26 финансовых компаний к 2025 году вложат в долю более 500 миллиардов юаней, а аналитики прогнозируют, что в этом году инвестиции в финансовые продукты могут «вливаться» в фондовый рынок на сумму около 3000 миллиардов юаней

Cailian Press 2 April report (Editor: Wang Wei) In 2025, driven by factors including the AI industry boom and policy support, the stock market performed strongly, with the Shanghai Composite Index rising 18.41% and the Shenzhen Component Index up 29.87%.

As one of the main providers of funds to the market, how were wealth management companies’ equity investments in 2025?

According to Cailian Press’s incomplete compilation, as of April 2, among 32 wealth management companies that have already started operations, 26 have disclosed their 2025 wealth management business reports. Nanyin Wealth Management, Ningyin Wealth Management, Beiyin Wealth Management, Yuron Commercial Bank Wealth Management, Goldman Sachs Industrial Bank Wealth Management, and Schroders Bank of Communications Wealth Management have not yet disclosed.

Overall, in 2025, wealth management companies’ equity investments did not increase noticeably. At year-end, the equity investment scale of 26 wealth management companies was 300B yuan, down 6.5% from the end of 2024; and the scale and proportion of equity investments of 14 wealth management companies, including Agricultural Bank Wealth Management and China Merchants Wealth Management, decreased to some extent compared with the end of 2024.

Looking ahead to 2026, many institutions hold an optimistic view of the wealth management investment equity market and predict that it may bring 1500-500B yuan of incremental funds to the stock market.

Equity investments of 26 wealth management companies exceeded 8B yuan in 2025

Although the A-share market in 2025 performed strongly overall, wealth management companies’ absolute scale and allocation proportion in equity-type assets did not rise accordingly; instead, they showed a generally shrinking trend. The equity investment situation of the wealth management companies that have disclosed their wealth management business reports (26 companies) is shown in the chart below:

Data source: wealth management business reports; compiled by Cailian Press

Overall, the total equity investment amount of 26 wealth management companies at the end of 2025 was 243M yuan, down 6.5% from the end of 2024.

In addition, among large-bank wealth management companies, the scale and proportion of equity investments of Agricultural Bank Wealth Management, Industrial and Commercial Bank Wealth Management, Bank of Communications Wealth Management, and China Post Wealth Management both declined. Among joint-stock bank wealth management companies, the scale and proportion of equity investments of China Merchants Wealth Management, Ping An Bank Wealth Management, Ping An Wealth Management, and Guangyin Wealth Management both declined for five companies.

Hengfeng Wealth Management’s equity investment increased by 252.69% in 2025. The reason is its low base; its absolute investment amount at the end of 2025 was 85.16B yuan. Bohsin Wealth Management, China Construction Bank Wealth Management, Bank of China Wealth Management, Xingyin Wealth Management, and Hangyin Wealth Management seized market trends and significantly increased their equity investment scales; their absolute investment amount increases in 2025 were all above 50%.

From the perspective of absolute amounts, at the end of 2025, among the 26 wealth management companies with disclosed data, Agricultural Bank Wealth Management had the largest equity investment scale, at 64.9B yuan, accounting for 3.81%; followed by Everbright Wealth Management with 62.25B yuan, accounting for 3.14%; China Merchants Wealth Management ranked third with an absolute amount of 55.45B yuan, accounting for 2.12%; and Industrial and Commercial Bank Wealth Management had an absolute investment amount of 554.46 billion yuan, accounting for 2.59%.

According to Industrial and Commercial Bank’s annual report, Industrial and Commercial Bank Wealth Management participated in more than 30 new product types in 2025, such as HK stock IPOs and public REITs subscription.

In terms of proportion, Su Yin Wealth Management stands out: its equity investment was 533.45 billion yuan, accounting for 6.11% of the total assets of all products. It布局 the equity market through a dual-wheel drive of “self-managed investment + outsourced investment.”

A sharp contrast is that wealth management funds’ enthusiasm to indirectly participate in the capital market through public funds has risen unprecedentedly. According to data disclosed on China Wealth Management Net, at the end of 2025, the scale of bank wealth management products’ investments in public funds was 1.81 trillion yuan, accounting for 5.1%. At the end of 2024, this figure was only 0.93 trillion yuan, accounting for 2.9%.

