Core Viewpoint - The banking wealth management market experienced a decline in scale at the beginning of 2026, contrary to expectations for a strong start to the year, with a total scale of 24.59 trillion yuan at the end of January, down approximately 815 billion yuan from the previous month [2][3]. Group 1: Market Performance - The total scale of 14 major wealth management companies decreased by about 815 billion yuan compared to the end of 2025, marking a second consecutive month of decline since reaching a peak in November 2025 [2][3]. - The decline was primarily driven by the four major state-owned banks, which accounted for nearly 500 billion yuan of the total drop, with individual companies like Agricultural Bank of China Wealth Management, CCB Wealth Management, and ICBC Wealth Management each seeing declines exceeding 100 billion yuan [3]. - Despite the downturn, there is optimism in the industry, with expectations that the wealth management market will benefit from a reallocation of household wealth due to low fixed deposit rates and a large volume of deposits maturing in 2026 [2][3]. Group 2: Product Trends - The decline in scale was mainly observed in two product categories: fixed-income pure bond products and cash management products, with fixed-income non-cash pure bond products dropping by approximately 560 billion yuan and cash management products decreasing by about 500 billion yuan [4][5]. - Conversely, "equity-linked" wealth management products experienced growth, particularly in "fixed income plus" and mixed products, with the total balance of "fixed income plus" products increasing by about 190 billion yuan to 4.14 trillion yuan [5]. - The shift towards multi-asset and multi-strategy approaches is becoming a common choice in the wealth management industry, reflecting a gradual transition from pure fixed income to "fixed income plus" strategies [5]. Group 3: Future Expectations - Analysts predict a rebound in wealth management scale in February, estimating an increase of around 1 trillion yuan, driven by low deposit rates and year-end bonuses being distributed [4][6]. - Approximately 50 trillion yuan in deposits are set to mature this year, which is expected to lead to a significant reallocation of funds into wealth management, insurance, or asset management products [6][7]. - The focus on wealth management is increasing among banks, with strategies being implemented to enhance product offerings and meet customer needs, particularly for low-risk profiles [6][7].

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 overall 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 value decline rate of financial products dropped to 0.51%, a decrease of 39 basis points from the end of 2024, with seven financial companies achieving "0 net value decline" 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 value decline 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 value decline 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 value decline rates among public products, with Huihua Wealth Management at 9.27% [4] - Four wealth management subsidiaries and three joint venture wealth management companies achieved "0 net value decline" for their public products by the end of 2025 [4] Group 4 - The structure of net value decline in the financial market changed significantly, with equity and mixed financial products seeing a substantial drop in decline rates, while fixed-income products became the main type of products with net value decline [6] - In 2025, the average net value growth rate for equity public financial products reached 22.71%, with some companies like Xinyin Wealth Management achieving a remarkable 36.55% [7] - Conversely, some companies like Bank of China Wealth Management and ICBC Wealth Management had poor performance, with average net value growth rates below 5% [8] Group 5 - The average net value growth rate for fixed-income public financial products was relatively weak, with most companies reporting rates between 2% and 2.5% [13] - The average maximum drawdown for fixed-income products was controlled within 1%, with a small portion exceeding 2% [13] - Foreign currency fixed-income financial products had a slightly higher average net value growth rate of 3.90%, with some companies exceeding 4% [15]

2025年，理财公司产品发行量大幅增加，有32家理财公司发行了23525只净值型理财产品（以产品登记编码为统计标识），同比2024年的14099只大涨近 70%，发行产品仍以固收类产品为主，虽有拓展发行侧重多资产多策略的混合类和权益类产品但整体比重仍较低，同时，新发产品更侧重短期限和高流动 性。 此外，在利率下行的背景下，2025年理财产品业绩比较基准整体呈下行走势，理财产品的定价区间从原先的2.30%—3.00%下移至1.90%-2.70%，所有期限产 品的平均定价均跌至3%以下，业内普遍认为业绩比较基准下行压力仍将延续但降幅会收窄。 从"吸金"规模看，剔除部分理财公司产品募集规模未披露外，2025年理财公司单品平均募集规模为2.56亿元，低于3亿元，全年有三款募集规模超百亿的理 财产品。 新品结构：产品发行量同比大涨近70%，短期化高流动性成新品标签 据南财理财通数据，2025年，有32家理财公司发行了23525只净值型理财产品（以产品登记编码为统计标识），同比2024年的14099只大涨近70%，为 66.86%，理财公司产品发行量大幅增加。 从发行机构看，发行数量排名前七的理财公司均背靠股份行，其中华 ...

