该研究团队认为，短期内，非标产品成立高增长态势或仍将维持惯性，但随着资产管理信托新规落地的 临近与业务额度的逐步耗尽，市场热度可能逐步消退。 另外，标品信托发行端和成立端表现均较为突出。发行市场方面，2025年12月份，标品信托共发行1873 款，环比增长14.14%。其中，固收类产品、混合类产品及权益类产品发行数量分别环比增长8.56%、 37.57%和43.48%，呈现全面开花的态势。 本报记者 方凌晨 1月8日，用益金融信托研究院发布的资产管理信托市场数据显示，2025年12月份，资产管理信托市场整 体维持较高热度，产品发行数量与成立数量均实现显著增长。其中，标品信托发行数量创近五年月度新 高。业内人士认为，标品与非标产品的双轮驱动共同推动了资产管理信托发行端和成立端数量的增长。 发行市场方面，2025年12月份共计发行资产管理信托产品3364款，环比增长18.28%；已披露发行规模 为1354.00亿元，环比减少8.05%。成立市场方面，2025年12月份共计成立资产管理信托产品2875款，环 比增长30.45%，同比增长17.73%；已披露成立规模为782.91亿元，环比减少1.63%，同比下降8. ...

尽管规模持续增长，但银行理财的产品结构依然呈现"单极主导"特征。 普益标准的数据显示，固收类产品规模占比连续四个季度超过74%。截至12月26日，固收类产品存续规 模24.22万亿元，在全市场总规模中占比超7成，产品数量占比超过8成。 2025年进入尾声，银行理财市场在震荡与修复中走过关键一年。智通财经进行了盘点观察，规模逐季回 升、结构集中、收益分化，成为全年理财发展的三条主线。 据中国理财网数据显示，银行理财存续规模在一季度末为29.14万亿元，二季度末回升至30.67万亿元， 三季度进一步增至32.13万亿元。另据华西证券测算显示，截至12月19日，银行理财规模约33.74万亿。 全年理财规模呈现"V型"复苏，凸显出在利率下行与市场波动双重考验下的韧性。 理财规模呈现V型回升，从29.14万亿增至33.74万亿、全年增幅15.76%，四重动力助推 2025年，银行理财市场整体呈现"前低后高"的走势。中国理财网数据显示，一季度末，理财存续规模为 29.14万亿元，较年初下降0.81万亿元。中信证券银行业首席分析师肖斐斐分析指出，当季债市波动较 大，影响理财收益表现，叠加市场资金面偏紧、银行吸储压力上升，共 ...

规模实现较快增长 寻求波动与收益新平衡 建立和深耕差异化优势 与会嘉宾认为，2025年银行理财市场的规模扩张与结构调整形成鲜明对比，全行业规模增速或超15%。 唐倩华表示，广义"固收+"理财产品规模增长约50%。以中邮理财为例，混合类产品规模实现翻倍。王 茜表示，规模的增长既有短期开放式产品的被动增长，也有"固收+"、跨境配置类产品的主动增长。 产品结构上，纯固收产品仍是基石，"固收+"与混合类产品快速增长。在唐倩华看来，未来的打法不再 是以爆款去赢得客户，更多的是要构建一个立体的产品矩阵，去满足和响应客户的多元需求。 在投资策略层面，2025年，大类资产配置与多元投资成为主流。孙俊杰表示，北银理财在资产证券化、 公募REITs、私募股权等领域的长期坚守逐步取得收获。王茜表示，汇华理财通过每日两次投研碰头 会、基于深度分析的买方研究体系，实现波段操作与多元配置的有机结合。王茜预计，2026年将形成更 加公平的竞争环境，具备产品力与客户服务能力的机构将脱颖而出。 2025年是银行理财行业创新发展加速、净值化转型深化的一年；同时，债券市场震荡加剧、权益市场结 构性行情凸显，让"平衡波动管控与收益提升"成为行业的核 ...

1.2 银行理财机构规模结构 根据 Wind收录的银行理财定期披露数据， 头部机构产品布局分化显著，呈现"固收为主、特色补充"的特 点： ● 固收+型 ：规模16.23万亿元，环比增长0.49%，连续4个月稳步上升，占比超50%，反映理财机构通 过"固收+"策略增强收益的核心定位； ● 纯债固收型 ：规模4.45万亿元，环比微增0.35%，增速放缓，主要受债券市场信用利差收窄、性价比下 降影响； ● 现金管理型 ：规模6.24万亿元，环比增长0.30%，增速趋稳，仍是居民流动性管理的重要工具； ● 权益类 ：规模100.94亿元，环比增长13.9%，为年内最大单月增幅，或与部分机构增配含权资产、布局 市场底部机会有关； ● 混合类产品 ：偏债混合、灵活配置混合规模分别为2,461亿元、4,105亿元，环比基本持平，受股市短期 回撤影响，配置节奏相对谨慎。 表：2025年8-11月银行理财产品存续规模（亿元） | 发行机构 | | 固收+型 纯债固收型 | 现金管理型 | | 偏债混合型 灵活配置混合型 | 权益类 | | --- | --- | --- | --- | --- | --- | --- | | ...

