《中国银行业理财市场年度报告（2024年）》点评：理财存续规模高增，同业存单配置比例提升

Investment Rating - The report provides a "Buy" rating for the banking sector, indicating a positive outlook for the industry based on expected performance relative to market indices [28]. Core Insights - The banking sector has seen a significant rebound in wealth management scale, reaching a five-year high of CNY 29.95 trillion by the end of 2024, representing a year-on-year growth of 11.8% [5][6]. - The shift in deposit trends, driven by multiple reductions in deposit rates and regulatory changes, has led to a diversion of funds from deposits to wealth management products [5][6]. - The average yield of wealth management products in 2024 was 2.65%, down by 0.29 percentage points from the previous year, generating a total return of CNY 709.9 billion for investors [21][22]. Summary by Sections Wealth Management Scale - The wealth management scale has rebounded to CNY 29.95 trillion, marking an 11.8% increase year-on-year, driven by a decline in deposit rates and regulatory changes [5][6]. - The proportion of fixed-income wealth management products has increased to 97.3%, while mixed and equity products have seen a decline [7][8]. Asset Allocation - As of the end of 2024, the total investment assets of wealth management products reached CNY 32.13 trillion, with bond assets accounting for 57.8% [14][17]. - The share of cash and bank deposits decreased to 23.9%, influenced by the cessation of high-interest deposit practices and regulatory scrutiny [14][15]. Product Performance - The average yield of wealth management products was 2.65%, with a total return of CNY 709.9 billion generated for investors [21][22]. - The net value of wealth management products saw a decrease in the number of products breaking net value, dropping to 1.47% by the end of December 2024 [21][22]. Market Share and Company Dynamics - Wealth management companies have increased their market share to over 85%, with a total of 32 established companies by the end of 2024 [9][10]. - The number of distribution channels for wealth management products has expanded, with 562 institutions involved in the distribution by the end of 2024 [11][13].