2026年投资管理行业展望：把握增长新机，寻求规模扩张

Investment Rating - The report indicates a dual scenario for the investment management industry in 2026, with profit growth under pressure and unprecedented opportunities for differentiated competition [4]. Core Insights - The investment management industry is at a critical turning point, with increasing cost pressures and the rapid development of AI reshaping the boundaries between active and passive management, as well as between public and private markets [6][11]. - Active ETFs are gaining popularity, with their net inflows in the U.S. increasing from 1% in 2014 to 26% in 2024, indicating a shift towards investment tools that combine professional active management with ETF structures [7]. - The private equity fundraising landscape has seen a decline, with total fundraising down by about one-third from its peak in 2021, but regulatory changes may provide new opportunities for growth [10][19]. - Hedge funds are showing signs of recovery, with sustained inflows indicating a rebound in investor confidence, particularly in a volatile market environment [11]. - Regulatory reforms are expected to ease access to private markets and drive product innovation, with a focus on cross-industry collaboration becoming a key opportunity [16][19]. - The demand for talent is shifting towards digital capabilities and product specialization, with a notable increase in recruitment for roles requiring AI expertise [25][34]. Summary by Sections Industry Overview - The investment management industry is experiencing a fundamental restructuring, with a convergence of active and passive investment strategies and the emergence of hybrid products [6][14]. Regulatory Changes - Regulatory reforms are anticipated to relax private market access restrictions, fostering product innovation and expanding the asset allocation framework for investors [16][19]. Talent Strategy - Institutions are re-evaluating their talent strategies to emphasize digital literacy and product expertise, reflecting the evolving demands of modern investment strategies [25][27]. AI Integration - The report highlights a transition from isolated AI pilot projects to enterprise-level applications, with many firms beginning to see tangible returns on their AI investments [37][41]. Future Outlook - The report outlines three key action paths for investment management firms to achieve growth and scale by 2026: prudent product architecture selection, talent transformation, and establishing scalable AI operational models [43][46].