"光大系"重要人事变动。 证券时报·券商中国记者从业内获悉，光大证券研究所所长、首席经济学家、机构业务总部总经理高瑞东近期将加盟光大 保德信基金，拟任光大保德信基金党总支部书记，后续或进一步接任总经理一职。 此外，券商中国记者获悉，高瑞东调任后，未来光大证券研究所或由副所长、金融业首席分析师王一峰执掌。王一峰具 有20年金融业从业经验，曾任中国民生银行研究院金融发展研究中心主任，先后供职于中信证券投资银行委员会、中信 证券研究部等。中证协信息显示，他于2019年5月加入光大证券。 高瑞东从光大证券离职 8月21日，券商中国记者获悉，光大证券研究所所长高瑞东已经正式从光大证券离职。 履历显示，高瑞东是光大证券首席经济学家，研究所所长，董事总经理，早稻田大学经济学博士，中国财政部金融人才 库专家，中国金融四十人青年论坛会员，中国证券业协会首席经济学家委员会委员，曾任职于中国财政部中美经济对话 领导小组办公室、OECD经济部、早稻田大学政治经济学院，专注全球和中国宏观经济与金融市场研究。2023年10月参 加国务院总理主持召开的经济形势专家和企业家座谈会，对经济工作建言献策。 在加盟光大证券之前，高瑞东曾先后任职于 ...

Core Viewpoint - The report "2025 Financial Products Annual Report: Ecological Leap" by Huabao Securities highlights significant changes in the asset management industry, emphasizing the growing gap between insurance, public funds, and other asset management businesses, as well as the shift towards a buyer-centric investment advisory model [1][2]. Group 1: Industry Structure and Trends - The asset management industry in China has seen a substantial shift, with insurance and public funds significantly outpacing other asset management sectors in terms of scale [5]. - The public fund sector surpassed bank wealth management products in 2023, with expectations to further widen the gap in 2024 due to accelerated indexation [5]. - The transition to net value-based operations has not only transformed bank wealth management products but has also reshaped the entire industry ecosystem [6]. Group 2: Drivers of Growth - The growth of insurance asset management is attributed to a steady increase in funding sources and long-term stability, driven by rising insurance awareness and wealth preservation needs [7]. - Public funds have experienced rapid growth due to policy support, increased demand for wealth management, and innovation within the sector [8]. - The shift towards index-based investment strategies has significantly contributed to the growth of both public funds and ETFs, with the latter experiencing explosive growth in 2024 [17]. Group 3: Competitive Landscape - The asset management industry is facing common challenges such as the need for differentiated strategic positioning, diversified strategies, and enhanced client service capabilities [9][10]. - The competition is increasingly focused on improving customer service capabilities and leveraging AI technologies to optimize investment decisions and operational efficiency [9][10]. - The industry is moving away from a product-centric operational model towards a more service-oriented approach, emphasizing the importance of understanding and meeting client needs [10][13]. Group 4: Talent and Technology - The rise of smart investment advisory tools is reshaping the talent structure within the asset management industry, reducing reliance on traditional human advisors while creating demand for new skills in financial technology and data analysis [14][15]. - The integration of advanced technologies like generative AI and big data is enhancing operational efficiency and enabling personalized wealth management services [14][15]. Group 5: Market Insights - In the bank wealth management market, the total scale reached 30 trillion yuan in 2024, driven by declining deposit rates [16]. - The public fund market is witnessing a significant increase in the issuance of fixed-income funds, which accounted for approximately 70% of new fund issuance in 2024 [17]. - The securities asset management sector is evolving, with a focus on enhancing research capabilities and diversifying product offerings, although the pace of public fund establishment has slowed [18].