As the annual business report of bank wealth management companies for 2025 has been basically disclosed, the operating and allocation situation of the bank wealth management market throughout the year has gradually become clearer. By the end of 2025, the outstanding scale of bank wealth management reached 33.29 trillion yuan, an increase of 11.16% year-on-year, continuing the trend of expansion in the industry, with the advantages of leading institutions further consolidated. The new issuance market shows the characteristics of "growth in scale, decline in benchmark, and concentration of top institutions". The overall compliance rate of matured products has slightly improved, and the rebound in equity has driven the centralization of wealth management index returns. Overall asset allocation tends to be more defensive, with an increase in the proportion of liquid assets; bond allocation is mainly focused on interbank certificates of deposit, financial bonds, and other fixed-income assets, while public fund allocation focuses on bond funds. Institutional differentiation continues to be evident. I. Overview of the Wealth Management Stock Market 1.1 Scale of Bank Wealth Management As of December 31, 2025, the outstanding scale of China's bank wealth management market was 33.29 trillion yuan, an increase of 3.34 trillion yuan from the end of 2024, with a year-on-year growth of approximately 11.16%, continuing the trend of expansion since 2024. With the trend of deposit migration driving growth, the scale of bank wealth management has significantly increased, returning to an upward trajectory. The end-of-year scale showed a seasonal decline, but did not change the overall growth trend for the year. The industry's overall scale has increased by over 42% since the end of 2019, and the industry's size continues to expand. 1.2 Scale of Bank Wealth Management Institutions Looking at the changes in the top 10 institutions by scale, all institutions on the list in 2025 achieved positive growth in scale compared to 2024. The overall competitive landscape of the industry is stable, with the ranking of the top institutions unchanged. CMB Wealth Management, CIB Wealth Management, and ICBC Wealth Management remained the top three institutions at the end of 2025, with scales of 2.64 trillion yuan, 2.43 trillion yuan, and 2.30 trillion yuan, respectively. Currently, wealth management companies have taken an absolute dominant position in the bank wealth management market, with the growth rates of top institutions generally higher than the industry average. Among them, Minsheng Wealth Management's growth rate is close to 30%. The concentration of top institutions has further increased, and the trend of institutional differentiation continues. II. Overview of the New Issuance Market 2.1 Changes in the Scale of New Issuance Institutions Looking at the top 10 institutions in terms of new issuance scale in 2025, the concentration of the top new issuance market continues, and the issuing advantage of top wealth management companies remains stable. The top three institutions are CMB Wealth Management, CIB Wealth Management, and ICBC Wealth Management, all of which experienced growth in new issuance scale compared to the same period in 2024. Compared to the same period in 2024, most institutions saw an increase in new issuance scale. Currently, top wealth management institutions, with their channel and product advantages, continue to lead in supply capacity, and the differentiation in issuance scale between institutions continues. 2.2 Comparison of New Issuance Performance Benchmarks The average performance benchmark for new products in the entire market in 2025 was 2.55%, a decrease from 3.1% in 2024, with decreases in the average performance benchmarks of all types of products compared to the previous year. Looking at the term structure, the feature of "longer terms leading to higher performance benchmarks" continues, with the average benchmark for products over 3 years still higher than that of shorter-term products, at 3.07% in 2025, while the average benchmark for daily open-end products was the lowest at 2.16%. The pricing logic for new issuances has not significantly changed, with the decreases reflecting changes in the current market interest rate environment. The performance benchmark is a reference indicator for product issuance, not representative of the actual level of returns or final redemption results for investors. III. Tracking of Wealth Management Products at Maturity & Returns 3.1 Maturity Scale by Institution Among the top ten institutions in terms of maturity redemption and repurchase scale for products in 2025, the overall scale of maturity for top wealth management companies has increased year-on-year, with CMB Wealth Management, CIB Wealth Management, and ICBC Wealth Management ranking the top three in terms of maturity scale, maintaining the market dominance of top institutions. The maturity scale of most top institutions has increased year-on-year. Overall, the maturity scale is still concentrated towards top institutions, with slightly higher maturity pressure on top institutions compared to medium-sized institutions, and no significant changes in the institutional landscape. The distribution of maturity scale differentiation is mainly related to the pace of expansion of existing product scales. 