银证携手共建高适配性资产供给生态

Core Viewpoint - The banking and securities asset management sectors are undergoing significant transformation due to low interest rates and strict regulations, necessitating collaboration to build a high-quality development ecosystem [1][2]. Group 1: Industry Changes - The asset management industry is experiencing profound changes driven by market and regulatory forces, with a focus on risk prevention, standardization, and protecting investor rights by 2025 [1]. - High-interest deposits are declining, leading to a demand for low-volatility, stable products, as risk appetite for new investment funds continues to decrease [2]. - Customer needs are evolving from a singular focus on returns to comprehensive asset allocation services, requiring full lifecycle wealth planning solutions [2]. - Small and medium-sized banks are accelerating their transition to light asset management, focusing more on distribution and wealth management, which opens up significant market opportunities for collaboration with securities firms [2]. Group 2: New Collaboration Models - The collaboration between banks and securities firms has evolved from traditional channel connections to a new paradigm of "joint creation + outsourcing" and "fixed income +" cooperation [2]. - The joint creation BOF model addresses the challenges faced by small and medium-sized banks by helping them replace existing bond assets and retain core customers through collaborative product creation [2]. - The outsourcing BOF model allows wealth management companies to delegate fixed-income asset management to securities firms, enhancing returns through strategic operations while extending cooperation into the "fixed income +" domain [2]. Group 3: Future Development - In the context of investor education, banks and securities firms should establish mechanisms for co-creation of content and joint activities, enhancing customer experience and trust through practical educational materials and regular market updates [2]. - The industry should collaboratively participate in setting standards, clarifying roles, risk control processes, and disclosure requirements, while leveraging financial technology to optimize asset allocation and improve risk management efficiency [2]. - Future opportunities lie in expanding into pension finance and inclusive finance, developing products and services tailored to long-term retirement needs and small, flexible investment tools for middle and small investors [3].