CITIC Securities: Continued positive outlook in the wealth management market, banks need to continue optimizing asset allocation strategies.

The research report of Citic Securities stated that by 2025, the bank's wealth management will continue to grow due to the prosperous environment, with the total wealth management scale exceeding 33 trillion yuan by the end of the year, an increase of 11.15% compared to the beginning of the year. In the second half of the year, benefits from the maturity of fixed-term deposits, the growth pattern is better than seasonal characteristics. The proportion of fixed-income products continues to remain high, while the proportion of hybrid products is gradually rising each quarter in 2025, possibly related to the performance of the capital market and the call for long-term funds to enter the market. From the perspective of asset allocation, wealth management products decrease their allocation of bonds and interbank deposits, and increase their allocation of deposits and public funds. Looking ahead, in 2026, the prosperity of the wealth management market will continue to be positive, and banks will need to continue to optimize their asset allocation strategies, optimize product design, strengthen investor education, and solidify the foundation for business development.