Zheng Quan Shi Bao Wang·2026-01-16 00:55Core Viewpoint - The banking wealth management scale is projected to reach 33.3 trillion yuan by the end of December 2025, reflecting a decrease of only 500 billion yuan from 33.8 trillion yuan at the end of November, which is a decline of 1.48%, significantly lower than historical averages [1] Group 1: Wealth Management Scale - The average month-on-month decline in wealth management scale in December over previous years was approximately 800 billion yuan, while the 2025 December decline was much less than market expectations [1] - The strong demand for scale from wealth management subsidiaries and the "price comparison effect" due to low deposit rates effectively mitigated the outflow pressure from year-end assessments [1] Group 2: Credit Bonds and Future Outlook - The stable performance of wealth management scales provides strong support for short- to medium-term credit bonds [1] - For 2026, "fixed income +" products are expected to remain a core growth driver, with an anticipated scale increase of at least 1.2 trillion yuan, leading to an overall wealth management scale potentially exceeding 36 trillion yuan for the year [1]