Core Insights - The Xinjiang branch of China Cinda has achieved significant business breakthroughs since its establishment in January 2024, managing assets totaling 3.914 billion yuan and receiving the "Advanced Collective" award for 2024 [2][7]. Business Performance - In 2024, the branch approved 2 new projects, investing a total of 1.349 billion yuan, focusing on distressed listed companies and special opportunity investments, yielding an investment return of 13.09 million yuan [8]. - The branch added 2 new financing lease clients and completed 800 million yuan in direct lease credit approvals, while assisting a local bank in securing an additional 200 million yuan in financing [8]. - An energy research team was established, producing a high-quality industry research report to enhance the branch's integrated investment and research capabilities in the energy sector [8]. Client Development - The branch has built a client list of 148 companies, focusing on listed companies, state-owned enterprises, and large private enterprises, establishing connections with 49 key enterprises through extensive outreach [9]. - Financial service proposals were provided to 18 clients, resulting in 5 project initiations with a total value of approximately 3 billion yuan, aiding the branch's effective positioning in the energy industry [9]. Strategic Initiatives - The branch is committed to a diversified approach, supporting a leading aluminum company in its restructuring and listing process, and providing distressed support to a leading silicon company by embedding "conversion options" into debt investments [10]. - A strategy involving "debt acquisition and joint recovery" was implemented to assist the largest state-owned enterprise in Xinjiang in resolving historical issues, contributing to the high-quality development of local state-owned enterprises [10]. Group Synergy - The branch has enhanced client loyalty through collaboration, recommending 18 clients to subsidiaries, with an additional 900 million yuan in collaborative scale achieved [11]. - Innovations include integrating Cinda Securities into the main business risk control system, strengthening risk management through stock custody restrictions and brokerage linkages [11]. - Future plans involve increasing effective investments and expanding market-oriented clients and collaborative business efforts to stimulate employee engagement and support the branch's transformation [11].

Core Viewpoint - The public fund industry in China is expected to continue its growth trajectory, with projections indicating that the total scale may surpass 40 trillion yuan in 2026, driven by long-term capital inflows and favorable policy reforms [3][4][6]. Group 1: Industry Growth and Trends - The public fund scale is projected to exceed 40 trillion yuan in 2026, supported by long-term funds such as insurance and pension funds entering the market [3][4]. - The public fund industry has seen its net asset value grow from approximately 9.1 trillion yuan in 2016 to about 36 trillion yuan in 2025, with an average annual growth rate of around 16% [4]. - The low interest rate environment is driving a shift of savings into public funds, with equity and "fixed income plus" products expected to be the main growth drivers [3][4]. Group 2: Investor-Centric Approach - The industry is shifting towards an investor-centric model, emphasizing the importance of investor returns and experience in fund management [5][6]. - Regulatory changes are reinforcing the principle of prioritizing investor interests, which is expected to reshape the public fund ecosystem and operational models [6][11]. - The focus on long-term performance and investor satisfaction is anticipated to lead to a healthier industry environment, fostering a virtuous cycle of returns and growth [6][11]. Group 3: Product Innovation - There is a growing trend towards product innovation in the public fund sector, with new offerings such as REITs and thematic funds emerging to meet market demands [7][8]. - Future innovations are expected to focus on technology-driven products, low-volatility options, and diversified asset allocation strategies [7][8]. - The introduction of more diversified ETFs and thematic funds is anticipated, catering to specific industry sectors and investment themes [9][10]. Group 4: ETF Development - The ETF market is expected to enter a new phase of differentiated competition, with a focus on thematic and sector-specific ETFs [9][10]. - The demand for passive investment products is increasing, driven by a structural shift towards low-cost, high-transparency options [10][11]. - The competitive landscape for ETFs will focus on tracking accuracy, fee structures, and niche market offerings [10][11]. Group 5: Active Equity Funds - Active equity funds are moving towards a value investment approach, with a reduction in style drift and a focus on long-term performance [11][12]. - Regulatory frameworks are expected to enforce stricter performance benchmarks, promoting a return to fundamental research and value discovery [11][12]. - The emphasis on long-term performance metrics is likely to reshape the competitive dynamics within the active fund management space [12][13]. Group 6: Sales and Distribution Transformation - The sales model in the fund industry is transitioning towards a focus on maintaining existing client relationships rather than solely on new product launches [16][17]. - Fund sales strategies will increasingly prioritize client service and long-term investment experiences, moving away from a purely transactional approach [16][17]. - The revenue model for fund sales is expected to shift from transaction-based fees to advisory service fees, aligning more closely with client outcomes [17][18]. Group 7: AI and Digital Transformation - The integration of AI technology is becoming crucial for the asset management industry, enhancing efficiency and redefining service delivery [18][19]. - AI applications are expected to permeate various aspects of fund management, including product development, risk management, and customer service [19][20]. - The future of the industry will likely see a collaborative approach between human expertise and AI capabilities, optimizing operational processes and client interactions [20][21]. Group 8: Long-Term Focus and Specialization - The public fund industry is anticipated to return to a long-term investment philosophy, aligning more closely with wealth management and pension fund strategies [21][22]. - The industry is expected to see increased specialization, with firms focusing on niche markets and tailored investment solutions [22][23]. - The trend towards floating fee structures is likely to gain traction, linking fees more closely to fund performance and investor returns [22][23].

