8月20日，笔者从汇华理财方面确认，前博时基金董事总经理兼年金投资部总经理杨帆将担任汇华理 财有限公司副总经理并兼任首席投资官，该项任命将在完成内部公司治理程序并取得监管批准后正 式生效。 有资料显示，杨帆是近年来从头部公募基金加盟理财公司级别最高、资历最深的一位。在 加盟汇华理财之前，杨帆在博时基金担任董事总经理兼年金投资部总经理、年金投资部投 资 总 监 。 博 时 基 金 是 国 内 养 老 金 管 理 规 模 最 大 的 基 金 公 司 之 一 ， 而 根 据 其 公 开 披 露 的 数 据，截至今年一季度末，博时基金企业年金管理规模高达5 3 9 . 6 3亿元。他也曾担任富国基 金专户投资部副总经理、年金权益投资经理，海富通基金专户权益投资经理，主要从事绝 对收益的权益投资工作。 在人才布局上，汇华理财从理财公司、年金、险资引入擅长大类配置和绝对收益的人才， 投研团队持续扩充。目前，汇华理财打造了一支既了解本土市场也兼具全球视野的团队。 团队中既有具备顶尖外资金融机构工作经验的跨境投资、衍生品投资交易、风险管理、合 规管理、人力资源管理等全球性人才，也有具备本地化经验的本土固定收益投资、权益投 资 ...

光大理财、农银理财、浦银理财、平安理财等13家理财公司披露2025年上半年理财业务报告。 其中，截至2025年6月末，8家理财公司理财产品存续规模实现增长，法巴农银理财以64.83%的涨幅领跑；4家理财公司规模下滑，农银理财缩水幅度最 大，相较去年末减少约2163亿元。 在产品结构上，当前多数理财公司呈现出一个共同特征，即募集方式向公募集中，产品类别向固收类理财产品集中，具体到单家公司又会有细微差别。 | 理财公司 | | 理财产品存续规模(亿元) | | | --- | --- | --- | --- | | | 2025年6月末 | 2024年末 | 变动 | | 光大理财 | 17870. 56 | 15994. 88 | 11.73% | | 农银理财 | 17532.77 | 19695. 80 | -10. 98% | | 浦银理财 | 12948. 23 | 12705. 56 | 1.91% | | 平安理财 | 11567.70 | 12108. 47 | -4. 47% | | 华夏理财 | 9931.11 | 8332. 93 | 19. 18% | | 苏银理财 | 7453.84 | ...

Core Viewpoint - The participation of bank wealth management subsidiaries in IPO offline subscriptions is increasing, with Ningyin Wealth Management becoming the second bank to engage in this area after Everbright Wealth Management, indicating a growing trend in the industry towards direct involvement in equity markets [2][3]. Group 1: Participation in IPOs - Ningyin Wealth Management has successfully participated in three IPO projects in July, with effective bids from multiple mixed wealth management products [3]. - In the IPO project of Tianfulong, Ningyin Wealth Management's three mixed products successfully bid at a price of 25.14 yuan per share, with allocated shares of 1211, 1526, and 1526 respectively [3]. - The involvement of bank wealth management subsidiaries in IPOs is expected to provide long-term capital support to the capital market and enhance investor service through product innovation [3]. Group 2: Regulatory and Market Context - The revised "Securities Issuance and Underwriting Management Measures" in March 2023 allows bank wealth management products to be included in the priority allocation for IPOs, enabling direct participation in offline subscriptions [4]. - Despite the regulatory changes, the actual participation of bank wealth management subsidiaries in IPO offline subscriptions remains limited due to compliance and operational challenges [4][5]. Group 3: Challenges and Recommendations - Bank wealth management subsidiaries face challenges in developing the necessary research and investment capabilities for effective participation in IPOs, as their current asset allocation is predominantly in fixed-income assets [5][6]. - It is recommended that these subsidiaries enhance their research capabilities, innovate product designs, and improve customer education to better align with market demands and investor preferences [6].

