Since the promulgation and implementation of the new asset management regulations, my country's asset management industry has generally maintained a steady development trend. Various financial institutions have participated together, complemented each other's advantages, and competed healthily, forming a "large asset management" industry landscape that covers multiple sub-sectors such as bank wealth management, public funds, insurance asset management, trusts, securities asset management, and private equity funds.
Recently, the Asset Management Studio of CITIC Financial Holdings Wealth Management Committee released the "Domestic Asset Management Industry Report (Third Quarter of 2025)" (hereinafter referred to as the "Report"). The Report shows that as of the end of the third quarter of 2025, the cumulative scale of my country's asset management industry reached RMB 179.33 trillion, an increase of 8.21% compared with the end of last year.
As of the end of the third quarter of 2025, the scale of major sectors has steadily increased, showing a positive development trend. Looking at the detailed data, bank wealth management reached 32.13 trillion yuan, and public funds reached 36.74 trillion yuan; pension funds managed by fund companies reached 6.30 trillion yuan, trust assets managed by trust companies reached 32.43 trillion yuan, and the balance of insurance funds utilized reached 36.23 trillion yuan (as of the end of the second quarter); private asset management business of securities and futures institutions reached 12.58 trillion yuan, and private equity funds reached 20.74 trillion yuan (as of the end of August).
Currently, multi-asset and multi-strategy approaches have become a common consensus in the wealth management industry. Since the beginning of this year, the banking wealth management industry has maintained healthy development, with outstanding wealth management assets reaching 32.13 trillion yuan, a record high.
In terms of asset allocation strategies, bank wealth management products have increased their allocation to cash and bank deposits and mutual funds, while decreasing their allocation to bonds. Specifically, cash and bank deposits accounted for 27.5%, an increase of 3.6 percentage points from the end of last year; mutual funds accounted for 3.9%, an increase of 1 percentage point from the end of last year; and bonds accounted for 40.4%, a decrease of 3.1 percentage points from the end of last year.
In the mutual fund sector, benefiting from the overall positive performance of the equity market, equity and mixed mutual funds delivered outstanding results. In the third quarter of 2025, the equity fund index and the stock fund index both showed strong performance, with annualized returns exceeding 135%, leading all strategies.
In addition, the report shows that convertible bond funds, commodity funds, QDII mixed funds, and equity and mixed FOFs also achieved steady returns, reflecting the good performance of diversified allocation products in the current market environment.
This year, newly issued private securities investment funds have shown a clear trend towards bond-type funds. According to data released in the report, as of the end of the third quarter of 2025, there were a total of 7,614 private securities investment fund managers in China, a decrease of 386 from the end of 2024; the number of existing private securities investment funds was 79,845, with a total management scale of RMB 5.97 trillion. Compared with the end of 2024, the number of funds decreased by 7,988, while the scale increased by RMB 0.76 trillion.
The report points out that, in terms of product structure, newly established private equity funds are mainly bond funds, and their total issuance scale and average issuance scale per product are significantly higher than other types of products such as equity funds and mixed funds.
Furthermore, in the trust and insurance asset management sectors, the conversion of non-standard assets to standard assets has deepened, and equity allocation has heated up. In 2025, the asset size of the trust industry continued to grow, with a significant trend of "converting non-standard assets to standard assets." As of the end of the third quarter of 2025, the number of outstanding standard trust products increased by 1,820 compared to the previous quarter, an increase of 3.91%, with fixed-income products with terms of more than 3 years still dominating. It is worth noting that the industry's liquidation pressure has eased, with the number of products maturing and being liquidated decreasing by 44 compared to the previous quarter, a decrease of 19.73%.
In terms of insurance asset management, as of the end of the second quarter of 2025, the balance of funds used had steadily climbed to 36.23 trillion yuan, an increase of 8.95% compared with the end of last year. The report shows that the asset allocation structure continued to be dominated by fixed-income assets such as bonds and bank deposits during the year, but the proportion of equity assets increased significantly. The stock investment scale of life insurance and property insurance companies increased by 26.69% and 22.10% respectively compared with the end of last year, indicating that institutions are actively deploying in the equity market.
From the current development trend, the "dual-engine" approach of wealth management and asset management has become an important direction for the transformation and development of my country's asset management institutions. The report uses the development history and competitive landscape of the US wealth management industry as a guide, and examines JPMorgan Chase's practices in organizational structure, liability-side operations, and asset-side management to deeply analyze its experience in achieving high-value growth through deep synergy between asset management and wealth management, providing new ideas for the high-quality development of my country's asset management institutions.
The report and industry experts believe that as a number of high-quality development policies for the asset management industry are implemented and their effects become apparent, the product innovation and business breakthrough capabilities of various asset management institutions are constantly being enhanced. The asset management industry is expected to achieve sustainable growth in scale and further transform and optimize its structure, thereby better serving the real economy and entering a new stage of high-quality development.
