Core Insights - The article emphasizes the transition of China's economy from traditional labor and resource-intensive industries to technology and knowledge-intensive sectors, highlighting the importance of innovation and industrial upgrading in achieving high-quality growth [2] - The wealth management industry is undergoing a profound transformation, shifting from a scale expansion model to a differentiated, high-quality growth path, driven by asset allocation strategies and technological empowerment [4][8] Economic Environment - By 2025, China's economic environment will face complex changes, including geopolitical shifts, financial cycle challenges, and an urgent need for accelerated economic transformation [2] - Despite these challenges, China's economic fundamentals remain strong, with a resilient and potential-rich foundation supporting long-term growth [2] Wealth Management Industry Trends - The wealth management sector is adapting to a low-interest-rate environment and increased market volatility, focusing on asset allocation as a core strategy [4] - Regulatory improvements and a clearer development line in the capital market are fostering a healthier investment ecosystem, enhancing market confidence and leading to significant index gains, such as the Shanghai Composite Index surpassing 4000 points [4][11] Digital Transformation - The company is enhancing its asset allocation toolbox and digital transformation, launching the "优+" APP to provide comprehensive coverage of off-market financial products [8] - The integration of online and offline services is being prioritized, with a focus on internet advisory services to reach a broader audience through platforms like Douyin and Xiaohongshu [8][9] Future Outlook - For 2026, the wealth management business is expected to face challenges but also significant growth opportunities due to global liquidity conditions and domestic policy support [11][12] - The demand for professional asset allocation services is increasing, driven by changes in residents' wealth structure and the implementation of personal pension systems [12][14] Strategic Focus - The company aims to capitalize on the demand for diversified asset allocation and the upgrade of wealth management needs, transitioning from product sales to asset allocation-driven models [14] - A comprehensive product system and professional advisory capabilities are being developed to navigate the evolving landscape of the wealth management industry [14]

Core Insights - The insurance trust sector is witnessing significant transactions, indicating a growing acceptance among high-net-worth individuals for insurance trust services [1][3] - The future of insurance trusts appears promising, with potential for further growth despite some risk factors [2] Group 1: Recent Developments - Sunshine Life and Zhongcheng Trust successfully established a large-scale insurance trust for a family business, showcasing the integration of insurance and family trust structures for wealth management [3] - On November 11, a high-net-worth client signed a 180 million yuan insurance trust service agreement with China United Insurance, marking a substantial advancement in comprehensive wealth planning solutions [3] Group 2: Industry Growth - The insurance trust business has experienced rapid growth, with the scale increasing from 5 billion yuan in 2017 to approximately 747.93 billion yuan by 2021, marking a pivotal point in its development [4] - By the end of 2024, the wealth management service trust scale is projected to exceed 1 trillion yuan, with insurance trusts accounting for about 270.3 billion yuan, representing over 26% of the total [4] - As of early 2025, more than 60 insurance companies are involved in the insurance trust business, indicating a growing market participation [4] Group 3: Market Drivers - The rapid expansion of insurance trusts is driven by increasing demand for wealth transfer and asset isolation among high-net-worth individuals, along with the effective combination of insurance and trust management features [5] - The decline in fixed-income product yields has made whole life insurance a preferred choice for wealth management, further boosting the insurance trust market [5] - The competitive landscape among financial institutions has led to a focus on middle-net-worth and mass affluent clients, enhancing the accessibility of insurance trusts [6] Group 4: Future Trends - The threshold for entering the insurance trust market is decreasing, with a trend towards inclusivity and broader market appeal [6] - The upcoming generational wealth transfer and enhanced client understanding of wealth management are expected to sustain strong demand for insurance trusts [6] - The insurance trust sector is anticipated to evolve from a niche market to a mainstream wealth management tool, supported by product innovation and regulatory improvements [6]

