清华大学国家金融研究院院长、清华大学五道口金融学院副院长田轩表示，"十五五"期间有两项核心任务，即大力发展实体经济与实现高水平的科技创新， 尤其在人工智能成为重要驱动力的今天，科技创新具有战略意义。 田轩表示，领投VC对失败的容忍度越高，被投企业上市以后创新的数量和质量会更高，我们要有更加包容的创新市场。政策导向已从过去注重"保持战略定 力""趋利避害"的被动应对，转变为如今强调"以历史主动精神，克难关、战风险、迎挑战"的积极作为。 专题：2026全球与中国资本市场展望论坛 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 1月15日，2026全球与中国资本市场展望论坛举行，大咖云集，共话AI时代财富新逻辑与资本市场未来。嘉宾表示，从巴菲特到马斯克，AI重构全球财富生 成逻辑！A股牛市没有结束，仍有较大纵深与后续演绎空间！风格轮动剧烈，警惕"牛市里亏钱"。 王忠民：从巴菲特到马斯克，AI重构全球财富生成逻辑，中国市场迎主题资产切换 全国社保基金理事会原副理事长王忠民发表主旨演讲。王忠民指出，全球财富管理已从工业文明与互联网时代的传统模型，全面切换至AI主导的新范式。 巴菲特所代表的工业 ...

Core Viewpoint - The forum on January 15, 2026, focused on the new logic of wealth in the AI era and the future of capital markets, emphasizing the importance of emotional connection and professional responsibility in wealth management [1][6]. Group 1: Wealth Management Philosophy - The concept of "human heart as the end" encapsulates the trust relationship in wealth management, highlighting that true wealth management goes beyond asset allocation to include emotional companionship and professional responsibility [1][6]. - Technology can enhance the service process but cannot replace the emotional connections between people, which is a fundamental difference between wealth management and ordinary financial transactions [1][6]. Group 2: Professional Management and Client Relationships - The importance of professional management of clients' account health is emphasized, suggesting that wealth management institutions should not only act as "asset allocators" but also as "investment behavior trainers" [1][6]. - Real-life examples from the company's internal cultural case competition illustrate the establishment of professional companionship and emotional links between financial advisors and clients, reinforcing the company's "people-oriented" service ethos [1][6]. Group 3: Role of AI in Wealth Management - AI technology is viewed as an important leverage tool that can enhance service efficiency and scale, but its core purpose remains to serve people and strengthen trust and warmth between individuals [2][7].

Core Insights - The wealth management market is heating up, with banks accelerating the integration of their wealth management departments to capture this promising market [1][2] - By June 2025, China's investable assets are expected to exceed 300 trillion yuan, indicating significant growth potential in wealth management as many assets remain "asleep" [1] - Major banks are restructuring their organizational frameworks to enhance their wealth management strategies and business layouts [1] Group 1: Bank Actions and Adjustments - In 2025, several major banks, including Bank of Communications and Postal Savings Bank, announced the establishment of wealth management departments at the head office level [3] - As of June 2025, 19 listed banks have established or adjusted their wealth management-related departments, including 2 state-owned banks, 7 joint-stock banks, 8 city commercial banks, and 2 rural commercial banks [3][4] - The establishment of these departments is seen as a key move for state-owned banks to deepen their wealth management strategies and promote digital transformation [3] Group 2: Strategic Focus and Market Dynamics - Different banks are focusing on various aspects of wealth management, with some emphasizing the establishment of wealth management departments as a core strategy [5] - The restructuring of wealth management departments signals a strategic shift in response to narrowing interest margins and evolving customer demands for diversified asset allocation [6][7] - The actions of major state-owned banks serve as a bellwether for the industry, indicating a shift from incremental competition to in-depth management of existing clients [8] Group 3: Wealth Management Market Landscape - As of June 2025, the retail asset management scale (AUM) among 42 listed banks shows a clear tiered structure, with state-owned banks leading the market [11] - The first tier includes major state-owned banks like ICBC, ABC, and CCB, with AUMs of 24 trillion yuan, 23.68 trillion yuan, and 22 trillion yuan respectively [11] - The second tier consists mainly of joint-stock banks, while the third tier includes city commercial banks and rural commercial banks, which are crucial for local wealth management ecosystems [11] Group 4: Future Competition and Technological Integration - Future competition in wealth management will focus on service quality, technological capabilities, and comprehensive financial ecosystems [13] - The establishment of wealth management departments aims to shift banks from product-driven to customer-driven models, enhancing service consistency and customer loyalty [13] - Financial technology is expected to play a critical role in enhancing service depth and breadth, with AI being utilized for investment advisory and customer experience management [14][15]

Core Viewpoint - Morgan Stanley is expected to report strong fourth-quarter earnings, driven by active trading desks and a resurgence in investment banking activities, particularly in mergers and IPOs, alongside a robust wealth management business benefiting from record-high stock trading [1]. Group 1: Earnings Expectations - Earnings per share are anticipated to be $2.44 [3]. - Revenue is expected to reach $17.77 billion [3]. Group 2: Stock Performance - Morgan Stanley shares have increased by 38% over the past 12 months [2]. - However, the stock has seen a decline of nearly 3% this week amid results from other major banks [2]. Group 3: Market Context - Trading desks across Wall Street have been active over the past year, contributing to the positive outlook for Morgan Stanley [1]. - The overall stock market is trading at record highs, which is likely to enhance the performance of Morgan Stanley's wealth management division [1].

Group 1 - The core viewpoint emphasizes the need for the wealth management industry to break free from a reliance on market conditions, focusing instead on genuinely accompanying clients through market cycles [1][3] - Institutions must undergo a fundamental shift in their business model, prioritizing customer-centric approaches through deep service, expectation management, and behavioral guidance to achieve long-term client satisfaction [1][3] - Traditional methods of simply recommending stocks or sectors without understanding clients' investment goals and risk preferences are deemed irresponsible, highlighting the importance of consistent service logic regardless of market conditions [3] Group 2 - The process of client service should begin with comprehensive account diagnostics and KYC (Know Your Customer), leading to customized long-term solutions based on individual client needs [3] - Client satisfaction is defined as meeting expectations, where managing client expectations is crucial; high returns alone do not guarantee satisfaction [3] - Education and ongoing support are essential, requiring long-term communication to guide clients in establishing realistic expectations within the service capabilities [3][4] Group 3 - The discussion includes the perspective that AI is unlikely to fully replace human investment advisors, as the personal touch in one-on-one client education and support remains vital [4]

Group 1 - The core viewpoint of the forum emphasizes the need for the wealth management industry to break free from reliance on market conditions and focus on genuinely accompanying clients through market cycles [1][3] - Institutions must fundamentally transform their business models to be client-centric, providing deep services, managing expectations, and guiding behaviors to achieve long-term client satisfaction [1][3] - Traditional methods of simply recommending stocks or sectors without understanding clients' investment goals and risk preferences are deemed irresponsible [3] Group 2 - The process of client service should begin with comprehensive account diagnostics and KYC (Know Your Customer), leading to customized long-term solutions based on individual client needs [3] - Client satisfaction is defined as meeting expectations, and managing these expectations is crucial for maintaining satisfaction levels [3] - Even with high-quality investment advice, client behavior can still impact outcomes, necessitating the role of advisors as "behavior coaches" to help clients make rational investment decisions [3]

谢炎阳分析道，第一点是情感陪伴和专业担当。科技赋能前者，但是又不能替代前者。科技实现了后 者，又放大了后者的价值。方正证券每年都有一次文化案例大赛，一线的理财经理在陪伴的过程中，有 很多案例涌现出来，已经超越了交易本身，我认为这就是陪伴里边的文化底色。 第二点是专业担当。我们的理财经理或者是投资顾问，他不仅仅是资产的配置师，更是客户的行为信任 师。他们要通过配置和行为，让客户实现理性决策，在这个过程中形成一个比较好的固化，从此实现账 户的健康度，穿越牛熊，我认为这是一个核心目标。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 1月15日，2026全球与中国资本市场展望论坛在北京举行。方正证券财富与机构业务委员会委员、互联 网金融研究院行政负责人谢炎阳参加圆桌论坛——《券商财富管理"进化论"：AI纪元？战略分野？人心 为终？》并发表观点。 谈及"财富管理的终点"这一命题，谢炎阳表示，"人心为中"这个词特别好，它完美诠释了财富管理的本 质。人心为中在财富管理里是两点合一。 专题：2026全球与中国资本市场展望论坛 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目 ...

Group 1 - The "2026 Global and China Capital Market Outlook Forum and the Golden Unicorn Best Wealth Management Institution and Best Investment Advisor Ceremony" will be held on January 15, 2026, featuring top experts and thought leaders discussing macro ecology, market strategies, and investment outlooks for 2026 [1][18] - The event will also announce the 2025 Golden Unicorn Best Wealth Management Institution honors [1][18] Group 2 - The new "National Nine Articles" policy has elevated wealth management capabilities from a "bonus item" to a "must-answer question" for high-quality development of securities firms [17][34] - The focus on core business and serving residents' wealth growth has become the industry's core mission [17][34] - The 2025 Golden Unicorn Best Wealth Management Institution evaluation has been upgraded to include eight major awards, aiming to comprehensively assess the new landscape of securities firms' wealth management business from multiple dimensions such as comprehensive strength, growth momentum, technological empowerment, and ecological construction [17][34]

Core Viewpoint - The forum highlighted that AI remains a tool within the financial and securities industry, enhancing service efficiency but not altering the fundamental operational rules of the sector [1][5]. Group 1: AI in Financial Services - AI can improve service efficiency, particularly in investment advisory services, but it cannot surpass the collective capabilities of a team [3][7]. - The current phase of AI application emphasizes its role as a supportive tool rather than a replacement for human professionals [5][8]. Group 2: Wealth Management Transformation - The traditional brokerage business is characterized by "channel business," leading to significant homogenization in service quality and professional capabilities across institutions [3][7]. - Wealth management should focus on transforming uncertainty into certainty, which requires a shift towards integrated professional capabilities rather than merely selling products [3][7]. Group 3: Challenges and Future Directions - The transition towards a more systematic and valuable service model in wealth management is challenging, but essential for market participants to avoid merely enhancing transaction efficiency [4][8]. - Companies like Guotai Junan are actively working to develop a service model that embodies certainty, leveraging AI to enhance service delivery [4][8].

Core Viewpoint - The forum emphasizes the importance of returning to "people-centric" approaches in wealth management, with a focus on trust as the foundation for asset management growth [3][6]. Group 1: Wealth Management Philosophy - The ultimate goal of wealth management should be to prioritize "people-centricity," with "trust" as the guiding principle for technological and business evolution [3][6]. - Trust is identified as the true measure of AUM (Assets Under Management), which can be achieved by helping clients preserve and grow their assets [3][6]. Group 2: Role of Technology and Innovation - AI applications and innovations in the industry should aim to provide professional services and promote inclusivity, highlighting the importance of education and accessibility in wealth management [3][6]. - The work done in the industry should create a win-win situation for both clients and service providers, reinforcing the idea of "people-centricity" [3][6].