与上轮财富管理发展期的比较分析：l本轮财富管理特点与金融机构：分化、分层与匹配

Investment Rating - The report maintains an "Overweight" rating for the industry [2] Core Insights - The current wealth management market (2025-2026) shows increased differentiation and stratification compared to the previous cycle (2020-2021), with a focus on matching client needs [5][10] - Financial institutions are transitioning from a "sell-side" sales model to a "buy-side" advisory model, emphasizing long-term service capabilities and precise matching of client needs [5][10] - Investment opportunities are expected to favor financial institutions with a strong middle-to-high value client base, comprehensive services, and innovative product offerings [5][10] Summary by Sections Common Logic of Two Cycles - Both cycles are characterized by ample liquidity supporting asset prices, with the previous cycle driven by aggressive monetary and fiscal policies, while the current cycle is marked by low interest rates and excess precautionary savings [9][16] - Clear industry trends guide capital flows, with the previous cycle dominated by consumption and new energy, while the current cycle is led by AI and hard technology [9][22] - The trend of asset migration from real estate to financial assets is irreversible, continuing the financialization process [9][25] Core Differences of Two Cycles - The macro environment has shifted from "strong stimulus expansion" to "weak recovery defense," with a focus on stabilizing growth and managing risks [25][27] - There is a notable change in resident expectations and risk preferences, with a shift from broad income growth to increased differentiation among income groups [35][38] - Asset allocation logic has evolved from a singular offensive strategy to a diversified and balanced approach, incorporating defensive assets alongside growth opportunities [46][50] Characteristics of the Previous Cycle - The previous cycle was driven by strong stimulus measures, resulting in a significant recovery in GDP and a structural bull market in equities, particularly in high-growth sectors [3][9] - The investment behavior was aggressive, with high turnover and a focus on chasing high-performing assets, leading to a "star chasing" phenomenon among investors [3][9] Current Cycle and Future Characteristics - The current cycle is characterized by low interest rates and a new normal of asset revaluation, with a gradual but steady migration of assets [10][25] - The asset side is moving towards a balanced approach, with a mix of high-dividend and growth assets, and an increasing preference for alternative investments as risk hedges [10][50] - Financial institutions are expected to focus on client segmentation, asset allocation capabilities, and long-term service value, with a shift towards a "buy-side" advisory model [10][55]