Core Viewpoint - The asset management industry is facing a transformative era characterized by the need to break old path dependencies and reconstruct core competitiveness, emphasizing a return to long-term value creation for clients and a more open ecosystem [3]. Group 1: Conference Overview - The "2025 Asset Management Annual Conference" was held in Shanghai, focusing on themes such as multi-asset allocation and new trends in asset management under the rise of passive investment [1]. - The conference featured a main forum and two parallel thematic forums, attracting nearly a thousand industry professionals and notable speakers [1][3]. Group 2: Key Insights from Speakers - Liu Shijun, former Deputy Director of the Economic Committee of the National Committee of the Chinese People's Political Consultative Conference, suggested that policies should focus on increasing consumer spending as a proportion of GDP to stabilize growth [5]. - Li Yang from the Chinese Academy of Social Sciences emphasized the need for financial institutions to transform in response to the challenges posed by a low-interest-rate environment, advocating for the development of financial services and asset management [7]. Group 3: Discussions on Asset Management Strategies - The main forum discussed how asset management institutions can rebuild competitiveness, with a consensus on enhancing research and customer service capabilities as critical factors [9]. - The conference highlighted the importance of "product + service" in providing comprehensive financial services from asset allocation to wealth management [9]. Group 4: Trends in Investment Strategies - The rise of ETFs as a significant tool for multi-asset and multi-strategy investment was noted, with the ETF market evolving into a new infrastructure for asset allocation [13][14]. - The low-interest-rate environment has led many asset management firms to adopt multi-asset and multi-strategy approaches, leveraging the advantages of ETFs for liquidity and low transaction costs [14].

Core Viewpoint - The asset management industry is facing a transformative era characterized by "breaking the old patterns" and "reconstructing core competitiveness," emphasizing a return to the essence of creating long-term stable returns for clients and enhancing capabilities through an open ecosystem and systematic thinking [1]. Group 1: Key Discussions at the Conference - The conference featured a main forum and two parallel thematic forums, attracting nearly a thousand industry professionals and notable speakers, including government officials and financial experts [1]. - Hu Zhiyong, Secretary of the Party Committee of Southern Finance and Economics Media Group, highlighted the need for the industry to break free from old dependencies and reconstruct its core competitiveness [1]. - Liu Shijun, former Deputy Director of the State Council Development Research Center, proposed structural reforms to boost consumption, focusing on housing for new citizens, pension system reforms, and facilitating the flow of production factors [4]. Group 2: Challenges and Strategies in the Low-Interest Rate Environment - Li Yang from the Chinese Academy of Social Sciences emphasized a dual approach to tackle challenges posed by the low-interest rate environment, advocating for the transformation of financial intermediaries and the development of capital markets [7]. - The roundtable discussion on "how asset management institutions can recreate competitiveness" underscored the importance of enhancing research and customer service capabilities, with a focus on comprehensive financial services [9]. - The conference released two significant reports: "2025 China Asset Management Development Trend Report" and "Internet Wealth Management Custody Business Development White Paper" [9]. Group 3: Trends in Asset Management - The forum on "new trends in asset management under the development of passive investment" noted that the low-interest rate environment and changing economic conditions present both opportunities and challenges for the wealth management industry [14]. - ETFs are emerging as a crucial tool for multi-asset and multi-strategy investment, with a diverse and healthy holder structure contributing to the revitalization of the ETF market ecosystem [14][15]. - The discussion highlighted that multi-asset and multi-strategy approaches are essential for addressing the challenges of low returns while meeting investor expectations [15].

智通财经记者 | 邹文榕 智通财经编辑 | 王姝 "12个月。" 作为上海一家头部券商资管投资经理，张林（化名）判断，按现有操作模式，券商资管靠在下沉市场买城投债赚管理费的好时光最多仅剩一年。 随着城投债信用利差的极致压缩，属于券商资管固收投资经理的风光时刻正在快速消减。 对比之下，城投债有政府背书，没有违约风险，张林认为，这是券商资管固收投资全面转向城投债的首要原因。 "快没有业务可以做了。"一位此前负责固收产品的投资经理刘茜（化名）向智通财经记者感慨。 "大型券商尚且能维持住原来的固收规模，但收益率相比前几年已明显下滑。"张林预计，明年开始，券商资管不仅会出现大面积的固收类产品业绩无法达 标，行业内的固收投资经理也将面临失业风险。 为了摆脱对城投债的依赖，张林所在的券商资管早在多年前就布局转型，张林本人也开始从城投债研究转向多资产多策略方向，资产范围涵盖境内外股票、 商品、债券等，策略也实现了多样化。 再见，城投债"躺赢"策略 券商资管脱胎于银行委外理财。 相比于公募基金固收投资以高等级利率债交易久期、银行理财更严格的信用债风控合规要求，智通财经从多位券商资管从业人员处了解到，近年来，在固收 业务上，买入 ...

