东方红资产管理总经理成飞：公募白热化竞争，对券商资管的综合实力提出了更高要求

Core Insights - The 19th Shenzhen International Financial Expo opened on November 19, featuring the "2025 China Financial Institutions Annual Conference and China Securities Asset Management Summit" [1] - The asset management industry is experiencing new opportunities for high-quality development amidst growth and diversification, but also faces new challenges [1] Industry Overview - The overall scale of the asset management industry has exceeded 164 trillion yuan this year, highlighting structural differentiation within sub-sectors [1] - Public funds, insurance asset management, bank wealth management, and trusts collectively exceed 30 trillion yuan, indicating an intensifying Matthew effect [1] - In contrast, private equity, securities asset management, and futures asset management are facing severe competitive pressures [1] Securities Asset Management Specifics - The entrusted scale of securities asset management stands at 7 trillion yuan, which has stabilized in the short term, but the industry requires new growth breakthroughs due to the end of large collective rectifications and declining fixed-income asset yields [1] - Only 14 securities firms and asset management subsidiaries currently hold public fund management qualifications, with a market share of only 2% in the public fund sector and an incremental share of 2% this year [1] - The intense competition in the public fund space demands higher comprehensive capabilities from securities asset management firms [1]