CM BANK(600036) 中国基金报·2025-05-21 04:15Core Viewpoint - The speech emphasizes the importance of wealth management and asset management as interdependent components driving the development of the financial market, highlighting the need for personalized services based on client needs and preferences [3][7][8]. Industry Overview - China's economy is expected to maintain long-term, stable, and rapid growth, indicating a high level of certainty in the wealth management market, which is still in a golden development phase [3][6]. - The accumulation of wealth among Chinese residents over decades has injected continuous vitality into the wealth management industry, creating unprecedented development opportunities [6][3]. Wealth Management vs. Asset Management - Wealth management focuses on "people," addressing client needs, risk tolerance, financial goals, and fund planning, while asset management centers on "things," emphasizing the risk-return characteristics of various assets and identifying investment opportunities [3][7]. - The connection between wealth management and asset management is facilitated by solutions that deeply understand client needs, akin to a "translator" converting client aspirations into appropriate asset allocations [7][8]. Client-Centric Approach - Each client is unique, with varying financial situations, investment preferences, and risk tolerances, necessitating a tailored approach in both wealth and asset management [8][9]. - The process of wealth management is likened to a dining experience, where understanding client preferences is crucial for providing suitable investment solutions [8]. Importance of Asset Allocation - Long-term investment returns are more influenced by asset allocation and style matching than by the selection of specific products [9][10]. - The details in investment advisory and asset allocation practices are critical, including the scientific definition of assets and their effective categorization [9]. Collaboration Between Wealth and Asset Management - To better meet client needs, wealth management and asset management institutions must collaborate, as demonstrated by the "TREE Asset Allocation Service System" developed by the company [4][9]. - The company emphasizes the need for asset management institutions to possess diverse capabilities, including research culture, system construction, in-depth research, risk management, and client engagement [4][10]. Key Focus Areas for Asset Management Institutions - The company highlights three key areas for asset management institutions: consistency in actions and words, belief in long-term investment principles, and the development of distinctive expertise in specific fields [10][11]. - The company aims to strengthen cooperation with various asset management institutions to create a sustainable wealth management ecosystem, ensuring that financial services return to their core purpose of supporting the real economy [11].