日前，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）》（以下简称《报 告》）。 《报告》数据显示，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%，全年累 计新发理财产品3.34万只，募集资金76.33万亿元。 业内预计，随着居民定期存款大规模到期，2026年银行理财行业有望迎来"泼天富贵"。 理财公司存续产品超3万只 《报告》数据显示，2025年，全国共有136家银行机构和32家理财公司累计新发理财产品3.34万只，累 计募集资金76.33万亿元。 截至2025年末，开放式理财产品存续规模为26.59万亿元，占全部理财产品存续规模的79.87%，较年初 减少0.93个百分点；封闭式理财产品存续规模为6.70万亿元，占全部理财产品存续规模的20.13%。其 中，现金管理类理财产品存续规模为7.04万亿元，占全部开放式理财产品存续规模的比例为26.48%，较 年初减少3.69个百分点。 定期存款向理财转化？ 2026年，定期存款到期迎来高峰，是否会进一步推升理财市场规模增长？ 中金公司（601995）分析师林英奇、许鸿明综合考虑各项因素测算，居民定期存款202 ...

本报记者 杨洁 1月23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）》（以下简称《报告》）显示，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%，全年累计新发理财产品3.34万只，募集资金76.33万亿 元；持有理财产品的投资者数量达1.43亿个，较年初增长14.37%；全年为投资者创造收益7303亿元。 按投资性质划分，截至2025年末，固定收益类产品存续规模为32.32万亿元，占全部理财产品存续规模的比例达97.09%， 较年初减少0.24个百分点；混合类产品存续规模为0.87万亿元，占比为2.61%，较年初增加0.17个百分点；权益类产品和商品及 金融衍生品类产品的存续规模相对较小，分别为0.08万亿元和0.02万亿元。 投资者延续增长态势 2025年，理财产品投资者数量维持增长态势。《报告》显示，截至2025年末，持有理财产品的投资者数量达1.43亿个，较 年初增长14.37%。其中，个人投资者数量较年初新增1769万个；机构投资者数量较年初新增31万个。 接受《证券日报》记者采访的业内人士表示，预计2026年理财市场规模将稳中有升，理财机构 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The banking wealth management market in China reached a total scale of 33.29 trillion yuan by the end of 2025, reflecting an 11.15% increase from the beginning of the year, with 3.34 million new wealth management products issued, raising 76.33 trillion yuan in funds [6][20] - The report emphasizes the importance of the wealth management industry in supporting the real economy, with approximately 21 trillion yuan allocated to support various sectors [6] - The number of investors holding wealth management products reached 143 million, a growth of 14.37% year-on-year, generating returns of 730.3 billion yuan for investors throughout the year [6] Summary by Sections Development Environment of the Wealth Management Industry - The report highlights the complex changes in the development environment, including global geopolitical tensions and domestic economic challenges, while emphasizing the resilience and potential of China's economy [8] - The "14th Five-Year Plan" and the upcoming "15th Five-Year Plan" outline the strategic direction for the financial sector, focusing on technology finance, green finance, inclusive finance, pension finance, and digital finance [8][9] Wealth Management Products - By the end of 2025, the total number of wealth management products in the market was 46,300, with a total scale of 33.29 trillion yuan, marking a 14.89% increase in the number of products [21][24] - The report indicates a shift from single-asset driven strategies to multi-asset allocation, with a focus on risk management and dynamic adjustments to enhance portfolio resilience [26][27] - Fixed income products dominate the market, accounting for 97.09% of the total scale, while mixed and equity products remain relatively small [32][33] Investor Profile - The report notes that the wealth management industry has seen a significant increase in the number of investors, with a focus on enhancing investor protection and appropriate management of wealth management products [19][40] - The risk management framework is emphasized, with a focus on compliance and transparency to safeguard investor interests [14][16] Market Institutions and Services - The report discusses the establishment of various wealth management companies and the importance of digital financial services, including the use of AI and big data in wealth management [10][12] - It highlights the role of wealth management companies in supporting the pension finance sector and the ongoing development of a centralized data exchange platform for wealth management products [7][12]

