Bank wealth management in 2025: total assets exceed 33 trillion yuan, fixed income accounts for 70%, equity investment research capabilities need improvement.

In 2025, as the year drew to a close, the bank wealth management market went through a critical year of volatility and recovery. Cailianshe conducted an inventory and observation, noting the gradual increase in scale, concentration in structure, and differentiation in returns, becoming the three main themes of wealth management development throughout the year. According to data from China Wealth Management Network, the scale of bank wealth management increased from 29.14 trillion yuan at the end of the first quarter to 30.67 trillion yuan at the end of the second quarter, and further to 32.13 trillion yuan by the end of the third quarter. According to Huaxi's calculations, as of December 19th, the scale of bank wealth management was approximately 33.74 trillion yuan. The wealth management scale throughout the year showed a "V-shaped" recovery, highlighting its resilience under the dual challenges of declining interest rates and market volatility. The wealth management scale showed a V-shaped increase from 29.14 trillion yuan to 33.74 trillion yuan, with a total annual growth rate of 15.76%, driven by four main factors. In 2025, the bank wealth management market overall showed a trend of starting low and ending high. According to data from China Wealth Management Network, the scale of wealth management at the end of the first quarter was 29.14 trillion yuan, a decrease of 0.81 trillion yuan from the beginning of the year. CITIC SEC's chief analyst, Xiao Feifei, analyzed that the significant fluctuations in the bond market during the quarter affected wealth management returns, coupled with tight market liquidity and increased pressure on banks to attract deposits, leading to a temporary contraction in scale. As the market environment gradually stabilized, the wealth management scale in the second quarter increased to 30.76 trillion yuan, an increase of 1.53 trillion yuan from the first quarter, a year-on-year growth of 7.53%. Ma Kunpeng, the chief analyst of China Securities Co., Ltd., stated that with the stabilizing yield of 10-year treasury bonds in the second quarter, coupled with the release of resident wealth reallocation demand, the wealth management scale achieved a recovery growth. By entering the third quarter, the scale further climbed to 32.13 trillion yuan. Ma Kunpeng believes that this is mainly due to three reasons: the net asset value of wealth management products remained stable, residents redeemed fewer wealth management products; residents increased their wealth allocation to asset management products, and a large amount of deposits flowed into wealth management products; wealth management companies accelerated product transformation and issued a significant number of multi-asset multi-strategy products. Looking at the whole year, the wealth management scale increased from 29.14 trillion yuan in the first quarter to approximately 33.74 trillion yuan currently, with a cumulative growth rate of about 15.76%. Wang Peng, the chief economist of Pu Yi Standards, summarized that the annual growth in scale is attributed to multiple factors such as "interest rate cuts, changes in resident wealth management concepts, deposit relocation, and industry self-adjustment," demonstrating the strong resilience of wealth management in market volatility. (Continued...)