专题：财富启新程 湾区共潮生 2025招商银行财富合作伙伴论坛 8月7日金融一线消息，招商银行在深举办"财富启新程湾区共潮生——2025财富合作伙伴论坛"，头部基金、理财、保险、私募机构齐聚粤港澳大湾区，共商 大财富管理高质量发展新征程。 华夏基金总经理李一梅出席论坛并发表主题演讲，她表示，二季度末，公募基金市场管理规模达到34万亿的历史新高，行业连续6个季度实现盈利，二季度 合计盈利将近40003900亿元。站在高质量发展的新征程起点，财富管理的结构性变革将更为深刻，让行业存在更大发展空间。财富管理行业中，制度 向"源"、产品向"需"、策略向"稳"、服务向"实"、数字向"深"这五个趋势值得关注。 以下为演讲实录： 尊敬的王良行长，王颖副行长，各位领导，各位嘉宾，大家下午好！ 今天非常激动和兴奋在这样一个场合聆听整个行业在财富管理大格局下的各种新思考，另一方面也非常感谢有这个机会向大家汇报一下，先道个歉，我们些 可能还非常不太成熟的想法和实践，也供大家参考和指正。 今年以来，我相信大家也觉得是一个非常令人振奋的市场环境，在宏观经济回升向好，特别是资本市场改革向纵深发展推进，的过程当中，我们一揽子稳定 市场政策 ...

Core Viewpoint - Allianz Group, as Europe's largest integrated insurance and asset management company, sees significant growth opportunities in China's aging, health, and wealth management markets, making it a strategic priority to deepen its presence in China [2][5] Aging Population and Market Opportunities - The global challenge of aging populations presents both challenges and opportunities, with insurance companies uniquely positioned to manage longevity risks [3] - By the end of 2024, China's population aged 60 and above is projected to reach 310 million, accounting for approximately 22% of the total population [2] Product and Service Innovation - Allianz Life is adapting to the changing demands of Chinese consumers by enhancing its product offerings, particularly in health and retirement financial solutions [3] - The company has upgraded its "An·Future" product system, focusing on four key product series tailored to the Chinese market: "Health," "Smooth," "Win," and "Enjoy" [3] Wealth Management Strategy - In a low-interest-rate environment, commercial insurance is becoming a preferred choice for wealth management among Chinese households, with insurance and pensions' share of financial assets rising from 7% in 2014 to 20% in 2023 [4] - Allianz Life emphasizes dividend insurance as a flexible wealth management tool, combining guaranteed and dividend benefits to meet diverse customer needs [4] Strategic Focus on China - Allianz Life is actively integrating into the Chinese market with a focus on three strategic areas: aging, health, and wealth management [5] - The company has launched its first personal pension products, aiming to fill the gap in basic pension insurance replacement rates and enhance retirement income stability for residents [5]

Core Insights - China Merchants Bank (CMB) has surpassed 16 trillion yuan in retail assets under management (AUM), serving over 200 million personal customers, marking a significant milestone in the banking sector [2][3] - The bank's retail business revenue for 2024 reached 196.83 billion yuan, showing a year-on-year growth of 1.29%, while other major banks reported declines in retail revenue [3][4] Retail AUM Growth - CMB's journey in wealth management has been closely tied to China's economic growth, achieving its first 5 trillion yuan in AUM in 9 years, the second in just 5 years, and the latest 5 trillion in over 3 years [3] - The bank's retail AUM includes deposits, wealth management products, and funds, serving as a key indicator of its retail business strength [3] Challenges in Wealth Management - Despite revenue growth, CMB's pre-tax profit from retail financial services declined by 9.56% in 2024, with a significant drop of 25.24% in fees and commissions from wealth management [4] - The wealth management industry is facing new trends and challenges, prompting a need for adaptation [4][6] Changing Customer Demands - Customer needs are evolving towards a more inclusive and diverse range of financial products, with increasing participation from younger demographics and ordinary families [7] - The number of bank wealth management product investors reached 125 million in 2024, while public fund investors exceeded 700 million [7] Low-Interest Rate Environment - The persistent low-interest rate environment is reshaping the wealth management landscape, with the 10-year government bond yield dropping from approximately 3.2% to 1.7% since 2021 [8] - This trend presents both challenges and opportunities for wealth management institutions [8] Development Logic Shift - The industry is transitioning from a "many small" model to a "few strong" model, emphasizing high-quality development and international competition [8] - The rise of AI is expected to significantly transform service methods, operational models, and investment decision-making processes in wealth management [8] Commitment to Core Values - CMB emphasizes its role as a builder of a strong financial nation, focusing on enhancing its capabilities and supporting the real economy [9] - The bank aims to create long-term value by shifting its focus from sales volume to asset management scale [10] Asset Allocation Services - CMB has developed a comprehensive asset allocation system, allowing customers to choose investment strategies that align with their risk preferences [11] - The bank's international network facilitates global asset allocation for its clients [11] AI Integration in Financial Services - CMB is implementing an "AI First" strategy, prioritizing AI capabilities to enhance its service offerings and operational efficiency [12] - The bank has launched a large-scale financial model and is exploring over 120 application scenarios for AI [12] Market Regulation and Ethical Practices - CMB is committed to maintaining market standards and ethical practices in wealth management, advocating for responsible competition and product integrity [12] - The bank has introduced favorable policies to promote healthy competition in the wealth management sector [12]

