Core Insights - The brokerage asset management industry is undergoing significant changes due to two major events: the transition of public collective investment schemes by the end of 2025 and obstacles in obtaining public fund licenses for brokerage asset management firms [1] - In response to these challenges, firms are focusing on "fixed income +" and multi-asset strategies as their primary growth areas, while also exploring alternative assets like REITs, derivatives, and commodities to enhance revenue sources [1] Group 1: Strategic Focus - In 2026, brokerage asset management institutions are prioritizing "fixed income +" and multi-asset allocation to meet investor demand for stable returns in a low-interest-rate environment [3] - Some firms plan to develop differentiated competitive advantages by focusing on specific areas such as FOF, equity, quantitative strategies, cross-border investments, and retirement products [3] Group 2: Fixed Income Strategy - "Fixed income +" remains a traditional strength for brokerage asset management, with firms aiming to create a product lineup with varying risk characteristics [4] - First Capital Asset Management plans to focus on low-volatility "fixed income +" products, emphasizing ESG fixed income and thematic product lines [4] - Other firms like Caifeng Asset Management and Guoxin Asset Management are also enhancing their fixed income strategies, with plans to expand their product offerings and maintain traditional credit enhancement advantages [4][5] Group 3: Multi-Asset and Diversification - Many institutions are emphasizing multi-asset and diversified strategies as key components of their annual plans [5] - Guangzheng Asset Management aims to leverage its platform and digital capabilities to expand its offerings in "fixed income +", multi-strategy, and distinctive equity products [5] - Zhongtai Asset Management is focusing on FOF, active equity, and "fixed income +" products, including various themed funds and mixed funds with equity limits [5][6] Group 4: Passive Investment Tools - Passive investment is a significant trend in the asset management sector, with firms actively developing index-enhanced and ETF products [8] - Guojin Asset Management is working on tool-based FOF and index-enhanced strategies to improve asset allocation efficiency [8] - First Capital Asset Management is focusing on quantitative strategies and plans to develop convertible bond strategies and ETF rotation strategies [9] Group 5: Alternative Assets - In the current low-interest-rate environment, alternative assets like REITs, commodities, and derivatives are becoming crucial for expanding revenue sources and optimizing business structures [10] - First Capital Asset Management has been a pioneer in public REITs investment and plans to deepen its involvement in this area [11] - Guoxin Asset Management has integrated commodities, REITs, and derivatives into its research framework, focusing on systematic investment strategies [12]

Core Viewpoint - The brokerage asset management industry is undergoing significant changes due to the transformation of public collective investment products and obstacles in obtaining public fund licenses, prompting firms to accelerate their transformation and seek new growth areas [1] Group 1: Strategic Focus Areas - "Fixed Income +" and multi-asset allocation are identified as the two main strategic focuses for brokerage asset management firms in 2026, responding to investor demand for stable returns in a low-interest-rate environment [2][3] - Firms are planning to enhance their offerings in niche areas such as Fund of Funds (FOF), equity, quantitative strategies, cross-border investments, and retirement products to build differentiated competitive advantages [2][3] Group 2: Product Development - Companies are focusing on developing a product lineup that includes passive investment tools like index-enhanced products and ETFs, which can improve asset allocation efficiency and reduce costs for clients [4][5] - The development of passive investment products is seen as a sign of market maturity, with firms like First Venture Asset Management emphasizing a differentiated approach due to their lack of public fund qualifications [4][5] Group 3: Alternative Assets - In the current low-interest-rate environment, alternative assets such as REITs, commodities, and derivatives are becoming crucial for brokerage asset management firms to expand revenue sources and optimize business structures [6][7] - Companies are integrating alternative assets into their research frameworks, focusing on strategies that enhance returns and reduce correlation with traditional assets, with some firms already participating in public REITs investments [6][7]