SWHY(SZ:000166) 申万宏源证券上海北京西路营业部·2025-10-20 02:03Core Viewpoint - The global wealth management market is undergoing significant changes, with a shift towards diversified asset allocation and increased demand for innovative financial products to meet evolving investor needs [4][6][8]. Group 1: Market Trends - Major financial institutions are increasing their focus on wealth and asset management, with some international investment banks deriving over 50% of their revenue from these sectors [4]. - China's total investable assets have surpassed 300 trillion RMB, with the high-net-worth population ranking second globally, indicating a substantial wealth management market [4]. - The asset allocation structure of Chinese households is transitioning from a heavy reliance on real estate to a more diversified approach, including stocks, bonds, mutual funds, and alternative investments [4][6]. Group 2: Investment Product Supply - The current financial product offerings are insufficient to meet the diverse investment needs of residents, particularly in innovative areas such as green finance and cross-border ETFs [6][9]. - There is a growing demand for stable investment products, but existing offerings primarily rely on fixed-income assets, lacking the integration of commodities and alternative strategies [6][10]. - The cross-border investment channels, while improved, still do not adequately meet the increasing demand for overseas asset allocation, with only 41 mutual funds available for public sale in mainland China as of September 2025 [6][11]. Group 3: Service Layering - The supply of inclusive investment products for ordinary investors is notably lacking, with wealth management services still maturing in terms of tailored offerings for different investor segments [7][12]. - There is a need to develop a differentiated service system that caters to high-net-worth, middle-class, and ordinary investors, promoting passive and regular investment strategies [12][14]. Group 4: Future Directions - The company aims to enhance the variety of directly investable assets and products, particularly in ETFs and green financial products, to encourage long-term investment [9][10]. - There is a focus on expanding the product strategy to create a comprehensive product system that covers all asset classes and strategies, including derivatives [10][11]. - The company plans to leverage professional investment research capabilities to enhance advisory services and product development, aiming for high-quality growth in wealth management [13][14].