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As multiple bank wealth management subsidiaries gradually disclose their operating data for 2025, the overall operational pattern of the bank wealth management industry is becoming increasingly apparent.
According to incomplete statistics from First Financial, 13 wealth management companies that have disclosed data show that the industry scale generally achieved positive growth in 2025. Against the backdrop of continuously declining deposit rates and a strengthening trend of &#34;deposit disintermediation,&#34; wealth management products still maintain their attractiveness to funds. Meanwhile, in the face of yield pressure brought about by declining bond yields, wealth management companies are accelerating product structure adjustments, with the proportion of mixed wealth management products increasing, and the &#34;fixed income +&#34; strategy gradually becoming an important direction.
Industry insiders expect this trend to continue into 2026, but as the yield on underlying assets continues to decline, the overall yield level of wealth management products may face further pressure.
Overall Scale Growth
The 13 wealth management companies that have disclosed their 2025 performance include Xingyin Wealth Management, Puyin Wealth Management, Zhongyou Wealth Management, Suyin Wealth Management, Hangyin Wealth Management, Shangyin Wealth Management, Huayin Wealth Management, Hengfeng Wealth Management, Qingyin Wealth Management, Guangyin Wealth Management, FaBa Agricultural Bank Wealth Management, BlackRock Jianxin Wealth Management, and Huihua Wealth Management. Overall, these institutions have all achieved year-on-year growth in managed scale, continuing the expansion trend of the industry.
In terms of existing scale, Xingyin Wealth Management continues to maintain its industry-leading position, with its wealth management product existing scale exceeding 2.43 trillion yuan by the end of 2025; Puyin Wealth Management ranks second with 1.47 trillion yuan. Several city commercial bank-affiliated wealth management companies also maintain steady growth, with Suyin Wealth Management and Hangyin Wealth Management having existing scales of 826.2 billion yuan and 607.6 billion yuan, respectively.
In terms of growth rate, nine wealth management companies achieved double-digit growth, with foreign joint venture wealth management companies showing particularly outstanding growth. For example, FaBa Agricultural Bank Wealth Management's scale increased from 48.7 billion yuan at the end of June 2025 to 89.3 billion yuan, an increase of over 80%; BlackRock Jianxin Wealth Management and Huihua Wealth Management grew by approximately 20% and 37%, respectively.
The overall scale of the industry is also showing an expansion trend. Data from the Bank Wealth Management Registration and Custody Center shows that by the end of 2025, the existing scale of national bank wealth management products reached 33.29 trillion yuan, an increase of 3.34 trillion yuan for the year, a year-on-year growth of 11.15%.
Many industry insiders believe that the continuous decline in deposit rates is one of the important reasons driving the growth of wealth management scale. In recent years, residents' funds have gradually shifted from traditional bank deposits to wealth management, funds, and other asset management products, with the phenomenon of &#34;deposit migration&#34; continuing to occur.
Looking ahead to 2026, the market generally expects this trend to continue. Huaxi Securities estimates that the existing scale of wealth management products is expected to increase by 1.5 trillion to 2.3 trillion yuan in 2026. The logic behind this is that, on one hand, bank deposit rates are still in a downward channel, and on the other hand, previously issued large high-interest deposits are gradually maturing, making wealth management products an important destination during the fund reallocation process
&#34;In 2026, new funds for wealth management are likely to flow mainly into short-term fixed income products, especially those with a 'minimum holding period.' These products combine a certain level of liquidity with stable returns and are becoming a key focus for wealth management companies,&#34; said Liu Yu, chief economist at Huaxi Securities.
However, competition for funds is also intensifying. Industry insiders point out that, against the backdrop of declining deposit rates, insurance products such as participating insurance may divert some funds, although the overall impact is expected to be limited.
Growth of Hybrid Wealth Management
Despite the continuous expansion of wealth management scale, the structure of wealth management products is changing against the backdrop of declining yields on the asset side.
From the product structure perspective, fixed income wealth management still dominates, but the proportion of hybrid products is gradually increasing. Data from the Banking Wealth Management Registration and Custody Center shows that by the end of 2025, the outstanding scale of fixed income wealth management products was 32.32 trillion yuan, accounting for 97.09% of the total wealth management scale, a decrease of 0.11 percentage points from the end of June 2025; the outstanding scale of hybrid wealth management products was 0.87 trillion yuan, with the proportion rising to 2.61%.
At the level of individual wealth management companies, this change is even more pronounced. Taking Xingyin Wealth Management as an example, by the end of 2025, its fixed income wealth management product scale was 2.26 trillion yuan, accounting for 98.19%, a decrease of 0.62 percentage points from mid-2025; the scale of hybrid wealth management was 34.9 billion yuan, nearly doubling since mid-year, with the proportion rising to 1.52%.
