La batalla por atraer fondos en gestión patrimonial se intensifica: el club de los 2 billones se amplía y los canales de intermediación se convierten en la baza decisiva

Li Yunqi China Securities Journal

Recently, wealth management companies have successively released their 2025 second-half wealth management business reports. Combined with the 2025 annual reports published by listed banks, China Securities Journal reporters found that last year, multiple wealth management companies achieved relatively large growth in their management scale. The RMB 2 trillion club expanded to five companies: CMB Wealth Management, Xingyin Wealth Management, Xinyin Wealth Management, Agricultural Bank Wealth Management, and Industrial and Commercial Bank Wealth Management. When revisiting the reasons behind the scale growth, multiple wealth management companies mentioned expansion of distribution channels and optimization of product layouts.

Given the opportunity for residents to reallocate fixed deposits, the prospects for the wealth management industry are promising. Providing better customer service and improving investors’ holding experience and sense of gain are the mandatory questions that wealth management companies must answer.

Xinyin Wealth Management’s management scale jumps to third place

Data from China Wealth Management Network shows that at the end of 2025, the outstanding wealth management company business scale was 30.71 trillion yuan, a year-on-year increase of 16.72%. In terms of management scale, CMB Wealth Management, Xingyin Wealth Management, and Xinyin Wealth Management ranked in the top three at the end of 2025, with asset management scales of 2.64 trillion yuan, 2.43 trillion yuan, and 2.30 trillion yuan, respectively. Meanwhile, Agricultural Bank Wealth Management and Industrial and Commercial Bank Wealth Management also exceeded 2 trillion yuan; the RMB 2 trillion club expanded to the five aforementioned companies.

Among them, Xinyin Wealth Management’s management scale grew faster in 2025, placing third. At the same time, the rankings of Agricultural Bank Wealth Management and Industrial and Commercial Bank Wealth Management both fell by one position. In its annual report, China CITIC Bank said that in 2025, Xinyin Wealth Management fully responded to investors’ increasingly diversified wealth management needs. On the basis of serving as a key main supplier of fixed-income products, it also strove to be an important supplier of right-options-linked products. As of the end of 2025, the outstanding scale of right-options-linked products was 307.1k yuan, an increase of 26.4k yuan from the end of the previous year. The proportion of such products in newly issued products rose from 9.68% to 14.70%. The company also accelerated the improvement of its equity-asset investment capability. By employing multi-asset, multi-strategy portfolio investment, it effectively increased wealth management returns.

In 2025, the management scale growth of multiple wealth management companies was impressive. By the end of 2025, Guangda Wealth Management, Xinyin Wealth Management, China Post Wealth Management, and Minsheng Wealth Management all saw their management scales increase by more than 300 billion yuan compared with the beginning of the year. Among wealth management companies affiliated with joint-stock banks, BoYin Wealth Management and NingYin Wealth Management both recorded year-on-year growth of more than 40%. The management scale growth of two joint-venture wealth management companies—Fubon Bank (Asia) Agriculture and Huaihua Wealth Management—was even more than 100% for both.

Kong Xiang, head of the non-bank financial services industry at Guoxin Securities, said that based on the combined data, in 2025 the wealth management products under the sample wealth management companies grew in scale by 13% year-on-year, while total net profit grew by 16% year-on-year. Profit growth was faster than scale growth. This is related to wealth management companies generally cutting down on cash management-type products and increasing the proportion of multi-asset products, whose management fees are higher and also have opportunities to obtain additional profit-sharing. As deposit interest rates decline, after residents’ fixed deposits mature, they look for “low-volatility, stable-return” products as alternatives, which has promoted a significant expansion of multi-asset wealth management products.

**　Focus on product optimization and distribution expansion**

Looking through the 2025 annual reports of various banks, it can be found that expansion of distribution channels and optimization of product layouts are important engines behind wealth management companies’ scale growth.

Taking Guangda Wealth Management as an example: as of the end of 2025, the company’s total management assets stood at 24.3k yuan, a year-on-year increase of 23k yuan. In its annual report, Guangda Bank stated that in 2025, Guangda Wealth Management deepened the development of its “Seven-Colored Sunshine” product system, focusing on strengthening professional capabilities in multi-asset and multi-strategy investment research. By responding to market demand through diversified allocation, it supported investors. As of the end of 2025, the balance of outstanding hybrid-type wealth management products of Guangda Wealth Management was 20k yuan, accounting for 9.47% of the company’s total wealth management product amount. This proportion is at a relatively high level within the industry.

