Core Insights - The Guangdong-Hong Kong-Macao Greater Bay Area is accelerating the integration of financial markets, providing significant opportunities for the development of cross-border asset management centers, particularly benefiting small and medium-sized securities firms [1][2] - Small and medium-sized securities firms need to leverage the policy and market advantages of the Greater Bay Area to explore differentiated development paths, transitioning from "scale chasing" to "value creation" [1][2] Policy and Market Support - The Greater Bay Area is positioned as a crucial support for China's deepening reform and opening up, with a multi-layered policy support system being established to facilitate cross-border financial innovations [2] - Recent measures have lowered the entry barriers for small and medium-sized securities firms in cross-border asset management, creating favorable conditions for differentiated competition, especially in green finance and technology finance [2] Market Demand and Opportunities - The Greater Bay Area encompasses high-end manufacturing, biomedicine, and technology innovation, leading to strong demand for asset management services due to a large number of high-tech enterprises [3] - There is a growing demand for cross-border asset allocation among high-net-worth individuals and small and micro enterprises, with the establishment of the Nansha cross-border asset management center expected to expand the regional asset management scale [3] Challenges for Small and Medium-sized Securities Firms - Small and medium-sized securities firms face challenges such as limited resources and homogeneous competition, with many relying heavily on channel business and experiencing a decline in asset management income [4] - The lack of proactive management capabilities and a robust research system hinders their ability to meet diverse asset allocation needs, leading to higher risks compared to larger firms [4][6] Client Base and Channel Limitations - The client base of small and medium-sized securities firms is primarily composed of local small and micro enterprises and individual investors, with a low proportion of high-net-worth and institutional clients [5] - Limited brand influence and branch network restrict their ability to scale customer acquisition, making it difficult to compete with larger firms that have established comprehensive channels [5] Resource Integration and Cultural Challenges - Compared to larger firms, small and medium-sized securities firms struggle with resource integration across business lines, leading to inefficiencies and a lack of collaborative development [6] - Some firms exhibit a short-term profit-seeking mentality, neglecting investor protection and failing to incorporate a strong industry culture into their business practices, which hampers sustainable development [6] Strategic Pathways for Development - The strategic opportunities in the Greater Bay Area necessitate a systematic approach for small and medium-sized securities firms to enhance their product offerings, client engagement, operational capabilities, ecological collaboration, and cultural integrity [7] - Innovations in cross-border asset management products and a focus on industry-specific offerings are essential for creating competitive advantages [7][8] Future Trends - The asset management business of small and medium-sized securities firms is expected to see three major trends: deepening cross-border business, integration with strategic emerging industries, and comprehensive adoption of technology [8] - Despite facing challenges such as market volatility and regulatory pressures, firms that embrace differentiation and enhance their active management and client service capabilities can achieve sustainable growth [8]

南方财经记者 黄子潇 深圳报道 近日，桑坦德银行正式获批筹建深圳分行，第三次落子中国内地。 此前，这家西班牙最大的银行已设立上海分行、北京分行，不过尚未在内地注册为法人银行，在展业上 受到一定限制。 过去，桑坦德银行选择与上海银行、北京银行等城商行合作，以开拓中国市场。 如今，其深圳分行获批后，业务定位如何、是否寻求当地银行的合作、如何切入深圳市场等，均是值得 探究的问题。 21世纪经济报道记者独家获悉，桑坦德银行深圳分行将延续前述本地化策略，利用母行的全球网络优势 服务境内企业出海，而与一家头部城商行深圳分行的合作将成为关键一环。 "双方经营区域高度重叠，但经营侧重仍各有不同，有着天然的互补性。"相关人士向21世纪经济报道记 者介绍。 延续城商行合作模式 非法人银行的业务范围受到限制。过去，桑坦德银行选择了与北京银行、上海银行合作，借助这些城商 行的本地网络切入中国市场。而记者独家了解到，这一做法也将在深圳延续。 服务湾区企业出海 去年12月，21世纪经济报道曾报道，西班牙桑坦德银行董事会已决策通过在深圳设立分行，为西语国家 公民和西语国家企业提供金融服务。同月，该行在深圳全球招商大会上与当地政府正式签约。 ...