在定期存款利率下探，银行陆续停售五年期存款之际，居民低风险偏好资金持续迁徙，理财市场整体迎来增 量。 据券商中国记者独家获悉的数据，规模排名前14家理财公司11月末合计规模为25.86万亿元，较10月末增长约 3400亿元。14家公司中，除兴银理财、平安理财和民生理财当月小幅下滑，其余11家公司合计增长约3600亿 元。 受居民存款"搬家"影响，2025年以来较大比例的低风险偏好资金，正在加速向银行理财迁徙。 12月11日，券商中国记者从业内可信渠道汇总的独家数据显示，管理规模超过1万亿元的14家理财公司（含6家 国有行理财、8家股份行理财），前11个月规模累计增长约3.43万亿元，其中"固收+"产品规模新增约1.32万亿 元。 事实上，当前银行理财市场规模创历史新高，已站稳33万亿元大关。据券商中国记者独家数据测算，仅今年四 季度以来，上述14家理财公司合计规模就增长了1.67万亿元，占年内增量近一半。而银行业理财登记托管中心 数据显示，今年9月末全市场存续规模达32.13万亿元。也就是说，截至券商中国记者发稿，银行理财市场规模 约33.8万亿元，接近34万亿元。 尽管低风险偏好的固定收益型产品仍是银行理财 ...

Core Viewpoint - The recent trend of early termination of wealth management products by various companies is primarily driven by increased volatility in the bond market, declining underlying asset yields, and challenges in achieving product return targets [1][2] Group 1: Early Termination of Wealth Management Products - Nearly 100 wealth management products announced early termination from November 1 to December 9, covering various types including cash management, mixed, and fixed income products [1] - Over 900 wealth management products had negative returns over the past three months, with more than 250 products experiencing declines exceeding 1% [1] - The proportion of "fixed income +" and mixed products breaking net value is notably high, with nearly 600 products having a unit net value below 1, and close to 500 of these being "fixed income +" and mixed products [1] Group 2: Challenges in Asset Allocation - Cash management, mixed, and fixed income products face significant challenges in balancing safety and yield, particularly in a low-interest-rate environment [2] - The volatility in the bond market and stricter regulatory requirements for non-standard assets are prompting institutions to reduce allocations to these asset types and seek more stable and transparent investment options [2] - Institutions are increasingly favoring shorter durations and improved liquidity management, actively reducing exposure to high-volatility, low-liquidity assets [2] Group 3: Implications for Wealth Management Companies - The frequent early termination of certain wealth management products reflects dynamic adjustments and optimization of customer experience, pushing companies towards a "fixed income + multi-asset multi-strategy" transformation [2] - While this trend may temporarily affect a company's reputation and customer trust, it also presents an opportunity to optimize product structures and enhance service quality [2] - Many wealth management companies are evolving towards diversified and differentiated product layouts, focusing on enhancing active management capabilities and service experiences in response to increasing market competition and diverse customer needs [2]

Core Insights - The bank wealth management market has shown a continuous recovery in November, with a total scale of 31.65 trillion yuan, reflecting a month-on-month increase of approximately 25 billion yuan and a year-on-year growth of 6.1% [1] Group 1: Market Trends - The sustained growth in bank wealth management scale is driven by two main factors: structural adjustment in residents' asset allocation and improved product attractiveness through optimized asset allocation and investment strategies by wealth management companies [1][3] - Fixed income products remain the dominant category, accounting for 76.56% of the total market scale, with a total of 38,957 products and a scale of approximately 24.23 trillion yuan, reflecting an increase of about 33.6 billion yuan from October [2] Group 2: Product Structure - The structure of bank wealth management products in November shows a clear trend: fixed income products dominate, cash management products slightly decreased, while mixed and equity products steadily expanded [2] - Cash management products saw a slight contraction, with a total of 2,421 products and a scale of approximately 6.6 trillion yuan, down about 16 billion yuan from October [2] Group 3: Future Outlook - The continuous growth of bank wealth management scale is expected to persist, supported by a deepening understanding of wealth management among residents and a shift towards diversified asset allocation [4] - The market outlook for December remains optimistic, with expectations of continued growth in the scale of bank wealth management, driven by the final phase of product valuation adjustments and the release of accumulated floating profits [4][5]