Core Viewpoint - The banking wealth management sector is experiencing significant growth opportunities due to ongoing policy support for long-term capital entering the market, despite facing challenges related to investor risk appetite and liquidity matching [2][3]. Group 1: Characteristics of Banking Wealth Management - Banking wealth management funds inherently possess "long money" characteristics, with low net value volatility and stable liability scales conducive to long-term investment [3]. - The focus is on promoting the issuance of closed-end products with a maturity of one year or more to reduce redemption pressure [3]. - There is an increasing allocation of equity assets in technology and innovative pharmaceuticals, which requires long-term holding to capture growth dividends [3]. Group 2: Challenges in Banking Wealth Management - The sector faces a challenge of "short-termization" of funds, as overall investor risk appetite is low, limiting the proportion of funds that can be allocated to equity assets [3]. - Market volatility and redemption pressures lead to a tendency for funds to favor "short-term behavior" [3]. - The banking wealth management institutions need to enhance their investment research capabilities in timing, drawdown control, and risk diversification [4]. Group 3: Strategies for Improvement - The company is adopting a "dual-driven" model of "multi-asset multi-strategy + investment advisory support" to enhance asset allocation capabilities and client service quality [4]. - The investment advisory service includes a four-stage support system covering product creation, operation, volatility response, and review [4]. - Recommendations include optimizing internal assessment mechanisms to focus on long-term risk-adjusted returns and encouraging the establishment of professional multi-strategy and equity research teams [5]. Group 4: Institutional Support and Recommendations - There is a need for collaborative efforts to promote long-term investment in banking wealth management funds [5]. - Suggestions include introducing a similar OCI account mechanism for certain banking wealth management products to mitigate the impact of short-term net value fluctuations on client behavior [6]. - Advocating for tax deferral support and integrating more banking wealth management products into personal pension accounts to create a sustainable long-term funding ecosystem [6].

Core Viewpoint - The quantitative investment industry is experiencing significant expansion and competition, with a focus on maintaining stable excess returns amidst increasing market interest [1][8]. Group 1: Company Insights - Youmeili Investment has entered the multi-asset quantitative field early and achieved notable success in the convertible bond sector [2]. - The chairman emphasizes that "slowly becoming rich" is the true wealth strategy, with a focus on stable long-term excess returns as the core logic for success [3][4]. - The company prioritizes low and medium volatility strategies, avoiding trends and focusing on customer experience and absolute returns [3][9]. Group 2: Investment Strategy - Multi-asset and multi-strategy approaches are seen as more scientific investment methods, allowing for better risk management and stable returns [5][21]. - Over the long term, various asset classes like stocks, bonds, and real estate have stable annualized returns, with convertible bonds showing an annualized return of approximately 6% over the past decade, outperforming other equity assets [7][24]. - The company manages nearly 5 billion yuan, with over 2 billion yuan allocated to convertible bonds, which account for more than 50% of its total management scale [26]. Group 3: Market Trends - The quantitative investment sector is still in a favorable cycle, with expectations of entering a "big asset management" era where leading institutions adopt multi-strategy and multi-asset approaches [8][33]. - The chairman notes that the current market environment favors convertible bonds due to their stability and potential for higher returns compared to stocks, especially small-cap stocks [25][27]. Group 4: Risk Management - The company employs strict risk control measures, ensuring that low and medium volatility products are matched with suitable assets or strategies, and utilizes quantitative models for optimal asset selection [23][31]. - The dynamic adjustment of asset proportions is based on the cyclical nature of different assets, aiming for stable long-term returns while managing volatility [20][21]. Group 5: Future Outlook - The company is exploring the integration of AI and quantitative strategies to enhance efficiency and model performance, with a focus on maintaining a strong market presence through stable products [34][35]. - The vision is to grow wealth steadily alongside investors, emphasizing the importance of patience and disciplined execution in investment strategies [41][40].