3.2 Comparison of Wealth Management Index Returns Looking at the performance of wealth management index returns in 2025, the overall returns of various types of bank wealth management products have improved, with the resilience of risk assets becoming more prominent. Specifically, the ranges of increase for cash management, pure fixed-income, and fixed-income + wealth management index were 1.38%, 2.18%, and 2.46% respectively, maintaining stability and reflecting that low-volatility assets are still an important foundation for wealth management returns. The mixed wealth management index rose by 3.82%, showing further improvement in performance; the equity wealth management index had a growth rate of 18.51%, significantly outperforming other types of wealth management indices and also higher than the 15.78% growth rate of the SSE 300 index during the same period, indicating that the recovery of the equity market in 2025 has significantly boosted equity asset-containing wealth management products. In comparison, the CCB-Wide Wealth (Total Value) Index rose by only 0.80% during the same period, significantly lower than the performance of pure fixed-income and fixed-income wealth management indices, indicating that wealth management products, through multi-asset allocation, credit asset allocation, and enhanced strategy with equity, have achieved better overall performance. 3.3 Compliance Rate of the Lower Limit of Wealth Management Products at Maturity This indicator tracks the compliance rate of the lower limit of performance benchmarks for all maturity products of wealth management subsidiaries. In 2025, the overall compliance rate of maturity products for wealth management subsidiaries in the entire market was 68.62%, a slight increase of 1.36 percentage points from 67.26% in 2024. By term, the compliance rate decreases as the product term lengthens, with a significant increase in compliance rate for short-term products. The compliance rate for 1-3 months of products rose by 44.21 percentage points to 89.57% compared to 2024, while the compliance rate for products over 3 years has slightly decreased. The compliance rate is based solely on the lower limit of performance benchmarks and does not represent the overall experience of investor returns. IV. Asset Allocation of Wealth Management Products 4.1 Changes in Asset Allocation in the Bank Wealth Management Market Based on disclosed data on asset allocation at the institutional level, there has been a significant shift in the asset allocation of the entire bank wealth management market in 2025 compared to 2024, transitioning from a predominantly defensive liquidity-based allocation to one centered around fixed-income assets. The proportion of fixed-income assets has increased from 61.14% in 2024 to 69.36%, regaining its dominant position.It shows that under the need for income recovery and stable allocation, financial funds continue to be concentrated in standardized fixed income assets. At the same time, the proportion of bank deposits and settlement reserve funds fell from 25.79% to 20.17%, the proportion of wealth management products fell from 5.71% to 2.73%, and the proportion of repurchase financial assets also decreased slightly, indicating that the previous emphasis on liquidity reserves and transitional allocation has weakened. The proportion of equity increased from 1.69% to 2.47%, although there has been a recovery, it is still at a low level overall, indicating limited improvement in risk appetite for financial funds, with equity allocation still mainly focusing on cautious participation. Overall, the asset allocation of bank wealth management in 2025 shows the characteristics of "fixed income rebound, cash decline, and slight equity recovery", reflecting the industry's adherence to a conservative approach in a low interest rate environment, while also moderately increasing income flexibility.4.2 Bank wealth management institution asset allocation Based on the disclosed asset allocation caliber after penetration by institutions, the major asset allocation of top wealth management institutions in 2025 still revolves around fixed income assets as the core, but there is a significant differentiation between institutions. Fixed income assets generally account for a high proportion, with Postal Savings Bank of China Wealth Management having the highest at 72.11%, followed by Bank of Communications Wealth Management, Bank of Communications Wealth Management, and Industrial Bank Wealth Management all above 60%; Industrial and Commercial Bank of China Wealth Management and China Construction Bank Wealth Management are 46.02% and 47.34% respectively, holding relatively fewer fixed income assets compared to other leading wealth management institutions. At the same time, bank deposits and settlement reserves account for a significant proportion