In response to the above changes, Wang Pengbo, chief analyst at Botong Consulting, stated that in the context of persistently low bond yields, traditional pure fixed income strategies are difficult to meet investors' demand for moderate returns. Therefore, wealth management companies are beginning to seek yield enhancement by expanding investment scope and increasing the proportion of equity asset allocation.
&#34;Hybrid wealth management offers greater flexibility in stock-bond allocation, allowing for dynamic adjustments based on market conditions, which is also an inevitable choice following the deepening transformation of the wealth management industry towards net value,&#34; he said.
In recent years, the &#34;fixed income +&#34; strategy has become a major focus for wealth management companies. Related products typically feature stable assets such as bonds as the main component, while enhancing yield potential through a small allocation of equity or commodity assets.
Analyst Kong Xiang from Guosen Securities pointed out that, for example, a wealth management product from a joint-stock bank, based on a bond index as the main performance benchmark, allocated about 10% of stock index returns as an enhancement source. Through balanced industry allocation, it achieved an annual net value growth of over 7% in 2025 amid significant fluctuations in the stock and bond markets, while controlling the maximum drawdown to within 1%.
Gold assets have also become one of the important enhancement tools for wealth management companies. Some city commercial bank wealth management products achieved significant excess returns in 2025 by allocating gold ETFs.
However, in a low-interest-rate environment, the yield level of wealth management products is still showing an overall downward trend. Statistics from brokerages indicate that in February 2026, the average performance benchmark upper limit for newly issued RMB fixed income wealth management products was 2.69%, with a lower limit of 2.16%. Industry insiders expect that the lower limit of performance benchmarks for newly issued products may gradually approach 2.0% in the future
At the same time, the yield of cash management financial products is also at a low level. As of March 1, 2026, the average annualized yield of cash management products from financial companies is approximately 1.25%, which is close to the level of money market funds at 1.11%.
Monthly financial management scale rebounds, yield declines
From the recent market performance, the scale of financial management has rebounded after a brief fluctuation at the beginning of the year.
Several institutions have estimated that the scale of the financial management market significantly increased in February 2026. Huayuan Securities estimates that by the end of February, the scale of financial products was approximately 33.3 trillion yuan, an increase of about 0.8 trillion yuan compared to the end of January.
Huayuan Securities analyst Liao Zhiming pointed out that the temporary decline in the scale of financial management in January was mainly related to banks' &#34;New Year red&#34; initiatives. At the beginning of the year, banks often focus on deposit and loan growth as primary goals, and some financial managers may guide clients to redeem financial products to increase deposit scales. In addition, the regulation of the &#34;ranking&#34; phenomenon of financial management yields also had a certain impact on scale growth in the short term.
Entering February, with the factors of the Spring Festival fading and the distribution of year-end bonuses to enterprises, residents' funds flowed back into financial products, and the market scale subsequently rebounded. According to Puyi Standard data, as of the end of February 2026, there were a total of 16,091 open-ended financial products for sale in the market, accounting for 88.3% of all products on sale, with an average performance benchmark of 2.05%, slightly down from the previous month.
In terms of actual yield performance, the annualized yields of open-ended fixed-income financial products over the past 1 month, 3 months, and 6 months were 2.33%, 2.27%, and 2.23%, respectively, showing an overall downward trend.
In the face of yield pressure, some financial management companies have begun to participate more actively in capital market investments. For example, some institutions are engaging in &#34;new share subscriptions&#34; in the A-share and Hong Kong IPO markets to obtain additional returns; other institutions are enhancing investment portfolio yields by allocating gold ETFs or launching financial products linked to gold.
Industry insiders believe that in the current environment of low interest rates and market volatility, financial products may further develop towards multi-asset and multi-strategy allocations in the future.
Liu Yu stated that as the yield of underlying assets of financial products continues to decline, coupled with the gradual digestion of floating profits in the bond market over the past few years, the yield level of financial products may continue to be under pressure in the future. To cope with this trend, financial management companies may enhance product yield elasticity by increasing equity allocations, leveraging public fund investments, and participating in capital markets.
(This article is from Yicai)

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In 2025, the overall scale of the bank wealth management industry is expected to achieve positive growth, with 13 disclosed wealth management companies showing signs of expansion. Despite the continuous decline in deposit rates, wealth management products remain attractive. Wealth management companies are accelerating product structure adjustments, with an increasing proportion of mixed products, and the "fixed income +" strategy becoming an important direction. This trend is expected to continue into 2026, but the overall yield level may face pressure. By the end of 2025, the outstanding scale of national bank wealth management products is expected to reach 33.29 trillion yuan, a year-on-year increase of 11.15%

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In 2025, the scale of bank wealth management will generally increase, with structural adjustments accelerating in a low-interest-rate environment