Core Viewpoint - Recent short-term low-risk (R2 level) wealth management products have seen rising yields, with some achieving annualized returns around 10% in the past month, driven by favorable short-term bond market conditions and strategies like "fixed income plus" [1][2][4] Group 1: Product Performance - Several R2 level short-term wealth management products have reported high yields, with examples like "交银理财灵动慧利9号7天持有C" showing an annualized yield of 9.63% over the past month [1] - The underlying assets of these low-risk products are primarily bonds, making their net value highly sensitive to bond market trends [2] - New products often exhibit high initial yields due to strategies aimed at quickly gaining market visibility, a practice known as "new product ranking" [3] Group 2: Investment Strategies - Wealth management companies are increasingly adopting a "multi-asset, multi-strategy" approach to asset allocation, which helps reduce volatility and enhance returns in a low-interest-rate environment [4][5] - The trend is shifting from focusing solely on asset types to emphasizing investment strategies, with a push towards diversified asset classes such as stocks, bonds, and alternative investments like REITs and gold [5][6] - Companies are encouraged to innovate differentiated products that align with investor needs while maintaining a focus on safety and stability [6]

Core Insights - The asset management industry in China has grown from 130 trillion to 150 trillion in the past three years, with various segments including public funds, insurance asset management, and bank wealth management [4][6] - Securities asset management, particularly those with public fund licenses, has a broad business scope but faces both competitive advantages and pressures [4][5] - The company aims to establish a clear strategic direction within the vast asset management ecosystem, focusing on fixed income, absolute returns, and multi-asset strategies [6][8] Company Overview - Shan Zheng Asset Management was established as an independent entity in 2021 and has developed a product matrix consisting of 20 public funds and 178 asset management products [7] - As of the first quarter of 2025, the company managed a total of 57.3 billion yuan, with public and asset management products accounting for 43% and 57% respectively [7] - The company has achieved continuous annual revenue and net profit growth since its inception, laying a solid foundation for future high-quality development [7] Product Strategy - The company’s product lines include fixed income, absolute returns, active equity, multi-strategy, and investment banking asset management, with a strong emphasis on fixed income products due to their stable performance [8][9] - Future strategies will focus on transforming in response to low interest rates, enhancing the public fund business to meet diverse wealth management needs, and implementing a clear positioning for fixed income and equity products [8][9] Market Positioning - The company aims to be a trusted partner in wealth management and a multi-asset, multi-strategy management expert, emphasizing a balanced client structure with over 22 billion yuan from institutional clients [10] - The company’s vision includes deepening understanding of client needs and providing tailored investment strategies, leveraging its dual qualifications in asset management and public funds [10][11] Industry Challenges - The asset management industry faces challenges such as short-termism, with a focus on scale over investor returns, prompting regulatory bodies to emphasize a shift towards prioritizing client returns [13] - The company acknowledges the need for a cultural shift within the industry, advocating for a value system that prioritizes client interests and long-term relationships [13] Future Opportunities - Potential investment opportunities in 2025 are expected in traditional sectors like consumer goods and healthcare, as well as in policy-driven sectors such as AI, robotics, and semiconductor industries [14][15] - The company plans to enhance its investment strategies by balancing fixed income with diverse asset classes, including commodities, options, and cross-border strategies, to adapt to market volatility and evolving investor demands [15][16]

Core Viewpoint - The article highlights the proactive response of wealth management companies, particularly banks, to the growing demand for diversified investment products amid policy encouragement for long-term capital market entry [1][3]. Group 1: Policy and Market Environment - The Central Political Bureau meeting in September last year emphasized the need to eliminate barriers for social security, insurance, and wealth management funds entering the market, paving the way for long-term capital investments [3]. - A joint implementation plan was issued in January this year, allowing various funds, including public funds and bank wealth management, to participate as strategic investors in listed companies' private placements, boosting market confidence [3]. Group 2: Product Innovation and Strategy - Banks are focusing on deepening "multi-asset, multi-strategy" product innovation to expand their investment boundaries, particularly in equity assets [4]. - For instance, Everbright Wealth Management launched the "Guangying+" product series, emphasizing diverse strategies such as index, quantitative, and global investments, aiming to enhance returns while managing risks [4]. Group 3: Investment Activities and Performance - Everbright Wealth Management is optimistic about the future of China's capital market and has increased its allocation to capital market investments, including ETFs and private placements [5]. - The company successfully participated in a private placement for Shanghai Waigaoqiao Group, marking a significant case of bank wealth management funds directly engaging in such activities, with an allocation of approximately 2 million yuan [5]. Group 4: Market Challenges and Responses - The current global financial market is characterized by uncertainty, with traditional fixed-income products facing pressure due to bond market volatility [6]. - To address these challenges, wealth management companies are accelerating the development of multi-asset strategies, particularly enhancing their capabilities in equity asset allocation [6]. Group 5: Performance Metrics - The "Guangying+" series has demonstrated effective asset allocation across various categories, achieving a 100% performance benchmark for closed-end products maturing by May 2025, with annualized returns exceeding benchmarks for all products established for over a month [7]. - The product series has seen a growth of over 16 billion yuan within the year, reflecting positive market feedback on the investment strategies and product designs [7].

Core Insights - The banking wealth management industry is experiencing growth, with the market size expected to reach 29.95 trillion yuan by the end of 2024, reflecting an 11.75% increase from the beginning of the year [1] - Despite the growth, the industry faces challenges such as conservative investor risk preferences and declining yields on wealth management products due to falling bond rates [1][2] - A recent strategy meeting highlighted investment opportunities in a high-volatility environment, emphasizing the need for diversified asset allocation [1][2] Investment Strategies - Wealth management companies are encouraged to incorporate equity investments into their portfolios to capture corporate asset appreciation, as pure fixed-income products limit potential gains [2] - The introduction of a "solid income + options" strategy allows clients to participate in equity markets while managing risks associated with market volatility [2][4] - Passive investment strategies, particularly through ETFs, are seen as a crucial entry point for wealth management funds into the equity market, with the public ETF market exceeding 4 trillion yuan [2][5] Multi-Asset Framework - Companies are developing multi-asset and multi-strategy frameworks to manage volatility and enhance returns, focusing on target volatility as a core component of asset allocation [3][4] - The implementation of constant proportion strategies, such as maintaining a fixed percentage of equity assets, has proven effective in achieving absolute return objectives [4] - The importance of adapting international experiences to the domestic market context is emphasized, given the differences in macroeconomic conditions [3][4] Market Outlook - In light of increasing uncertainty in global financial markets, companies recommend aligning investment products with investor risk preferences and focusing on assets with stable cash flows [4][5] - A balanced allocation across equities, bonds, and gold is suggested as a strategy to mitigate uncertainty and capitalize on favorable market conditions [5] - The use of low-correlation multi-asset strategies is highlighted as an effective approach to navigate heightened volatility and uncertainty in the market [5]

Core Viewpoint - The discussion at the strategy meeting highlighted the investment opportunities in the bank wealth management market amidst high volatility, emphasizing the importance of equity investments as a tool for enhancing returns within a "fixed income plus" framework rather than solely focusing on equity products [1][3]. Group 1: Investment Strategies - The equity investment scale of wealth management companies is projected to reach approximately 830 billion yuan by the end of 2024, with an equity asset investment ratio of about 2.58%, indicating a low level of engagement [3]. - The proportion of R1 and R2 risk-rated products has increased from 88.7% in 2022 to 95.7% by the end of 2024, reflecting a continued low risk appetite among wealth management clients [3]. - Zhang Changbin proposed three strategies to enhance equity investment: product positioning, investment vehicles, and capability building [3][5]. Group 2: Product Positioning - Wealth management should focus on absolute return-enhanced fixed income products and low-mix products as the primary means for expanding the scale of equity-inclusive wealth management products [4]. - The development of products should include clearer risk-return characteristics to help investors understand the nature of the products [4][6]. Group 3: Investment Vehicles - Passive investment is seen as a crucial breakthrough for wealth management funds entering the market, with the public ETF market exceeding 4 trillion yuan, providing a comprehensive asset coverage [4][5]. - Other flexible investment vehicles include private placements, new stock funds, and REITs, which can offer stable dividends and inflation protection [4][5]. Group 4: Capability Building - The investment research teams in wealth management companies are generally weak, and enhancing research capabilities is essential for effective equity investment [5]. - Companies should focus on building a layered research framework and strengthen external collaborations with public funds and financial technology firms [5]. Group 5: Multi-Asset Multi-Strategy Products - Multi-asset multi-strategy products aim for diversified income sources by leveraging low or negative correlations between assets to control volatility [6]. - Recommendations include reflecting the weight of various assets in performance benchmarks and clearly communicating multi-asset strategies to clients [8]. Group 6: Market Conditions and Recommendations - The current global financial market is characterized by high volatility and uncertainty, necessitating a cautious approach to asset allocation [9]. - For investors with low risk tolerance, it is advisable to choose short-term cash management products during uncertain periods before reallocating to higher-risk assets when trends become clearer [9].