On February 2, the Banking Wealth Management Registration and Custody Center released the "Annual Report on China's Banking Wealth Management Market (2023)". The report shows that in 2023, a total of 228 banking institutions and 31 wealth management companies nationwide issued a total of 31,100 wealth management products, raising a total of 157.08 trillion yuan. By the end of 2023, there were a total of 258 banking institutions and 31 wealth management companies with existing wealth management products, totaling 39,800 products, an increase of 14.86% from the beginning of the year; with a total scale of 26.80 trillion yuan. In terms of institution type, by the end of 2023, wealth management companies had the most existing products in terms of quantity and amount, with 19,400 existing products, and a total scale of 22.47 trillion yuan, an increase of 1.01% from the beginning of the year, accounting for 83.85% of the total market. In terms of product type structure, by the end of 2023, the existing scale of net asset value wealth management products was 25.97 trillion yuan, accounting for 96.93%, an increase of 1.46 percentage points from the beginning of the year. In 2023, the weighted average maturity of newly issued closed-end wealth management products ranged from 288 to 381 days, providing a long-term stable source of funds for the market. By the end of 2023, the proportion of existing closed-end products with a maturity of one year or more was 67.02%, a decrease of 5.58 percentage points from the beginning of the year. By the end of 2023, the existing scale of public wealth management products was 25.44 trillion yuan, accounting for 94.93% of the total existing scale of wealth management products, a decrease of 0.48 percentage points from the beginning of the year; the existing scale of private wealth management products was 1.36 trillion yuan, accounting for 5.07% of the total existing scale of wealth management products. By the end of 2023, the existing scale of fixed income products was 25.82 trillion yuan, accounting for 96.34% of the total existing scale of wealth management products, an increase of 1.84 percentage points from the beginning of the year; the existing scale of mixed products was 0.86 trillion yuan, accounting for 3.21%, a decrease of 1.89 percentage points from the beginning of the year; the existing scale of equity products and commodity and financial derivative products was relatively small, at 0.08 trillion yuan and 0.04 trillion yuan respectively. By the end of 2023, the existing scale of open-end wealth management products was 21.18 trillion yuan, accounting for 79.03% of the total existing scale of wealth management products, a decrease of 3.68 percentage points from the beginning of the year; the existing scale of closed-end wealth management products was 5.62 trillion yuan, accounting for 20.97% of the total existing scale of wealth management products. Among them, the existing scale of cash management wealth management products was 8.54 trillion yuan, accounting for 40.32% of the total existing scale of open-end wealth management products, an increase of 2.02 percentage points from the beginning of the year. By the end of 2023, the existing scale of wealth management products with a risk rating of level two (medium-low) and below was 24.87 trillion yuan, accounting for 92.80%; the existing scale of wealth management products with a risk rating of level four (medium-high) and level five (high) was 0.19 trillion yuan, accounting for 0.71%. In terms of serving the real economy through the wealth management market, by the end of 2023, the total investment assets of wealth management products were 29.06 trillion yuan, a year-on-year decrease of 3.00%; the total liabilities were 2.23 trillion yuan, a year-on-year decrease of 1.76%. The leverage ratio of wealth management products was 108.31%, an increase of 0.11 percentage points from the beginning of the year. The asset allocation of wealth management products was mainly in fixed income products, with total investments in bond, non-standardized debt, and equity assets of 16.45 trillion yuan, 1.79 trillion yuan, and 0.83 trillion yuan respectively, accounting for 56.61%, 6.16%, and 2.86% of the total investment assets. In terms of bond category allocation, by the end of 2023, wealth management products held credit bonds worth 41.224 trillion yuan, accounting for 42.12% of total investment assets, a decrease of 3.54 percentage points from the beginning of the year; held interest rate bonds worth 5.093 trillion yuan, accounting for 3.20% of total investment assets. By the end of 2023, through investing in bonds, non-standardized debt, and unlisted equity assets, bank wealth management products supported a total of approximately 19 trillion yuan in funds for the real economy. Wealth management funds were invested in green bonds with a scale of over 250 billion yuan, and in special bonds such as "Belt and Road", regional development, poverty alleviation and relief exceeding 110 billion yuan, providing financial support of over 3.8 trillion yuan for the development of small and micro enterprises. To help China achieve its peak carbon emissions and carbon neutrality goals, the wealth management market issued a total of 120 ESG-themed wealth management products in 2023, raising over 110 billion yuan. By the end of 2023, the remaining balance of ESG-themed wealth management products reached 148 billion yuan, a year-on-year increase of 13.50%. The wealth management industry continuously introduced featured products, with over 200 themed wealth management products focusing on "specialization, expertise, innovation", rural revitalization, and the Greater Bay Area by the end of 2023, with a total scale exceeding 120 billion yuan.