此外，在利率下行的背景下，2025年理财产品业绩比较基准整体呈下行走势，理财产品的定价区间从原先的2.30%—3.00%下移至1.90%-2.70%，所有期限 产品的平均定价均跌至3%以下，业内普遍认为业绩比较基准下行压力仍将延续但降幅会收窄。 从"吸金"规模看，剔除部分理财公司产品募集规模未披露外，2025年理财公司单品平均募集规模为2.56亿元，低于3亿元，全年有三款募集规模超百亿的理 财产品。 新品结构：产品发行量同比大涨近70%，短期化高流动性成新品标签 据南财理财通数据，2025年，有32家理财公司发行了23525只净值型理财产品（以产品登记编码为统计标识），同比2024年的14099只大涨近70%，为 66.86%，理财公司产品发行量大幅增加。 2025年，理财公司产品发行量大幅增加，有32家理财公司发行了23525只净值型理财产品（以产品登记编码为统计标识），同比2024年的14099只大涨近 70%，发行产品仍以固收类产品为主，虽有拓展发行侧重多资产多策略的混合类和权益类产品但整体比重仍较低，同时，新发产品更侧重短期限和高流动 性。 从发行机构看，发行数量排名前七的理财公司均背靠股份行，其中华 ...

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 slight increase in scale, with a focus on loan growth at the beginning of the year, leading to a stable overall scale in January [1]. - The industry is characterized by a significant "Matthew Effect," where leading wealth management companies dominate the market, while smaller firms are still in the early stages of development [1][10]. - The transition from pure fixed income to "fixed income plus" and multi-asset strategies is a gradual but firm trend in the industry, with mixed-asset products becoming the main battlefield for this transformation [1][2]. Summary by Sections Wealth Management Product Layout - As of the end of 2025, there are 191 institutions with active wealth management products, with wealth management companies holding 92.25% of the total market scale [10]. - The mixed-asset and equity products are primarily concentrated among large banks and leading joint-stock banks, reflecting a strategic focus on these areas [10]. Performance Metrics - In January 2026, the weighted average annualized yield of bank wealth management products rose to 3.62%, an increase of 181 basis points from the previous month [11]. - The initial fundraising scale for newly issued products in January was 423.8 billion, with most being fixed-income products [20]. Product Development Strategy - Wealth management subsidiaries are advised to prioritize mixed-asset products to build experience in equity and derivatives management before cautiously introducing pure equity products [2]. - Leading firms like Agricultural Bank Wealth Management and Everbright Wealth Management have established scale advantages in mixed-asset products, leveraging their channel and brand strengths [2]. Market Outlook - The investment strategy for 2026 should shift from focusing on yield elasticity to ensuring yield certainty, emphasizing risk budget management and the use of innovative tools and strategies [3]. - The report suggests increasing the development and application of structured products linked to broad or industry indices to meet the demand for stable returns in a volatile market [3].

一方面，实施"从混合到权益"的能力积累。理财子优先深耕混合类产品， 通过"固收打底、多策略增强"的模式，在控制波动前提下积累权益、衍生 品等实战管理经验，逐步搭建多资产配置框架。待投研体系与风控机制成熟 后，再审慎推出以追求长期资本增值为目标的纯权益类产品。 银行理财 2026 年 2 月月报 优于大市 从财报看理财子如何布局多资产 银行开年"心思"不在卖理财上，1 月份理财存量规模环比基本持平略有少 增。阶段性规模少增原因在于 1 月份银行重点抓贷款"开门红"，同时中收 营销力度着力"分红险"等更高销售佣金率的产品；不过随着居民定期存款 到期再配置，判断节后理财逐步将迎来显著增量。 本期月报中我们整理了市场各家理财子多资产产品布局：当前理财行业在多 资产产品布局上呈现"整体占比低、个体差异大、发展刚初期"的显著特征； （1）行业马太效应明显：根据 2025 年银行半年报数据披露，招银理财、兴 银理财、工银理财、中银理财、农银理财等规模领先，多数城商行理财子公 司规模在 1000 亿至 6000 亿元之间，让她合资理财公司（如贝莱德建信、汇 华理财等）及部分小型公司规模尚在百亿量级，处于差异化起步阶段：（2） ...

Core Viewpoint - The report indicates a slight decline in the total scale of bank wealth management products, with a year-on-year growth of 5.7% but a month-on-month decrease, primarily driven by fixed income products [1]. Group 1: Wealth Management Scale - As of the end of January 2026, the total scale of bank wealth management products was 31.55 trillion, reflecting a year-on-year increase of 5.7% and a month-on-month decrease of 0.2% [1]. - The decline in scale was mainly attributed to fixed income products, which saw a decrease of 891 billion, while cash management and mixed products increased by 141 billion and 204 billion respectively compared to the beginning of the year [1]. Group 2: New Product Issuance - In January, 2,513 new wealth management products were issued, which is a decrease of 324 from December, with an initial fundraising scale of 4,238 billion, down 22.0% month-on-month [1]. - The breakdown of new products includes 54 cash management, 2,411 fixed income, 32 mixed, and 16 equity products, with respective month-on-month changes of -4, -261, -41, and -8 [1]. Group 3: Average Yield - The weighted average yield of bank wealth management products in January was 2.86%, an increase of 8 basis points from December [1]. - Specifically, the average yields for cash management and pure fixed income products were 1.78% and 2.65%, showing decreases of 8 basis points and 2 basis points respectively; while the yields for fixed income + type and mixed products increased by 5 basis points and 78 basis points to 2.89% and 4.19% respectively [1]. - Equity products saw a significant rise in yield from 4.57% to 12.33%, highlighting a pronounced shift in market dynamics [1]. Group 4: Product Performance - The number of underperforming wealth management products returned to a lower level in January, with 1,074 products breaking net value, accounting for 1.5% of the total, marking the lowest level in nearly two years [2].

