CITIC Securities: It is expected that the total scale of wealth management will reach 35-36 trillion yuan by 2026.

According to the research report of CITIC Securities, as of the end of 2025, the total scale of the bank's wealth management market was 33.29 trillion yuan, and fixed-income products remained the main product type. In terms of asset allocation, although the equity market has performed well, the overall risk preference is not significantly improved due to the constraints of liability customer groups and the stability of net asset value in bank wealth management. Deposits have become the most allocated asset in bank wealth management since last year, while equity holdings have increased very limitedly. Some multi-asset allocations were mainly realized through public fund products in the second half of last year. It is expected that the total scale of wealth management will reach 35-36 trillion yuan in 2026. Strategically, it is expected that the proportion of deposits in the fixed-income part will be maintained, and domestically pure bonds will focus more on steady credit allocation to cope with bond market volatility. In terms of multi-assets, overseas bonds, fixed income + funds, and commodity assets may become important directions for enhancing returns, but it is also necessary to observe the actual situation in combination with the concept of liability customer groups and market conditions. It is expected that the overall risk preference in the wealth management market will still be a long-term process.