overall, with Industrial and Commercial Bank of China Wealth Management and China Construction Bank Wealth Management reaching 43.30% and 41.23% respectively, indicating that some institutions maintain a strong focus on liquidity reserves. Equity asset allocation is generally low, mostly in the 1%-3% range. Public funds have become an important supplement for some institutions, with Industrial and Commercial Bank of China Wealth Management, China Merchants Bank Wealth Management, and China CITIC Bank Wealth Management having a relatively high proportion. Overall, top institutions continue the framework of "fixed income as the foundation, cash enhancement, low equity allocation," but differences have emerged in liquidity management and diversified asset allocation. 4.3 Bank wealth management institution bond allocation Looking at the bond allocation structure summarized from annual reports of products, the bond allocation of bank wealth management in 2025 still revolves around interbank certificates of deposit, financial bonds, corporate bonds, and medium-term notes, with a clear differentiation between institutions. China Merchants Bank Wealth Management leans towards financial bonds and interbank certificates of deposit, Postal Savings Bank of China Wealth Management has a relatively balanced allocation between financial bonds, medium-term notes, and corporate bonds. Industrial Bank, Bank of Communications, Bank of Communications, Bank of Communications, and Bank of Ningbo allocate more towards corporate bonds and medium-term notes, with a more prominent feature of credit bonds. Ping An Wealth Management and Bank of Shanghai Wealth Management have a high proportion of interbank certificates of deposit, showing a clear orientation towards liquidity management; China CITIC Bank Wealth Management and Beijing Agriculture and Commerce Bank mainly focus on financial bonds. Some institutions also allocate towards targeted tools, asset-backed securities, and other varieties, showing a certain degree of diversification. Overall, it still mainly focuses on stable fixed income. 4.4 Bank wealth management institution public fund allocation Looking at the public fund allocation summarized from annual reports of products, in 2025, the allocation of bank wealth management towards public funds still revolves around bond funds, with most institutions having bond funds accounting for over 80%, with China CITIC Bank Wealth Management, Everbright Wealth Management, Huishang Bank Wealth Management, Postal Savings Bank of China Wealth Management, and Industrial Bank of China Wealth Management approaching or exceeding 90%, showing a clear feature of stable fixed income. In terms of scale, China Merchants Bank Wealth Management and China Minsheng Bank Wealth Management are leading. Equity fund allocation is generally low, with mixed funds mainly concentrated in China Merchants Bank Wealth Management, Bank of Communications Wealth Management, and Everbright Bank. Some institutions have a higher proportion of money market funds, reflecting liquidity management needs. QDII, FOF, and other diversified allocations still have a small proportion, with only a few institutions having some allocation. Overall, although there is differentiation between institutions, the main focus remains on "fixed income as the foundation, low equity allocation, limited diversification." V. Summary of 2025 In 2025, the bank wealth management market delivered a year of expanding scale and stable operation. Driven by factors such as the relocation of deposits, the total market size increased to 33.29 trillion yuan, continuing to trend upwards. The dominant position of wealth management companies in the market was further consolidated, with leading institutions maintaining their dominance in existing scale and new market issuance. In terms of yield performance, driven by the recovery in the equity market during the year, the performance of mixed-type and equity-type wealth management index yields was impressive, and the proportion of products meeting or exceeding the performance benchmark at maturity improved slightly compared to the previous year. In terms of asset allocation, in 2025, bank wealth management continued to focus on fixed income assets, with major asset allocation showing the characteristics of "rise in fixed income, decrease in cash, slight recovery of equity." Bond investments still focus on interbank certificates of deposit, financial bonds, corporate bonds, and medium-term notes, while public fund allocations continue to focus on bond funds, reflecting a consistent stable investment focus. Overall, in 2025, bank wealth management continued to evolve along the path of stable operation and structural optimization in a low interest rate environment. With the backdrop of trillion-level expansion, how to continue optimizing asset portfolio structures and balancing returns and volatility in a low interest rate environment will remain an important focus for bank wealth management institutions in the future. This article is reprinted from "Wind," edited by GMTEight: Jiang Yuanhua.