Group 1 - The core viewpoint of the news is that the bank wealth management market continues to grow, driven by declining deposit rates and increasing demand for low-risk investment options [2] - As of 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 [2] - Fixed income products account for 97.09% of the total wealth management products, with low-risk products (level two and below) making up 95.73% of the total [2] Group 2 - The influx of funds presents both opportunities and challenges for wealth management companies, as they need to balance client expectations for stable returns with the scarcity of quality assets [3] - Companies are encouraged to shift their investment paradigm from "asset-led" to "strategy-led" to reduce reliance on single asset classes and build a diversified strategy pool [3] - Wealth management products are becoming increasingly diverse, with offerings that include cash management, fixed income, mixed, and equity products, reflecting a growing acceptance of net value fluctuations among investors [4] Group 3 - The growth trend of bank wealth management is expected to continue, but the pace will be constrained by market cycles and volatility [5] - If the economy improves and risk appetite increases, some funds may flow into equity and mixed assets, while the structure of bank wealth management will likely lean towards "fixed income+" [5] - In the long term, bank wealth management is expected to play a role as a "stable return base" and "inclusive allocation entry point" in the broader asset management landscape [5]

经济日报记者 赵东宇 面对大量资金涌入，理财公司在资产端面临更多机遇和挑战。一方面，新质生产力蓬勃发展、"南 向通"扩容等为理财行业提供了优质投资标的；另一方面，随着广谱利率持续下行，固收类资产收益随 之回落，传统高收益资产供给面临收缩。中银理财表示，在此背景下，要平衡好客户期望稳健收益和优 质资产稀缺的矛盾，一是要推动投资范式从"资产引领"向"策略引领"转变，减少对单一品类资产、单一 赛道红利的依赖，搭建多元策略池；二是要做好客户精细化分层，以客户风险偏好和收益目标为导向， 匹配相应的策略组合。 在理财规模增长的同时，理财产品也日益丰富。目前，多家理财公司已搭建包含公私募发行、本外 币多币种的产品体系，涵盖现金管理类、固收类、混合类、权益类等产品类型，包括每日开放、最短持 有期、定期开放和封闭式等产品形态。中银理财表示，从公司产品销售情况来看，投资者对净值波动的 接受度整体呈提升趋势，针对产品业绩的投诉数量也逐年下降，但客户仍以稳健偏好为主。民生理财表 示，面对利率波动加大、资产收益下行的宏观环境，公司坚持具备理财特色的产品布局，以"固收及固 收+"为主体，通过大类资产配置和多资产策略，形成"低波动、稳收益 ...

Core Viewpoint - 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] Group 1: Market Overview - As of the end of 2025, the bank wealth management market's outstanding scale reached 33.29 trillion yuan, an increase of 11.15% from the beginning of the year [1] - A total of 3.34 million new wealth management products were issued throughout the year, raising funds of 76.33 trillion yuan [1] - Fixed income products accounted for 32.32 trillion yuan, representing 97.09% of the total outstanding scale of wealth management products [1] - Wealth management products with a risk level of two (medium-low) and below totaled 31.87 trillion yuan, making up 95.73% of the total outstanding scale [1] Group 2: Factors Driving Growth - The increase in bank wealth management scale is attributed to three main factors: declining interest rates on demand and time deposits, increased volatility in capital markets, and enhanced competitiveness of bank wealth management products [1][2] - The decline in deposit yields has driven low-risk preference funds to seek better allocation options [1] - The volatility in capital markets and significant pullback in stock funds have heightened risk aversion, prompting a return to fixed income products [1] Group 3: Challenges and Strategies - Wealth management companies face both opportunities and challenges due to the influx of funds [2] - Companies need to balance client expectations for stable returns with the scarcity of quality assets, shifting investment paradigms from "asset-led" to "strategy-led" [2] - There is a need for refined client segmentation based on risk preferences and return objectives to match appropriate strategy combinations [2] Group 4: Product Diversification - The variety of wealth management products has increased, with companies offering a range of cash management, fixed income, mixed, and equity products [3] - Investors are showing a growing acceptance of net value fluctuations, although the preference for stable returns remains dominant [3] - Companies are focusing on "fixed income and fixed income+" products to create a foundation of low volatility and stable returns, while also driving differentiation through mixed, equity, and alternative products [3] Group 5: Future Outlook - The growth trend of bank wealth management is expected to continue, but the pace 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+" [4] - Long-term, bank wealth management is expected to play a role as a "stable return base" and "inclusive allocation entry point" in the broader asset management landscape [4]