2023年7月，乾和私募主动注销。同年9月，孙建波重返公募领域。格林基金宣布："五十而知天命 的他（孙建波），把未来的职业生涯'重仓'在了格林基金这家近年来发展势头不容小觑的公司上。" 谈及加盟格林基金的缘由，孙建波坦陈主要原因是价值观认同，双方就如何打造一支高质量、有长 期回报的投研团队做了多次沟通，发现彼此对行业的认知、理解以及公司经营理念等各方面都高度契合 后，他爽快地做出了加入的决定。 不过，仅一年后，孙建波便离开了格林基金。格林基金公告显示，2024年10月31日，副总经理孙建 波因个人原因而离任。 实际上，谈及孙建波，最为人熟知、也最有据可考的公募战绩是2008-2010年间，其管理的基金位 列同类前茅。尤其是2010年，这一年除创业板指有所收获外，上证指数和深证成指分别下跌14.31%和 9.06%。在弱市之下，由庄涛、梁永强和孙建波（三人当时被称为"华商三剑客"）共同管理的华商盛世 成长凭借37.77%的收益率摘得2010年的股基冠军。 孙建波经历横跨多个金融领域 履历显示，孙建波曾任中国人保信托投资公司证券总部业务经理，银河证券资产管理部高级经理。 此后又在中信基金、华夏基金担任基金经理和分 ...

Core Viewpoint - The article emphasizes the trend of asset management companies moving towards platformization, which enhances operational efficiency and drives down fees, benefiting large, capable asset management institutions [1][2]. Group 1: Platformization in Asset Management - Asset management companies are embedding technology platforms across all business segments, including client acquisition, portfolio construction, management, and post-investment risk management [1]. - According to McKinsey's research, leading global asset management firms are actively promoting the process of platformization across various areas such as sales, marketing, investment management, and risk/compliance management [2]. Group 2: Historical Development of Platformization - The origin of platformization in asset management can be traced back to the 1980-2000 period, where risk control and pricing became the starting point for platform development [2]. - From 2000 to 2008, intensified competition in custody services led to the platformization of these services to enhance breadth and efficiency [2]. - The financial crisis from 2008 to 2015 prompted stricter regulations, which accelerated the attempts to platformize trading operations, although only multi-broker platforms survived [2]. - Since 2015, technological capabilities have differentiated various segments of asset management, promoting the comprehensive functionality of platforms and their direct client engagement [2]. Group 3: Advantages of Platformization - Distinctive platforms have emerged in various segments, such as BlackRock's Aladdin for risk control, Goldman Sachs' Marquee for pricing, and AmundiALTO for custody outsourcing, each creating core advantages in data collection, trading efficiency, and operational services [3]. - Platformization enhances overall industry efficiency, favoring large asset management institutions with strong platform capabilities, and promoting brokerage firms with competitive advantages in platformization and institutional service capabilities [3]. - The platformization of asset management drives the outsourcing and centralization of scalable segments, improving operational efficiency and leading to a decline in industry fees [3].

Core Viewpoint - The report indicates a significant increase in the number of private asset management products registered by securities and futures institutions in April 2025, reflecting a growing trend in the private asset management sector in China [1][2]. Group 1: Product Registration Data - In April 2025, a total of 1,545 private asset management products were registered, representing a month-on-month increase of 5.60% and a year-on-year increase of 103.56% [1]. - The total establishment scale of these products was 68.57 billion yuan, showing a slight month-on-month decrease of 0.36% but a year-on-year increase of 32.19% [1]. - The average establishment scale for collective products was 7.2 million yuan, down 4.58% month-on-month, while for single products, it was 2.1 million yuan, down 11.32% [3]. Group 2: Product Type Analysis - Among the registered products, mixed-type products had the highest number, while fixed-income products had the largest establishment scale [4]. - The breakdown of registered products by investment type shows that equity products accounted for 66 products with a scale of 2.53 billion yuan (3.69%), fixed-income products accounted for 539 products with a scale of 34.50 billion yuan (50.32%), futures and derivatives accounted for 168 products with a scale of 14.83 billion yuan (21.63%), and mixed products accounted for 772 products with a scale of 16.71 billion yuan (24.37%) [5]. Group 3: Total Asset Management Scale - As of the end of April 2025, the total scale of private asset management products managed by securities and futures institutions reached 12.01 trillion yuan, an increase of approximately 163.73 billion yuan from the previous month, representing a month-on-month growth of 1.38% [7]. - The proportion of existing collective asset management plans was 51.9%, while single asset management plans accounted for 48.1% [8]. Group 4: Institutional Management Scale - The average management scale of private asset management products by securities companies and their subsidiaries was 56.54 billion yuan, with a median of 19.26 billion yuan [14]. - Fund companies had an average management scale of 34.84 billion yuan, with a median of 9.07 billion yuan [17]. - Futures companies and their subsidiaries had an average management scale of 3.37 billion yuan, with a median of 0.29 billion yuan [21].

