（原标题：汇丰集团张凯：于全球变局中锚定价值，在开放升级中奔赴新程） 时序流转，新春已至，万象启新。 回望过去的一年，世界经济在复苏与挑战的交织中破浪前行——全球经济增长分化，地缘政治冲突加 剧，政策不确定性上升。与此同时，人工智能引领的科技浪潮加速推动着时代的更替，并为全球金融市 场和投资者在动荡中创造了崭新的动力和机遇。 展望新的一年，尽管宏观层面的不确定性仍在延续，但我们也看到了充满希望的一面：科技进步、主要 国家财政扩张等积极因素继续为全球经济增长提供支撑；人工智能和云计算或将以指数级的速度普及， 并带动对这一领域的强劲投资；新兴市场也展现出令人瞩目的投资机遇。这些因素共同作用，为全球财 富管理市场绘就了一幅令人期待的图景。 在这一图景中，亚洲无疑是一抹亮色。依托其丰富广阔的消费市场、不断攀升的产业链价值、以及活力 充沛的科技创新生态等多重动力，亚洲市场向全球投资者展现出了强大的韧性和吸引力，在全球增长与 资产配置中扮演着愈发关键的角色，此外，亚洲区内自身的财富管理需求也呈现出蓬勃发展的态势。中 国香港和新加坡等市场在离岸财富管理方面的领先优势、叠加中国内地和印度等市场的庞大跨境财富管 理需求，正推动 ...

新 春 快 乐 顺流逆流，皆为行路的风景；心有罗盘，便有笃定的方向。券商中国微信平台粉丝总量已强势突破600万大关，值此2026年新春佳节来临之际，我们深深感恩每一位读 者朋友长久的信任与陪伴。在此，券商中国、券中社APP诚邀各大金融机构共同录制新春寄语视频，一起回顾2025年的精彩历程与深刻洞察，携手展望2026年的崭新蓝 图与无限可能。 校对： 杨立林 百万用户都在看 利好来了！刚刚，重磅发布！事关AI 集体大涨！美国财长，突发重磅信号！ 突变！美联储，重磅来袭！ 今晚，突发公告！多只大牛股，紧急提示风险！ 开盘，"一字"封板！外围大利好，彻底引爆！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 责编：战术恒 排版：刘珺宇 武汉金控集团党委书记、董事长兼华源证券党委书记、董事长梅林在《预见金马》年终策划中表示，2025年，A股总市值跨越百万亿，我们见证 了历史。2026年，"十五五"大幕即将开启。我们既要"骏马扬蹄"，紧跟国家战略，书写"五篇大文章"；更要"老马识途"，严守风控，在不确定性 中寻找确定性。 以下为视频全文： 券商中国、券中社App的用户朋友们：大家过年 ...

为深入探讨湾区财富管理行业的最新动态，展现行业前沿理念与实践，证券时报·券商中国携手深圳市财富管理协会，共同推出"岁末洞见·2026湾区财富 管理高端访谈"专栏，全方位擘画湾区财富管理领域的最新实践与助力行业高质量发展的责任担当。本文为专栏第五篇，敬请垂注！ 进入2026年，全球经济仍在寻找新的平衡点。 一方面，美联储政策周期由紧转松，全球利率中枢下移；另一方面，地缘政治冲突、产业链重构、资源品供需再平衡，使金融市场与大宗商品价格的波动 幅度显著放大。传统股债资产相关性趋同，分散化效果弱化，投资者迫切需要新的风险对冲与收益来源。 在此背景下，期货及衍生品如何在大类资产配置中发挥"危机阿尔法"价值？期货公司又该如何完成从经纪通道向衍生品特色财富管理机构的转型？ 围绕这些问题，券商中国记者在岁末之际专访了平安期货总经理袁建峰，就衍生品的配置价值、期货公司的转型路径、期货资管的差异化竞争、服务实体 经济的创新实践，以及2026年的市场前瞻，进行了深入交流。 期货不是资产，是工具 岁末洞见·2026湾区财富管理高端访谈 编者按： 2026年正处于"十四五"收官、"十五五"时期谋篇的关键节点，也是财富管理行业由"规模扩 ...

