CITIC Securities: The size of wealth management in December only decreased by 500 billion compared to the previous month.

According to the research report of CITIC Securities, it is estimated that by the end of December 2025, the scale of bank wealth management will reach 33.3 trillion yuan, a decrease of 500 billion yuan compared to the end of November's 33.8 trillion yuan, with a withdrawal rate of 1.48%, significantly lower than historical levels. Looking back at the data from previous years, the average monthly decline in wealth management scale in December was about 800 billion yuan. However, the withdrawal rate in December 2025 far exceeded market expectations, with the core driving factors being the strong demand for scale of wealth management subsidiaries and active impulse, combined with the "price comparison effect" under the low interest rate operation of deposits, effectively hedging the outflow pressure of funds brought about by year-end assessments. The stable performance of wealth management scale has provided strong support for short-to-medium-term credit bonds. Looking ahead to 2026, "fixed income +" products will continue to be the core growth point, with an expected scale increment of at least 1.2 trillion yuan. It is expected that the overall scale of wealth management for the whole year will exceed 36 trillion yuan.