The differentiation of bank wealth management market continues, and the scale of joint-stock bank wealth management subsidiaries ranks first
2024-04-18
As the annual reports of listed banks are gradually disclosed, the "performance reports" of bank wealth management subsidiaries (referred to as "wealth management subsidiaries") for the year 2023 are gradually emerging. From the disclosed data of the 15 wealth management subsidiaries, it can be seen that the wealth management subsidiaries of the joint-stock bank maintain strong growth momentum, with CMB Wealth Management, Xingyin Wealth Management, and Xinyin Wealth Management temporarily ranking in the top three, at RMB 2.55 trillion, RMB 2.26 trillion, and RMB 1.67 trillion, respectively. Overall, industry differentiation continues, with significant fluctuations in state-owned bank wealth management subsidiaries. The 2023 annual report of China Merchants Bank shows that although the asset management scale of China Merchants Bank Wealth Management has decreased compared to the end of last year, it still ranks first in the industry with an asset management scale of 2.55 trillion yuan. The other two joint-stock banks, Xingyin Wealth Management and Xinyin Wealth Management, followed closely behind, with asset management scales of 2.26 trillion yuan and 1.67 trillion yuan, respectively. Seven asset management companies, including Bank of China Wealth Management, Industrial and Commercial Bank of China Wealth Management, Agricultural Bank of China Wealth Management, China Construction Bank Wealth Management, Everbright Wealth Management, Bank of Communications Wealth Management, and Ping An Wealth Management, all have asset management scales exceeding one trillion yuan, with respective amounts of 1.63 trillion yuan, 1.61 trillion yuan, 1.59 trillion yuan, 1.50 trillion yuan, 1.31 trillion yuan, 1.23 trillion yuan, and 1.01 trillion yuan. Among them, Ping An Wealth Management's scale increased by 14.2% year-on-year, entering the "trillion dollar club" for the first time. Overall, the differentiation of the banking and wealth management industry continues. China International Capital Corporation (CICC) pointed out that the overall growth momentum of the wealth management subsidiary of the joint-stock bank remains strong, especially for wealth management institutions with leading wealth management ecosystem construction, relatively complete investment and research capabilities construction, and active cross bank sales layout in the parent bank; In 2023, the management scale of wealth management sub assets of joint-stock banks increased by 4.3% year-on-year. State owned large banks generally attach greater importance to the growth of deposit scale, and the growth of their wealth management sub scale is under pressure. Only some of the wealth management institutions of large banks rely on more stable product net value performance and more active cross bank sales arrangements to maintain a relatively stable management scale; In 2023, the management scale of wealth management sub assets of state-owned banks decreased by 11.4% year-on-year. China International Capital Corporation (CICC) expects its wealth management subsidiaries in the Jiangsu and Zhejiang regions to maintain good growth potential, mainly due to its strong ability to lay out high-quality non-standard and credit bonds, and the relatively fast growth of local residents' wealth. "Overall, the bank wealth management market in 2023 has shown strong resilience, gradually moving towards a more mature and stable development stage through various adjustments and optimizations." Puyi Standard Analysis states that the development of the bank wealth management market in 2023 mainly presents several characteristics: overall, after experiencing a significant initial decline, the bank wealth management market gradually shows a trend of recovery and steady growth in the second quarter; In terms of institutional types, state-owned wealth management institutions have a large fluctuation range, while joint-stock wealth management institutions and regional wealth management institutions show relatively high stability; In terms of product types, the scale of fixed income products and cash management products both decreased first and then increased. The scale of mixed products and equity products with relatively high risks also declined. Some institutions have strengthened their exploration of commodities and financial derivatives; In terms of competitive landscape, small and medium-sized banks are gradually withdrawing from the wealth management product issuance market while accelerating their business transformation. ESG themed wealth management is heating up in the context of "dual carbon", and bank wealth management subsidiaries are constantly increasing
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