China Bank Wealth Management Assets Rise 0.77% in August; Top Hybrid Product Annualized Yield Hits 622.67%

China's bank wealth management market saw both scale and returns recover in August. According to Puyi Standard data, total market wealth management assets reached RMB 33.56 trillion in August, up 0.77% month-on-month. The number of outstanding products stood at 51,993, an increase of 893 from the previous month. In terms of net value performance, the average annualized return of all wealth management products since the start of 2026 was 2.0831%, up 13.23 basis points month-on-month.

By product type, cash management products posted an average annualized return of 1.1564% since the start of 2026, down 1.99 basis points month-on-month. Fixed income products averaged 2.2021%, up 11.92 basis points, with pure fixed income at 2.1525% (up 2.65 basis points) and fixed income plus at 2.2204% (up 23.83 basis points). Hybrid and equity products saw average annualized returns rise by 83.44 basis points and 345.09 basis points month-on-month, reaching 2.1983% and 0.8452%, respectively. Commodity and financial derivatives products saw their average annualized return climb 2,152.96 basis points month-on-month, but the return remained negative.

In terms of wealth management subsidiary scale, as of the end of August, China Merchants Bank Wealth Management, CITIC Wealth Management, and Industrial Bank Wealth Management each maintained assets above RMB 2 trillion. A total of 13 subsidiaries had assets exceeding RMB 1 trillion.

On the return front, as of the end of August, the fixed income product with the highest weighted average annualized return was from Bank of Shanghai Wealth Management at 3.44%, followed by Bohai Bank Wealth Management at 3.42%. These were the only two subsidiaries with fixed income returns exceeding 3%. Puyin Wealth Management recorded the lowest at 1.47% among comparable companies. For hybrid products, among 30 subsidiaries with August weighted average annualized return data, 10 exceeded 10%, with Huaxia Wealth Management and Qingdao Bank Wealth Management leading at nearly 32%. Ningbo Bank Wealth Management and Evergrowing Bank Wealth Management posted negative returns of -1.72% and -5.02%, respectively. For equity products, only 14 subsidiaries had August data, of which 13 achieved positive returns, with only Qingdao Bank Wealth Management in negative territory. Minsheng Wealth Management and Huaxia Wealth Management both posted August weighted average annualized returns exceeding 100%.

Regarding product redemption, among closed-end products maturing in August, Zheshang Wealth Management, Goldman Sachs ICBC Wealth Management, and BNP Paribas ABC Wealth Management all achieved 100% maturity compliance rates, though each had only single-digit maturing products. Puyin Wealth Management, Huaxia Wealth Management, Industrial Bank Wealth Management, and Hangzhou Bank Wealth Management had the highest numbers of compliant maturing products, at 222, 188, 126, and 119, respectively, with compliance rates of 87.06%, 89.52%, 52.50%, and 83.22%. Industrial Bank Wealth Management had 114 non-compliant maturing products in August, the highest among 32 wealth management subsidiaries.

In specific products, the fixed income product with the highest one-month return was an R2-rated fixed income plus product from Bank of Shanghai Wealth Management, with a one-month return of 6.08%. Its asset allocation included 53.41% in cash and bank deposits, 36.91% in bond assets, 6.84% in public funds, and 2.83% in equity assets. The lowest one-month return among fixed income products came from Puyin Wealth Management, with an R2-rated fixed income plus product returning -2.31%.

Among hybrid products, nine of the top ten by one-month return were from Industrial Bank Wealth Management and one from CITIC Wealth Management, with the highest returning 2.22%. The lowest-returning hybrid product also came from Industrial Bank Wealth Management, an R3-rated flexible allocation product with a one-month return of -3.48%.

For equity products, the highest one-month return came from an R4-rated product from CITIC Wealth Management, with public funds accounting for over 90% of its asset allocation. Six of the top ten equity products by one-month return were from Huaxia Wealth Management's Tiangong Daily Open Index series, which are linked to sector indices. The lowest one-month return among equity products also came from Huaxia Wealth Management, specifically its Tiangong Daily Open series products linked to AI computing power and intelligent robotics sectors.