当前，券商资管业务正加速向主动管理本源回归，通道业务出清进程持续推进。 中国证券投资基金业协会近日发布的最新数据显示，截至4月末，券商私募资管产品存量规模回升至 5.43万亿元（包含资管子公司，不包含私募子公司），不仅扭转了自今年2月份以来的下降趋势，且仅4 月份单月的规模就增加逾千亿元。其中，以主动管理为核心的集合资管计划规模占比已提升至 54.07%，反映出券商资管业务在结构优化和主动管理转型方面取得了持续成效。 主动管理能力持续提升 近年来，监管部门不断加大力度规范资管行业，一系列政策文件的出台旨在打破刚性兑付、消除多层嵌 套、规范资金池业务等，从而引导资管业务回归"受人之托、代人理财"的本源。在政策的推动下，券商 持续提升主动管理能力，私募资管产品结构优化进程显著加速。 从具体数据来看，截至4月末，券商私募资管产品存量规模为5.43万亿元，较3月末增加1094.96亿元。其 中，以主动管理为代表的集合资管计划规模增至2.93万亿元，较3月末增加1127.94亿元，增幅为4%，占 券商私募资管总规模的比重为54.07%，已成为业务增长的核心支柱；以通道业务为主的单一资管计划 规模为2.49万亿元，较3月 ...

【 导读】 私募资管产品规模 4月增加 1637 亿元至 12.01万亿元 见习记者 庄佳 6月25日，中国证券投资基金业协会发布4月证券期货经营机构私募资管产品备案月报。 数据显示， 2025年4月，证券期货经营机构共备案私募资管产品1545只，环比增加5.60%，同比增加103.56%；设立规模 为 685.70亿元，环比减少0.36%，同比增加32.19%。 从机构类型看，4月备案的私募资管产品中，证券公司及其子公司产品占比 较 高。 | 机构类型 | 备案数量(只) | | 设立规模(亿元)规模占比(%) | | --- | --- | --- | --- | | 证券公司及其资管子公司 | 973 | 386. 85 | 56. 42 | | 证券公司私募子公司 | 18 | 13. 83 | 2.02 | | 基金管理公司 | 251 | 71. 44 | 10. 42 | | 基金子公司 | 1 69 | 185.51 | 27. 05 | | 基金管理公司私募子公司 | 2 | 1.13 | 0. 16 | | 期货公司及其资管子公司 | 132 | 26. 95 | 3.93 | | 计 台 ...

作为头部保险资管公司，泰康资产此次变更业务范围后业务未来开展情况值得关注。 近日，泰康资产管理有限责任公司（下称" 泰康资产 "）在官网公告变更业务范围。 其变更后的业务范围，与《保险资产管理公司管理规定》所规定的保险资管公司业务范围表述高度一致。变更 后的业务范围，既包括受托管理、资管产品等传统业务，也包括资产管理业务相关的运营、会计等专业服务新 业务。 因业务发展需要变更业务范围 近日，泰康资产官网公告，因业务发展需要，公司业务范围变更为：受托管理保险资金及其形成的各种资产； 受托管理其他资金及其形成的各种资产；管理运用自有人民币、外币资金；开展保险资产管理产品业务、资产 证券化业务；开展投资咨询、投资顾问，以及提供与资产管理业务相关的运营、会计、风险管理等专业服务； 国家金融监督管理总局批准的其他业务；国务院其他部门批准的业务 。 泰康资产称，此次变更业务范围已经获金融监管总局批准，公司将按有关规定办理其他变更手续。 以资管能力为基础开展多元化服务 对于保险资管公司的业务范围，北京市天元律师事务所合伙人黄再再等人曾撰文分析，在2012年《中国保监会 关于保险资产管理公司有关事项的通知》发布之后，保险资产 ...

5月21日，国信证券资产管理有限公司（以下简称"国信资管"）2025品牌发布会在深圳市福田区举办。 深圳市委金融办、深圳市国资委、深圳市福田区委区政府领导，以及来自国有、股份制银行、城农商行、非银 机构嘉宾，受邀出席了本次活动，国信证券、国信资管管理层及相关部门参加活动。 23年积累沉淀，资管业务见证时代发展 "成立资产管理公司，是国信证券顺应行业趋势和发展规律，打造世界一流综合型投资银行的重要举措"，国信 证券党委副书记李明在欢迎致辞中表示，今后，国信资管子公司要全面推动业务实现更高质量发展。全面协 同，充分发挥资管专业能力，不断加强与母公司的投行、财富、研究等条线的业务联动；积极创新，以客户为 中心，打造覆盖全市场、全资产、全渠道的产品体系；主动融合，积极把握深圳打造国际财富管理中心的历史 机遇，为深圳建设国际财富管理中心贡献力量。 国信证券2002年获批受托投资业务资格，成为行业内首批获取资管牌照的券商之一，历经发售集合资产管理产 品、资管新规后加速主动管理、拓展多元策略产品线等，站上了高质量发展的新起点。根据国信证券2024年年 报，国信证券的集合、单一、专项等资产管理业务净值规模为1447.64亿元 ...

【导读】刘宇接任兴证资管董事长，原董事长孙国雄退居二线 中国基金报记者曹雯璟 5月22日，兴证资管官宣，董事长孙国雄到龄，按规定退居二线转任业务巡视员，其接任者为原兴证投 资执行董事兼总裁刘宇。 兴证资管表示，此次兴证资管主要负责人的调整，将有助于兴证资管持续优化业务布局，提升综合竞争 力。 刘宇接任兴证资管董事长 | 基金管理人名称 | 兴证证券资产管理有限公司 | | --- | --- | | 公告依据 | 《公开募集证券投资基金信息披露管 | | | 理办法》、 《证券基金经营机构董事、 | | | 监事、高级管理人员及从业人员监督管 | | | 理办法》等 | | 高管变更类型 | 新任证券资产管理公司董事长,离任证 | | | 券资产管理公司董事长 | | 新任高级管理人员职务 | 重事长 | | --- | --- | | 新任高级管理人员姓名 | 刘宇 | 公告显示，刘宇自2025年5月20日起任兴证资管党委书记、董事长。简历显示，刘宇，研究生学历，管 理学博士，正高级会计师。1991年7月参加工作，曾任山东汇德会计师事务所合伙人、上海证券交易所 财务部副总监、西藏金控基金管理有限公司总经理等 ...

Core Viewpoint - The asset management business of securities firms, approaching a scale of 10 trillion yuan, is undergoing a transformation amid intensified competition, with a focus on enhancing active management capabilities and obtaining public fund licenses [1][4]. Group 1: Industry Trends - The number of large collective products in the asset management industry totals 167, with a combined management scale of 357.032 billion yuan as of the end of the first quarter [1]. - Only 15 securities firms or their asset management subsidiaries hold public fund licenses, leading many to face restrictions when large collective products mature [1][4]. - The competition in the asset management industry is becoming increasingly fierce, prompting firms to seek differentiation through public fund penetration [1][4]. Group 2: Strategic Moves - Many firms are shifting from "passive rectification" to "active collaboration," changing the management of large collective products to affiliated public fund companies [2][3]. - For example, CITIC Securities Asset Management plans to change the management of 17 large collective products to Huaxia Fund, which is 62.2% owned by CITIC Securities [2]. - This strategy aims to maintain product continuity, avoid the loss of scale from liquidation, and enhance market competitiveness through resource sharing between securities firms and fund companies [3]. Group 3: Importance of Public Fund Licenses - Obtaining public fund licenses is crucial for securities firms to broaden their client base and enhance the competitiveness of their asset management services [4]. - As of the end of 2024, the total scale of the securities industry's asset management business is projected to reach 9.7 trillion yuan, a year-on-year increase of 5.7% [4]. - The active management product scale, including public funds and collective asset management, is expected to account for approximately 44% of the total, continuing to exceed the scale of directed asset management products for three consecutive years [4]. Group 4: Performance Disparities - The net income from asset management fees for 42 listed securities firms in 2024 totaled 44.092 billion yuan, a slight year-on-year decline of 0.35% [5]. - Despite the overall decline, some firms like Dongwu Securities and Guolian Minsheng have reported growth in asset management revenue for 2024 and the first quarter of 2025 [5]. - The private asset management scale of securities firms has decreased to 5.32 trillion yuan, down 530.962 billion yuan from its peak in July 2024 [5]. Group 5: Competitive Landscape - As of the end of the first quarter, four securities firms and their asset management subsidiaries have public fund management scales exceeding 100 billion yuan, indicating a tiered competitive landscape [6]. - Firms like Dongfanghong Asset Management and Huatai Asset Management lead with management scales of 158.559 billion yuan and 136.562 billion yuan, respectively [6]. - Many securities firms are leveraging their dual licenses to accelerate business expansion, focusing on optimizing product structures and enhancing investor experience [6].

【导读】券商一季报收官，"最牛"自营暴增超2300% 上市券商一季报披露"收官"。 据记者统计，49家券商中，共有9家券商归母净利润同比翻倍，16家增速超过50%，天风证券和国联民生证券扭亏 为盈，华创证券是唯一一家由盈转亏的券商。 因并购重组，国泰海通一季度归母净利润以122亿元的规模位居榜首，同比增长391.78%，不过也正是因为吸收合 并产生的负商誉，国泰海通扣非后净利润为32.93亿元，不敌中信证券和华泰证券。 综合来看，受益于A股市场强势回暖，券商的经纪业务全面向好，自营业务板块成为业绩"胜负手"。去年从"配 角"化身增长"新引擎"的券商资管业务则格局显著分化，42家数据可比上市券商中，仅19家券商同比增速为正，占 比为45.24%。投行业务方面，42家数据可比上市券商中，24家券商投行业务增速为正，其中包括中银证券、招商 证券在内的5家券商增速达到一倍以上。 最牛"自营"暴增2300% 今年一季度，自营业务是证券公司业绩分化的关键因素。例如东北证券、长江证券、华西证券、东吴证券等归母净 利润翻倍增长的券商，主要因自营业务大幅增长；而财通证券、中原证券、第一创业等券商的业绩减少则受自营业 务收入下滑 ...