CITIC Securities: The scale of wealth management may exceed 33 trillion yuan in the current year.

According to the research report of CITIC Securities, they have calculated that by the end of April, the scale of bank wealth management products increased by 2.1 trillion yuan to 31.3 trillion yuan compared to the previous month, an increase of 7.35% month-on-month and 6.83% year-on-year, basically returning to historical highs. The implementation of a new round of deposit rate cuts will help banks control interest costs, but it will also increase the difficulty of attracting deposits. Low-risk asset management products such as bank wealth management products will see an increase in funding. For the bond market, the downward adjustment of deposit interest rates may further push down a wide range of interest rates including government bond rates, and continue to push "deposit migration". The scale of wealth management products may exceed the historical high point of 33 trillion yuan within the year.