After a new round of deposit interest rate cuts by major commercial banks, bank wealth management has once again become the focus of the market. According to Puyi Standard data, in April, the scale of bank wealth management in the entire market returned to a historical high of 31 trillion yuan. April has always been a month of significant growth in wealth management scale. ”Mingming, Chief Economist of CITIC Securities, analyzed to reporters that the seasonal pattern of changes in bank wealth management scale is more obvious. The parent company should respond to quarterly assessments, and wealth management funds often return to the balance sheet at the end of the quarter and return to the wealth management at the beginning of the quarter, promoting the repair of bank wealth management scale. The financial team of Guoxin Securities Economic Research Institute analyzed that the growth of bank wealth management scale is mainly driven by the following three factors: first, the "seesaw" effect of stocks and bonds; The second is to "move" some fixed deposits to wealth management products after maturity; Thirdly, in the second quarter, bank wealth management increased its marketing efforts. According to the research report of Guosen Securities, the weighted average annualized return on bank wealth management scale in April was 2.70%, which continued to rise compared to the previous month. The annualized return rate of cash management products is 1.50%, the annualized return rate of pure bond products is 3.34%, and the annualized return rate of "fixed income+" products is 3.01%. Zhang Li, Director of Asset Management Product Research at Yingmi Fund Research Institute, told reporters that from an institutional perspective, bank wealth management subsidiaries are actively promoting the issuance of new products and also driving the growth of wealth management scale. In addition, the overall volatility of the stock market has not formed a significant diversion towards deposit and fixed income wealth management products. The reporter noticed that after the existing scale of bank wealth management reached a high of 31.1 trillion yuan at the end of April, it continued to expand in May. Data shows that as of May 20th, the total size of market bank wealth management has reached 31.28 trillion yuan. In the opinion of the interviewed experts, after the deposit interest rates of state-owned large banks and some national joint-stock banks were lowered on May 20th, the attractiveness of bank wealth management as a type of deposit product may be further enhanced, and the scale of bank wealth management is expected to continue to grow in the short term. The decrease in deposit interest rates is the most important short-term force driving the growth of wealth management scale, and the lower the broad-spectrum interest rate, the stronger the force of the difference in wealth management and deposit returns driving the 'move' of deposits. It is expected that the scale of bank wealth management will continue to maintain high growth in May. ”Clearly stated. Industry insiders predict that achieving high growth in bank wealth management scale will face certain challenges throughout the year. Liao Zhiming and others from Huayuan Securities' fixed income team believe that due to the historically low yield of credit bonds and insufficient coupon protection, the investment yield may be difficult to outperform 5-year fixed deposits, resulting in a decrease in the attractiveness of investment products. In addition, with the rectification of wealth management valuation, the fluctuation of net asset value of wealth management products may increase, and the increment of wealth management scale in 2025 may not be high. Zhang Li stated that bank wealth management subsidiaries should continue to enhance their asset allocation capabilities. On the one hand, bond investment is the basic platform of bank financing subsidiaries. In order to improve their bond investment ability, bank financing subsidiaries can focus on credit mining, quantitative investment and use treasury bond bond futures to hedge or arbitrage, optimize the income structure and enrich the income sources. On the other hand, bank wealth management subsidiaries should also strengthen the comprehensive capacity building of diversified asset allocation, including building diversified asset investment research capabilities, establishing investment teams and collaboration mechanisms that match diversified asset allocation, forming new product and strategy research and development mechanisms, establishing investment driven, product design and marketing collaborative new product and strategy research and development systems, and providing reserves for product strategy innovation. (New Society)