On March 6, as the annual reports of many wealth management companies were successively disclosed, the trend of structural adjustment in the domestic bank wealth management market became increasingly obvious. The proportion of fixed-income products has steadily declined, and hybrid products have continued to expand, becoming the core starting point for institutions to increase returns and compete for customers, reflecting the signal that the wealth management market is transforming towards diversification and maturity.

Data show that by the end of 2025, the scale of China’s bank wealth management market exceeded 33 trillion yuan, and the industry as a whole operated stably, but the pace of structural adjustment accelerated. The annual reports of many wealth management companies show that the proportion of fixed-income products has declined to varying degrees year-on-year, while the scale of hybrid products has continued to grow. The proportion of hybrid products of some institutions has exceeded 20%, becoming the second largest category after fixed-income products.

This structural adjustment is an active choice of wealth management companies to cope with the downward market interest rate and seek income breakthroughs. In recent years, market interest rates have continued to decline, and the income space of fixed-income products has been continuously compressed, which is difficult to meet the income needs of investors. Hybrid products can allocate a variety of assets such as stocks, bonds, and funds, balancing safety and profitability, and enhance product attractiveness through strategies such as participating in A-share new share subscriptions, becoming the key for institutions to break through.

Industry analysis points out that “fixed-income as the mainstay, hybrid as the supplement, and diversified development” will become the long-term pattern of the wealth management market. For investors, they need to reasonably allocate fixed-income and hybrid products according to their own risk-bearing capacity, balancing returns and risks; for wealth management institutions, they need to continuously improve their investment research capabilities, optimize product structure, and meet the diversified needs of different investors. In addition, with the continuous improvement of regulatory policies, the wealth management market will become more standardized, and its long-term development prospects are worthy of expectation.