Core Insights - The forum highlighted the significance of wealth management in the current low-interest environment, emphasizing the need for a reevaluation of underlying wealth management logic due to declining savings rates and increased market volatility [3][4] Group 1: Industry Opportunities - The low-interest environment has led to a relative advantage for insurance products, resulting in rapid growth in insurance trusts and family trusts, with family trust development reaching a scale of 300 billion over 10 years and combined family and insurance trusts exceeding 1 trillion [3][4] - The participation of various institutions such as banks, insurance companies, and law firms has created a diversified development ecosystem within the wealth management sector [3] - The introduction of the "three classifications" regulation in 2023 has provided clear policy guidance for the development of wealth management trusts, including pilot programs for real estate and equity trust registrations [3] Group 2: Industry Challenges - Trust companies face a mismatch between business scale and revenue returns in wealth management services, particularly in equity family trusts, which have seen around 300 transactions since their inception in 2019, but are hindered by incomplete registration systems and unclear tax policies [4] - The complexity of equity family trust processes, which can take months or even years to complete, leads to higher service costs and necessitates a fee structure that covers both service costs and risk compensation [4] Group 3: Strategic Directions - To address challenges such as intensified competition and insufficient customer acquisition capabilities, trust companies should focus on enhancing professional service capabilities and building multidisciplinary teams in wealth management, law, tax, investment banking, and family governance [5] - Collaboration with banks remains a primary strategy for customer acquisition, where trust companies can provide professional training to enhance service capabilities in banking channels, fostering a cooperative ecosystem [5] - The market for wealth management service trusts is substantial, and with the removal of related barriers, there is significant business potential for these services to reach more Chinese families [5]

中经记者 杨井鑫 北京报道 伴随着中国高净值人群数量增长的遥遥领先，财富管理需求端空间巨大，而国内一、二线城市也在纷纷 争夺财富管理中心的龙头地位。 早在2022年，北京市金融监管局会同人民银行营业管理部、北京银保监局、北京证监局发布了《关于推 进北京全球财富管理中心建设的意见》，明确将把城市副中心通州区打造为全球财富管理新高地。同 时，在三年规划中提出，到2025年基本建成财富管理法治体系健全、市场规范有序、国际影响力较大的 全球财富管理中心。 如今，北京市通州区打造全球财富管理中心的进展情况怎样？作为北京市的城市副中心，通州如何跟全 国其他一、二线城市同台竞争？《中国经营报》记者近日在"第二十届21金融年会"上专访了北京市通州 区区长助理林巍。 财富管理"兵家必争之地" 记者：近年来，北京、上海、广东、杭州、青岛等一、二线城市都在打造财富管理高地，建设国际财富 管理中心。为何这些城市都将发展重点放在了财富管理领域呢？ 林巍：财富管理正成为地方经济的新增长点，这是其受到关注的根本原因。过去三四十年间，中国居民 财富逐步积累，越来越多的人在拥有一定资产规模后，开始产生财富管理与传承的需求。从行业对比来 看，国 ...

Core Insights - Commercial banks are actively adjusting the risk ratings of mutual funds they sell, with a significant increase in the number of funds affected, indicating a proactive approach to risk management in the current market environment [2][3] - Banks are also offering promotional activities, such as reduced subscription fees for mutual funds, to enhance sales during the year-end peak season, reflecting a competitive strategy to attract investors [5][6] Group 1: Risk Rating Adjustments - On November 25, China Construction Bank announced an increase in the risk ratings of 87 mutual fund products, marking the largest adjustment in two years, with 32 funds upgraded from R2 (medium-low risk) to R3 (medium risk) and 55 funds from R3 to R4 (medium-high risk) [2] - This adjustment is part of a broader trend, as several banks, including Minsheng Bank and CITIC Bank, have also revised the risk ratings of their mutual fund offerings multiple times throughout the year [3] - The reasons for these adjustments include regulatory requirements, market conditions, and changes in target customer profiles, aimed at ensuring accurate risk assessments for investors [3] Group 2: Promotional Activities - Many banks, including Industrial and Commercial Bank of China and Minsheng Bank, have launched promotional activities offering discounts on subscription fees for certain mutual funds, with some fees reduced to as low as 10% of the original rate [5] - These promotional efforts are part of a broader strategy to boost sales during the year-end peak season, with reports indicating that some branches have exceeded their sales targets significantly [6] - The fee discount structure varies among banks, with options including no discount, 50% off, 10% off, and even full waivers, allowing branches to tailor their offerings based on sales needs [5] Group 3: Wealth Management Trends - As deposit rates decline and residents become more aware of wealth management options, banks are intensifying their efforts in selling mutual funds and other asset management products [1][6] - The trend towards increased sales of wealth management products is reflected in the growth of fee and commission income for many banks, with some reporting year-on-year increases exceeding 10% [6] - Analysts suggest that the changing landscape of deposit rates and the aging population will likely lead to a higher allocation of assets towards mid-to-high-risk financial products [7]

