GTHT released a research report indicating that the outstanding scale of bank wealth management products reached 33.7 trillion yuan at the end of June 2026, an increase of 0.37 trillion yuan from the beginning of the year and a year-on-year growth of 9.75%. Products with medium-low and lower risk levels accounted for nearly 95% of the total at the end of the half-year, maintaining their dominant position in the wealth management market. Low risk continues to be the primary characteristic of this market. The scale of wealth management products experienced steady recovery in the first half of 2026, with a continued trend toward multi-asset allocation. Allocations to public funds notably increased, and the market-leading position of wealth management companies was further consolidated.
The key viewpoints from GTHT are as follows:
Wealth Management Scale Shows Steady Growth with Second Quarter Hitting a Record High Since 2025
The outstanding scale of bank wealth management products reached 33.7 trillion yuan at the end of June 2026, an increase of 0.37 trillion yuan from the start of the year and a year-on-year increase of 9.75%. In the second quarter alone, the scale increased by 1.75 trillion yuan, marking the highest single-quarter growth since 2025. The total number of products on the market reached 51,200, a 10.58% increase from the beginning of the year and a 22.49% year-on-year increase. The ongoing impact of deposit migration continues to be evident, and the scale of wealth management products is expected to maintain the positive momentum seen since the second quarter. The average annualized return rate for wealth management products in the first half was 2.05%, an improvement of 7 basis points compared to the full-year average for 2025.
Closed-End Product Maturities Lengthen, Individual Investor Risk Preferences Show Polarization
Regarding product structure: 1) At the end of the half-year, closed-end and open-end wealth management products accounted for 22.25% and 77.75% of the total, respectively. The proportion of open-end products fell by 2.12 percentage points from the start of the year. The share of cash management products within open-end products decreased by 2.22 percentage points to 24.26%. The maturities of closed-end products have lengthened, with the proportion of closed-end products with maturities over one year increasing by 3.23 percentage points from the start of the year to 74.1%. 2) By investment type, fixed-income products, mixed products, and equity products accounted for 96.49%, 3.18%, and 0.27% of the total, respectively. Compared to the beginning of the year, these proportions changed by -60 basis points, +57 basis points, and +3 basis points, respectively. The proportion of commodity and financial derivatives products remained largely unchanged. The trend toward multi-asset allocation in the wealth management industry is becoming increasingly clear. 3) By risk level, the proportion of individual investors with a risk preference of Level 1 (conservative) and Level 5 (aggressive) increased by 0.98 percentage points and 0.81 percentage points year-on-year, respectively. Products with medium-low and lower risk levels accounted for nearly 95% of the total at the end of the half-year, maintaining their dominant position in the wealth management market, with low risk remaining the primary characteristic.
Bond Asset Allocation Continues Downward Trend, Public Fund Asset Allocation Reaches a New High Since 2020
At the end of the half-year, the total investment asset scale of wealth management was 36.0 trillion yuan, with a leverage ratio of 106.8%, essentially flat compared to the end of the first quarter. Within the investment portfolio: 1) The proportion of fixed-income assets continued to decline, with the total share of bonds and negotiable certificates of deposit (NCDs) falling by 1.2 percentage points from the end of the first quarter to 50.2%. Specifically, the proportion of NCDs dropped by 1.2 percentage points from the end of the first quarter to 8.6%. 2) Demand for cash and deposit allocations remained relatively rigid, accounting for 28.1% at the end of the half-year, a slight decrease of 0.6 percentage points from the end of the first quarter, and essentially flat compared to the start of the year. 3) Allocations to public fund assets continued to increase. In the second quarter, allocations to public funds increased by 0.57 trillion yuan to 2.52 trillion yuan, pushing the proportion of public funds up by 1.3 percentage points from the end of the first quarter to 7.0%. This absolute level of proportion is essentially at its highest since 2020.
Wealth Management Companies' Dominant Position Continues to Strengthen, Up 0.4 Percentage Points from the Start of the Year
At the end of the half-year, the product balance of the 32 wealth management companies was 31.2 trillion yuan, a year-on-year increase of 13.5%. There were 185 banks still offering outstanding wealth management products, a decrease of 6 from the beginning of the year. The progress of issuing subsequent wealth management subsidiary licenses warrants continued attention. Risk warning: Fluctuations in the bond and capital markets could lead to slower-than-expected growth in wealth management scale and income.
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