建信理财董事长齐建功：净值化趋势下，银行理财面临挑战和机遇并存

Core Viewpoint - The forum hosted by China Merchants Bank focuses on the high-quality development of wealth management in the Guangdong-Hong Kong-Macao Greater Bay Area, highlighting both challenges and opportunities in the banking wealth management sector as it transitions to a net worth-based model [1][4]. Group 1: Current Market Situation - The wealth management industry is experiencing a dual challenge of opportunities and risks due to the deepening low-interest rate environment and the transition to net worth-based products [6]. - The shift to a fully net worth-based model is expected to reshape the industry ecosystem significantly, with the need for wealth management companies to align their investment capabilities with client expectations for sustainable returns [5][6]. - The current market shows a trend where most individual investors hold wealth management products for less than one year, indicating a preference for short-term, low-risk products [7]. Group 2: Demand and Client Expectations - There is a growing understanding among clients regarding net worth-based products, but many still hold strong expectations for capital preservation and stable returns, which may not align with the new market realities [7]. - The traditional client base is slow to adapt to the underlying logic of net worth-based products, creating a dependency that could limit future growth for wealth management companies [7]. Group 3: Asset Management and Investment Strategies - The wealth management industry is heavily reliant on fixed-income products, which constitute 97% of the product offerings, but the attractiveness of high-grade bonds is diminishing as yields decline [8][9]. - There is a pressing need for wealth management firms to enhance their research and asset allocation capabilities, particularly in equity assets, to meet the rising demand for stable returns in a volatile market [9]. Group 4: Future Development and Strategic Focus - Wealth management companies, such as Jianxin Wealth Management, are encouraged to adopt a client-centric approach, focusing on understanding and meeting diverse client needs through tailored product offerings [10][11]. - The strategy includes expanding product lines to include multi-asset and multi-strategy offerings, particularly targeting clients in the Greater Bay Area with innovative products like "fixed income plus" strategies [12]. - Emphasis is placed on enhancing IT capabilities and implementing digital transformation to improve client experience and operational efficiency [13]. Group 5: Regional Economic Support and Collaboration - Jianxin Wealth Management aims to leverage its unique position as the only major wealth management firm registered in the Greater Bay Area to support regional economic development and meet local financial needs [14]. - The company plans to explore investment opportunities in innovative industries and green finance, while also facilitating cross-border financial services to meet client demands for international asset allocation [14].