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China Fund News reporter Yishan

On July 30, the "Half-Year Report on China's Banking Wealth Management Market (First Half of 2024)" (hereinafter referred to as the "Report") disclosed by the Banking Wealth Management Registration and Custody Center showed that as of the end of June this year, the existing scale of the bank wealth management market was 28.52 trillion yuan, and it created a total of 341.3 billion yuan in returns for investors in the first half of the year.

The number and scale of existing wealth management products both increased year-on-year

Since the beginning of this year, the bank wealth management market has continued to expand. The report shows that in the first half of the year, a total of 209 institutions issued 15,400 new bank wealth management products, raising a total of 33.68 trillion yuan.

As of the end of June, the total number of outstanding wealth management products of 270 institutions nationwide reached 40,000, an increase of 0.49% from the beginning of the year and 7.99% year-on-year; the outstanding scale was 28.52 trillion yuan, an increase of 6.43% from the beginning of the year and 12.55% year-on-year.

By institution, wealth management companies have the largest number and amount of existing products, with 21,600 existing products; the outstanding scale reached 24.33 trillion yuan, an increase of 8.27% from the beginning of the year and 17.71% year-on-year, accounting for 85.29% of the entire market.

Among banking institutions, except for city commercial banks, whose outstanding scale increased by 1.62% year-on-year, large banks and joint-stock banks all experienced declines to varying degrees year-on-year.

Fixed-income products still dominate the product types. As of the end of June, the outstanding scale of fixed-income products was 27.63 trillion yuan, accounting for 96.88% of the outstanding scale of all wealth management products, an increase of 0.54 percentage points from the beginning of the year and 1.73 percentage points from the same period last year.

Created a total of 341.3 billion yuan in profits for investors

While the wealth management market is expanding steadily, the number of wealth management investors is also growing.

The report shows that as of the end of June, the number of investors holding wealth management products reached 122 million, an increase of 6.65% from the beginning of the year and 17.18% year-on-year.

Specifically, the current wealth management market is still dominated by individual investors, with an increase of 7.3888 million in the first half of the year and 120 million at the end of June, accounting for 98.74%; the number of institutional investors increased by 188,500 in the first half of the year and 1.5345 million at the end of June, accounting for 1.26%.

In terms of returns, in the first half of this year, the overall returns of wealth management products were stable, with an average yield of 2.80%.

At the same time, after generating 698.1 billion yuan in revenue for investors in 2023, wealth management products generated a total of 341.3 billion yuan in revenue for investors in the first half of this year, a year-on-year increase of 3.11%. Among them, banking institutions generated a total of 72.7 billion yuan in revenue for investors, and wealth management companies generated a total of 268.6 billion yuan in revenue for investors.

The scale of funds supporting the real economy is about 20 trillion yuan

The report shows that as of the end of June, the total investment assets of wealth management products amounted to 30.56 trillion yuan, a year-on-year increase of 10.32%. The asset allocation of wealth management products is mainly fixed income, with the top three assets being bonds, cash and bank deposits, and interbank certificates of deposit, accounting for 43.8%, 25.3%, and 11.8% of the allocated funds respectively.

The report points out that wealth management products have actively responded to the call of national policies, fully exerted the function of optimizing fund allocation, and achieved the connection between funds and the financing needs of the real economy through various channels.

As of the end of June, bank wealth management products have supported the real economy with a total capital scale of about 20 trillion yuan through investment in bonds, non-standardized debts, unlisted equity and other assets. The scale of wealth management funds invested in green bonds exceeded 270 billion yuan, and the scale of investment in special bonds such as the "Belt and Road", regional development, poverty alleviation and relief exceeded 100 billion yuan, providing financial support for the development of small and medium-sized enterprises exceeding 4.3 trillion yuan.

Editor: Captain

Review: Xu Wen

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