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 size [1] - The core competitiveness of the industry in 2026 will center on the upgrade of investment research capabilities and innovation in service models, which are seen as key drivers for sustainable growth [1] Industry Growth and Structure - As of the end of Q3, the total scale of China's asset management industry reached 179.33 trillion yuan, reflecting an 8.21% growth compared to the end of 2024 [2] - The main components of this growth include bank wealth management, public funds, insurance asset management, and trust assets, with bank wealth management reaching 32.13 trillion yuan (17.92% share) and public funds at 36.74 trillion yuan (20.49% share) [2] - Policy guidance and structural optimization are crucial for sustaining this growth, with ongoing improvements to asset management regulations encouraging funds to flow towards the real economy and quality assets [2] Long-term Capital Inflows - By the end of Q3, pension funds managed by fund management companies totaled 6.85 trillion yuan, while insurance companies had a stock investment balance of 3.62 trillion yuan, highlighting the role of banks and insurance asset management institutions as key long-term investors in the capital market [3] 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 generate sustainable excess returns [4] - In response to low interest rates and asset scarcity, the industry is increasingly adopting multi-asset and multi-strategy approaches, with bank wealth management products showing a shift in asset allocation towards cash and public funds [4] New Service Paradigms - The industry is evolving from a "product selling" model to a "wealth management" model, driven by low interest rates and the diversification of wealth management needs [7] - There has been significant expansion in distribution channels, with 31 out of 32 wealth management companies breaking through their parent bank's exclusive sales channels, indicating a shift towards broader market access [7] - The focus of competition is shifting towards understanding client needs and comprehensive asset allocation capabilities, particularly in the family trust sector, which has seen rapid growth [7] Future Outlook - The asset management industry is expected to play a crucial role in supporting the transformation of the real economy and optimizing the social financing system, with a shift from scale to capability becoming the new narrative [8]