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2026-09-28 14:53:28 CICC published a report stating that Mainland Chinese residents' "deposit migration" and "deleveraging" coexisted in 1H26. Net increase in residents' deposits amounted to RMB7.6 trillion, representing a YoY decrease of RMB3.2 trillion in incremental growth, marking the largest reduction in nearly a decade. The broker believes residents' risk appetite improved significantly compared with the same period last year, but remained broadly stable compared with 2H25 rather than continuing a steep upward trend. Among wealth management institutions, brokers and third-party platforms provided more services catering to clients' high-risk investment preferences, achieving higher elasticity in AUM and revenue growth. The broker noted that in 1H26, wealth management revenue of sample banks, brokers and platform institutions grew 7.6%, 48.7% and 42.4% YoY respectively. Excluding one-off gains related to legacy wealth management products, the broker estimated banks' YoY growth at 16.6%, down slightly by 2.6 ppts from 2H25, while maintaining double-digit growth. As of the end of 1H26, retail AUM of sample banks rose 10.2% YoY, while wealth management AUM increased 17% YoY. Wealth management products accounted for 57% of incremental retail AUM, up 33 ppts YoY. The broker estimated the average comprehensive fee rate for wealth management client assets at three sample banks in 1H26 at 0.24%, up about 3 bps YoY and compared with full-year 2025. Regarding customer segments, the number of private banking clients rose 15.2% YoY, faster than the 2.7% growth in retail customers at sample banks. Growth in broker client numbers and custodial asset scale also outpaced banks. The broker also stated that AI has become a widely promoted capability development direction among wealth management institutions. Stocks | Investment Rating | TP (HKD) CM BANK (03968.HK) | Outperform Industry | HKD60.49 CCB (00939.HK) | Outperform Industry | HKD9.69 BANK OF CHINA (03988.HK) | Outperform Industry | HKD6.42 (ha/u)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |