Is the rush in the first month of each quarter becoming a norm? The overall scale growth for the year might not be high. In fact, since the second quarter, the scale of wealth management has actually begun to recover. The Huayuan Securities report shows that in January 2025, the wealth management scale increased by 170 billion yuan, in February it increased by 130 billion yuan, and in March it decreased by 111 billion yuan. In April, the first month of the second quarter, it increased significantly by 220 billion yuan.
On May 28th, a fixed income analyst from a Shenzhen securities firm told Caixin that in the first quarter, the bond market experienced adjustments and the yields of wealth management products fluctuated, which affected the growth of the scale. Starting from the second quarter, especially after the expectations of interest rate cuts and reductions increased, along with the active marketing efforts of institutions, the scale of wealth management products resumed growth.
However, the Huayuan Securities report indicates that the wealth management scale increased by 2.2 trillion yuan in April, surpassing the average increase of 1.99 trillion yuan in April for the years 2021-2024. Additionally, based on the average increase of 0.08 trillion yuan in wealth management scale in May for the years 2021-2024, it is expected that the increase in May 2025 will be similar, indicating that the growth in May will significantly slow down.
A Guangzhou investor told Caishu Lianbo that when choosing financial products, they did not pay special attention to the rate levels, mainly focusing on the institutions and the trend of returns. The selection of products was also influenced by the agency selling the products, and rate adjustments might also be a form of promotional strategy.
Regarding the annual scale, Huayuan Securities’ report predicts that the increase in wealth management scale in 2025 may not be significant. This is mainly because the yields of credit bonds are at historically low levels with insufficient coupon protection, and the yield of wealth management products may struggle to outperform 5-year fixed deposits, leading to a decline in the attractiveness of wealth management products. In addition, factors such as the ongoing valuation rectification of wealth management products and increased fluctuations in their net values are also having an impact.
Related Topic:
