财富管理｜高客全球化配置&大众指数化投资：2025年投资策略

Core Viewpoints - The core pain point for clients is asset preservation and appreciation, which remains unmet despite four years of market volatility [2] - High-net-worth individuals (HNWIs) and the general public have diverging needs: HNWIs seek global asset allocation and alternative investments, while the general public is shifting towards deposits, insurance, and index ETFs for pension accumulation [1] Client Needs and Market Trends High-Net-Worth Individuals (HNWIs) - HNWIs require cross-border services and global asset allocation, particularly for corporate equity assets, which are their most significant wealth [3] - HNWIs need to align with global family office clients by increasing overseas and alternative asset allocations, as global family offices allocate 45.7% to alternative assets, 26.3% to listed equities, and 20.9% to fixed income and cash [4] - Single-family offices are preferred by Chinese clients due to privacy concerns and decision-making autonomy, with 3/4 of Chinese client assets managed by domestic asset management companies [5] General Public - The general public is increasingly adopting index-based investments, driven by the need to supplement pension gaps, with China's pension replacement rate at 46% in 2023, far below the comfortable level of 70% [4] - Over the past three years, the general public has been reallocating from active equity funds to index ETFs, as active funds' ability to outperform the CSI 300 index has been declining [4] Competitive Landscape Global Competition for HNWIs - The HNWI market is global, with overseas family offices having an advantage in global asset allocation and alternative investments due to limited domestic channels like QDII, QDIE, QDLP, and the Greater Bay Area's cross-border wealth management pilot [5] - Domestic banks and securities firms have a strong trust relationship with entrepreneurial clients, giving them a unique advantage in understanding client needs [5] Wealth Management Ecosystem - The rise of online trading habits and ETF development is strengthening platform advantages, with stock and cross-border ETFs surpassing 3 trillion yuan in scale by Q3 2024, exceeding active equity fund management scale [6] - Leading platforms like Ant Fund, Tian Tian Fund, and Tencent's Teng An Fund dominate the public fund sales market, enhancing their bargaining power with securities and fund companies [6] Investment Strategies - HNWIs are expected to benefit from increased global asset allocation and alternative investments, while the general public will focus on deposits, bank wealth management, money funds, bond funds, and index ETFs for pension accumulation [8] - Beneficiaries of these trends include private banks, family offices, third-party platforms, and securities firms [8]