业内人士认为，投研能力建设仍是关键 继光大理财后，第二家参与首次公开发行股票(IPO)网下打新的银行理财子公司浮出水面。8月4日晚 间，广东建科（301632）发布IPO网下发行初步配售结果公告，宁银理财两只混合类理财产品成功入围 有效报价，初步获配股数均为6557股，初步获配金额均为4.30万元。 受访专家表示，目前银行理财子公司参与IPO网下打新的案例尚不多见。在政策鼓励中长期资金入市的 背景下，随着银行理财子公司投研能力的提升和风控机制的完善，预计将有更多银行理财子公司积极投 身权益市场，涉足IPO网下打新领域。 对此，何雨芮建议，银行理财子公司应从三方面着手：一是加强投研能力建设与生态合作，一方面加快 构建权益市场投研团队，提升投研能力；另一方面可与券商等外部机构合作建立新股数据库，引入卖方 研究支持，提升估值报价精准度。二是加快产品设计创新，结合传统优势领域，创新"固收+打新"等混 合架构，以债券收益打底，打新收益增强，降低净值波动。三是加大客户教育与市场培育，包括加强产 品宣传和信息披露，帮助投资者清晰认知打新产品的风险收益特征，精准匹配风险偏好适配的客群，并 依托细致的客户画像，强化分层营销策略 ...

Report Summary 1. Industry Investment Rating The report does not mention the industry investment rating. 2. Core Viewpoints - The scale of wealth management products has returned to 30 trillion yuan, and it is expected to remain stable above 30 trillion in the second half of 2025. The scale of hybrid products is expected to continue to rise. [2] - The number and scale of wealth management products of bank institutions have decreased significantly, and the market is concentrating towards wealth management companies. It is expected that by the end of 2026, the wealth management market will continue to shift to wealth management companies. [2] - In the first half of 2025, wealth management products increased their allocation of public - offering funds and reduced their allocation of bonds and inter - bank certificates of deposit. The proportion of public - offering funds may continue to increase in the second half of the year. [2] - In the low - interest - rate era, the average yield of wealth management products has weakened, and the performance comparison benchmark of newly issued products of wealth management companies has continued to decline. [2] - The bond market may not have a trending market in the second half of 2025. It is recommended to focus on certain types of bonds and conduct interval trading. [2] 3. Summary by Related Content 3.1 Wealth Management Product Scale - As of H1 2025, the scale of the bank wealth management market was 30.67 trillion yuan, an increase of 0.72 trillion yuan compared to the end of 2024. The scale of cash - management products was 6.4 trillion yuan, a decrease of 0.9 trillion yuan compared to the end of 2024, and the proportion dropped from 24.4% to 20.87%. The scales of fixed - income (excluding cash), hybrid, and equity wealth management products were 23.4 trillion, 0.8 trillion, and 0.1 trillion yuan respectively, with proportions of 76.3%, 2.5%, and 0.2% respectively, increasing by 3.38 pct, 0.07 pct, and 0.02 pct respectively compared to the end of 2024. [2] - It is expected that the scale of wealth management products in the second half of 2025 may remain stable above 30 trillion yuan. [2] 3.2 Market Concentration - By the end of H1 2025, there were 226 wealth management institutions in the market, including 194 bank institutions and 32 wealth management companies, a decrease of 24 and an increase of 1 (Zheshang Bank Wealth Management) compared to the end of the previous year respectively. [2] - In terms of the number of products in existence, there were 13,900 products of bank institutions and 27,900 products of wealth management companies, a decrease of 2,100 and an increase of 3,600 respectively compared to the end of the previous year. [2] - In terms of the scale of products in existence, the scales of bank institutions and wealth management companies were 3.19 trillion and 27.48 trillion yuan respectively, with year - on - year changes of - 24.0% and + 13.0%. [2] 3.3 Asset Allocation - From the end of 2024 to H1 2025, the scales of bonds and inter - bank certificates of deposit decreased from 13.03 trillion and 4.31 trillion yuan to 12.82 trillion and 4.23 trillion yuan respectively. The allocation ratio of interest - rate bonds increased from 2.33% to 3.01%, and the scale reached 0.99 trillion yuan in H1 2025. The allocation ratio of credit bonds decreased from 41.11% to 38.79%, and the scale reached 12.79 trillion yuan in H1 2025. The allocation of public - offering funds increased significantly by 0.42 trillion yuan (the proportion in H1 2025 was 4.2%, an increase of 1.3 pct compared to the end of 2024) to 1.29 trillion yuan. [2] - The proportions of cash and bank deposits and non - standard debt assets in H1 2025 were 24.8% and 5.5% respectively, an increase of 0.9 pct and 0.1 pct respectively compared to the end of 2024. [2] 3.4 Product Yield - The annualized yield of wealth management products has been declining since H1 2023. In the first half of 2025, the average annualized yield of wealth management products was 2.12%, a decrease of 0.53 pct compared to the full - year yield in 2024. [2] - According to Puyi Standard, the performance comparison benchmark of newly issued products of wealth management companies has continued to decline, from 3.21% in Q1 2024 to 2.56% in Q2 2025, and it is expected that the lower limit of the benchmark may reach 2.0%. [2] 3.5 Bond Market Outlook - The report is bullish on the bond market in the short term, expecting the 10 - year Treasury bond yield to return to around 1.65%. After the adjustment, it is recommended to focus on certain types of bonds such as urban investment bonds, capital bonds, and insurance subordinated bonds. [2] - It is predicted that the 10 - year Treasury bond yield will fluctuate in the range of 1.6% - 1.8% in the second half of the year, and there may not be a trending market. The possibility of a significant bear market in the bond market is low, and it is also difficult for the bond market to have a significant bull market. It is recommended to conduct interval trading. [2]

