Core Insights - The Chinese asset management industry, valued at 210 trillion yuan, is at a critical turning point for transformation and upgrading, influenced by a comprehensive pressure test over the past year [3][4]. Regulatory Framework - The regulatory framework is continuously improving, establishing a solid foundation for compliant development, with the gradual implementation of asset management regulations, personal pension systems, public fund fee reforms, and private fund industry standards [4][5]. Asset Structure - There is a deep restructuring of asset structures, injecting new momentum into industry development, as the trend of household wealth shifting towards financial assets is irreversible. Structural opportunities such as the expansion of the Beijing Stock Exchange, accelerated listings of innovative enterprises, normalized issuance of REITs, and a surge in green bond issuance are providing continuous liquidity to the asset side [4][5]. Investor Behavior - Investor behavior is becoming increasingly rational, with a focus on long-term and value investing principles penetrating market risk pricing and enhancing research capabilities to achieve sustainable wealth growth for clients [5]. Institutional Strategies - In a market environment characterized by low interest rates and asset scarcity, institutions need to build cross-cycle asset allocation capabilities and explore inclusive pension finance, positioning personal pension accounts as important service entry points for long-term client engagement [5]. Trust and Client Relationships - Rebuilding trust with clients is crucial; understanding client anxieties will enable firms to seize opportunities in the next industry cycle and earn long-term trust and commitment from clients [5].