信托业转型成效正加速显现。中国信托业协会数据显示，截至6月末，信托资产规模余额增至32万亿元以上，同比大增超20%。从资金流向来看，超10万亿 元信托资金涌向证券市场业内人士表示，在监管引导下，近年来越来越多信托公司发力标品业务，大量信托资金涌入证券市场。而且，伴随着无风险收益率 的逐步下行，信托资金增配权益资产的步伐正越走越快，未来信托或将成为资本市场的重要参与者。 信托业规模首破32万亿元 中国信托业协会数据显示：截至6月末，全行业信托资产规模余额为32.43万亿元。与去年末相比增加2.87万亿元，增幅为9.73%；与去年同期相比则增加5.43 万亿元，同比大幅增长20.11%。 据公开资料，自2018年起，在市场环境变化与监管政策调整的共同作用下，信托业步入转型发展阶段，全行业信托资产规模从2017年末26.25万亿元的高 位，回落至2020年末的20.49万亿元。不过，随着行业加速回归本源业务，2021年信托资产规模开始企稳回升，2024年6月末重回27万亿元的历史峰值，并于 2024年末创出29.56万亿元的历史新高，今年上半年末更是首次突破32万亿元。 中国信托业协会数据显示： 截至6月末，全行业 ...

中国信托业协会数据显示： □截至6月末，全行业信托资产规模余额为32.43万亿元。与去年末相比增加2.87万亿元，增幅为9.73%； 与去年同期相比则增加5.43万亿元，同比大幅增长20.11% □截至6月末，证券投资信托的规模达12.48万亿元，占资金信托总规模的比例为51.09%，金额较去年末 增加1.49万亿元，较去年同期增加3.38万亿元 ◎记者 马嘉悦 信托业转型成效正加速显现。中国信托业协会数据显示，截至6月末，信托资产规模余额增至32万亿元 以上，同比大增超20%。从资金流向来看，超10万亿元信托资金涌向证券市场业内人士表示，在监管引 导下，近年来越来越多信托公司发力标品业务，大量信托资金涌入证券市场。而且，伴随着无风险收益 率的逐步下行，信托资金增配权益资产的步伐正越走越快，未来信托或将成为资本市场的重要参与者。 信托业规模首破32万亿元 中国信托业协会数据显示：截至6月末，全行业信托资产规模余额为32.43万亿元。与去年末相比增加 2.87万亿元，增幅为9.73%；与去年同期相比则增加5.43万亿元，同比大幅增长20.11%。 据公开资料，自2018年起，在市场环境变化与监管政策调整的共同作 ...

冬日的北京，一场关于"钱"的对话温暖呈现。 12月11日，2025年度北京商业品牌大会金融消费专题论坛在北京召开。论坛期间举行了题为"居民财富 迁徙与牛市下财富'前景'"的圆桌对话，工银理财市场营销部总经理宋禹君、 中信建投（601066）证券 财富委副主任李响、嘉实财富副总经理邝霞、北京人寿总精算师邵宁等人围绕存款搬家等热点话题展开 讨论。 邵宁还称，在基础保障配置完善的前提下，家庭可以结合生命周期、资产结构及负债情况等因素进行匹 配长期规划的保险配置。有一定经济实力的中年期家庭，保费比例可提升至12%—15%，配置"保证+浮 动"理财类寿险产品，匹配子女教育、养老规划。进入老年期后，建议侧重配置一些能够提供稳定现金 流的保险产品，如养老年金保险，确保晚年生活有稳定的经济来源。 在圆桌讨论中，来自金融机构的嘉宾还分享了他们在实践中如何应对挑战、引导客户走向理性。中信建 投证券财富委副主任李响介绍，目前中信建投证券有三方面做法。一是重点打造"灵犀平台"，为整个服 务体系构建一个强大的"智能大脑"；二是全面升级"优问系统"，构建"智能+人工"融合的客户服务响应 机制。三是探索建设"普惠中心"，构建长尾客群的集约 ...