Core Insights - The article discusses the shift in wealth management strategies in response to the declining interest rates, with a focus on how financial institutions are adapting to meet changing consumer needs [2][4][8] Group 1: Changes in Wealth Management Demand - The low interest rate environment is reshaping residents' wealth management needs and risk preferences, moving away from reliance on real estate and high-interest deposits to more diversified asset allocation strategies [4] - Three significant changes in client demands for wealth management are identified: a rational adjustment of return expectations, an increased demand for protection products, and a growing awareness of global asset allocation [4][6] - The insurance market reflects the trend of increasing demand for products that balance protection and returns, with a notable 20% year-on-year growth in insurance premiums through bancassurance channels [4][5] Group 2: Investment Strategies and Opportunities - Financial institutions are employing a "dual-track strategy" of "core assets + opportunity assets" to adapt to the low interest rate environment, focusing on dynamic adjustments based on market changes [6][7] - The "fixed income +" product category is highlighted as the fastest-growing fund type, with a net inflow of 460 billion in the third quarter, indicating a gradual increase in risk appetite among investors [5][6] - The article emphasizes the importance of diversified asset allocation, with a focus on technology innovation and undervalued high-dividend assets as key investment directions [7][8] Group 3: The Era of Asset Management - The article posits that China is entering a true asset management era, characterized by a shift towards equity assets as the core vehicle for future wealth growth [8][9] - International investors are increasingly optimistic about Chinese assets, particularly in sectors like artificial intelligence, new energy, and electric vehicles, which are seen as having global competitiveness [8][9] - The article concludes that financial institutions should focus on comprehensive planning that meets clients' risk, return, and liquidity needs, while emphasizing the importance of active management capabilities in fund companies [9]

Core Viewpoint - The article discusses the challenges and opportunities presented by the low interest rate environment, emphasizing the need for diversified wealth management strategies among residents to achieve wealth growth despite declining traditional savings options [4][11]. Group 1: Changes in Wealth Management Demand - The low interest rate cycle is reshaping residents' wealth management needs and risk preferences, moving away from reliance on real estate and high-interest deposits to a more diversified asset allocation approach [6]. - Three significant changes in client demands for wealth management have been identified: a rational adjustment of investment return expectations, an increasing demand for protection products, and a growing awareness of global asset allocation [6][9]. - The insurance market reflects this trend, with a 20% year-on-year growth in premium income from insurance channels, particularly in long-term dividend insurance products related to retirement [6][9]. Group 2: Fund Market Trends - The fund market is also showing signs of changing demands, with a recovery in the issuance of equity funds and a notable increase in "fixed income plus" products, which saw a net inflow of 460 billion yuan in the third quarter [7][8]. - The strategy of combining "fixed income" as a base with "opportunistic" assets is being recommended to adapt to the low interest rate environment, with a focus on risk-adjusted returns [9][12]. Group 3: Asset Management Era - The article posits that China is entering a true asset management era, where equity assets are becoming the core vehicle for future wealth growth, driven by technological innovation [11]. - International investment teams are increasingly optimistic about Chinese assets, particularly in sectors like artificial intelligence, new energy, and electric vehicles, which are seen as having global competitiveness [11][12]. Group 4: Multi-Dimensional Asset Allocation - Financial institutions are encouraged to adopt a multi-dimensional asset allocation strategy to optimize domestic and international assets, thereby diversifying risks and capturing opportunities [13]. - Active management capabilities are highlighted as a core competitive advantage for fund companies, emphasizing the importance of long-termism and deep research foundations [13].

