2026大资管鼎“新”：投研与服务能力比拼升级

Core Insights - The asset management industry is transitioning from a "scale competition" to a "capability competition" as it approaches the end of 2025, with a focus on professional expertise rather than just growth in size [1][4] - The total scale of China's asset management industry reached 179.33 trillion yuan by the end of Q3 2025, reflecting an 8.21% increase from the end of 2024 [2] Industry Growth Dynamics - The asset management sector has evolved from "barbaric growth" to "regulated expansion," with healthy competition among various financial institutions, including bank wealth management, public funds, insurance asset management, trusts, and private equity funds [2] - As of Q3 2025, bank wealth management reached 32.13 trillion yuan, accounting for 17.92% of the total, while public funds reached 36.74 trillion yuan, making up 20.49% [2] Policy and Structural Optimization - Continuous improvement of asset management regulations and structural optimization are supporting the growth of the industry, with a focus on directing funds towards the real economy and high-quality assets [2] - Long-term capital inflows are crucial for reshaping the industry ecosystem, with pension fund management reaching 6.85 trillion yuan and insurance companies investing 3.62 trillion yuan in stocks by the end of Q3 2025 [2] Investment Research and Strategy - Investment research capability is fundamental for asset management institutions, with a focus on establishing a forward-looking research system and investment framework to achieve sustainable excess returns [3] - The trend towards multi-asset and multi-strategy investment is becoming a consensus in the wealth management industry, with banks increasing allocations to cash, public funds, and reducing bond allocations [3] Service Model Evolution - The low-interest-rate environment and evolving wealth management needs are driving a shift from a "product-selling" model to a "wealth management" model, emphasizing comprehensive asset allocation solutions [4] - The number of institutions cross-selling wealth management products has increased, with 583 institutions participating in cross-bank sales by September 2025, up from the previous year [4] Competitive Focus - As high-quality products become more common, competition is shifting towards understanding client needs and comprehensive asset planning capabilities [4] - The family trust business is rapidly growing, indicating a shift in focus from scale to service capability among trust companies [4]