宋禹君指出，当前银行理财产品存续规模已达32.13万亿元，规模优势显著。在此基础上，理财公司有信心、也有意愿通过提供更优质的产品、提升业绩回 报，助力居民财富保值增值，让老百姓在理财中切实受益，这也是理财公司践行普惠金融大文章的重要使命。 从大财富管理板块定位来看，理财产品以低波动、稳健为特征，在为客户创造较好业绩回报的同时，能够较好控制回撤。"基于这一定位，对转入理财的客 户，我们优先推荐低风险产品。"宋禹君强调。 谈及居民存款重新配置的深层动因，宋禹君表示，这可能是多重因素共振的结果。一是，社会利率持续下行，当前国内存款利率下行，为实体经济发展提供 支撑；二是，资本市场及大宗商品市场涌现多元投资机会，A股、港股，以及白银、铜等贵金属领域的机会，吸引居民寻求多样化投资以提升资产保值增值 效率；三是，资管行业生态日趋丰富，理财公司等机构能够为客户提供完善的理财选择。 除R1产品外，纯债类和"固收+"产品也是风险偏高客户的可选产品。宋禹君表示，理财公司作为全牌照机构，固收增强产品的可投资品类十分齐全，除A 股、港股外，还覆盖优先股、REITs、美股美债、大宗商品及期货期权等标的，通过充分分散风险，实现收益的增强 ...

Investment Rating - The report maintains an "Outperform" rating for the banking wealth management industry, indicating expected performance above the market benchmark by over 10% [43]. Core Insights - The banking wealth management sector reached a historical high in scale, with approximately 34 trillion yuan in November, and is expected to stabilize around 33 trillion yuan by year-end [1]. - The industry consensus is shifting towards "multi-asset" products as traditional bond returns narrow, with leading institutions actively exploring diverse strategies beyond simple equity allocations [1][2]. - The successful implementation of multi-asset strategies relies on matching the risk-return characteristics of funds, emphasizing the need for long-term capital and investor education [2]. - Collaboration with public funds is essential for building investment capabilities, as banks cannot economically develop comprehensive research teams independently [3][6]. - Regulatory improvements are crucial for unlocking the potential of wealth management funds in the market, encouraging the development of innovative products that align with investor risk tolerance [6][7]. Summary by Sections Industry Scale and Performance - The wealth management sector's scale reached 31.7 trillion yuan in November, with a slight month-on-month increase [12][13]. - The average annualized yield for banking wealth management products in November was 1.23%, reflecting a decrease of 165 basis points from the previous month [12]. Product Development and Strategy - New product issuance in November totaled 271.7 billion yuan, primarily in fixed-income products, with the average performance benchmark for new products declining to 2.34% [20]. - The majority of maturing products met their performance benchmarks, indicating stability in product performance [31]. Market Trends and Future Outlook - By 2026, it is anticipated that wealth management funds will increasingly allocate to equity markets, with expected annual inflows ranging from 150 billion to 250 billion yuan [7]. - The unique requirements of wealth management funds for yield certainty and volatility control will drive public funds to innovate and develop matching products [7].

Group 1 - The core viewpoint of the article emphasizes the importance of high-quality development in public funds, as outlined in the regulatory action plan by the China Securities Regulatory Commission [1] - The Beijing Securities Association, in collaboration with various stakeholders, has initiated a series of activities aimed at promoting high-quality development in public funds [1] - Silver Hua Fund has actively responded to national calls by innovating its product offerings, including pension-targeted funds and technology-focused investment products [1][2] Group 2 - In the fixed income sector, Silver Hua Fund is enhancing its research capabilities and product development, focusing on differentiated growth paths [2] - The company manages a diverse range of public fund products, with a total asset management scale exceeding 1,026.6 billion yuan as of June 30, 2025 [2] - Looking ahead, Silver Hua Fund aims to uphold its commitment to long-term value creation in the asset management industry [2]