Core Insights - The new "National Nine Articles" emphasizes the need for public funds to enhance wealth management capabilities, driving the industry towards a client-centered model from a sales-oriented approach [1] - The recently disclosed Q2 reports provide clear evidence of this transformation, with leading institutions like Huaxia Fund demonstrating high-quality development through their ecological moat and professional accumulation [1] Group 1: Industry Trends - The industry is experiencing a deepening head effect, with significant differentiation among firms, as evidenced by the Q2 reports showing 86 public funds achieving scale growth [2] - Huaxia Fund led the scale increase with 311.94 billion yuan, becoming the first to surpass 2 trillion yuan in management scale, and recorded a growth rate of 14.86% among the top-tier institutions [2] - Huaxia Fund generated a net profit of 30.092 billion yuan for investors in Q2, the only institution in the industry to exceed 30 billion yuan, showcasing its ability to convert scale advantages into client returns [2] Group 2: ETF Growth - The growth of non-monetary management scale further confirms the leading institutions' control over their sectors, with the total market non-monetary scale surpassing 20 trillion yuan [3] - Huaxia Fund led the increase in non-monetary ETF scale with 120.675 billion yuan, continuing to dominate the industry with a total scale of 751.311 billion yuan [3] - The firm has established a comprehensive product matrix with 110 non-monetary ETFs, covering various types, and has 12 ETFs with over 10 billion yuan, the highest in the industry [3] Group 3: Research and Performance - Huaxia Fund's research and investment system is a key driver of sustained performance, with notable achievements in various sectors during the structural market conditions of H1 2025 [4] - The Huaxia Beijing Stock Exchange Innovation Small and Medium Enterprises Selected Two-Year Open Fund achieved a 72.16% return, ranking among the top three in the market for H1 [4] - The firm has also excelled in fixed income and QDII sectors, with multiple funds ranking at the top for three-year performance, highlighting its global asset allocation capabilities [4][5] Group 4: Strategic Development - Huaxia Fund's comprehensive performance is supported by a robust research and investment system, emphasizing the philosophy of "research creates value" [5] - The firm has established a talent cultivation mechanism covering the entire lifecycle, forming a professional and complementary research team [5] - As the public fund industry shifts focus from "scale" to "quality," Huaxia Fund exemplifies a clear path by building an ETF ecosystem, solidifying performance through deep research, and innovating services to enhance client trust [5]

Core Insights - The article highlights the shift in wealth management strategies among investors, moving away from traditional bank products to more diversified and flexible solutions offered by securities firms [1][5][6] Group 1: Market Context - Investors are increasingly frustrated with low returns from traditional bank wealth management products, leading to a search for higher-yield alternatives [1] - The domestic low-interest-rate environment is becoming the norm, creating challenges for traditional financial products [2] Group 2: Product Offerings - Ping An Securities has introduced differentiated wealth management solutions tailored to various risk appetites, including low-risk options like government bond repurchase agreements and short-term debt fund combinations [2] - For clients with moderate risk tolerance, Ping An Securities offers a mix of bond funds, high-dividend stocks, REITs, and convertible bonds, aiming for returns that outpace inflation [2][3] - High-net-worth clients are provided with customized solutions, such as the "Ping An 30" stable main account [2] Group 3: Technology and Service Innovation - Ping An Securities leverages technology to enhance stock trading experiences, integrating customer behavior data to create comprehensive client profiles and optimize service delivery [4] - The firm has developed tools for real-time risk monitoring and automated trading strategies, addressing common investor pain points [4] - The introduction of a "core holding + satellite strategy" combines core assets with options for risk protection, enhancing investor confidence [4] Group 4: Strategic Transformation - The role of securities firms is evolving from mere trading platforms to comprehensive wealth management experts, focusing on long-term client relationships [5][6] - Ping An Securities emphasizes a four-dimensional service system that includes efficiency, warmth, value, and consistency, aiming to provide a holistic wealth management experience [5] - The firm aims to accompany clients throughout their investment lifecycle, offering continuous support and tailored advice [6]