【导读】公募基金行业发展十大展望：明年规模将冲击40万亿元大关 【编者按】2025年接近尾声，中国基金报推出"2025年终报道"，梳理总结2025年公募基金、券商行业、 热门产业发展变化和大事件，展望2026年股市机会和基金行业发展前景，以飨读者。 2025年接近尾声，2026年即将起航。 过去的一年，证监会印发《推动公募基金高质量发展行动方案》，发布指数化投资高质量发展行动方 案，出台基金管理公司绩效考核管理指引；业绩比较基准新规落地，公募费率改革三阶段收官……行业 生态不断优化。 展望2026年，公募基金行业将有哪些新动向、新发展？中国基金报采访了多位业内人士，共同展望即将 到来的2026年行业变迁。 展望一： 公募基金规模冲击40万亿元大关 低利率环境下，资管行业将持续受益。行业机构和人士预计，2026年公募基金规模有望保持增长。 博时基金认为，2026年公募基金规模继续增长的核心逻辑在于三个方面：一是保险、个人养老金、社保 基金等长期资金持续入市，形成增量支撑；二是低利率推动储蓄"搬家"，ETF、固收类等多元产品精准 承接居民与理财资金；三是费率改革、长周期考核等政策红利持续释放，提升产品吸引力与投资 ...

【导读】公募基金行业发展十大展望：明年规模将冲击40万亿元大关 【编者按】2025年接近尾声，中国基金报推出"2025年终报道"，梳理总结2025年公募基金、券商行业、热门产业发展变化和大事件，展 望2026年股市机会和基金行业发展前景，以飨读者。 中国基金报记者 李树超 张玲 王思文 2025年接近尾声，2026年即将起航。 过去的一年，证监会印发《推动公募基金高质量发展行动方案》，发布指数化投资高质量发展行动方案，出台基金管理公司绩效考核管理 指引；业绩比较基准新规落地，公募费率改革三阶段收官……行业生态不断优化。 展望2026年，公募基金行业将有哪些新动向、新发展？中国基金报采访了多位业内人士，共同展望即将到来的2026年行业变迁。 展望一： 公募基金规模冲击40万亿元大关 低利率环境下，资管行业将持续受益。行业机构和人士预计，2026年公募基金规模有望保持增长。 博时基金认为，2026年公募基金规模继续增长的核心逻辑在于三个方面：一是保险、个人养老金、社保基金等长期资金持续入市，形成增 量支撑；二是低利率推动储蓄"搬家"，ETF、固收类等多元产品精准承接居民与理财资金；三是费率改革、长周期考核等政策红 ...

