Core Insights - The asset management industry is facing significant market volatility in 2023, prompting institutions to optimize asset allocation strategies and enhance product competitiveness to adapt to market changes [1][3][4] Group 1: Industry Challenges and Opportunities - The asset management sector has experienced profound adjustments over the past year, with traditional asset scarcity continuing while the equity market shows signs of improvement [4] - There is an increasing demand for wealth reallocation among residents, leading to a rise in the need for wealth management products [4] - The public fund industry is witnessing new growth opportunities due to favorable external conditions and regulatory support [4][9] Group 2: Strategic Focus Areas - Institutions are encouraged to shift towards market-oriented mechanisms, enhancing multi-asset acquisition and combination capabilities [3][7] - Improving research and customer service capabilities is deemed essential for rebuilding competitiveness in the asset management sector [3][7] - Companies are advised to prepare for market changes by restructuring product systems, cultivating core research capabilities, and enhancing customer service frameworks [3][7] Group 3: Asset Allocation and Product Development - The importance of combination management is highlighted, particularly in "fixed income plus" products that blend fixed income assets with equities to enhance returns [5][6] - There is a notable shift in asset allocation, with an increasing proportion of equity investments in various institutions [6][9] - The focus on long-term capital entering the market is reshaping market dynamics and investment strategies [9][10] Group 4: Future Industry Landscape - The future of the asset management industry will depend on establishing independent market mechanisms, enhancing multi-asset capabilities, and improving customer service [7][8] - Companies are encouraged to differentiate themselves in a competitive landscape by focusing on comprehensive financial services rather than solely on yield [8] - The industry is urged to adopt self-regulation to promote fair competition and healthy development [8] Group 5: Economic Outlook and Growth Drivers - China's economy is showing resilience, with GDP growth rates exceeding expectations, supported by strong domestic demand [10][11] - Future economic growth is expected to be driven by expanding domestic demand, new production capabilities, and fixed asset investment opportunities [11]