CITIC Securities: The total financial management scale for the whole year of 2026 is expected to reach over 35 trillion yuan.

CITIC Securities research report stated that, according to CITIC Securities' calculations, by the end of November 2025, the scale of bank wealth management increased by 300 billion yuan to 33.8 trillion yuan month-on-month, a year-on-year growth of 10.1%. The continuous decline in deposit rates has been driving high-interest matured deposits towards wealth management. Overall, the scale increased by approximately 1.67 trillion yuan from October to November, reaching a new high after the new asset management regulations. Looking ahead to December, due to seasonal factors, the scale of wealth management may slightly shrink to 33 trillion yuan, but it is expected to quickly recover in early January. Looking ahead to 2026, "fixed income+" wealth management products will remain an important driver of wealth management growth. Considering the background of deposit rates entering the "era of 1", the long-term attractiveness of savings continues to decline, forming a clear gap with the average returns of wealth management. It is expected that the total scale of wealth management in 2026 will exceed 35 trillion yuan.