今年以来，伴随着权益市场持续回暖，招商银行零售AUM迎来快速增长，核心竞争力的基本盘进一步 夯实。截至二季度末，招商银行零售AUM增量再创历史新高。 本报讯(记者熊悦)8月7日，招商银行（600036）在深圳举办"财富启新程湾区共潮生——2025财富合作 伙伴论坛"。记者从论坛获悉，该行零售AUM(管理客户总资产)余额已突破16万亿元，成为国内首家达 成此里程碑的全国性股份制商业银行。自2007年在行业内率先提出零售AUM的经营理念以来，招商银 行达成第一个5万亿元用时整整9年，第二个缩短至5年，而此次超越第三个5万亿元仅用3年多，走出了 财富管理的加速度。 ...

Core Insights - China Merchants Bank (CMB) has surpassed 16 trillion yuan in retail AUM, becoming the first joint-stock commercial bank in China to reach this milestone [2] - Retail AUM includes customer deposits, wealth management, and funds, serving as a key indicator of a bank's retail business strength [2] - The bank's retail AUM growth accelerated significantly, with the time taken to reach the latest 5 trillion yuan milestone reduced to just over three years [2] Retail AUM Performance - As of the end of last year, CMB's retail AUM was 14.93 trillion yuan, showing a year-on-year growth of 12.05%, significantly outpacing its peers [4][5] - CMB's average AUM per customer stands at 71,100 yuan, with non-deposit AUM accounting for 74.38% of the total, indicating a strong shift towards higher-value products [4][5] Competitive Landscape - CMB's retail AUM is nearly three times that of the second-ranked bank among A-share listed joint-stock banks, showcasing its dominant position in the market [3] - The non-deposit AUM ratio of CMB is more than double that of the best-performing state-owned bank, highlighting its superior wealth management capabilities [5]

Group 1 - The Southern Yi Stable and Steady Income Bond Fund, managed by GF Bank, has raised over 5 billion yuan in just six trading days, marking it as the largest newly issued non-holding period secondary bond fund this year [1] - The success of the fund reflects strong market demand for high-quality low-volatility products and demonstrates the significant market influence of GF Bank's "GF Select" brand [1] - Since its launch in 2021, the "GF Select" fund series has sold over 30 billion yuan across 12 customized funds, ranking in the top two for sales in its category [1] Group 2 - The "GF Select" fund product configuration system began in 2014, utilizing a multi-level dynamic screening mechanism to select outstanding fund products [2] - The fund management team conducts daily quantitative tracking and regular monitoring of public information to ensure the selection of high-quality funds [2] - GF Bank aims to leverage its channel management capabilities and professional custody advantages to support the high-quality development of the public fund industry [2]

Core Insights - China Merchants Bank has become the first joint-stock commercial bank in the country to surpass a retail AUM (Assets Under Management) balance of 16 trillion yuan [1] - The bank's retail AUM growth has accelerated significantly, achieving the first 5 trillion in 9 years, the second in 5 years, and the latest 5 trillion in just over 3 years [1] - The growth in retail AUM has been driven by a recovering equity market, further solidifying the bank's core competitive advantages [1] Retail AUM Growth - As of the end of Q2, China Merchants Bank's retail AUM has reached a historical high in terms of incremental growth [1] - The bank's strategy in wealth management has shown a marked acceleration since it first introduced the retail AUM concept in 2007 [1]

Core Insights - China Merchants Bank (招商银行) has become the first joint-stock commercial bank in China to surpass a total retail AUM (Assets Under Management) of 16 trillion yuan [1] - The bank's retail AUM growth has accelerated significantly, achieving the first 5 trillion in 9 years, the second in 5 years, and the third in just over 3 years [1] - The bank's retail AUM reached a historical high in the second quarter of this year, driven by a recovering equity market [1]