The subscription scale shrank by 148.5 billion yuan! Are listed companies not as fond of wealth management anymore?

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Source: International Financial News

As we enter 2026, the enthusiasm among listed companies for purchasing wealth management products seems to be cooling down.

The International Financial News reporter analyzed Wind data and found that compared to the same period last year, the number of listed companies subscribing to wealth management products, the subscription amounts, and the holdings have all declined significantly this year. In terms of capital allocation, structured deposits account for about 58%, but both the scale and proportion have decreased compared to last year, while bank wealth management, brokerage wealth management, and trust investments have increased their share.

However, in the recently disclosed 2026 entrusted wealth management plans, many institutions have also raised their investment amount limits. Looking ahead, experts interviewed pointed out that the demand for wealth management as a corporate cash management tool still exists, and the scale is unlikely to shrink drastically. It is expected to enter a phase of relatively stable total volume with ongoing structural optimization.

Subscription quantities and scale shrink

Wind data shows that as of March 25, a total of 453 listed companies have purchased wealth management products this year, holding a total of 2,173 products, with a total subscription amount of about 133.1B yuan.

The International Financial News reporter noted that compared to the same period in 2025, the number of listed companies purchasing wealth management products since the beginning of the year has nearly halved compared to last year, and both the number of holdings and the overall scale of purchases have shrunk noticeably. Data shows that in the same period in 2025, 808 listed companies held 4,207 wealth management products, with a subscription amount reaching 281.64B yuan. Comparing the two, the overall scale of wealth management has shrunk by 148.54B yuan.

According to Wind classification, the main types of wealth management products purchased by listed companies include deposit products, fixed-term deposits, structured deposits, and other deposit-type products, as well as bank wealth management, brokerage wealth management, and trust asset management products. From the perspective of capital allocation structure, this year’s funds are more diversified.

Among them, structured deposits remain the most favored product, with a total subscription of about 77.61B yuan this year, accounting for about 58% of the total wealth management purchased by listed companies. However, this is nearly 177.42B yuan less than the scale of 100B yuan in the same period last year, with a decrease in proportion as well. Meanwhile, the subscription scale of bank wealth management, securities wealth management, and trust products has slightly increased, from 8.39%, 6.80%, and 2.46% last year to 8.48%, 8.44%, and 3.91%, respectively.

According to Zhu Runkang, product manager at Paimai.com, the overall shrinkage in the scale of listed company wealth management is mainly due to changes in corporate fund usage. The adjustment in product structure reflects shifts in market risk appetite.

“With the improvement of the economic environment, companies are more inclined to invest idle funds into core business expansion or securities markets, while their operational liquidity requirements are also increasing, leading to a reduction in funds available for wealth management,” Zhu Runkang analyzed. “The attractiveness of structured deposits has weakened due to declining yields, and non-standard products like trust and asset management are gradually breaking the ‘rigid redemption’ model, making the risk-return matching clearer. Companies are becoming more cautious in asset allocation. Increasing allocations to bank wealth management indicates a shift in investment logic from ‘pursuing high returns’ to ‘balancing safety and liquidity,’ with a preference for standardized, net-value products.”

Preference for low-risk wealth management products

Since December 2025, several listed companies such as Jianghe Group, Anfu Technology, and CATL have announced their 2026 entrusted wealth management plans. Regarding the purpose of entrusted investment, most institutions stated it was to improve capital efficiency, ensure safety and liquidity, and not affect normal operations, while reasonably utilizing idle funds and increasing returns.

Notably, the reporter found that some institutions have increased their investment plans compared to the previous year, most of which specify low-risk products as their investment type.

For example, CATL announced that the company and its controlling subsidiaries plan to use no more than 180 billion yuan of idle funds for entrusted wealth management, which can be rolled over within the approved limit and validity period, significantly up from the 40 billion yuan cap last year. The announcement also stated that the funds will be used to purchase high-security, highly liquid low-risk wealth management products. The entrusted products invested by the company and subsidiaries are not to be used for stocks, derivatives, securities investment funds, or investments aimed at securities trading.

Anfu Technology’s 2026 entrusted wealth management investment limit remains the same as last year, not exceeding 2.5 billion yuan within the authorized period, and explicitly states that the products are low-risk short-term wealth management products, not for stock or other high-risk, high-return investments. Jianghe Group also limited its investment to “high-security, highly liquid, low-risk financial products,” raising the maximum entrusted amount from 700 million yuan in 2025 to 1 billion yuan.

The reporter noted that compared to last year, the average yield of purchased wealth management products by listed companies has also generally declined. Wind data shows that in the same period in 2025, the maximum expected yield upper limit for purchased products could reach 15.70%, with an average expected minimum yield of 6.57%. In 2026, these figures are 6.94% and 4.00%, respectively.

Zhu Runkang pointed out that the overall decline in the yield levels of wealth management products is a direct result of falling market interest rates and also reflects companies’ proactive risk control choices. In cases where risk events occur in some products, companies prioritize capital safety and adjust their return expectations accordingly, which impacts overall yield levels.

“Looking ahead, the demand for wealth management as a corporate cash management tool will still exist, and the scale is unlikely to shrink drastically. It is expected to enter a phase of relatively stable total volume with ongoing structural optimization, with funds dynamically balancing between wealth management markets and the real economy based on industrial investment opportunities,” Zhu Runkang said.