Core Insights - The 19th Shenzhen International Financial Expo opened on November 19, highlighting significant opportunities for securities asset management within China's 160 trillion yuan asset management ecosystem [1] Group 1: Securities Asset Management - Securities asset management is expected to focus more on high-net-worth clients and non-bank institutions, offering a diverse range of products including ABS, REITs, derivatives, private FOF/MOM, and quantitative tools [1] - The core competitiveness of securities asset management lies not only in direct investment capabilities but also in asset allocation abilities, distinguishing it from public funds [1] Group 2: Public Funds vs. Securities Asset Management - Public funds are anticipated to concentrate on individual investors and transparent, tool-based products, while securities asset management will leverage its strengths in multi-asset and multi-strategy offerings [1] - The competitive edge of public funds is primarily in their direct investment capabilities, contrasting with the broader strategy of securities asset management [1] Group 3: Banking Wealth Management - Current challenges in banking wealth management include a strategic shift towards multi-asset and multi-strategy approaches, aligning closely with securities asset management [1] - There is potential for collaboration between securities asset management and banking wealth management, especially as smaller banks without wealth management licenses face transformation pressures [1]