21对话｜山证资管李宏宇：在150万亿大生态里重新定义资管目标

Core Insights - The asset management industry in China has grown from 130 trillion to 150 trillion in the past three years, with various segments including public funds, insurance asset management, and bank wealth management [4][6] - Securities asset management, particularly those with public fund licenses, has a broad business scope but faces both competitive advantages and pressures [4][5] - The company aims to establish a clear strategic direction within the vast asset management ecosystem, focusing on fixed income, absolute returns, and multi-asset strategies [6][8] Company Overview - Shan Zheng Asset Management was established as an independent entity in 2021 and has developed a product matrix consisting of 20 public funds and 178 asset management products [7] - As of the first quarter of 2025, the company managed a total of 57.3 billion yuan, with public and asset management products accounting for 43% and 57% respectively [7] - The company has achieved continuous annual revenue and net profit growth since its inception, laying a solid foundation for future high-quality development [7] Product Strategy - The company’s product lines include fixed income, absolute returns, active equity, multi-strategy, and investment banking asset management, with a strong emphasis on fixed income products due to their stable performance [8][9] - Future strategies will focus on transforming in response to low interest rates, enhancing the public fund business to meet diverse wealth management needs, and implementing a clear positioning for fixed income and equity products [8][9] Market Positioning - The company aims to be a trusted partner in wealth management and a multi-asset, multi-strategy management expert, emphasizing a balanced client structure with over 22 billion yuan from institutional clients [10] - The company’s vision includes deepening understanding of client needs and providing tailored investment strategies, leveraging its dual qualifications in asset management and public funds [10][11] Industry Challenges - The asset management industry faces challenges such as short-termism, with a focus on scale over investor returns, prompting regulatory bodies to emphasize a shift towards prioritizing client returns [13] - The company acknowledges the need for a cultural shift within the industry, advocating for a value system that prioritizes client interests and long-term relationships [13] Future Opportunities - Potential investment opportunities in 2025 are expected in traditional sectors like consumer goods and healthcare, as well as in policy-driven sectors such as AI, robotics, and semiconductor industries [14][15] - The company plans to enhance its investment strategies by balancing fixed income with diverse asset classes, including commodities, options, and cross-border strategies, to adapt to market volatility and evolving investor demands [15][16]