山证资管李宏宇：注重投资者回报是大资管行业的“第一性”

Core Insights - The current trend in the asset management industry is a shift towards passive investment, driven by changes in the investor structure and the need for high-quality development in public funds [3][4][5] - The rapid increase in institutional investors' share in the stock market, now exceeding 50%, indicates that index curves are increasingly shaped by institutional participants, making it more challenging for fund managers to outperform benchmarks [3][4] - The industry is witnessing a need for differentiation and ecological integration to rebuild core competitiveness in a low-interest-rate environment, with a focus on multi-asset and multi-strategy approaches [7][10] Investor Structure Changes - The rise of passive investment is significantly influenced by the rapid transformation of the investor structure, with institutional investors now holding a majority stake in the market [3][4] - Fund managers face increasing difficulty in outperforming benchmarks due to the competitive landscape created by institutional investors [3][4] Passive Investment Development - The acceleration of passive investment is a response to the maturation of the market, where not all active fund managers can consistently rank highly, necessitating a shift towards passive strategies [4] - Companies are facing tough decisions regarding their participation in the passive investment market, as missing out could mean losing a significant share of the equity market [4] Fund Manager Optimization - The implementation of the "High-Quality Development Action Plan" by the China Securities Regulatory Commission aims to reform the assessment mechanisms for fund managers, promoting a more efficient and professional workforce [5][6] - The transition towards high-quality development is expected to optimize the fund manager pool and extend their career longevity through clearer operational standards [6][9] Multi-Asset and Multi-Strategy Approaches - To meet the evolving demands of investors in a low-interest-rate environment, companies are encouraged to adopt multi-asset and multi-strategy investment models [7][10] - The focus on investor returns as a primary objective will reshape the industry, with firms that provide diverse wealth enhancement solutions gaining greater respect and recognition [7][10] Recommendations for Asset Management Firms - Each asset management category and firm should cultivate a sense of mission to enhance their competitive edge in the market [8] - Companies are advised to innovate continuously and learn from each other to develop effective strategies that cater to investor needs [10]