150万亿大资管

Core Viewpoint - By the end of 2024, China's total asset management scale is expected to reach 150 trillion yuan, indicating significant growth across various asset management sectors despite regulatory challenges and a shift towards financial disintermediation [1][5]. Group 1: Historical Development of Asset Management - The asset management industry in China has evolved significantly since the introduction of bank wealth management products in 2004, with key milestones including the rise of trust companies in 2011 and the implementation of the Asset Management New Regulations in 2018 [2]. - The industry has transitioned from rapid growth to a more regulated and transparent environment, with the establishment of wealth management subsidiaries and a focus on compliance since 2019 [2][5]. Group 2: Current Market Dynamics - As of the end of 2024, the total asset management scale in China is projected to be 157.04 trillion yuan, marking a 13.09% increase from the previous year, the highest growth rate since the introduction of the new regulations [5][6]. - The trust sector has shown the highest growth rate at 23.58%, closely followed by public funds at 20.39% and insurance at 15.08%, while bank wealth management grew by 11.75% [5][6]. Group 3: Sector-Specific Insights Bank Wealth Management - By the end of 2024, bank wealth management is expected to approach 30 trillion yuan, reflecting a recovery from previous declines due to market volatility [9][10]. - The share of bank wealth management in the overall asset management market has decreased from 38.91% in 2012 to 19.07% in 2024, as other sectors like public funds and insurance have gained traction [10]. Trust Sector - The trust industry experienced significant contraction from 2018 to 2020 but has since rebounded, with a notable increase in scale and a shift towards more diversified and professional asset management services [14][15]. Public Funds - Public funds have grown from 846 million yuan in 2000 to 32.83 trillion yuan by the end of 2024, benefiting from favorable market conditions and the shift towards net asset value-based products [16][17]. Insurance Asset Management - Insurance asset management has shown steady growth, reaching over 30 trillion yuan by the end of 2024, with a market share increase from 11.46% in 2016 to 21.18% in 2024 [18][19]. Securities Asset Management - The securities asset management sector has faced significant declines since 2018, with a 7.76% drop in 2024, reflecting the impact of regulatory changes and a shift away from traditional channel-based business models [20][21].