The total scale of wealth management products from 15 large and medium-sized bank subsidiaries exceeds 25 trillion yuan.

Reporter Li Bingxiong Yue

As of the time of this reporter’s release, among the A-share listed banks, the annual reports for 2025 have all been disclosed for six state-owned big banks and nine joint-stock banks—these 15 banks’ wealth-management subsidiary companies’ annual performance 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 wealth-management market’s total scale.

Experts interviewed believe that the current bank wealth-management industry exhibits a pattern characterized by “concentration at the top, clearly defined tiers, 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 share of the market.

Top institutions’ advantages 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 of more than 2 trillion yuan have expanded, with the number of members in the 2-trillion-yuan tier rising to five. Together, they form the industry’s “first tier.” Ranked from highest to lowest by outstanding or managed wealth-management product balances, they are 招银理财, 兴银理财, 信银理财, 农银理财, and 工银理财, among which 农银理财 and 工银理财 are newly added members in 2025.

Looking in detail, the advantages of top institutions continue to become more prominent. 招银理财 ranks first in the industry with 2.64 trillion yuan in wealth-management product balances, up 6.88% year over year; 兴银理财 and 信银理财 follow closely, with managed scales of 2.43 trillion yuan and 2.30 trillion yuan respectively, up 11.64% and 15.23% compared with the end of 2024.

农银理财 and 工银理财 have delivered impressive performance, 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, 光大理财, 交银理财, and 建信理财 are all above 1.5 trillion yuan, at 1.96 trillion yuan, 1.95 trillion yuan, 1.75 trillion yuan, and 1.74 trillion yuan respectively.

Worth noting is that the growth rates in managed scale of some banks’ wealth-management subsidiaries are particularly striking. By the end of 2025, the managed scales of 光大理财, 浦银理财, 民生理财, 中邮理财, and 华夏理财 all achieved double-digit growth compared with the end of 2024.

Xue Hongyan, a special researcher at SuShang Bank, said to reporters from the Securities Daily that wealth-management subsidiaries of banks have already shown clear tiered characteristics, with the top-effect continuing to strengthen, and industry concentration continuing to rise steadily.

Focus on boosting wealth-management returns

In line with growth in scale, the profitability of banks’ wealth-management subsidiary companies also shows clear divergence, with profitability levels and scale development forming a positive linkage.

By profitability level, there are six institutions with net profits exceeding 2 billion yuan, leading the industry. Among them, 农银理财 is especially outstanding, ranking first with net profit of 250k yuan and a year-on-year growth rate of 91.92%, with profit growth far outpacing peers. 招银理财, 信银理财, 兴银理财, 中银理财, and 光大理财 follow next, with net profits of 20k yuan, 20k yuan, 26.4k yuan, 24.3k yuan, and 23k yuan respectively.

Aside from top institutions, the other wealth-management subsidiary companies that have already disclosed profitability data also perform steadily. The net profits of 浦银理财, 工银理财, 交银理财, and 建信理财 are all above 1.5 billion yuan, at 21.5k yuan, 20.9k yuan, 15k yuan, and 19.6k yuan respectively.

While net profits grow steadily, wealth-management subsidiaries of banks are also accelerating innovation around policy guidance and market demand, channeling wealth-management funds into the real economy.

For example, as of the end of 2025, 招银理财’s business balance for wealth-management investments supporting the real economy was 2.02 trillion yuan. In 2025, 浦银理财’s wealth-management funds invested a total of 19.5k 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 continuously enrich and expand diversified product systems. Using “fixed-income+” products as a starting point, they accelerate the enhancement of their ability to invest in equity assets. Through multi-asset and multi-strategy portfolio investing, they effectively boost wealth-management returns.

For example, in 2025, 工银理财 participated in new product investment over 30 times, such as IPOs of Hong Kong stocks and subscription to public REITs. In 2025, 农银理财 vigorously developed “fixed-income+” strategies and products such as dividend-focused, premium access, and multi-dimensional享等 strategies. By the end of 2025, the ongoing scale of “fixed-income+” products was 578.5 billion yuan.

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

Lou Feipeng, a researcher at China Postal Savings Bank, said that from the product side, in the future, bank wealth-management subsidiaries will build differentiated competitive strengths: first, increase the supply of open-ended and short-term products to enhance liquidity and attractiveness; second, optimize the “fixed-income+” strategy by controlling equity allocation and volatility and clarifying risk-return characteristics; third, strengthen investor education and transparently disclose product operation and risks; fourth, explore differentiated products, such as those linked to specific indices, thematic investments, and the like, to meet demand in niche markets.