Group 1 - The core viewpoint is that "fixed income +" products have high allocation value due to the inability of traditional pure bond products to meet investor return requirements, while the stock market's risk appetite has significantly increased, leading to numerous structural opportunities and enhanced strategy opportunities [1][2] - The performance growth of "fixed income +" products this year is primarily attributed to the rise in the equity market, with the equity exposure in these products typically ranging from 10% to 30%, which has a greater impact on the portfolio compared to fixed income assets [1] - The growth in the scale of "fixed income +" products is driven by the stabilization of risk-free interest rates and the rising risk appetite and trends in the equity market, as pure bond products generally yield annualized returns below 2% this year, prompting a shift of funds towards "fixed income +" products [1] Group 2 - "Fixed income +" products represent a long-term asset allocation trend, utilizing a mix of asset classes to determine an appropriate stock-bond ratio and seek excess returns within these asset categories [2] - The rotation between stocks and bonds is influenced by economic fundamentals and valuation differences, with "fixed income +" products expected to achieve stable growth over the long term, although they require a high level of skill from fund managers to allocate to suitable assets [2]

Group 1 - In August, leading wealth management companies in the market continued to experience net inflows, with a total scale growth of approximately 285.7 billion yuan, bringing the total scale to 25.02 trillion yuan [1] - Among the top 14 wealth management companies, 12 achieved net growth in their balance, with the largest contributors being state-owned banks [2] - The overall scale of the banking wealth management industry is estimated to have surpassed 33 trillion yuan, driven by the demand for "fixed income plus" products and corporate wealth management needs [2][3] Group 2 - The four wealth management companies under major state-owned banks contributed a total growth of 144.2 billion yuan in August, accounting for about half of the total increase among the 14 companies [2] - The demand for corporate wealth management has shifted due to declining interest rates and market uncertainties, leading companies to seek better returns on idle funds [3] - The issuance of new equity and mixed-asset products has significantly increased, with 8 new equity products and 45 mixed products launched in July 2025, surpassing the monthly average from the first half of the year [3]

Core Insights - In August, the top 14 wealth management companies in China achieved a net inflow of approximately 285.7 billion yuan, bringing the total management scale to 25.02 trillion yuan [1][2] Group 1: Management Scale Growth - 12 out of the 14 wealth management companies reported a net increase in their management scale in August, following a significant growth in July [1] - The growth in management scale in August (approximately 285.7 billion yuan) is notably lower than the growth in July (approximately 1.8 trillion yuan) [2] Group 2: Market Trends and Product Shifts - The overall scale of the banking wealth management industry is estimated to have surpassed 33 trillion yuan, driven by a shift towards new product avenues due to weak bond market performance [2] - Retail "fixed income +" and corporate wealth management demand are identified as key drivers for recent scale expansion, with banks increasing the development of R3 risk-level products [2] Group 3: Cash Product Trends - The balance of cash management products among the 14 companies is approximately 5.95 trillion yuan, which has decreased by over 296.5 billion yuan since the beginning of the year [3] - The proportion of cash management products in the total management scale has dropped to about 23.78%, down from 27% at the end of January, marking a new low for the year [3]

Core Insights - The banking wealth management sector continues to experience net inflows, with 12 out of the top 14 wealth management companies reporting a net increase in managed assets in August, totaling approximately 2.857 trillion yuan, bringing the total scale to 25.02 trillion yuan [1] - The growth in managed assets in August is significantly lower compared to July's increase of approximately 1.8 trillion yuan, indicating a narrowing trend [1] - The overall scale of the banking wealth management industry is estimated to have surpassed 33 trillion yuan, driven by the performance of retail "fixed income +" products and corporate wealth management demand [1] Wealth Management Company Performance - Among the 14 wealth management companies, cash management products have a total balance of approximately 5.95 trillion yuan, which has decreased by over 296.5 billion yuan since the beginning of the year [2] - The proportion of cash management products within the total managed scale has dropped to approximately 23.78%, down from 27% at the end of January, marking a new low for the year [2] Market Trends - The banking sector has increased the development of R3 risk-level products, particularly in the "fixed income +" direction, which has shown higher performance compared to pure bond products [1] - The decline in interest rates and market uncertainties have led enterprises to seek better returns on idle funds through wealth management, particularly favoring RMB products over USD deposits due to the appreciation of the RMB [1]