◎记者 温婷 《关于加强商业银行互联网助贷业务管理提升金融服务质效的通知》（下称"新规"）将于10月1日起施 行。随着新规落地进入倒计时，已有逾20家金融机构（截至9月25日）公布了助贷业务合作名单，以贯 彻新规对于合作机构"名单制管理"的要求。其中，合作机构的"头部效应"明显，高度集中于头部平台， 如蚂蚁智信、支付宝、网商银行等蚂蚁集团关联公司，云瀚信息科技等京东关联公司等；合作模式除了 导流外，还包括联合贷款、担保增信、逾期清收等环节。 "合规调整已是大势所趋，但10月1日不是'临界点'。"多家助贷机构内部人士向上海证券报记者表示， 对于他们来说，名单制与利率限制的行业规则已经明确，更多依赖动态调整。可以确定的是，助贷机构 三四季度的业绩将受到影响，特别是权益类收入占比较大的机构，短期业绩可能迎来阵痛。 逾20家机构晒名单 据记者不完全统计，截至9月25日，已有24家金融机构公示了合作名单。其中，外资银行6家，股份制银 行6家，城商行4家，农商行3家，此外还包括1家民营银行和4家消费金融公司。 从已披露的合作机构数量来看，富邦华一银行披露的合作机构数量超过50家，而渣打银行（中国）、友 利银行（中国）、北 ...

Group 1 - The annual forum by Deep Blue Think Tank focused on "Omni-channel Marketing Reshaping the New Landscape of Home Furnishing" and discussed how home furnishing companies can leverage omni-channel strategies and AI technology to achieve precise positioning and differentiated competition in the context of the "consumption grading" era [1][3] - The home furnishing industry is experiencing rapid growth due to market policy benefits and demand explosions, but it has not fully entered standardization, which affects consumer purchasing decisions [3] - Future competition in the home furnishing industry will return to the essence of business, with standardization as a primary direction, emphasizing quality as a core metric similar to the "good housing" era in real estate [3] Group 2 - The characteristics of "multi-fast-good-economical" consumption and the head effect in the market will become more pronounced as the standardization process in the home furnishing industry advances [3] - The industry faces challenges with non-standard products, which represent a shortcoming and pain point, indicating that where there are pain points and demands, there are opportunities [3] - The standardization in the home furnishing industry will facilitate technological applications and scale effects, significantly reducing marginal costs and further consolidating the advantages of leading enterprises [3]

Core Insights - The online recruitment sector is experiencing a "head effect," with leading platforms outperforming in user scale, revenue, and technology application since 2025 [1] - The recruitment industry is entering a new competitive cycle characterized by "scale x efficiency," accelerated by the implementation of AI [1] User Metrics - As of April 2025, the total monthly active users (MAU) for job recruitment apps reached approximately 113 million, a year-on-year increase of 5.5% [2] - The leading platforms, BOSS Zhipin, Zhilian Recruitment, and 51Job, had MAUs of 51.65 million, 26.58 million, and 17.65 million respectively, with a cumulative unique user count of 95.88 million [2] - By June 2025, the cumulative unique users for these three platforms increased to 97 million, adding 1.12 million users since April [2] User Engagement - BOSS Zhipin maintained its growth post-spring recruitment, with MAU reaching 54 million in June 2025 [3] - The top three platforms accounted for 94.1% of the total cumulative user engagement time in April 2025, which increased to 94.6% by June [3] Market Share - BOSS Zhipin's market share increased from 62% in April 2025 to 64.5% in June 2025 [4] Customer Acquisition Costs - Despite the increase in active users, leading online recruitment platforms have managed to control customer acquisition costs. BOSS Zhipin reported a 16.5% year-on-year increase in MAU while its sales and marketing expenses decreased by 23% [5] - This trend is attributed to the "head effect," where leading platforms benefit from first-mover advantages, scale effects, resource accumulation, and brand influence [5] Revenue Trends - Zhilian Recruitment's revenues for fiscal years 2024 and 2025 were AUD 635 million and AUD 561 million, reflecting a year-on-year decline of 13.2% [6] - In contrast, BOSS Zhipin's revenues for the same periods were CNY 6.807 billion and CNY 7.761 billion, showing a year-on-year increase of 14% [6] - BOSS Zhipin's growth is attributed to companies tightening budgets, leading them to prefer top platforms, and its expansion from a white-collar recruitment platform to a comprehensive platform covering blue-collar and lower-tier markets [6] AI Integration - The online recruitment industry is increasingly focusing on AI, similar to the discussions around mobile internet in 2013 [7] - AI is seen as a key factor in reducing transaction costs and improving matching efficiency in the dual-sided market of job seekers and employers [7] Competitive Advantages - Leading platforms have advantages in AI application due to their larger user pools, which provide better data for training models [8] - These platforms cover the entire service chain from job recommendations to interviews, allowing for more data accumulation and efficiency [8] Investment and Compliance - BOSS Zhipin announced an $80 million dividend and a $250 million buyback plan to enhance investor interest [9] - The online recruitment sector is also facing increased regulatory scrutiny, necessitating ongoing investments in risk control and compliance [9] - The integration of AI is expected to shift the industry focus from "traffic competition" to "efficiency competition," with leading platforms benefiting from user scale, organizational efficiency, and cash returns [9]

