CITIC Securities: Deposits were the most allocated asset for wealth management in the past year.

CITIC Securities research report pointed out that deposits were the asset with the highest increase in allocation in the past year. In terms of trends, according to statistics from the Chinese financial website, the proportion of cash and bank deposits in bank wealth management has been increasing quarterly since 2025, reaching 28.20% in 25H2, an increase of 4.30 percentage points from 24H2, with an absolute scale reaching 10.06 trillion yuan, of which the second half of the year increased by 1.92 trillion yuan compared to the previous half year. Logically, in the first half of 2025, the liquidity was relatively tight, non-bank deposit rates were higher, and the cost-effectiveness of allocating deposits compared to bonds was higher; however, in the second half of the year, the bond market was volatile, institutions actively increased their deposit investments to stabilize the fluctuation of product net values, becoming the core force driving the growth of non-bank deposits in the second half of the year in financial data.