Core Viewpoint - The Jiangsu Regulatory Bureau of the National Financial Supervision Administration has approved the appointment of Zhou Hong as the director and chairman of Su Yin Wealth Management Co., Ltd. [1][2] Group 1: Appointment Details - Zhou Hong is set to succeed Ke Zhenlin, who will resign as chairman in November 2025 [1][2] - Zhou Hong has held various positions at Jiangsu Bank, including General Manager of the Financial Interbank Department [1][2] - The approval date for Zhou Hong's appointment is December 29, 2025 [1][2] Group 2: Company Background - Su Yin Wealth Management is a wholly-owned subsidiary of Jiangsu Bank, established on August 20, 2020, with a registered capital of 2 billion yuan [1][2] - The company's business scope includes issuing public and private wealth management products, as well as providing wealth advisory and consulting services [1][2]

此后，S公司收到实控人发来的《承诺函》。实控人承诺就理财产品的投资本金损失先行补偿，最 终补偿金额为公司初始投资本金扣除该基金届时赎回到账金额及公司通过相关措施实际追回的全部款项 后的差额。对于S公司的此次理财而言，似乎可以画上句号了。 不过，在该案例中，仍有几个方面无疑值得关注。一是，在子公司理财出现巨额亏损且金额占比如 此之高的情况下，S公司却仿佛当作什么事情都没有发生，未及时履行信息披露义务，简直是将上市公 司信息披露监管规则视为儿戏。二是，监管部门仅出具警示函，对上市公司及相关责任人员而言，无异 于"隔靴搔痒"，也再次凸显出资本市场违规成本偏低的问题。三是，实控人虽承诺补偿投资本金，但相 关资金占用期间产生的利息是否也应一并补偿给上市公司，笔者认为值得进一步考量。毕竟，即便对于 资金实力较为充裕的上市公司而言，6000万元亦非小数目；若该资金存放于银行，期间产生的利息收入 也相当可观。 因为有实控人承诺补偿，S公司的理财损失似乎并不明显。若说存在损失，更多也只是资金占用期 间的利息损失。但对于市场上众多上市公司而言，因理财、投资以及各类违法违规行为造成的损失，往 往未必能够追回。笔者认为，这一点非常值 ...

Core Viewpoint - Ping An Bank has received approval from the China Banking and Insurance Regulatory Commission (CBIRC) to establish its wholly-owned subsidiary, Ping An Wealth Management Co., Ltd., marking it as the fifth domestic joint-stock bank wealth management subsidiary to obtain operating qualifications [1] Group 1: Company Overview - Ping An Wealth Management has a registered capital of 5 billion RMB and is located in Shenzhen, primarily engaged in issuing public and private wealth management products, as well as providing asset management-related services [1] - The establishment of Ping An Wealth Management aligns with Ping An Bank's strategic goal of becoming "China's most outstanding and globally leading intelligent retail bank," emphasizing technology-driven retail breakthroughs and precision in corporate services [1] Group 2: Business Strategy - The bank aims to enhance its comprehensive financial services and strengthen its core advantages in "comprehensive finance" and "technology empowerment," promoting the development of digital, ecological, and platform banking [1] - The launch of Ping An Wealth Management is a significant step in adhering to regulatory requirements, promoting healthy development in wealth management, and returning to the essence of wealth management services [1] Group 3: Market Positioning - Ping An Wealth Management is committed to the service principle of "entrusted by others, managing wealth on behalf of clients," focusing on deepening its presence in the wealth management market and providing high-quality asset management products and wealth management services [1] - The initiative is expected to support the high-quality development of the real economy [1]

Core Viewpoint - The "Hehe System" illegal fundraising case involves over 100 billion yuan in illegal fundraising, with more than 30 billion yuan in unpaid principal, and is characterized as a massive Ponzi scheme [1][5][6]. Group 1: Case Overview - The trial for the "Hehe System" illegal fundraising case was held from November 19 to 20, 2025, with the court set to announce a verdict later [2]. - The public prosecution alleges that Lin Qiang and others illegally raised over 100 billion yuan through the issuance and sale of financial products without regulatory approval [4][5]. - The illegal fundraising activities included splitting private equity products into multiple phases and allowing participants to purchase in groups to circumvent restrictions [4][5]. Group 2: Financial Details - The total amount of illegal fundraising reached over 100 billion yuan, with more than 30 billion yuan in unpaid principal [1][5]. - Lin Qiang, the actual controller of the "Hehe System," is accused of laundering over 800 million yuan through domestic transfers and cross-border asset movements [1][5]. Group 3: Company Background - Lin Qiang, who has nearly 20 years of experience in the financial industry, was previously associated with various financial institutions before founding the "Hehe System" [6]. - The "Hehe System" includes multiple business areas such as equity investment, securities investment, and real estate [6]. Group 4: Regulatory Actions - The China Securities Regulatory Commission (CSRC) has taken administrative measures against Hehe Futures, including revoking its business license due to serious violations [11][12]. - The CSRC initiated an investigation into Hehe Futures for its failure to manage its subsidiary, Hehe Asset Management, effectively [11][12].