Group 1 - The 2025 Wealth Allocation and Asset Management Conference and the 2025 Banking Industry High-Quality Development Conference were held in Shenzhen, focusing on how wealth management institutions can enhance residents' wealth preservation and appreciation through upgraded service models [1] - The current wealth management market is showing a steady recovery, with a notable demand for equity products, indicating an increased interest in equity asset allocation [1] - The banking wealth management industry is facing unprecedented challenges but also greater opportunities, prompting institutions to prioritize investor interests and enhance product offerings and customer experience [1] Group 2 - ICBC Wealth Management aims to become a fully functional wealth management company, providing a comprehensive range of products and adapting to new challenges in the asset management industry [2] - The growing demand for diversified asset allocation among residents is driving the overall scale of the wealth management market and leading to significant structural changes, with various financial institutions accelerating their entry into the market [2] - The collaboration between public funds and the banking sector is seen as a key support for the high-quality development of banking wealth management [2] Group 3 - Securities companies are increasingly playing a vital role in helping residents preserve and grow their wealth by transitioning to a buyer-oriented advisory model [3] - The integration of banking wealth management and securities asset management is essential for responding to market changes and building a high-quality development ecosystem [3] - The interest of domestic investors in allocating overseas quality assets is rising, with a focus on alternative asset opportunities and multi-asset allocation strategies [3] Group 4 - Despite facing old problems and new challenges, the long-term positive fundamentals of China's economy remain unchanged, necessitating proactive macroeconomic policies to stabilize employment, enterprises, and market expectations [4] - Key strategies for activating economic potential include normalizing local investments, forming new consumer groups, and nurturing new industry demands related to emerging sectors [4] Group 5 - The 2026 investment opportunities are expected to arise from policy synergies and industrial upgrades, with particular attention on sectors such as renewable energy, new materials, chips, embodied intelligence, smart home technology, and health consumption [5]

齐建功表示，在新的发展阶段，建信理财致力于切实转变经营理念，真正做到以投资人利益为先。投研 方面，要持续推进投研一体化建设，不断提升投研能力；积极拓展多资产策略，提升资产配置能力。科 技赋能方面，要加快构建一体化数字赋能体系，将人工智能、大数据等新技术深度应用于客户服务和投 资管理的各个环节，推进投研决策智能化、产品运营精细化、风险管理动态化。 但挑战之中往往蕴藏着更大的机遇。齐建功表示，从居民财富配置结构看，在存款利率持续下行背景 下，银行理财展现出相对收益优势，居民存款向理财市场转移的"黄金窗口期"正在打开。从机构客户需 求看，由过往"融资者"角色向"投资者"角色转变趋势明显，对公财富管理潜力巨大。与此同时，社会融 资结构的趋势性转变，也为理财公司发挥自身价值提供了难得机遇。 12月19日，由中国证券报主办的"强投研 优配置 赢未来"2025银行业高质量发展大会在深圳举行。建信 理财党委书记、董事长齐建功在主题演讲中表示："当前，银行理财行业规模创下历史新高，但行业在 快速发展的同时，也面临着前所未有的挑战。"齐建功坦言，压力主要来自两个方面：从客户需求端来 看，银行理财客群以中低风险偏好的个人投资者为主 ...

● 本报记者石诗语 但挑战之中往往蕴藏着更大的机遇。齐建功表示，从居民财富配置结构看，在存款利率持续下行背景 下，银行理财展现出相对收益优势，居民存款向理财市场转移的"黄金窗口期"正在打开。从机构客户需 求看，由过往"融资者"角色向"投资者"角色转变趋势明显，对公财富管理潜力巨大。与此同时，社会融 资结构的趋势性转变，也为理财公司发挥自身价值提供了难得机遇。 12月19日，由中国证券报主办的"强投研优配置赢未来"2025银行业高质量发展大会在深圳举行。建信理 财党委书记、董事长齐建功在主题演讲中表示："当前，银行理财行业规模创下历史新高，但行业在快 速发展的同时，也面临着前所未有的挑战。"齐建功坦言，压力主要来自两个方面：从客户需求端来 看，银行理财客群以中低风险偏好的个人投资者为主；从理财公司投资供给端看，"资产荒"现象愈演愈 烈。叠加完全净值化后理财产品净值波动不可避免，理财公司传统经营打法面临较大挑战。 齐建功表示，在新的发展阶段，建信理财致力于切实转变经营理念，真正做到以投资人利益为先。投研 方面，要持续推进投研一体化建设，不断提升投研能力；积极拓展多资产策略，提升资产配置能力。科 技赋能方面，要加快 ...

