长三角协同发力 上海全球资管中心建设破局前行

Core Viewpoint - The construction of Shanghai as a global asset management center is transitioning from "scale aggregation" to "functional radiation," leveraging the Yangtze River Delta integration strategy to overcome regional barriers and achieve significant results in institutional aggregation and business innovation, while facing challenges such as fragmented institutional collaboration and mismatched asset-capital alignment [1] Group 1: Foundation Strengthening - Shanghai has become the core gathering place for asset management institutions in China, with a total asset management scale of 2.98 trillion yuan, a year-on-year increase of 10.4%, accounting for about one-quarter of the national total [2] - The private equity management scale in Shanghai remains the highest in the country, with the Yangtze River Delta region leading in fundraising activities, achieving 41.5% of the national total in the first three quarters of 2025 [2] - Over 80% of foreign asset management institutions have chosen to establish a presence in Shanghai, making it a key gateway for foreign capital entering the Chinese market [2] Group 2: Policy Coordination - Policy coordination is essential for the integration of asset management in the Yangtze River Delta, with the implementation of the "Shanghai International Financial Center Construction Regulations" providing a solid foundation for cross-regional policy alignment [3] - The successful replication of core pilot policies, such as QFLP and QDLP, across the Yangtze River Delta has led to significant engagement from various international institutions [3] - The AIC equity investment pilot has expanded to 18 key cities in the Yangtze River Delta, with signed intention amounts exceeding 380 billion yuan, highlighting regional capital linkage effects [3] Group 3: Market Interaction - Shanghai serves as a hub for cross-border capital allocation, with the issuance of panda bonds reaching 163.31 billion yuan in 2025, a year-on-year increase of 15.6% [4] - The total outstanding panda bond scale reached 318.78 billion yuan by the end of 2025, reflecting a 37% year-on-year growth [4] - Efficient collaboration between provinces and cities has been established, with various innovative financial products and services emerging to support investors in the Yangtze River Delta [4] Group 4: Bottlenecks to Overcome - Despite the progress, there are still deep-seated bottlenecks in institutional, market, and ecological aspects that hinder the further advancement of asset management collaboration [5] - Fragmented institutional collaboration and inconsistent standards across provinces increase operational costs for institutions, affecting project execution [6] - The efficiency of asset-capital matching remains insufficient, with many high-quality small and medium-sized tech enterprises facing challenges in accessing capital due to information barriers [6] Group 5: Pathways to Resolution - To address collaboration challenges, a "system-market-ecology" triad framework should be established, with Shanghai at the core, to enhance the quality and efficiency of asset management center construction [7] - Recommendations include strengthening institutional collaboration, establishing a Yangtze River Delta asset management coordination committee, and promoting unified standards for ESG and green product recognition [7] - Enhancing ecological collaboration through talent recognition mechanisms and establishing a cross-regional dispute resolution center will further solidify the financial safety net [7]