彭琨：低利率环境下 理财机构需多维发力应对市场挑战

Core Viewpoint - The China Wealth Management 50 Forum 2025 Annual Meeting emphasizes the challenges and opportunities in the wealth management industry amid a low-interest-rate environment, focusing on strategies for institutions to adapt and thrive [1][10]. Group 1: Challenges in the Wealth Management Industry - Investment returns are significantly declining due to the low-interest-rate environment, which is the most direct impact [3][12]. - Market volatility is rising, with low bond yields leading to a decrease in the Sharpe ratio and extreme compression of credit spreads, increasing the risk of market rebounds [3][12]. - There is a high demand for asset allocation, as macro liquidity remains ample, but corporate financing needs are insufficient, leading to a strong demand for fund allocation [3][12]. - Institutional operational models are facing transformation challenges, with the net value transition deepening but client return expectations adjusting slowly [3][12]. Group 2: Positive Factors and Opportunities - On a macro level, the upcoming "14th Five-Year Plan" emphasizes expanding domestic demand and stabilizing investment, which may lead to a recovery in the economy and profits [4][12]. - On a market level, continued government support for long-term capital entering the market and the potential recovery in certain sectors provide upward space for the stock market [4][12]. - The effect of deposit rate cuts is becoming more pronounced, with many fixed-term deposits maturing, leading to increased risk appetite among residents, which presents opportunities for banks to expand wealth management scale and product systems [4][13]. Group 3: Strategic Responses for Wealth Management Institutions - Institutions should prioritize customer-centric approaches, ensuring that product performance is predictable and manageable for clients [5][13]. - Compliance is essential for long-term survival and sustainability, requiring rigorous disclosures and prudent asset management [5][13]. - Transitioning from reliance on single-asset yields to multi-asset management is crucial, focusing on proactive management of volatility and strategic management of assets [5][13]. Group 4: Product Layout and Asset Allocation - Product layout should focus on understanding customer needs while optimizing product efficiency and experience [7][14]. - In asset allocation, institutions need to stabilize their fixed-income base while exploring market depth and broadening their asset classes [8][15]. - Institutions should enhance their unique offerings by advancing from simple low-volatility strategies to a balanced approach that includes moderate volatility and appropriate returns [8][15]. Group 5: Enhancing Capabilities - The research and investment system should shift from a traditional fixed-income focus to a core asset allocation model, emphasizing macro trends and risk management [9][16]. - Customer relationships should be strengthened by expanding the customer base, particularly among younger clients, and enhancing trust through better communication [9][16]. - Collaborative optimization with peer institutions is necessary to share strategies and enhance asset allocation capabilities [9][16].