Zheng Quan Shi Bao Wang·2025-11-20 09:30Core Viewpoint - The traditional investment strategies face significant challenges in a low-interest-rate environment, necessitating a return to asset-liability management principles to navigate through interest rate cycles [1][2] Group 1: Asset-Liability Management Principles - The core of asset-liability management is to allocate long-term funds into assets that can withstand interest rate, credit, and liquidity shocks, ensuring financial goals, customer protection, and regulatory compliance are maintained [1] - The three principles of asset-liability management emphasized are safety, profitability, and liquidity, which should guide the investment strategies [2] Group 2: Challenges and Strategies - In a low-interest-rate cycle, traditional investment strategies are under pressure, with reinvestment risks persisting, highlighting the need for long-term logic that transcends cycles [2] - The liability side requires continuous efforts to reduce costs, optimize structure, and increase flexibility, including measures such as lowering new policy preset interest rates and optimizing interest source structures to mitigate potential risks from declining rates [2]