光大理财：2024年中国资管规模达154万亿元 低利率下居民风险资产配置有望提升

Group 1 - The core viewpoint of the report indicates that China's asset management market is expected to reach 154 trillion yuan in 2024, marking a 10% year-on-year growth, driven by valuation increases and capital inflows [1] - The global asset management market is projected to grow to 128 trillion USD, reflecting a 12% increase during the same period [1] - Public funds and bank wealth management products lead the market with scales of 43 trillion yuan and 30 trillion yuan respectively, highlighting significant sub-industry differentiation and low volatility characteristics in products [1] Group 2 - The report reveals that the proportion of financial assets in Chinese residents' asset allocation is still low, at 47.6% in 2024, compared to 67.8% in the US and 63.6% in Japan, indicating a notable low-risk preference [2] - The proportion of time deposits in residents' financial assets is high at 33.6%, significantly exceeding the US's 7.7% and Japan's 16% [2] - The chairman of Everbright Wealth Management suggests that the low interest rate environment will drive an increase in the allocation of riskier asset management products by residents [2] Group 3 - The report indicates a trend of increasing willingness among residents to allocate to risk assets, with financial asset contribution exceeding 100% in 2024, while non-financial assets show negative contribution [3] - The growth rate of low-risk products like deposits has decreased from 17% to 10% over the past three years, while the growth rate for stocks and asset management products has increased [3] - A survey shows that 17.5% of urban savers are inclined to invest in stocks in 2024, reflecting a 4.2% increase, signaling a rising risk appetite among residents [4] Group 4 - The report highlights the challenges faced by asset management institutions in a low interest rate environment, with declining returns on investment in the real economy and a significant drop in the one-year and five-year Loan Prime Rates (LPR) [5] - The report suggests that traditional models are insufficient to meet investors' risk-return expectations, necessitating new strategies for asset management firms [5] Group 5 - The report outlines strategies for asset management institutions to adapt, including creating a diversified comprehensive platform across the entire industry chain [6] - It emphasizes enhancing multi-asset investment capabilities to manage increased asset volatility in a low interest rate environment [7] - The report also points out the opportunity for indexation products, noting that only 15% of public funds in China are index products, compared to 51% in the US, indicating significant growth potential [7]