Group 1 - The core viewpoint of the news is that the banking industry is experiencing a significant shift in the management of wealth management products, with a notable decline in self-managed wealth management scales among non-licensed banks and an increase in the concentration of the wealth management market [1][3][5] - As of the end of June, the total scale of wealth management products in the banking sector reached 30.67 trillion yuan, with 32 wealth management companies holding 27.48 trillion yuan, reflecting a growth of 4.44% since the beginning of the year [1] - Non-licensed banks are accelerating their transition to wealth management agency sales due to regulatory pressures to reduce self-managed wealth management scales, which is expected to enhance market concentration [1][4] Group 2 - Five wealth management companies, including Huaxia Wealth Management and Hengfeng Wealth Management, reported positive growth in their wealth management product scales as of June, with significant increases of 25.08%, 19.18%, and 17.72% respectively [2] - Solid income wealth management products remain the dominant category, accounting for over 99% of the total product scale among the reported companies [2] - Regulatory guidance has led to a reduction in the number of banks with active wealth management products, decreasing from 215 to 194 [3]

Core Insights - The report from the Banking Wealth Management Registration and Custody Center indicates a total wealth management product scale of 30.67 trillion yuan as of the end of June, with 32 wealth management companies holding 27.48 trillion yuan, reflecting a growth of 4.44% since the beginning of the year [1] - Non-licensed banks have significantly reduced their self-managed wealth management scale, with some banks reporting a complete reduction to zero, indicating a shift towards wealth management agency services [1][2] Group 1: Wealth Management Market Overview - As of June, the wealth management product scale of 32 licensed companies accounted for 89.61% of the total market, an increase of 1.28 percentage points from the beginning of the year [1] - Five wealth management companies, including Ping An Wealth Management and Huaxia Wealth Management, reported substantial growth in their product scales, with increases of 25.08%, 19.18%, and 17.72% respectively [2] Group 2: Regulatory Impact and Market Dynamics - Regulatory authorities have mandated non-licensed banks to reduce their self-managed wealth management scales, leading to a decrease in the number of banks with active wealth management products, down to 194 from 215 [2][3] - Some banks are exploring transformation strategies, including applying for wealth management company licenses and developing agency sales businesses to adapt to the regulatory environment [3] Group 3: Product Composition and Trends - The majority of wealth management products remain fixed-income products, with their scale generally exceeding 99% among the reported companies [2] - The report highlights a trend of declining self-managed wealth management products among non-licensed banks, with some banks like Zhejiang Haining Rural Commercial Bank reporting a complete cessation of their self-managed products [2][3]

