Core Viewpoint - The report from CITIC Securities indicates that by the end of December 2025, the scale of bank wealth management is expected to reach 33.3 trillion yuan, reflecting a decrease of only 500 billion yuan from the end of November, which is a decline of 1.48%, significantly lower than historical levels [1] Group 1 - The average month-on-month decline in wealth management scale in December over previous years was approximately 800 billion yuan, while the decline in December 2025 exceeded market expectations [1] - The strong demand for scale from wealth management subsidiaries and the proactive drive for growth, combined with the low deposit interest rates creating a "price comparison effect," effectively mitigated the outflow pressure from year-end assessments [1] - The stable performance of wealth management scale provides strong support for short- to medium-term credit bonds [1] Group 2 - Looking ahead to 2026, "fixed income +" products are expected to remain the core growth point, with an anticipated scale increase of at least 1.2 trillion yuan [1] - The overall wealth management scale is expected to surpass 36 trillion yuan for the entire year [1]