CITIC Securities: The increase in risk preference for equity is very slow, and the scale of stocks in wealth management portfolios continues to shrink.

The research report from CITIC Securities pointed out that, in terms of trends, the proportion of stock assets in bank wealth management portfolios has been continuously declining since 2023. By the end of 2025, the proportion of equity assets held in bank wealth management portfolios was only 1.90%, corresponding to an asset size of 680 billion yuan, with both data decreasing by 0.40 percentage points and 80 billion yuan respectively from 25H1. Considering that since the second half of last year, the domestic equity market has continued to recover and stock asset valuations have collectively rebounded, the "counter-trend" of wealth management holding equity positions actually reflects the characteristics of its customer base positioning in middle and low-risk preference groups such as residential depositors as a "savings-like" product. Since last year, the wealth management industry has also actively promoted the development and expansion of fixed-income+ products internally, but in practice, the allocation of risk assets in positions has basically been locked in at a small percentage, as a supplement to increase overall product returns. Looking ahead, the entry of bank wealth management funds into the market and the development of fixed-income+ products will still be long-term processes.