Core Insights - The report indicates that the scale of the wealth management market reached 30.67 trillion yuan by the end of June 2025, marking a 4.54% increase from the beginning of the year [2] - The average annualized yield of wealth management products decreased to 2.12%, down 0.53 percentage points from the previous year, yet the number of investors increased significantly [12][13] Market Overview - As of June 2025, the total number of wealth management products in existence was 41,800, with a total scale of 30.67 trillion yuan, reflecting a 4.54% increase since the start of the year [3] - Fixed income products accounted for 97.2% of the total wealth management product scale, with a total scale of 29.81 trillion yuan, although cash management products saw a significant decline [3][4] Product Performance - The average annualized yield for fixed income products reached 2.79%, benefiting from rising bond prices despite declining interest rates [3] - Cash management products experienced a 12.3% decrease in scale, dropping to 6.4 trillion yuan, attributed to lower yields [3][5] Investor Trends - By the end of June 2025, the number of investors holding wealth management products rose to 136 million, an increase of 10.48 million since the beginning of the year [12][13] - Individual investors still dominate the market, comprising 98.7% of the total, while institutional investors showed a notable increase [12] Company Performance - Among the wealth management companies, 32 firms held a total scale of 27.48 trillion yuan, with a year-to-date increase of 4.44% [7] - Notable growth was observed in companies like Huaxia Wealth Management and Hengfeng Wealth Management, which reported double-digit growth rates [8][9] Regulatory Environment - Regulatory bodies have been encouraging long-term capital to enter the market, with initiatives aimed at addressing barriers to investment [4] - The trend indicates a gradual reduction of wealth management activities among unlicensed rural commercial banks, with some banks transitioning to product distribution [11]

Core Insights - The bank wealth management market demonstrated resilience amid increased yield volatility, with the market size reaching 30.97 trillion yuan by the end of June, an increase of 1.3 trillion yuan in the first half of the year [2][3] - The average annualized yield of wealth management products was 2.65%, significantly higher than the declining deposit rates, which fell below 1% for one-year fixed deposits [2][3] - There was a notable divergence in yields among different types of wealth management products, with cash management products yielding an average of 1.54%, while fixed income products yielded 2.98% and "fixed income plus" products yielded 2.71% [2][4] Market Size and Trends - As of the end of June, the wealth management market surpassed 30 trillion yuan, showing a "down-up" trend in the first half of the year, with a decline in the first quarter followed by recovery in the second quarter [3] - The proportion of cash management products decreased to 22.1%, marking a continuous decline for three years, while fixed income products increased to 75.6% [3][4] - In the first half of the year, 93.3% of newly issued products were fixed income products, while cash management products accounted for only 4.3% of new issuances [3] Yield Dynamics - Cash management products, primarily invested in deposits, saw their yields decline due to falling deposit rates, with an average annualized yield of 1.54% [4] - Fixed income products benefited from rising bond prices as interest rates fell, resulting in an average annualized yield of 2.79% in the first half of the year [5] - Equity-related products experienced significant yield fluctuations, with average annualized yields ranging from -2.01% to 8.72% during the first half of the year [7] Performance Expectations - The average performance benchmark for newly issued open-ended and closed-end wealth management products fell to 1.97% and 2.54%, respectively, indicating a downward trend in performance expectations [9][11] - Many wealth management companies are adjusting their performance targets in response to declining yields and increased volatility [9][11] Investment Strategies - To address yield pressures, wealth management companies are diversifying their asset allocations, incorporating equity and derivative products to enhance returns [11] - The average annualized yield for "fixed income plus" products was 2.72%, which did not show a significant advantage over pure fixed income products [11][12]

Group 1 - The bank wealth management market saw an increase in issuance, with 1,215 new RMB wealth management products launched from June 23 to June 29, representing a week-on-week increase of 112 products [1] - Among the new products, 879 were closed-end and 336 were open-end, with wealth management subsidiaries being the main issuers, accounting for 83% of the total [1] - Industrial Bank Wealth Management and Postal Savings Bank Wealth Management participated as cornerstone investors in the Hong Kong IPO of Sanhua Intelligent Controls, with each receiving an allocation of $20 million [2][3] Group 2 - The majority of the new wealth management products, 1,183 out of 1,215, were fixed-income products, making up 97% of the total, primarily investing in interbank deposits, bank deposits, and bonds [2] - Mixed-asset products also saw an increase, with 22 new products launched, up by 10 from the previous week, focusing on fixed-income assets while keeping equity investments below 80% [2] - The participation in the Sanhua Intelligent Controls IPO reflects a strategic move by wealth management companies to support private enterprises and enhance investment in technology sectors [3][4] Group 3 - Industrial Bank Wealth Management has introduced a "fixed income + Hong Kong IPO" strategy product to enhance returns by focusing on investment opportunities in key industries [3] - Postal Savings Bank Wealth Management aims to improve investor satisfaction by developing diverse strategies and providing a range of Hong Kong equity-linked products [4]