Total scale of wealth management products exceeds 25 trillion yuan

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By our reporter Li Bing, and Xiong Yue

As of the time of this report’s publication, among A-share listed banks, the annual reports of all six state-owned major banks and nine joint-stock banks have been released, totaling 15 banks. The annual performance of these banks’ wealth management subsidiaries has also come to light. By the end of 2025, the combined product scale of these 15 banks’ wealth management subsidiaries exceeded 25 trillion yuan, accounting for about 77% of the overall wealth management scale across the market.

Experts interviewed believe that the current bank wealth management industry shows a pattern characterized by “concentration at the top, clear tiering, and diversified coexistence.” As bank wealth management develops toward specialization and differentiation, institutions with strong investment research and development capabilities, product innovation capabilities, and customer service capabilities will gain a larger market share.

The advantages of top-tier institutions continue to stand out

According to statistics, as of the end of 2025, bank wealth management subsidiaries with outstanding or managed wealth management product balances exceeding 2 trillion yuan expanded, with the number of members in the 2-trillion-yuan camp increasing to five, jointly forming the industry’s “first tier.” Ranked from highest to lowest by outstanding or managed wealth management product balances, they are 招银理财 (CMB Wealth Management), 兴银理财 (CIB Wealth Management), 信银理财 (BOB Wealth Management), 农银理财 (ABC Wealth Management), and 工银理财 (ICBC Wealth Management), where 农银理财 and 工银理财 are new members in 2025.

Specifically, the advantages of top-tier institutions continue to stand out. With a wealth management product balance of 2.64 trillion yuan, 招银理财 ranks first in the industry, up 6.88% year over year. CIB Wealth Management and BOB Wealth Management follow closely, with managed scales of 2.43 trillion yuan and 2.30 trillion yuan respectively, representing increases of 11.64% and 15.23% compared with the end of 2024.

ABC Wealth Management and ICBC Wealth Management also performed impressively, with managed scales of 2.15 trillion yuan and 2.09 trillion yuan, respectively, up 9.23% and 6.62% compared with the end of 2024. In addition, the managed scales of 中银理财 (BOC Wealth Management), 光大理财 (CEB Wealth Management), 交银理财 (BCM Wealth Management), and 建信理财 (CCHC Wealth Management) all exceed 1.5 trillion yuan, at 1.96 trillion yuan, 1.95 trillion yuan, 1.75 trillion yuan, and 1.74 trillion yuan respectively.

Of note is that the growth rates in managed scale for some bank wealth management subsidiaries are especially prominent. By the end of 2025, the managed scales of 光大理财, 浦银理财 (PSBC Wealth Management), 民生理财 (CMBC Wealth Management), 中邮理财 (Postal Savings Wealth Management), and 华夏理财 (China Huaxia Wealth Management) all achieved double-digit growth compared with the end of 2024.

Xue Hongyan, a special research fellow at Merchant Bank of Jiangsu, said to reporters from The Securities Daily: “At present, bank wealth management subsidiaries have shown clear tiering characteristics; the top-tier effect continues to strengthen, and industry concentration continues to rise steadily.”

Focus on thickening wealth management returns

In line with growth in scale, the profitability of bank wealth management subsidiaries also shows clear differentiation, with profitability levels forming a positive linkage with scale development.

In terms of profitability, a total of six institutions reported net profits exceeding 2 billion yuan, leading the industry. Among them, ABC Wealth Management performed especially well, with net profit of 3.754 billion yuan and a year-over-year growth rate of 91.92%, ranking first, with profit growth far outpacing peers. CMB Wealth Management, BOB Wealth Management, CIB Wealth Management, BOC Wealth Management, and CEB Wealth Management follow, with net profits of 2.726 billion yuan, 2.664 billion yuan, 2.586 billion yuan, 2.499 billion yuan, and 2.336 billion yuan respectively.

Apart from top-tier institutions, other bank wealth management subsidiaries that have already disclosed earnings data also performed steadily. Among them, PSBC Wealth Management, ICBC Wealth Management, BCM Wealth Management, and CCHC Wealth Management all had net profits exceeding 1.5 billion yuan, at 1.641 billion yuan, 1.637 billion yuan, 1.571 billion yuan, and 1.559 billion yuan respectively.

While profits grew steadily, bank wealth management subsidiaries also accelerated innovation around policy guidance and market demand, channeling wealth management funds into the real economy.

For example, by the end of 2025, CMB Wealth Management’s business balance for wealth management investments in assets supporting the real economy was 2.02 trillion yuan. In 2025, PSBC Wealth Management’s wealth management funds invested a total of 34.807 billion yuan in the green finance sector, covering areas such as clean energy, clean transportation, and green manufacturing.

On the product side, bank wealth management subsidiaries continue to enrich and expand a diversified product system. Using “fixed-income+” products as a starting point, they are accelerating the enhancement of their ability to invest in equity assets. Through multi-asset, multi-strategy portfolio investing, they effectively increase wealth management returns.

For example, in 2025, ICBC Wealth Management participated in over 30 deals investing in new products such as Hong Kong stock IPOs and subscribing for public REITs. In 2025, ABC Wealth Management vigorously developed “fixed-income+” products such as dividends, preferential enjoyment, and diversified enjoyment strategies. By the end of 2025, the outstanding scale of “fixed-income+” products was 578.5 billion yuan.

Among them, many institutions are accelerating their layout in the ESG and green wealth management areas. For example, by the end of 2025, the balance of Ping An Wealth Management’s investment in the green finance sector exceeded 27 billion yuan; BCM Wealth Management’s ESG green-themed product balance totaled 15.7 billion yuan.

Luo Feipeng, a researcher at China Postal Savings Bank, said that from the product side, in the future bank wealth management subsidiaries will build differentiated competitiveness. First, they will increase the supply of open-ended, short-maturity products to enhance liquidity attractiveness; second, they will optimize the “fixed-income+” strategy, controlling equity exposure and volatility, and clarifying risk-return characteristics; third, they will strengthen investor education and transparently disclose product operations and risks; fourth, they will explore differentiated products, such as those linked to specific indices or theme investments, to meet demand in sub-markets.

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Editor: Gao Jia