Trends and Future Outlook - The overall market for bank wealth management products reached a scale of 30.67 trillion yuan by the end of June 2025, with fixed income products dominating at 29.81 trillion yuan [4]. - Despite the strong performance of equity products, their market share remains low, with equity products only accounting for 0.07 trillion yuan [4]. - Industry experts predict a gradual expansion of equity wealth management products, driven by policy support and improved market conditions [5]. Group 3: Investment Strategies and Recommendations - The current low interest rates on bonds are expected to lead to a shift in investor preference towards equity assets, enhancing the appeal of equity wealth management products [3][5]. - Financial institutions are encouraged to strengthen their research capabilities and innovate product offerings to meet evolving market demands [4][5]. - A strategic approach to investment is recommended, including assessing risk tolerance and diversifying asset allocation based on investment horizons [6].

Core Insights - The bank wealth management market in China has shown significant growth in the first half of 2025, with a total scale of 30.67 trillion yuan, marking a year-on-year increase of 7.53% [2][3] - The market generated a total return of 389.6 billion yuan for investors, while the funds supporting the real economy reached 21 trillion yuan [2][3] - The decline in cash management product scales is attributed to lower yields and stricter regulatory policies, leading to decreased attractiveness [3][4] Market Performance - As of June 2025, there were 194 banks and 32 wealth management companies with active products, totaling 41,800 products, an increase of 3.78% from the beginning of the year [2] - Cash management products saw a significant decline, with a scale of 6.4 trillion yuan, representing 25.79% of all open-ended products, down 4.38 percentage points from the start of the year [2][3] Investor Behavior - The proportion of aggressive investors (risk level C5) has increased, indicating a shift in market risk appetite, with stable investors (risk level C2) still holding the largest share at 33.56% [3][4] - The average annualized return for equity-based wealth management products reached 15.06% in 2025, with a notable increase in recent months [4] Distribution Channels - Wealth management companies are expanding their distribution channels beyond their parent banks, with 30 out of 32 companies utilizing additional banks for product sales [5] - The number of institutions distributing wealth management products has increased slightly, with 569 institutions involved as of June 2025 [5] Strategic Recommendations - Leading wealth management subsidiaries are encouraged to enhance their capabilities through financial technology and cross-border investment opportunities [5][6] - Smaller institutions are advised to focus on local market specialization and optimize digital sales systems to reduce operational costs [6]