Core Insights - The asset management business has become a key competitive arena for securities firms during the strategic transformation towards high-quality development, with a reported scale of 5.79 trillion yuan as of the end of October, reflecting an increase of over 320 billion yuan since the beginning of the year [1][2]. Group 1: Growth and Structure - The private asset management industry of securities firms has shown a structural optimization characterized by active growth and a reduction in channel business, with total product scale reaching 5.79 trillion yuan, an increase of 325.28 billion yuan, or 5.95% [2]. - Collective asset management plans, as the core vehicle for active management transformation, have seen their scale rise to 3.27 trillion yuan, an increase of 370.87 billion yuan, or 12.81%, now accounting for 56.4% of the total scale [2]. - In contrast, single asset management plans focused on channel business have decreased to 2.52 trillion yuan, down by 45.58 billion yuan, with their share shrinking to 43.6% [2]. Group 2: Product Structure - Fixed-income products continue to be the cornerstone of the private asset management scale, reaching 4.72 trillion yuan, which constitutes 81.55% of the total, with an increase of 198.83 billion yuan, or 4.42% [3]. - Mixed products account for 11.58% of the total scale, while equity products and futures/derivatives represent 6.27% and 0.6%, respectively [3]. - The registration data for products further confirms the deepening trend of active management transformation, with a cumulative registration scale of 383.60 billion yuan for the first ten months, where collective asset management plans accounted for 61.59% [3]. Group 3: Future Outlook - The asset management scale of securities firms has stabilized and rebounded, driven by the dual forces of deepening active management transformation and recovering market demand, indicating a robust development trend [4]. - Analysts predict that by 2026, the asset management business is expected to achieve simultaneous breakthroughs in scale expansion and revenue growth, supported by the implementation of long-term mechanisms and enhanced active management capabilities [4]. - The focus will be on enhancing the inclusivity of long-term capital in the capital market, which is essential for expanding brokerage and asset management businesses [4]. Group 4: Diversification Strategies - To align with policy directions and capitalize on market opportunities, the industry must diversify equity product types and establish a multi-faceted product matrix [5]. - The policy environment is expected to enhance the diversity and investability of index investments, guiding the issuance of index and enhanced index equity products [5]. - The future development direction will focus on enriching product categories based on traditional fixed-income investments and promoting active management transformation through subsidiary establishment or acquisitions [5].

Group 1: Wealth Management Companies - The top-performing wealth management companies based on average returns over the past three years are Hangyin Wealth Management, Nanyin Wealth Management, and Suyin Wealth Management, ranking first, second, and third respectively [2][5] - Hangyin Wealth Management excels in RMB pure fixed-income and "fixed income plus" products, while its mixed and equity products perform poorly [2] - Nanyin Wealth Management's strong performance is attributed to its RMB "fixed income plus" products, with average returns ranking high in 2024 and 2022 [2] Group 2: Public Funds - The leading public fund companies based on performance are E Fund, Southern Fund, and Tianhong Fund, with E Fund achieving the highest scores [8][15] - Guohai Franklin Fund ranks first in terms of pure bond fund performance, with high average Sharpe ratios and decent returns from active equity products [8] - Funds with lower performance include Fuanda Fund, Great Wall Fund, and Tongtai Fund [9] Group 3: Securities and Asset Management Companies - The highest-rated securities and asset management companies for 2024 are Zhongyou Securities, Century Securities, and First Entrepreneur Securities, with Zhongyou Securities achieving a score of 87.66 [19] - Zhongyou Securities' strong performance is driven by its collective wealth management products, which have shown high average returns [19] - Companies with lower performance include Guorong Securities, Huachuang Securities, and Jianghai Securities [18] Group 4: Trust Companies - The top three trust companies based on comprehensive performance are Huarun Trust, Foreign Trade Trust, and CITIC Trust, with Huarun Trust leading in net profit [22][24] - Huarun Trust's net profit for 2024 is 1,033.16 billion, making it the only trust company to exceed 1 trillion [22] - The overall competitive position of leading trust companies remains strong, with Huarun Trust scoring 97.55 in product competitiveness [26]

Core Points - The official WeChat account of the "China Insurance Asset Management Association" has been renamed to "China Banking and Insurance Asset Management Association," indicating the integration of banking and insurance asset management into a unified self-regulatory system [1] - This renaming signifies an upgrade in self-regulation within the banking and insurance asset management industry, enhancing the effectiveness of industry self-regulation and promoting healthy development through collaboration with regulatory mechanisms [1] Summary by Sections Association Overview - The China Insurance Asset Management Association was established in September 2014, approved by the State Council and the Ministry of Civil Affairs, and directly led by the National Financial Supervision and Administration [1] - The association currently has 561 member units covering all segments of China's financial market, with 30 bank wealth management subsidiaries among its members [1] Recent Developments - In April, the association announced the members of its second Public Market Investment Professional Committee, including representatives from nine bank wealth management subsidiaries [2] - The association's publication, originally titled "China Insurance Asset Management," will be renamed to "China Asset Management" starting November 2024, reflecting the evolving landscape of the asset management industry [2] Market Insights - According to the "China Banking Wealth Management Market Quarterly Report (Q3 2025)," there were 10,890 new wealth management products issued, raising a total of 120.15 trillion yuan [2] - As of the end of Q3 2025, there were 43,900 existing wealth management products with a total size of 32.13 trillion yuan, marking a year-on-year increase of 9.42% [2][3] Product Categories - As of Q3 2025, fixed-income products accounted for 97.14% of the total existing wealth management product size, with a scale of 31.21 trillion yuan, showing a slight increase from the previous year [3] - Mixed products and equity products represent a smaller portion of the market, with existing scales of 0.83 trillion yuan and 0.07 trillion yuan, respectively [3] Self-Regulatory Organizations - Besides the China Banking and Insurance Asset Management Association, other major self-regulatory organizations for bank wealth management companies include the Banking Wealth Management Registration and Custody Center and the Banking Association's Wealth Management Business Professional Committee [3]