Core Viewpoint - The "Hehe System" illegal fundraising case has been brought to trial, involving over 100 billion RMB in illegal fundraising activities by several companies and individuals, highlighting significant regulatory violations in the financial sector [1][2]. Group 1: Case Overview - The trial involves Hehe Asset Management (Shanghai) Co., Ltd., Shanghai Hehe Enterprise Management Co., Ltd., and Shangzhi Fengyuan (Beijing) Fund Sales Co., Ltd., along with several individuals accused of fundraising fraud, illegal public deposit acceptance, and money laundering [1][2]. - From January 2019 to August 2023, the accused, led by Lin Qiang, engaged in illegal fundraising activities by promoting fictitious investment products and promising annual returns of 6% to 10.5%, resulting in over 100 billion RMB raised from the public [2][3]. Group 2: Financial Misconduct Details - The total amount of illegal funds raised is reported to exceed 100 billion RMB, with over 30 billion RMB in principal remaining unpaid, primarily used for repaying investors and personal expenditures [2][3]. - Lin Qiang and others are accused of using fraudulent methods to conceal the origins of the illegally raised funds, with over 800 million RMB transferred through various means to hide the proceeds [3]. Group 3: Legal Proceedings and Consequences - The public prosecution asserts that the involved companies and their responsible personnel committed serious financial crimes, including fundraising fraud and illegal public deposit acceptance, with significant amounts involved [3]. - Lin Qiang has been reported missing since late August 2023 and was later detained in Indonesia, with international cooperation leading to his return to China for prosecution [5][6].

Core Points - The "Hehe System" companies are involved in a large-scale illegal fundraising case, with over 100 billion RMB raised illegally and over 30 billion RMB in unpaid principal [1][2][3] - The trial involves multiple defendants, including Lin Qiang, who is accused of fraud, illegal fundraising, and money laundering [2][3] - The companies used deceptive practices to attract investors, promising annual returns of 6% to 10.5% and misrepresenting their financial products [2][3] Group 1 - The "Hehe System" companies, including Hehe Asset Management (Shanghai) Co., Ltd., are accused of illegal fundraising and fraud, with a total of over 100 billion RMB raised from the public [1][2] - The defendants, including Lin Qiang and others, are charged with serious financial crimes, including illegal fundraising and money laundering, with evidence presented during the trial [3] - Lin Qiang, the actual controller of the companies, was reported missing in August 2023 and was later detained in Indonesia before being repatriated to China [4] Group 2 - The companies have acknowledged severe financial difficulties, stating they are unable to meet repayment obligations and have suspended all repayment activities [7] - The financial troubles were attributed to various factors, including the impact of the pandemic and challenging market conditions, leading to significant operational risks [7]

Group 1: Personnel Changes - The article discusses personnel changes within Everbright Bank, including appointments of deputy branch presidents and discipline inspection secretaries across 11 first-level branches and subsidiaries [1][2][3][4] - Dai Kun, the discipline inspection secretary of the Changsha branch, has been appointed as the discipline inspection secretary of Everbright Wealth Management [1] - Gu Yingli, the discipline inspection secretary of Sunshine Consumer Finance, has been appointed as the discipline inspection secretary of the Fuzhou branch [1] Group 2: Company Overview - Everbright Wealth Management, established in September 2019 with a registered capital of 5 billion yuan, focuses on asset management services including public and private wealth management products [1] - Sunshine Consumer Finance, founded in August 2020 with a registered capital of 1 billion yuan, primarily engages in personal consumer loans, with Everbright Bank holding a 60% stake [1] Group 3: Regulatory Issues - Everbright Bank has faced multiple regulatory fines, indicating ongoing compliance and risk management challenges [5][6] - On September 12, the bank was fined 4.3 million yuan for deficiencies in information technology outsourcing management and regulatory data misreporting [5] - Additional fines were imposed on the Hangzhou and Ningbo branches for various violations, totaling 3.91 million yuan and 1.71 million yuan respectively [6]