Core Insights - The Chinese asset management industry achieved a record scale of 170.13 trillion yuan by mid-2025, marking a 4.27% increase from the end of 2024, indicating a stable development phase post-implementation of new regulations [1][9] - Bank wealth management and public funds are the main drivers of industry growth, with bank wealth management reaching 30.67 trillion yuan (up 2.38%) and public funds at 34.39 trillion yuan (up 4.78%) by mid-2025 [1][5] - The market is experiencing a concentration effect, with major institutions like E Fund and Huaxia leading the public fund sector, while state-owned and joint-stock banks dominate the bank wealth management market [2][7] Asset Management Scale - As of June 2025, the total assets under management (AUM) in China's asset management industry reached 170.13 trillion yuan, a historical high [1] - The bank wealth management market had a total scale of 30.67 trillion yuan, with a notable increase in the market share of wealth management companies to 89.61% [3][4] Market Dynamics - The number of banks in the wealth management sector decreased by 24, while the number of wealth management companies increased by 1, indicating market consolidation [4] - The public fund sector saw a total of 12,905 products with a net asset value of 34.39 trillion yuan, reflecting a 4.78% growth [5] Product Performance - Bank wealth management products generated an average net value growth rate of approximately 0.65% in Q2 2025, with equity mixed products achieving a growth rate of 1.01% [3] - QDII funds showed strong performance, with average returns of 7.91% for equity QDII funds and 10.72% for mixed QDII funds in Q2 2025 [6] Investment Trends - The asset allocation in the insurance asset management sector is shifting towards equities, with a 16.65% increase in stock investments by life insurance companies compared to the previous year [8] - Innovative products such as REITs and ETFs are emerging, providing new investment channels and reflecting a shift in investor preferences [9] Future Outlook - The asset management industry is expected to focus more on quality rather than just growth in scale, with an emphasis on professionalization, differentiation, and internationalization [10] - The industry faces challenges such as low interest rates and the need for refined product management to meet diverse investor demands [10]

Core Insights - The public fund industry in China shows a stable development trend, with 162 licensed public fund institutions managing a total of 31.27 trillion yuan as of the end of Q1 2023, remaining largely unchanged from the end of Q4 2022 [1] - A significant concentration effect is observed, with the top ten public fund institutions managing 7.35 trillion yuan, accounting for 40.76% of the total public fund scale [2] - The growth of non-monetary fund management scale is primarily driven by leading institutions, which have strong research capabilities and brand competitiveness, leading to increased market preference [3] Group 1: Industry Overview - As of Q1 2023, 44 licensed public fund institutions achieved positive growth in management scale, with four institutions seeing growth rates exceeding 100% compared to the end of the previous year [4] - The top public fund institutions, such as E Fund Management Co., Ltd. and Huaxia Fund Management Co., Ltd., dominate the market, with non-monetary management scales of 1.31 trillion yuan and 1.09 trillion yuan respectively [2] Group 2: Growth Dynamics - Among the 50 public fund institutions that experienced growth, four institutions increased their non-monetary management scale by no less than 100 billion yuan, with China Universal Asset Management Co., Ltd. leading with an increase of 380.48 billion yuan, a 12.25% increase from the previous quarter [3] - The rapid growth of the technology sector has provided differentiated development opportunities for smaller public fund institutions, allowing them to capture structural opportunities through specialized product design and flexible investment strategies [4] Group 3: Strategic Recommendations - Public fund institutions are advised to balance scale expansion with investor returns, incorporating long-term performance and compliance risk control into core assessment indicators [5] - There is a suggestion for innovation in product design, such as developing pension FOFs and quantitative hedging products, to meet medium to long-term funding needs and enhance investor loyalty through stable returns [5]