33万亿市场，新动向！

Core Insights - The wealth management market in China is experiencing significant growth, with a focus on expanding deposit-based products and multi-asset strategies to enhance returns in a low-interest-rate environment [1][2] Group 1: Market Overview - As of the end of 2025, the bank wealth management market reached a scale of 33.29 trillion yuan, marking an 11.15% increase from the beginning of the year [2] - The growth is attributed to an upgrade in resident wealth management needs, a decline in deposit rates prompting a shift from deposits to bank wealth management, and enhanced professional capabilities of wealth management companies [2][3] Group 2: Asset Allocation Trends - In 2025, the increase in asset allocation for wealth management reached 3.53 trillion yuan, with deposits accounting for 28.2% of the total, a near-high level [3] - Public funds saw a second-highest allocation increase at 25.1%, while equity assets decreased by 170 billion yuan, with a more significant drop of 120 billion yuan in the second half of the year [3][4] Group 3: Future Strategies - For 2026, experts recommend optimizing product stratification and asset allocation, focusing on multi-asset and multi-strategy approaches to enhance returns [1][5] - There is a suggestion to maintain a high allocation to public funds, as new sales regulations are more favorable for wealth management, allowing for better liquidity management [6][7] - The report emphasizes the importance of balancing equity exposure while enhancing the stability of net asset values through increased allocation to deposit-based assets [6][7]