Who are the most astute wealth management institutions?

The answer to this question changed after April of this year.

At the end of April, most wealth management products disclosed their 2025 annual reports. Data shows that against the backdrop of steady overall expansion, large wealth management institutions generally exhibited a "…" approach to asset allocation.Prudence and SteadinessThe characteristics of "".

Fixed income and cash assets remain the absolute "ballast"; however, they are also using mutual funds to rotate assets and enhance their strategies, which has prompted some mutual funds to make strategic adjustments to their wealth management subsidiaries.

It is particularly worth mentioning that, although the main buyers of wealth management products are bond funds, [the following is likely a separate point:] ...ABC Wealth ManagementLarge bank wealth management subsidiaries, represented by [names of companies], are making targeted breakthroughs in equities through public funds and are demonstrating an "aggressive" approach.CITIC Wealth Management, CMB Wealth ManagementIt also strengthens the configuration of multiple and mixed types.

Clearly, large financial institutions do not want to miss out on this stock market opportunity.

Six wealth management subsidiaries have exceeded 2 trillion yuan in assets under management.

Wind data shows that as of the end of 2025, the bank wealth management market still exhibits a clear head effect.Institutions such as CMB Wealth Management, CITIC Wealth Management, ABC Wealth Management, ICBC Wealth Management, and BOC Wealth Management have assets under management exceeding 2 trillion yuan, ranking among the top six in the industry.Their asset allocation strategy largely determines the overall level of the industry.

(Note: Statistics compiled by Wind based on periodic business reports disclosed by wealth management institutions)

Equity investment is concentrated in leading institutions

CMB Wealth Management's total assets under management exceed RMB 2.94 trillion.It holds an absolute leading position in the industry. Its asset allocation trends also guide the industry.

Specifically, its total holdings of mixed-asset public funds exceeded 30.4 billion yuan, accounting for more than 86% of the industry's total at that time. This is related to the strong team foundation of CMB Wealth Management.

In addition, this also indirectly confirms that equity-oriented and mixed bank wealth management products are considered to have "high barriers to entry" in the wealth management industry, and only a few leading institutions attempt to offer them.

Fixed income remains the cornerstone.

In terms of overall asset allocation, most institutions allocate 50%-70% of their assets to fixed-income assets, with stable-income assets being the dominant asset allocation category for bank wealth management products.

For example, the fixed-income ratios of CMB Wealth Management, CIB Wealth Management, and CITIC Wealth Management are 58.89%, 60.34%, and 65.99%, respectively. Even more...Huishang Wealth Management even reached 90.01%.

In addition, some large state-owned bank wealth management subsidiaries have maintained extremely high cash and bank deposit ratios.

ICBC Wealth Management's cash and bank deposit assets account for as much as 43.30%, while CCB Wealth Management's also reaches 41.23%.

Furthermore, the cash and bank deposit assets of Schroder Bank of Communications Wealth Management and Huahua Wealth Management also exceed 40%, while those of Goldman Sachs ICBC Wealth Management exceed 98%. This means that the overall products of wealth management subsidiaries are clearly still in a state of extreme pursuit of liquidity and security.

City commercial banks' wealth management subsidiaries are on the rise.

Overall, the proportion of wealth management subsidiaries' products that directly allocate to equity assets remains extremely low, mostly less than 2%.However, some city commercial banks' wealth management subsidiaries, such as Suyin Wealth Management and Nanyin Wealth Management, are relatively more aggressive in equity allocation.Equity investments accounted for 6.11% and 5.25% respectively.

ABC Wealth Management leads the way in equity allocation among major banks, reaching 3.81%.

However, a comparison of the statistics from the 2025 interim and annual reports shows that even for wealth management companies with equity investments exceeding 2%, most experienced a relative decrease in equity investments in the second half of the year, and the overall risk appetite did not expand.

Becoming a "super buyer" of bond funds

Besides direct investment, leveraging asset management products, especially mutual funds, is an important way for wealth management products to diversify their assets and supplement their strategies. In this area, the differences in investment styles among institutions are even more pronounced.

Wind statistics show that, in terms of the scale of holdings in public funds,CMB Wealth Management and Minsheng Wealth Management lead by a wide margin with assets of RMB 222.5 billion and RMB 152.7 billion respectively, making them the most influential buyers of wealth management funds.Following them are Huaxia Wealth Management and Suyin Wealth Management, both with a scale exceeding 50 billion yuan.

Overall, the 2025 annual report shows that the wealth management subsidiaries collectively held at least RMB 660 billion in bond funds, making them important "buyers" of bond funds.

(Note: This data is compiled by Wind based on the top ten holdings disclosed in the periodic reports of wealth management products. Due to factors such as the fact that bank wealth management product data is not fully disclosed and the statistical methods used, the results are likely to be incomplete.)

When it comes to purchasing mutual funds, wealth management products primarily focus on bond funds. Taking the top-performing wealth management firms as examples, Minsheng Wealth Management holds as much as 88.59% of its assets in bond funds; Huaxia Wealth Management and Suyin Wealth Management both have bond fund holdings exceeding 90%.

Even more remarkably, bond funds account for over 95% of the public funds held by companies such as Hengfeng Wealth Management, Bank of Communications Wealth Management, Huishang Wealth Management, ICBC Wealth Management, and SPD Bank Wealth Management.

ABC Wealth Management significantly increases its holdings in equity funds.

In terms of equity investment, ABC Wealth Management stands out in 2025.

Data shows that at the end of the year, its products held a total of RMB 20.154 billion in public funds, of which equity funds accounted for RMB 3.853 billion, or as much as 19.12%.

This proportion ranks first among large wealth management companies, demonstrating ABC Wealth Management's strong aggressiveness in seeking excess returns in the equity market through public funds.

It is worth mentioning that,ABC Wealth Management significantly increased the scale and proportion of its holdings in equity-type public funds in the second half of 2025.

According to statistics from the 2025 interim report, ABC Wealth Management held RMB 386 million in equity mutual funds, accounting for 8.76% of its total assets. This means that in the second half of 2025, ABC Wealth Management, which has always emphasized direct equity allocation, significantly increased its focus on equity mutual funds.

According to the Agricultural Bank of China's 2025 annual report, ABC Wealth Management has launched a series of new wealth management products such as "Coupon Interest Preferred" and "Low Volatility Preferred", and is vigorously developing "fixed income+" products with strategies such as dividends, preferential benefits, and diversified balanced benefits.

This demonstrates that ABC Wealth Management not only focuses on equities but also exhibits a highly diversified portfolio. Data shows that in addition to equity funds accounting for 19.12%, mixed funds account for 3.59%, alternative investment funds account for 7.44%, and international (QDII) funds account for 3.77%.

Diverse configurations are also a trend.

Diversified asset allocation is also a trend in the industry. Among large wealth management companies, CITIC Wealth Management and ABC Wealth Management are the most diversified.

Although equity funds account for a small proportion of CITIC Wealth Management's portfolio, the variety of products offered is more extensive.Besides international (QDII) funds accounting for 6.81%, alternative investment funds accounted for 5.55%, and even FOFs accounted for 3.31%. CITIC Wealth Management became one of only two wealth management subsidiaries holding FOF products.

Furthermore, CMB Wealth Management has the highest proportion of mixed funds among large wealth management subsidiaries, reaching approximately 13.7% in its 2025 annual report. In the second half of 2025, it also continued to increase the scale and proportion of its holdings in mixed mutual funds to some extent.