Seize the opportunity of 50 trillion yuan in maturing deposits, with multiple brokerages accelerating the implementation of response plans

China Financial News, February 20 (Reporter Lin Jian)
Over 50 trillion yuan in fixed-term deposits will mature soon. Who will take on this “massive wealth”? Naturally, brokerages won’t miss any opportunity to increase revenue. During recent industry-wide annual strategic meetings, China Financial News learned that many securities firms’ wealth management divisions are discussing how to respond to the deposit maturity wave in 2026, and currently, brokerages are accelerating the rollout of response plans.

“When we held our annual strategy meeting this year, we discussed this—how to generate some incremental income,” said a vice president responsible for wealth management at a securities firm in an interview. Many brokerages also predict that in 2025, a large amount of maturing funds will, under the backdrop of declining interest rates, trigger a massive “deposit migration,” prompting them to start building response strategies as early as 2026.

Market institutions widely forecast that the scale of residents’ fixed-term deposits will exceed 50 trillion yuan, with a reallocation demand likely. This portion may flow into gold, funds, stocks, insurance, and other assets. With this migration volume, brokerages share a consensus, but their approaches vary. Based on comprehensive research, the industry is forming a diversified, professional service system to handle the maturing 50 trillion yuan in fixed deposits.

This includes building a layered, all-scenario, stable product matrix centered on fixed income +, combined with deposit-replacement tools and innovative products tailored to different capital allocation needs; linking with banks, insurance companies, and other institutions to create a large wealth ecosystem; and some brokerages focusing on core regions and deepening segmentation to develop differentiated competitive advantages.

Approach 1: Fixed Income + as the Core Engagement Tool

Fixed income + has become the main approach for handling maturing deposits, which is the common answer from securities firms to China Financial News.

Currently, the biggest obstacle to deposit migration is residents’ natural aversion to asset volatility during investment, which ironically is also the core advantage of savings—interest income with high certainty.

In response to residents’ core reallocation needs, brokerages are building layered product matrices with a focus on stability, using fixed income + as the main tool to absorb maturing fixed deposits. They also leverage their own resources for product layout and innovation, forming a differentiated product supply system that covers all scenarios—from replacing demand deposits to long-term appreciation.

Shanxi Securities mentioned that they are drawing inspiration from insurance dividend models to innovate and design wealth management solutions combining “closed period + fixed periodic dividends.” On one hand, using regular dividends to align with residents’ simple savings habits and provide stable cash flows to dispel concerns about asset volatility; on the other hand, by precisely calculating the closed period, minimum investment amount, and dividend payout, they match corresponding fund advisory strategies, using continuous dividends to passively extend clients’ investment horizons and fully leverage the value of their research and investment capabilities.

Western Securities focuses on the low-risk investment needs of the general public, creating a proprietary asset allocation service brand called “Western Preferred 30.” Its stable module features pure fixed income and fixed income + products, building a “portfolio fortress” that combines stable defense and long-term appreciation.

Shenwan Hongyuan Securities has a well-developed fixed income + product line, becoming the core of its product system. The company has launched capital-protected options linked to indices and commodities, as well as neutral quantitative low-volatility products, and has also developed balanced fixed income + products with controlled scale, with annual sales reaching hundreds of billions of yuan. Relying on its research institute, it has also introduced a research selection series based on public and private funds.

CITIC Construction Investment Securities focuses on high-end wealth management, cash management, reverse repurchase agreements, and dividend assets, creating a full spectrum of deposit replacement solutions. It has built a four-layer matrix of “cash management + stable wealth management + reverse repurchase + dividend enhancement,” with core fixed income + products such as the “Stable Wealth” series and “Fixed Add” as the mainstay for medium- and long-term allocation, combined with dividend assets to boost returns.

CICC Wealth emphasizes fixed income and fixed income + products as key capital receivers, establishing a multi-dimensional evaluation system for product distribution. They rigorously select managers based on overall strength, risk-return balance, strategy diversity, and prudence, while maintaining professional tracking of innovative directions like “fixed income + REITs” and “fixed income + commodities.”

Hefu Securities has built a low-volatility, layered product matrix to precisely match deposit clients’ needs. It prioritizes short-duration fixed income and medium-short-term bonds as deposit substitutes, while also developing “fixed income +,” stable FOF, and other products. It collaborates with asset management institutions to develop customized separate accounts and structured products to meet the long-term planning needs of high-net-worth clients.

Dongwu Securities has created a tiered product pool centered on “fixed income foundation + equity enhancement + long-term allocation,” mainly targeting the stable needs of maturing deposits. The product pool covers all demands from demand deposit replacements to long-term appreciation, enabling layered engagement of funds with different risk preferences.

