Core Viewpoint - The upcoming "Fifteen Five" period will be crucial for repairing household balance sheets and embracing new wealth forms represented by AI assets, following a decade of structural reconfiguration in Chinese household asset-liability statements during the "Thirteenth Five" to "Fourteenth Five" periods [1][20]. Group 1: Household Asset-Liability Structure - Over the past decade, Chinese households have faced three significant shocks: a downward trend in risk-free interest rates, a correction in real estate assets which constituted about 70% of household wealth, and challenges in traditional financial product supply due to market volatility [20][21]. - The policy direction is now focused on repairing household balance sheets, with measures from the central economic work conference and relevant ministries forming a "combination punch" to support capital markets and alleviate household burdens [21][22]. Group 2: Asset Management Industry Responsibilities - The asset management industry is expected to play a vital role in providing resilient financial products that meet the new demands of the era, emphasizing the need for enhanced professional capabilities [21][22]. - The industry must adopt multi-asset and multi-strategy approaches to navigate economic cycles and smooth out volatility, which is essential for large professional institutions [21][22]. Group 3: Future Wealth Management Trends - The "Fifteen Five" period will see a shift in wealth growth logic from reliance on single asset appreciation to a focus on overall health and dynamic optimization of asset-liability statements [23][24]. - AI is anticipated to create new asset classes, with personal data becoming a new source of wealth, necessitating the establishment of compliant mechanisms for valuation and custody [22][23]. - Long-term funds, such as pensions, should actively invest in AI and other new productive assets, allowing residents to share in the dividends of the era through long-term investments [23][24].
全国社保基金理事会原副理事长王忠民：“十五五”居民财富管理面临重构 修复资产负债表与拥抱AI资产成关键
Sou Hu Cai Jing·2025-12-15 00:30