China Post Wealth Management also saw standout growth in its management scale. In its annual report, Postal Savings Bank stated that as of the end of 2025, the product scale of China Post Wealth Management was 337.46B yuan, up 28.81% from the end of the previous year. In terms of incremental amount and growth rate, it ranked at the top end of the industry. Among this, the postal bank’s channel scale increased by 148.96B yuan, and third-party distribution scale increased by 84.18B yuan. It is worth noting that China Post Wealth Management accelerated the expansion of third-party distribution. It had cumulatively signed agreements with 58 out-of-bank distribution channels. Large-channel coverage is leading in the industry. The number of institutional customers grew by 9.19%. The institutional customer outreach and customer acquisition service system in which the parent bank’s distribution, out-of-bank distribution, and direct sales all advanced in parallel was continuously improved. The growth in management scale also drove an improvement in China Post Wealth Management’s performance. In the first half of 2025, China Post Wealth Management achieved operating income of 1.976 billion yuan and net profit of 1.171 billion yuan; the two indicators were up 14.55% and 13.69%, respectively, compared with 2024.

BoYin Wealth Management’s product scale also increased substantially. At the end of 2025, BoYin Wealth Management’s managed product scale was 1.98B yuan, an increase of 1.17B yuan from the end of 2024, up 50.11%. In its annual report, Bohai Bank said that BoYin Wealth Management’s expansion of out-of-bank distribution channels achieved notable results. As of the end of 2025, it had reached distribution cooperation with 116 out-of-bank institutions. Distribution channels cover state-owned big banks, joint-stock banks, city-and-rural commercial banks, private banks, and others. The scale of out-of-bank distributed wealth management products was 248.93B yuan, an increase of 83.1B yuan from the end of 2024, representing growth of 209.75%. It is worth noting that although the management scale grew significantly, the growth rate of BoYin Wealth Management’s performance was relatively small. In 2025, BoYin Wealth Management achieved operating income of 74.81B yuan and net profit of 0.222 billion yuan. Compared with 2024, the two indicators increased by 0.72% and 0.45%, respectively.

An industry insider said that developing out-of-bank distribution channels helps to rapidly increase management scale, but it also requires directing high-quality assets toward out-of-bank distribution channels. Inevitably, this may not fully consider the needs of customers within the bank.

**　Strive to enhance investors’ sense of gain**

Against the backdrop of fast overall industry growth, the management scale growth of some wealth management companies has stalled or even declined. Ping An Bank’s annual report shows that as of the end of 2025, Ping An Wealth Management’s wealth management product balance was 50.66B yuan, down by about 10% year-on-year. In 2025, Ping An Wealth Management achieved net profit of 1.476 billion yuan, down more than 20% from the previous year. Comparing Ping An Wealth Management’s wealth management business semi-annual report, it can be found that the scale of its fixed-income type products decreased by 417M yuan in 2025, which is the main factor leading to the company’s management scale decline.

The aforementioned wealth management industry insider told reporters that last year, Ping An Wealth Management promoted strategic transformation and relied mainly on sales by the parent bank while reducing out-of-bank distribution. This may be an important reason for the company’s management scale decline last year.

Also not going smoothly in 2025 was Qingyin Wealth Management. In 2025, Qingyin Wealth Management achieved operating income of 0.402 billion yuan and net profit of 0.187 billion yuan, declining by 26.91% and 37.04%, respectively, compared with 2024.

Tan Yiming, chief fixed-income analyst at China Renaissance Securities, said that after the industry’s net value-based management is fully implemented, it is unavoidable to face market volatility, and the product experience may be reshaped. In the short term, under the trend of residents re-allocating deposits, and given that wealth management products currently still have relative advantages in channels and yields, some maturing residents’ fixed deposits can still be partially absorbed. From a medium- to long-term perspective, if customers’ experience of holding products continues to be unsatisfactory, scale outflows are not ruled out.

Facing diversified needs, multiple wealth management companies focus on improving investors’ holding experience and sense of gain. BoYin Wealth Management said that the company continuously enriches its product shelves and strives to improve product performance, creating stable value for investors. It focuses on launching hybrid-type and fixed-income enhancement-type wealth management products, forming a multi-strategy product matrix such as “fixed-income + dividends, diversification, convertible bonds, gold, new share subscriptions, time deposit certificates, and industry rotation.” It provides customers with differentiated product supply to meet different wealth management needs. In 2025, there were 253 matured closed-ended products. The redemption rate below the lower limit of the performance comparison benchmark was 99.60%. It serves more than 1.1 million investors, creating returns of over 4.8 billion yuan for investors.

Xiao Feifei, chief bank industry analyst at CITIC Securities, believes that in 2026 the wealth management industry needs to focus on three tasks: optimizing asset allocation strategies, optimizing product design, and strengthening investor education. Wealth management companies should establish a thinking of diversified allocation across major asset classes, realizing balanced allocation across multiple products such as fixed income, equities, and commodities. By allocating assets such as stocks, gold, and REITs, they can diversify the risk of a single bond market risk. They can also use strategies such as derivatives to hedge interest-rate risk. In addition, by cultivating a risk investment philosophy and strengthening risk expectation management, among other methods, companies should further refine and improve systems related to investors’ suitability management, and strengthen full-lifecycle information disclosure and risk warnings for products.

(Editor: Qian Xiaorui)

Keywords: