Half-Year Report: Bank Wealth Management Scale Exceeds 30 Million Yuan, Mainstay Commissioned Sales Share Drops to 65%

July 27, Nation Securities released a research report on the banking industry. The latest data from the Banking Wealth Management Registration Center shows that as of the second quarter of 2025, the scale of bank wealth management products reached 30.67 million yuan, with a year-on-year increase of 7.53%. Notably, the proportion of commissioned sales by mainstay companies has dropped to 65%, indicating progress in diversifying channels.

The market is presenting five structural changes: Cash management product scale continues to shrink to 6.4 million yuan, down 14.55% year-on-year; wealth management company market share rises to 89.61%, with leading institutions expanding their advantages; credit assets account for a decreasing proportion of 38.8%, while publicly traded fund allocations rise to 4.2%; average annual yield on wealth management products drops to 2.12%, down 53 basis points from last year; and the number of commissioned sales agencies increases to 569, adding 7 new ones since the beginning of the year.

On the asset side, standardized debt assets still dominate, accounting for 80.4%. Commercial paper allocations drop to 13.8%, while cash and bank deposits rise to 24.8%. Equity assets maintain a configuration ratio of 2.4%, and non-standard assets remain at 5.5%.

Market analysis suggests that under the backdrop of asset shortages, wealth management returns continue to be pressured, with institutions seeking to enhance returns through increased allocations to publicly traded funds. As net worth becomes increasingly important, the wealth management market experiences a Matthew effect, further highlighting the advantages of leading institutions in terms of investment research and product innovation.

Looking ahead, industry research reports recommend focusing on both cycle-based and dividend-based strategies. In an environment where interest rates are trending downward, bank stocks with stable dividend capabilities or those that can continue to gain market favor are worth paying attention to.