Why did the outsourced demand for public funds increase for wealth management in 2025? In its research report, China International Capital Corporation stated that because some wealth management institutions were still in a window period for building their equity investment research and development capabilities, in a bull market environment wealth management institutions were not inclined to directly increase allocations to stock investments in the early stage. Instead, they gradually improved the equity asset exposure first by allocating to public funds, thereby bringing better allocation flexibility.

Specifically, in the fourth quarter, wealth management continued to increase allocations to hybrid second-level bond funds and equity ETF products. The total increase in hybrid-type fund allocations was 249 billion yuan to 53.35B yuan (including QDII), and the increase in hybrid second-level bond fund allocations was 313 billion yuan to 18.1k yuan.

Analyst at West China Securities, in its research report, analyzed that in the future, cooperation with public funds may continue to deepen. While serving as a liquidity management tool, it will also become an important channel for wealth management to explore multi-asset fields and enhance long-term returns. On the one hand, the impact of new rules on redemption fees is limited, and public funds may still be the core liquidity management tool. On the other hand, wealth management can also use public fund products to build “fixed-income +”. In addition, ETFs traded on-exchange, with their low fees and flexible subscription and redemption, may be an important tool for wealth management to achieve diversified asset allocation.

In 2026, institutions predict wealth management could bring 1500-9.3k yuan of allocation funds to the stock market

Objectively speaking, as the banking wealth management industry advances in equity asset allocation, it still faces challenges. The root cause lies in the structural bridging characteristics of the industry’s transformation after the implementation of the asset management new regulations. This is mainly reflected in two aspects: customer cognition adaptability and matching between fund tenors.

Zhu Guangyue, an analyst at Guosheng Securities, said in its research report that after the asset management new regulations are implemented, bank wealth management fully shifts to net-value-based management. Equity-type assets must strictly use the market value method for valuation. Fluctuations in asset prices will directly reflect in product net values. This compliance requirement creates a contradiction during the transitional adjustment phase with some customers’ traditional understanding of wealth management.

In addition, the natural contradiction between wealth management product liquidity management and asset attributes, as well as the dual constraints of risk control and performance assessment, further compress the space for equity allocation. Some products are constrained by asset admission policies, making it difficult to diversify risk and enhance returns through multi-asset portfolios. Coupled with short-term performance assessment pressure, institutions still remain cautious in equity asset allocation.

Zhu Guangyue believes that for the wealth management industry, improving wealth management’s ability to allocate equities is not only an inevitable measure to respond to policy calls and fulfill the long-term funds’ requirement to enter the market, but also the core lever to break reliance on fixed-income business and achieve an upgrade in wealth management business, bringing value-added incremental benefits to the industry and segments.

In the short term, “fixed-income + equity” products have become the core direction for the transition and the main focus. They can thicken product returns while controlling net-value volatility, effectively enhance customer stickiness, and also align with the major trend of residents’ wealth “shifting from deposits to diversified assets,” helping banks seize shares in the wealth management market.

In the long term, as bank wealth management’s equity allocation ratio continues to rise steadily and investment research and development capabilities are continuously strengthened, it will drive banks to transform from “traditional fixed-income asset managers” into “comprehensive wealth service providers,” building a business layout driven by a dual wheel of “fixed-income + equity.” This will break through valuation bottlenecks of traditional businesses and open new valuation space for the banking sector.

Everbright Securities said that in 2026, wealth management products will further expand products with equity-linked features, with strong demand for such products. Multi-asset allocation represented by assets with equity exposure will continue to be an important way for wealth management to enhance returns. In terms of equity investments, besides the stock-type assets that the market focuses on, wealth management can also participate through various means such as strategic placement and off-exchange IPO subscriptions, and it is estimated that in 2026 wealth management is expected to bring 1500-24.9B yuan of allocation funds to the stock market.

CICC also said that in a slow bull market scenario, incremental equity capital for wealth management is expected. As China’s capital market moves toward high-quality development, regulators hope to build a slow bull market by approaches such as buying and selling ETFs and introducing long-term capital. Against this backdrop, it is beneficial for wealth management investors to be able to “hold on” to the equity assets in their hands more confidently;

In addition, some wealth management institutions with a higher degree of market orientation have started to explore the layout of equity-included products more actively. Together with support from the bank channel side, CICC said it expects there to be room for wealth management to increase allocations to equity assets in a slow bull market, and expects that in 2026 and 2027, the actual equity allocation positions of wealth management could rise to 2.1% and 3.0% respectively, bringing about 175.9B yuan and 31.3B yuan of incremental equity market funding respectively.

(Editor: Qian Xiaorui)

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