Approach 2: Upgrading the Advisory Model

All brokerages regard advisory capability as a core competitive advantage in wealth management. They are transforming the advisory model from traditional product sales to a buyer’s advisor approach by building professional advisory teams, creating distinctive advisory service systems, and restructuring evaluation mechanisms to enhance professionalism and suitability for different clients’ needs.

Galaxy Securities integrates trading, allocation, and research efforts to develop the “STAR” global buy-side advisory service system, establishing a layered, differentiated professional advisory matrix. For long-tail clients, they offer intelligent advisory; for index investors, ETF advisory; and for high-net-worth clients, stock advisory and one-on-one services, achieving precise matching of advisory services.

Western Securities relies on “principal advisor” services to create a unique buy-side advisory model, providing investment solutions through diversified portfolio investments and advisor accompaniment. The principal advisor team is selected through a competitive process, with strong research capabilities and rich service experience. Currently, over 40 principal advisors serve more than 20,000 clients.

Shenwan Hongyuan Securities advocates a research-driven, strict management approach to buy-side product allocation, supported by ShenYinWanguo Research Institute’s strong research background. This foundation ensures that advisory services are based on in-depth research, enhancing the professionalism of asset allocation.

CITIC Construction Investment Securities offers full licensing and research advantages for buy-side advisory services. While providing deposit replacement products, they also assign dedicated advisors to offer professional allocation suggestions tailored to different capital scenarios, reducing clients’ decision-making costs and covering the entire product allocation process.

Approach 3: Technology Empowering Full Lifecycle Support

Brokerages are client demand-oriented, building comprehensive, layered, and categorized service systems that cover the entire client lifecycle—pre-investment, during investment, and post-investment—while leveraging technology to improve service efficiency and reach. Through integrated online and offline services, they aim to enhance client experience and capital stickiness, ensuring long-term capital retention.

Galaxy Securities relies on technological empowerment to develop professional systems, creating a complete wealth management brand ecosystem. Using the “Star Map” multi-asset buy-side advisory system as technical support, they establish a brand system with CIOOFFICE as the top-level design, “Wealth Star” and “Jin Yao” as service tools, and scenario-based solutions like “Star Yao Family Office” and “Galaxy Star An Yang,” providing scenario-based services.

Western Securities offers full lifecycle services around pre-investment, during investment, and post-investment, centered on “Western Preferred 30” and principal advisor services. They enhance investors’ sense of gain and experience through comprehensive process services, integrating asset allocation throughout.

Hefu Securities has built a layered, integrated online-offline service system based on client lifecycle and capital scenarios. They offer intelligent advisory and systematic plans for the general public, and family trusts and cross-border solutions for high-net-worth clients. They connect pre-investment needs, portfolio implementation, and post-investment monitoring and rebalancing, utilizing digital platforms for precise client tagging and timely service delivery.

Dongwu Securities supports a service system based on technology and ecological collaboration, using digital tools to streamline online and offline service loops, reducing customer acquisition and service costs. They also coordinate with banks, insurance, and trust institutions to build a “big wealth ecosystem,” breaking the limitations of single-broker services to meet clients’ full lifecycle needs.

CITIC Construction Investment Securities, focusing on the four-layer product matrix for deposit replacement, has built a full-scenario service system. They provide automated fund collection and seamless trading for cash management products, seize marketing opportunities with short-term products like reverse repos, and implement strict post-investment management to control drawdowns. They also offer one-click allocation and maturity reminders to enhance service intelligence and convenience.

Approach 4: Regional Deep Cultivation and Ecosystem Collaboration to Build Differentiation

Beyond common product, advisory, and service layouts, some brokerages focus on regional deep cultivation and ecosystem collaboration to create exclusive differentiation, forming unique competitive advantages in wealth management and further enhancing capital engagement and client loyalty.

Dongwu Securities emphasizes regional deep cultivation as a key strategy, focusing on the Yangtze River Delta, especially Suzhou. They build high-net-worth and institutional client ecosystems, leveraging regional economic advantages to develop specialized services in niche areas, creating a differentiated competitive edge through precise regional services.

Galaxy Securities develops scenario-based wealth management solutions, launching “Star Yao Family Office” to meet high-net-worth clients’ family wealth needs, and “Galaxy Star An Yang” to plan for elder care wealth management. Through scenario-based services, they match clients’ personalized needs, making wealth management more targeted.

CITIC Construction Investment Securities capitalizes on holiday marketing windows, such as the Spring Festival, offering short-term idle fund management services centered on reverse repos and fixed income repurchase quotes. They run exclusive holiday marketing and service activities to attract residents’ short-term idle funds during festivals, achieving seasonal capital engagement.