但挑战之中往往蕴藏着更大的机遇。齐建功表示，从居民财富配置结构看，在存款利率持续下行背景 下，银行理财展现出相对收益优势，居民存款向理财市场转移的"黄金窗口期"正在打开。从机构客户需 求看，由过往"融资者"角色向"投资者"角色转变趋势明显，对公财富管理潜力巨大。与此同时，社会融 资结构的趋势性转变，也为理财公司发挥自身价值提供了难得机遇。 齐建功表示，在新的发展阶段，建信理财致力于切实转变经营理念，真正做到以投资人利益为先。投研 方面，要持续推进投研一体化建设，不断提升投研能力；积极拓展多资产策略，提升资产配置能力。科 技赋能方面，要加快构建一体化数字赋能体系，将人工智能、大数据等新技术深度应用于客户服务和投 资管理的各个环节，推进投研决策智能化、产品运营精细化、风险管理动态化。 12月19日，由中国证券报主办的"强投研 优配置 赢未来"2025银行业高质量发展大会在深圳举行。建信 理财党委书记、董事长齐建功在主题演讲中表示："当前，银行理财行业规模创下历史新高，但行业在 快速发展的同时，也面临着前所未有的挑战。"齐建功坦言，压力主要来自两个方面：从客户需求端来 看，银行理财客群以中低风险偏好的个人投资者为主 ...

● 本报记者 胡雨 石诗语 依靠积极向买方投顾转型等举措，证券公司近年来在助力居民财富保值增值方面发挥着越来越重要的作 用。在首创证券党委副书记、董事、总经理蒋青峰看来，在低利率与严监管交织、需求升级与行业转型 并行的关键节点，银行理财与券商资管作为资管生态中的核心力量，打破壁垒、深化协同，既是应对市 场变局的必然选择，更是共建高质量发展生态的核心命题。 在谈及如何打造专业特色的财富管理型券商时，上海证券党委书记、董事长李海超表示，公司以"尚臻 魔方"资产配置体系为核心驱动力，全面推进业务转型与专业能力建设，同时积极推进开放协同，深化 产融结合，持续开展普惠金融与投资者教育工作，切实履行金融机构的社会责任与时代使命。 伴随着资本市场双向开放持续深化，境内投资者对于配置海外优质资产的兴趣也在不断提升。汇华理财 总经理王茜总结说，低利率时代资管行业破局需把握三大方向：重视另类资产机会；从固收向多资产配 置转型；人民币产品实现境内外多元配置，即进行全球资产配置。 2026年是"十五五"开局之年，新的一年国内外宏观经济环境将呈现怎样的变化，市场又将孕育出哪些投 资机遇，同样是本次大会值得关注的重点。 尽管我国经济发展 ...

12月19日，建信理财党委书记、董事长齐建功在中国证券报主办的"强投研优配置赢未来"2025银行业高 质量发展大会上发表主题演讲。 齐建功表示："当前，银行理财行业规模创下历史新高，资产管理规模突破32万亿元大关。但我们清醒 地认识到，行业在快速发展的同时，也面临着前所未有的挑战。" 他坦言，压力主要来自于两个方面：从客户需求端来看，银行理财客群以中低风险偏好的个人投资者为 主，虽然近年来投资者对净值化的理解和接受度显著增强，但广大客户对产品收益稳定性的期望依然较 高。从理财公司投资供给端看，随着市场利率下行，新增资产收益持续走低，并且所持有的过往较高收 益资产逐步到期，"资产荒"现象愈演愈烈。叠加完全净值化后理财产品净值波动不可避免，理财公司传 统经营打法面临较大挑战。与此同时，理财公司投资研究和资产配置专业能力亟需提升。 "理财公司的自身投资能力和客户较高预期之间如何长期、可持续地匹配，是我们理财行业面临最大的 挑战。"齐建功说。 但挑战之中往往蕴藏着更大的机遇。齐建功表示，居民和机构财富管理需求日益旺盛。从居民财富配置 结构看，在存款利率持续下行背景下，银行理财展现出相对收益优势，居民存款向理财市场转移 ...