光大理财李永锋：资管机构携手合作 共同打造财富管理新生态

Core Viewpoint - The asset management industry is experiencing significant opportunities for collaboration among institutions, emphasizing the importance of a customer-centric approach to meet wealth management needs [4][5]. Group 1: Industry Collaboration - The asset management sector's internal cooperation is more significant than competition, with various institutions positioned differently within the wealth management ecosystem [4]. - The industry plays a crucial role in increasing residents' property income and enhancing direct financing, aligning with national economic development goals [4]. - The wealth management sector has successfully generated substantial returns for clients, earning public trust and recognition [4]. Group 2: Growth of Passive Investment - Passive investment, particularly through ETFs, has become a major trend in the global asset management industry, with the U.S. market seeing passive investment surpass active investment for the first time in 2023 [5]. - By the end of 2024, the U.S. ETF market is projected to exceed $10 trillion, accounting for 70% of the global ETF total [5]. - In China, the domestic ETF market has reached 4.5 trillion RMB by July 2025, with a significant increase in institutional investor participation from 42% in 2022 to 59% in 2024 [5]. Group 3: ETF Advantages - ETFs are characterized by low fees, high transparency, liquidity, and risk diversification, making them attractive for wealth management institutions [7]. - The demand for absolute return strategies has increased post the 2018 regulatory changes, leading to a preference for a "micro-hedging" approach in ETF allocations [7]. - The bond ETF market in China has reached 510 billion RMB, highlighting its appeal as a suitable asset for bank wealth management [7]. Group 4: Future Development Suggestions - Recommendations for the passive investment and ETF sector include optimizing broad index compilation, enhancing the index product system, developing comprehensive index allocation schemes, and accelerating the innovation of new product varieties [8][9]. - There is a need to diversify factor-based products beyond dividend-focused offerings to improve strategy variety [8]. - The collaboration between asset management and the capital market is essential for driving growth and meeting institutional needs [9].