Recently, the bank wealth management market has shown a parallel situation of early termination of products and intensive launch of new strategy products. Since May, several wealth management subsidiaries such as China Merchants Bank Wealth Management, China Merchants Bank Wealth Management, Bank of China Wealth Management, and Everbright Wealth Management have announced the early termination of their wealth management products. The number of announcements from some institutions has significantly increased compared to the same period in previous years; At the same time, ICBC Wealth Management, Ningyin Wealth Management, and Chongqing Rural Commercial Wealth Management are accelerating the launch of new strategy products, and the number of related products issued this year has far exceeded last year's total.
This pattern of "both retreat and advance" reflects the shift of bank wealth management subsidiaries from scale oriented to refined operation in a low interest rate environment. According to data from China Wealth Management Network, as of June 15th, there have been 30 products launched by bank wealth management subsidiaries with the word "new" in their names this year, of which 5 are currently being raised. At the same time, the number of products terminated prematurely due to meeting profit taking conditions or shrinking scale during the same period has also significantly increased.
Parallel profit taking and liquidation
Since May, there have been frequent announcements of early termination of wealth management products. According to the official website of Xinyin Wealth Management, at least 50 relevant announcements were released in May, with the vast majority being low-risk or medium low risk fixed income products. In addition to protecting the interests of investors, the failure to reach the agreed minimum fundraising scale is also an important reason. For example, CMB Wealth Management announced that its "Zhaozhi Ruiyuan Active Global Consumption Selection" hybrid wealth management plan will be terminated early on June 18, 2026 due to its total share being less than 100 million units for 10 consecutive trading days.
It is worth noting that there has been a significant increase in the number of products that have reached the profit taking condition and closed early, many of which have achieved increased revenue through the strategy of launching new products. Bank of China Wealth Management announced that the "Stable Wealth, Fixed Income, and Enhanced Target Profit Closed ended 2025 33" plan was originally scheduled to expire in October 2026. However, due to the profit taking observation period, the profit taking target line, which had an annualized return rate of not less than 2.30% for the first two consecutive valuation days since its establishment, was terminated early on May 21. This product adopts a "fixed income+new product" strategy, and the new product has contributed considerable revenue. Similar situations have also occurred in the products of institutions such as Huaxia Wealth Management and Everbright Wealth Management. Among them, Everbright Wealth Management's "Sunshine Orange Xin Ying New Strategy Preferred Target Profit Phase 3" was terminated early on May 8th due to the triggering of take profit from new investment income.
Xue Hongyan, a special researcher at Su Shang Bank, analyzed that several wealth management companies have recently terminated their products early, mainly due to the mismatch of returns between asset and liability ends in a low interest rate environment. The current market interest rates continue to decline, and the yields of fixed income assets such as bonds and interbank certificates of deposit, which are mainly allocated to wealth management products, have decreased. Some existing products have relatively high performance benchmarks, and continuous operation may not only be difficult to meet standards, but also may result in situations where returns cannot cover operating costs. He also pointed out that target profit products have achieved standard profit taking due to strategies such as new product launches, large redemptions have reached the liquidation line, and changes in underlying investment targets are all driving factors.
Yang Haiping, a researcher at the Shanghai Institute of Finance and Law, believes that under the pressure of fixed income product yields, the competition in bank wealth management has intensified, objectively accelerating the survival of the fittest. This is beneficial for high-quality products to increase market share, forcing wealth management subsidiaries to enhance their investment research and risk control capabilities, and promoting the industry to firmly follow the path of refined operation
In March of this year, the State Administration of Financial Supervision and Administration of China issued the "Interim Measures for the Supervision and Rating of Wealth Management Companies", which is regarded by the industry as a key policy signal to promote wealth management companies to shift from "scale competition" to "internal strength competition". Lou Feipeng, a researcher at China Postal Savings Bank, stated that the large-scale liquidation of wealth management products will accelerate the industry reshuffle, with small-scale and underperforming products being liquidated more quickly. At the same time, it will encourage wealth management companies to focus on mainstream categories such as fixed income and fixed income enhancement, and optimize their product structure.
