As 2026 begins, the domestic bank wealth management market is heating up, with fixed-income products firmly holding their position as the market's mainstay, while gold-linked structured deposits have emerged as a surprising "dark horse" category.
Industry insiders indicate that driven by capital released from maturing time deposits, the wealth management market scale is expected to grow by 3.83 trillion yuan in 2026, with product structure optimization and differentiated competition becoming core themes for industry development.
The new year's wealth management market is sharply focused on low-risk products.
Data from Puyi Standards Research shows that from January 1st to 16th, 1,212 new RMB wealth management products were issued in the bank wealth management market, with wealth management companies contributing 894 products, becoming the main supply force. Looking at product structure, fixed-income products accounted for a dominant 97.2%.
"Since the start of the year, client inquiries have primarily centered on fixed-income products. Short-duration pure fixed-income products and low-volatility 'fixed-income+' products are the core categories we are currently promoting," a bank wealth manager stated. Compared to the market volatility of equity products, investors currently place greater emphasis on asset safety and return stability. She also revealed that to further attract capital inflows, institutions have launched targeted fee preferential policies, for example, reducing the annual management fee for some cash management-type fixed-income products from 0.2% to 0.01% to enhance product competitiveness.
Another bank wealth manager explained that for clients with different risk appetites, institutions adopt differentiated recommendation strategies: conservative clients are primarily recommended pure fixed-income products with expected annualized returns between 2.4% and 3.1%; for clients with slightly higher risk tolerance, allocation to "fixed-income+" products is suggested, aiming to capture structural investment opportunities through a 5% to 10% equity allocation.
Furthermore, against the backdrop of gold prices fluctuating at high levels, gold-linked structured deposits have become the "dark horse" of the early-year wealth management market. Both domestic and foreign banks are increasing their布局 (bùjú, layout), with products showing a clear pattern of differentiated competition: domestic banks focus on short terms and low thresholds, with product expected annualized returns reaching up to over 2%; foreign banks, meanwhile, target high-net-worth client segments, with some products offering expected annualized returns as high as 5%.
Gao Zhengyang, a special researcher for Sushang Bank, commented that in the context of a declining interest rate environment, fixed-income products have become preferred alternatives to deposits due to their core characteristics of relatively low risk and stable returns. "Fixed-income+" products enhance return flexibility by allocating a small portion to assets like equities, broadening the return space while effectively controlling drawdown risks, which aligns well with investors' desire for steady progress. The popularity of gold-linked structured deposits is mainly attributed to the持续攀升 (chíxù pānshēng,持续攀升) heat in the gold market; these products offer guaranteed base returns and potential upside in their structural design, balancing safety and profitability, providing investors with a low-threshold avenue to participate in the gold market.
The future wealth management scale is expected to expand steadily.
Kaiyuan Securities estimates that even under conservative assumptions, the wealth management market scale could grow by 3.83 trillion yuan in 2026.
Zhou Yiqin, founder of Shanghai Guantiao Information Consulting Center, stated that in 2026, the bank wealth management market scale will overall exhibit a trend of "steady growth with minor rhythmic bumps," with the annual scale expected to increase by 5% to 10% year-on-year. The comparison effect between deposits and wealth management, coupled with the sluggish performance of public bond funds prompting capital relocation, will see low-volatility stable-type and "fixed-income+" products acting as the main recipients; influenced by true net value fluctuations, diversion by insurance dividend products, and banks' periodic deposit-gathering activities, product scales might experience short-term volatility. However, in the long run, wealth management institutions should strengthen their multi-asset allocation capabilities, use low-risk products to solidify the foundation, and moderately expand products containing equity exposure.
In Gao Zhengyang's view, future innovation in bank wealth management will focus on three directions: multi-asset allocation, scenario-based services, and technology empowerment. At the asset allocation level, investment tools for fixed income, equities, derivatives, and other categories will be enriched; scenario-based services will align with whole-life-cycle needs such as pension and education; technology empowerment will involve digital upgrades to smart advisory services, enabling dynamic asset allocation and real-time risk warnings.
Gao Zhengyang suggested that, from a long-term perspective, the competitive focus of the bank wealth management market might shift towards a contest of institutions' comprehensive capabilities. The first is investment research capability—institutions capable of constructing robust asset allocation and risk control systems are more likely to stand out in long-term competition. The second is product system construction—there is a后续需求 (hòuxù xūqiú,后续需求) to continuously build a comprehensive product matrix with clear risk stratification, reasonable term structure, and coverage for diverse needs. The third is client service capability—leveraging digital tools to provide clients with precise profiling, customized asset allocation advice, and持续陪伴式 (chíxù péibàn shì,持续陪伴式) ongoing advisory services may become one of the institution's core competencies. The fourth is brand and compliance capability—in a market environment characterized by常态化 (chánghuàtài,常态化) normalized strong regulation, institutions that adhere to prudent operations, transparent information disclosure, and sound risk management are more likely to win investors' long-term trust and form a moat.
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