西南财经大学信托与理财研究所所长翟立宏：多资产、多策略是增厚投资收益的重要抓手

Core Viewpoint - The banking wealth management market is undergoing a critical transformation in its revenue sources and product structure due to the intertwined macroeconomic backdrop of low interest rates and "asset scarcity" [1] Group 1: Restructuring of Wealth Management Product Revenue Sources - The low interest rate environment and "asset scarcity" are reshaping the revenue sources of wealth management products, presenting both challenges and opportunities for the banking wealth management industry [2] - Traditional fixed-income products are facing significant yield constraints, while the exploration of equity assets is seen as a primary direction for enhancing product yield flexibility [2] - The product structure is expected to shift towards "fixed income plus" products and multi-strategy offerings, with a focus on themes like retirement, ESG, and technology innovation [2] Group 2: Role of Banking Wealth Management in Retirement Planning - Banking wealth management is a core component in building the third pillar of retirement, leveraging its extensive distribution network and customer trust to promote personal pension schemes [3] - New regulations encourage the issuance of long-term products, which can channel significant "long money" into essential sectors like infrastructure and healthcare, supporting long-term economic development [3] - By lowering investment thresholds and optimizing management fees, banking wealth management enhances accessibility to professional retirement investment services [3] Group 3: Advantages and Challenges of Retirement Wealth Management - Compared to funds and insurance products, retirement wealth management offers a better fit for the long-term, stable, and risk-controlled needs of retirement funds [4][5] - Retirement wealth management products have an average annualized return of approximately 3.91% with a volatility of only 0.17%, highlighting their risk control advantages [4] - The development of retirement wealth management faces challenges from demand, supply, and investment sides, including a lack of long-term investment awareness among residents and product homogeneity [6] Group 4: Future Development of Banking Wealth Management - Small and medium-sized banks without wealth management subsidiaries are transitioning to a distribution model, focusing on localized services and customer trust [7] - By 2026, the banking wealth management market is expected to enter a phase of high-quality development centered on professional active management capabilities [8] - The industry is likely to see increased concentration, with a shift towards licensed wealth management companies and a significant optimization of product structures [8] Group 5: Investment Strategies for Investors - Investors are advised to set reasonable investment goals and expectations, focusing on long-term sustainable returns within their risk tolerance [9] - A scientific asset allocation strategy is recommended, utilizing cash management and fixed-income products for defensive purposes while capturing market opportunities with "fixed income plus" and mixed products [9] - Maintaining a long-term holding strategy is essential to smooth out short-term volatility and avoid emotional trading based on market fluctuations [9]