（来源：湖南金融） 不要为打翻的牛奶哭泣 世界著名的人际关系学大师卡耐基在事业刚起步时，曾在美国密苏里州举办成人教育班，并陆续在各大 城市开设分部。他花了大量资金在广告宣传上，同时房租、日常办公等开销也很大。尽管收入不少，但 过了一段时间后，他发现自己几乎没有赚到利润。由于财务管理上的欠缺，收入与支出几乎持平，一连 数月的辛苦劳动竟然没有什么回报。 为此，卡耐基非常苦恼，他不断地抱怨自己的疏忽大意，整日闷闷不乐、神情恍惚，事业也因此停滞不 前。 后来，卡耐基前去拜访中学时的老师，听完他的叙述，老师没有多说什么，只是将手边的牛奶打翻，说 道："不要为打翻的牛奶哭泣。"老师简单的一句话令卡耐基如梦初醒。"是的，牛奶被打翻了，全部洒 了，该怎么办？是看着被打翻的牛奶哭泣，还是转身去做些有意义的事？记住，被打翻的牛奶已成事 实，不可能被重新装回瓶中，我们唯一能做的，就是吸取教训，然后忘掉这些不愉快。"这段话，卡耐 基后来不仅常常讲给学生听，也用来提醒自己。 智汇点睛 这则故事看似简单，却揭示了财富管理与人生经营中容易被忽视的一课：沉没成本不应左右未来的决 策。 卡耐基最初将精力耗费在对已发生损失的懊悔中，这无形中阻碍 ...

"金蟾奖"是联信智评鼎力打造的年度评选活动，秉持公正、公开及公平的原则，从收益表现、投资策 略、风险控制、团队投研能力、机构综合实力等多个定性及定量维度出发，对发行机构、销售机构及理 财产品进行全面考察，旨在为市场及投资者寻找优秀的理财机构和产品、满足广大投资者多元化的财富 管理需求、推动中国金融业高质量发展。 无论是金蟾奖还是金牛奖，评审标准都高度聚焦于机构是否真正以客户为中心。厦门国际银行在代销理 财业务上获此两项荣誉，既是对银行财富管理综合实力和理财产品收益表现的认可，也是厦门国际银行 始终将客户利益置于首位，积极践行"金融为民"理念的结果。2025年，债市震荡调整，厦门国际银行始 终秉承市场化优选原则，深化与理财公司的合作，严控产品风险指标，严格把关代销理财产品收益率、 回撤率、达基率等核心指标，稳步提升客户投资体验。 未来，厦门国际银行将继续深化财富管理转型，进一步提升产品筛选能力、丰富产品投资策略、强化风 控体系，致力于满足客户日益多元化的财富管理需求。以更暖心的服务、更优质的产品和更稳健的业 绩，回馈广大客户的信任。 近日，2025年度联合智评金蟾奖评选结果正式揭晓，厦门国际银行凭借稳健的财富管 ...

在2025年度中国资管"群星汇"评选中，晋商银行凭借优异的资产管理表现，荣膺"混合类理财管理奖"。 据悉，这是该行连续第二年获得此项业界奖项，体现了山西本土上市银行在财富管理领域的专业能力， 也是区域金融机构高质量发展的具体表现。 资产管理能力多次获得权威认可，是晋商银行长期专注财富管理领域、不断提升综合实力的结果。作为 山西区域金融发展的重要力量，该行经营规模和综合实力稳步提升。截至2025年9月末，晋商银行资产 总额达3980亿元，在"2025年中国银行业前100名单"中位列第82位，为其资产管理业务稳健发展提供了 有力支撑。 晋商银行相关负责人表示，近年来，该行深入落实中央金融工作会议精神，将资产管理业务作为重要抓 手，践行金融工作的政治性和人民性。该负责人同时表示，资产管理业务是连接居民财富与实体经济的 关键金融纽带，其发展质量不仅直接关乎人民群众的财产性收入，更与国家经济的长期健康发展紧密相 关。 这份奖项的获得，得益于晋商银行两只FOF旗舰产品的良好业绩，也反映出其服务地方经济社会发展的 综合金融实力。2025年，晋商银行布局财富管理市场，发行了丰盈人生安愉甄选FOF、丰盈岁月全球心 选FOF两只 ...

Core Viewpoint - The article discusses the evolving landscape of wealth management in the Guangdong-Hong Kong-Macao Greater Bay Area, emphasizing a shift from "scale expansion" to "quality enhancement" in the industry, particularly in the context of the 14th and 15th Five-Year Plans [1]. Group 1: National Strategy Focus - Hu Hao, Chairman of China Resources Trust, highlights the company's approach to align with national strategies, regulatory guidance, and customer needs, focusing on serving the real economy and social governance [2]. - The company aims to create financing bridges for sectors like technology innovation and green economy through innovative tools such as intellectual property securitization [2]. - Emphasis is placed on compliance and robust asset management, with a focus on creating scenario-based products like prepaid trust and community governance charity trusts [2]. Group 2: Trust Industry Role in Wealth Management - The trust industry is increasingly important in meeting residents' wealth management needs, with a focus on covering the entire wealth lifecycle [4]. - Customized asset allocation strategies are provided for different wealth stages, including wealth creation, preservation, and inheritance [4]. - Trust structures are utilized to create a "safety net" for high-net-worth individuals, ensuring asset isolation and tailored beneficiary rules [4]. Group 3: Diverse Asset Management - The company supports the inclusion of various asset types, such as real estate and intellectual property, into trust structures, enhancing asset management capabilities [5]. - A comprehensive asset management solution is offered, ensuring risk isolation and clear ownership through professional asset valuation and compliance checks [5]. - The trust company acts as a link between products and clients, facilitating efficient integration of assets, capital, and funds [5]. Group 4: Product and Service Development - China Resources Trust is focused on developing a diverse wealth management product and service system to meet various client needs [6]. - The establishment of the "Runxin Wealth" brand aims to convey professional value and enhance client relationships [6]. - A multi-tiered account system is created to cater to different family needs, including family trusts and insurance trusts [6]. Group 5: Technology Integration - The trust industry is leveraging technology, such as AI and big data, to enhance customer service capabilities [8]. - The company is implementing a "smart trust" initiative to build a secure and compliant digital trust ecosystem [8]. - Efforts are being made to improve data governance and enhance data-driven capabilities across various business areas [9].

