一年十大资管重磅事件全梳理

Core Insights - The asset management industry is undergoing significant changes driven by regulatory policies and market dynamics, with a focus on compliance, consumer protection, and high-quality development [1] Group 1: Policy Changes - On September 24, 2024, a comprehensive set of financial policies was introduced, leading to a turning point in stock and bond market trends, with the Shanghai Composite Index surging by 4.2% on the same day [2][3] - The introduction of several key regulations, including the "Financial Institutions Product Appropriateness Management Measures," aims to enhance compliance and protect consumer rights in the wealth management sector [5][6] Group 2: Market Trends - The stock market experienced a significant shift, with the CSI 300 Index rising by 21% by the end of October 2024, marking a transition from a bear to a bull market [3] - The bond market saw fluctuations, with the 10-year government bond yield dropping below 2.5% following the implementation of easing policies [3][4] Group 3: Investment Strategies - The introduction of policies to promote long-term capital market investments, including increasing the investment ratio of commercial insurance funds in A-shares, is expected to shape asset allocation strategies for large asset management institutions [7][8] - The public fund industry is responding to new regulations by implementing performance-based fee structures and enhancing the assessment mechanisms for fund managers [9][10] Group 4: Industry Developments - The number of private equity firms is decreasing due to stricter regulations, with 568 private fund managers being deregistered in the first half of 2025 [15] - The popularity of passive investment strategies is rising, with passive equity fund sizes surpassing active funds, reflecting a shift in investor preferences [16][17] Group 5: Gold Investment - The gold market has seen a significant increase in investment, with the price rising from approximately $1,178 per ounce in late 2018 to around $3,280 per ounce by mid-2025, marking a cumulative increase of about 178% [18][19] Group 6: Bond ETF Growth - The bond ETF market is rapidly expanding, with the total scale surpassing 500 billion yuan, and new products like the Sci-Tech Bond ETF being introduced to cater to evolving market needs [20]