上海信托陈兵：低利率时代信托业机遇大于挑战

Core Viewpoint - The China Wealth Management 50 Forum 2025 Annual Meeting emphasizes the theme of "Building a Financial Powerhouse in the 14th Five-Year Plan" and discusses the challenges and opportunities presented by the low interest rate environment in the asset management industry [1][7]. Group 1: Market Trends and Investor Behavior - The low interest rate environment has significantly shifted investor demand, leading clients to reduce real estate allocations and increase investments in financial assets. There is a growing demand for risk isolation and wealth planning rather than solely focusing on single product returns [3][9]. - The long-term low interest rate period in the U.S. from 2008 to 2022 saw a rise in the proportion of financial assets from 35% to 66%, with stock and mutual fund allocations increasing from 11% to 22%. The S&P 500 index achieved an annualized return of approximately 11% during this period [4][10]. Group 2: New Business Models and Services - Asset management institutions are encouraged to embrace new trends in the capital market, which can provide stable investment returns. The insurance sector has increased its allocation to stock funds, reaching 4.74 trillion yuan, a year-on-year increase of nearly 1 trillion yuan [4][10]. - Differentiated asset management services are being developed, with public funds focusing on ETF products, which have grown from a trillion-level scale in 2020 to 6 trillion yuan this year, with an increase of 2.2 trillion yuan in the current year [5][11]. - The trust industry is seeing a transformation with the introduction of asset service trusts, which have redefined the core functions of trusts, leading to a significant scale effect. As of June this year, the total scale of trust assets reached 32 trillion yuan, with service-type assets exceeding 11 trillion yuan [5][12]. Group 3: Meeting Diverse Client Needs - The demand for wealth inheritance and security is increasing, with the potential for residents to inherit assets reaching 20 trillion yuan. The trust industry aims to provide diversified asset allocation solutions to meet these evolving needs [6][12]. - The industry is focusing on long-term client relationships and providing multi-asset cross-cycle allocation strategies, embodying the buy-side advisory concept [6][12]. Group 4: Technological Empowerment - Financial technology is expanding the possibilities within the asset management industry. Integrating data models and decision-making processes through AI and information technology is essential for enhancing asset management capabilities unique to China [6][13].