[Table_scodeMsg1] 公司研究丨深度报告丨广发证券（000776.SZ） [Table_Title] 广发证券深度报告：大湾区迈向国际一流的财富 管理先驱 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 随着慢牛市延续，财富管理有望迎来黄金发展期，广发证券凭借区位优势、多元化布局、市场 化机制，围绕财富管理业务形成较强先发优势。展望中长期，一方面财富管理成券商竞争"胜 负手"，广发成长潜质优于同业，另一方面公司发力国际业务，强化跨境综合能力，自营也有望 受益于风控指标优化。 分析师及联系人 [Table_Author] 吴一凡 戴永飞 SAC：S0490519080007 SAC：S0490524070001 SFC：BUV596 请阅读最后评级说明和重要声明 2 / 24 %% %% %% %% research.95579.com 2 [Table_scodeMsg2] 广发证券（000776.SZ） cjzqdt11111 [Table_Title 广发证券深度报告：大湾区迈向国际一流的财 2] 富管理先驱 以区 ...

Core Viewpoint - Jinshang Bank has been awarded the "Mixed Asset Management Award" for the second consecutive year in the 2025 China Asset Management "Star Gathering" selection, highlighting its strong foundation and professional capabilities in wealth management [1] Group 1: Award Recognition and Performance - Jinshang Bank's two flagship FOF products have achieved impressive performance, with annualized returns of 7.54% and 7.31% respectively, and total assets growing from under 2 million to 400 million within less than a year [1] - The bank's total assets reached 398 billion as of September 2025, ranking 82nd in the "2025 China Banking Industry Top 100" list, indicating continuous improvement in its overall strength [1] Group 2: Strategic Focus and Product Development - Jinshang Bank emphasizes the importance of asset management as a key financial link between residents' wealth and the real economy, aiming to meet diverse financial needs while safeguarding investors' rights [2] - The bank launched two FOF products in April and May 2025, targeting various investment opportunities across A-shares, bonds, and gold, providing a one-stop asset allocation solution [2] Group 3: Industry Trends and Future Outlook - The wealth management industry is experiencing significant growth, with the banking wealth management sector expected to increase by 3.34 trillion in 2025, driven by low interest rates and a growing awareness of asset allocation among investors [3] - Predictions indicate that the banking wealth management scale will exceed 38 trillion by 2026, with a year-on-year growth rate expected to surpass 12% [3] Group 4: Future Development Goals - Jinshang Bank aims to enhance its comprehensive competitiveness in wealth management and private banking, focusing on optimizing cross-market and multi-asset investment strategies [4] - The bank plans to transition from traditional product sales to comprehensive service models, creating a full lifecycle wealth management service system to help local residents achieve stable wealth growth [4]

Core Viewpoint - The company has reported a significant increase in net profit and a record high in contract liabilities, establishing a solid foundation for its 2026 performance. The retention of existing customers remains strong, and market trading activity is vibrant, leading to an optimistic outlook for future performance. Group 1: Financial Performance - The company forecasts a net profit of 10 to 10.3 billion, representing a year-on-year growth of over 180% [1] - Revenue for 2025 is projected at 34.3 billion, reflecting a year-on-year increase of 48.74% [1] - The adjusted net profit estimates for 2025-2027 are 9.01 billion, 13.77 billion, and 15.74 billion, indicating year-on-year growth of 231%, 53%, and 14% respectively [1] Group 2: Regulatory Impact - The company received an administrative penalty, resulting in a three-month suspension of new clients for its advisory business due to misleading promotional practices [2] - The penalty primarily affects the advisory business, while other operations remain unaffected, and existing clients continue to contribute significantly to revenue [2] Group 3: Market Conditions - The total order amount reached 39.55 billion, a year-on-year increase of 12.8%, with contract liabilities at a historical high of 15.3 billion [3] - The average daily trading volume in the market is approximately 3.4 trillion, significantly higher than the previous year's 2 trillion, suggesting a positive outlook for 2026 performance [3] - The demand for wealth management is strong, with a notable increase in deposits from non-bank financial institutions, which supports the sales of the company's related products [2]