For ordinary investors, the impact of early termination of products needs to be viewed rationally. Lou Feipeng suggests that investors should pay timely attention to announcements and plan their capital investment in advance, distinguish between take profit and stop loss products to avoid blind panic, and choose products with stable scale and outstanding investment research strength to reduce risks through diversified investment.
Equity capability is still a weakness
While actively shrinking inefficient products, bank wealth management subsidiaries are actively exploring new paths to increase returns - launching new strategic products to achieve explosive growth. According to statistics from China Wealth Management Network, as of June 15th, there have been 30 wealth management products with the word "new" in their names during the year, far exceeding the total number of products in 2025. Since June, multiple institutions have continued to launch such products, and their popularity has not decreased.
From institutional practice, ICBC Wealth Management has invested in a total of 17 Hong Kong stock IPO projects within the year, with a 100% investment success rate. Ningyin Wealth Management has participated in the launch of over 10 new wealth management products under the Shanghai and Shenzhen Direct Investment Network, ranking first in the industry. It has been awarded to high-quality science and technology innovation enterprises such as Moore Thread and Dianke Blue Sky. Chongqing Rural Commercial Wealth Management has launched a product that uses fixed income assets as a foundation and participates in the Beijing Stock Exchange's new investment through selected new investment funds. The risk rating is Level 2 and the minimum purchase price is 1 yuan. Suyin Wealth Management promotes the strategy of "fixed income+new acquisition+arbitrage", with the focus on new acquisitions on the Beijing Stock Exchange and REITs as a supplement; Minsheng Wealth Management has launched a new series of products on the Beijing Stock Exchange for different customer groups, with minimum purchase amounts ranging from 1 yuan to 300000 yuan.
According to Puyi Standard statistics, as of now, the annualized returns of all existing new strategy wealth management products in the market are positive, with 7 products having annualized returns exceeding 5% since the beginning of this year. The profit making effect of the new stock market continues to overflow - as of early June, the record of "zero breaking" on the first day of listing of A-share new stocks continues, with an average first day increase of over 260% for new stocks this year, including an average first day increase of over 417% for new stocks on the Science and Technology Innovation Board. There is no market value threshold for new listings on the Beijing Stock Exchange and REITs. Wealth management funds mainly composed of fixed income assets can directly participate, which has become an important way for wealth management funds to share the dividends of the equity market.
The driving factors for this new round of enthusiasm are relatively clear. Huang Shishan, a researcher at Puyi Standard, stated that regulatory policies have included wealth management products as priority allocation targets for IPOs, opening up new channels for direct investment by bank wealth management subsidiaries; At the same time, the pace of new stock issuance is stable and orderly, and the price difference between the primary and secondary markets brings considerable returns. Some institutions have formed a standardized operating system from new stock screening, quotation decision-making to selling management.
However, the active adoption of new strategies does not necessarily mean that the equity investment capability of bank wealth management has matured. Xue Hongyan candidly stated that the core weakness is not simply the lack of equity investment research framework, but rather the mismatch between the debt culture of absolute returns and the high volatility of equity assets. When this mismatch leads to a significant market correction, institutions are prone to passive reduction of holdings and find it difficult to maintain long-term holdings. At the same time, bank wealth management subsidiaries still have weak proactive management capabilities in deep exploration of individual stocks and industry cycle judgment, and relatively insufficient market-oriented incentives, making it difficult to solve talent reserve shortcomings in the short term.
In his opinion, in order to shape the core competitiveness of equity investment, wealth management subsidiaries should establish a differentiated "fixed income+" multi strategy system rooted in fixed income advantages: deepen the ability to allocate large asset classes and predict risks, guide long-term investment through innovative closed period and holding period designs, provide accompanying holding experiences through parent bank channels, and internalize outsourcing management capabilities into a platform based middle platform system.
Yang Haiping suggests that wealth management subsidiaries should continue to upgrade their investment research system based on strategic evaluations, explore the addition of equity wealth management products or the allocation of equity assets in "fixed income+" products, and improve their refined risk control system to proactively respond to market fluctuations through dynamic scale control. (Looking into the New Era)