2015年1月，深圳。 时任总理李克强来到前海，在一台电脑前敲下回车键，一名卡车司机就拿到了3.5万元贷款。 这是微众银行的第一笔贷款业务。作为中国第一家互联网民营银行，诞生于互联网豪门，"掏空了平安甚至半个深圳金融界"的微众银行，被视为普惠金融创 新的最前沿。 这位从微众银行筹备时干起的"老将"，在苦等11年后，也终于坐上了行长之位。 只是这个位子并不好坐。微众银行平静的表面下，是十年狂奔里产生的各种风险，随时都会爆发。 虽是元老，黄黎明的行长之路，颇有些坎坷。 2014年7月，微众银行获批筹建之际，黄黎明是筹备组组长。 十年之后，微众银行不负众望，资产规模突破7000亿元，稳坐中国民营银行一哥的宝座。 但光芒之下，是浓重的阴影。 营收和净利润自2014年成立以来，首度出现"双降"； 继2024年被罚1387万元，成为民营银行罚单之最后，微众银行的合规问题仍未改善； 净息差显著走低，下沉市场风险日渐暴露，流量红利消退后，微众银行急需下一个增长点。 11月14日，黄黎明任职资格获批，这意味着微众银行正式迎来了第三任行长。 按照惯例，筹备组组长通常会在银行成立后担任一把手。但5个月后，微众银行开业时，行长却是" ...

Core Viewpoint - The integration and development of the Greater Bay Area (GBA) is accelerating, with increasing cross-border financial and wealth management service demands driven by the growing interactions between Hong Kong and mainland residents [1][10]. Group 1: Cross-Border Financial Services - The demand for cross-border financial services is rising as more residents from Hong Kong and mainland China engage in consumption, investment, and relocation activities [1]. - HSBC is enhancing its personal banking and wealth management services in the GBA to cater to the diverse needs of clients from both regions [1][9]. - HSBC has launched over 500 products for cross-border investors, integrating services from Hong Kong and mainland China to facilitate easier account opening and financial transactions [9]. Group 2: Wealth Management Opportunities - The GBA is identified as one of China's wealthiest regions, presenting significant growth opportunities in the wealth management market as residents' wealth accumulates and their investment strategies mature [8]. - HSBC offers a variety of products, including QDII and QDLP funds, to meet the global asset allocation needs of clients [8][9]. - The bank's wealth management flagship branches in Shenzhen and Guangzhou are designed to provide a social and experiential banking environment, enhancing customer engagement [3][5]. Group 3: Comprehensive Financial Services - HSBC is expanding its financial services to cover various aspects of life, including health, retirement, and wealth management, to meet the evolving needs of GBA residents [10][12]. - The bank has established health management centers and partnerships with medical institutions to provide health and wellness solutions for clients [11]. - HSBC aims to create a full-chain financial service system that addresses the diverse financial needs of individuals and families throughout their life cycles [10][12]. Group 4: Future Outlook - The GBA's population exceeds 87 million, indicating a substantial demand for financial services related to retirement and wealth management [14]. - HSBC predicts that by 2030, Chinese household wealth will reach 800 trillion RMB, with a significant portion directed towards insurance and personal pension products [14]. - The bank remains committed to investing in the GBA, viewing it as a strategic priority for business expansion and development [14].

金融是国民经济的血脉，是国家核心竞争力的重要组成部分，要为经济社会发展提供高质量服务。《中 共中央关于制定国民经济和社会发展第十五个五年规划的建议》（以下简称《建议》）系统阐述了"十 五五"时期经济社会发展的总体要求、指导方针和主要目标，并对加快建设金融强国作出一系列重要部 署。这是"金融强国"首次写入五年规划建议。 作为我国金融体系的主力军，银行业始终坚持服务实体经济的根本宗旨，深刻践行金融工作的政治性、 人民性，以金融"五篇大文章"为核心抓手，统筹推进金融与产业、消费等融合发展，积极构建"金融支 持产业升级—优化产品供给—稳定劳动就业—增加居民收入—激发消费潜能—消费促进产业"的良性循 环，为基本实现社会主义现代化提供坚实有力的金融支撑。 展望"十五五"时期，结合《建议》要求，银行业应积极通过信贷结构优化、产品服务创新、体制机制完 善等方式，精准对接产业升级、科技创新、绿色低碳、乡村振兴、扩大内需等重点领域需求。 更加精准地对接重点领域信贷需求，需要银行业构建全链条产业金融服务体系，精准支持产业升级。 《建议》将"建设现代化产业体系，巩固壮大实体经济根基"置于战略任务首位，提出"坚持智能化、绿 色化、融合 ...