Core Viewpoint - The asset management industry is facing a transformative era characterized by the need to break old path dependencies and reconstruct core competitiveness, emphasizing a return to long-term value creation for clients and a more open ecosystem [3]. Group 1: Conference Overview - The "2025 Asset Management Annual Conference" was held in Shanghai, focusing on themes such as multi-asset allocation and new trends in asset management under the rise of passive investment [1]. - The conference featured a main forum and two parallel thematic forums, attracting nearly a thousand industry professionals and notable speakers [1][3]. Group 2: Key Insights from Speakers - Liu Shijun, former Deputy Director of the Economic Committee of the National Committee of the Chinese People's Political Consultative Conference, suggested that policies should focus on increasing consumer spending as a proportion of GDP to stabilize growth [5]. - Li Yang from the Chinese Academy of Social Sciences emphasized the need for financial institutions to transform in response to the challenges posed by a low-interest-rate environment, advocating for the development of financial services and asset management [7]. Group 3: Discussions on Asset Management Strategies - The main forum discussed how asset management institutions can rebuild competitiveness, with a consensus on enhancing research and customer service capabilities as critical factors [9]. - The conference highlighted the importance of "product + service" in providing comprehensive financial services from asset allocation to wealth management [9]. Group 4: Trends in Investment Strategies - The rise of ETFs as a significant tool for multi-asset and multi-strategy investment was noted, with the ETF market evolving into a new infrastructure for asset allocation [13][14]. - The low-interest-rate environment has led many asset management firms to adopt multi-asset and multi-strategy approaches, leveraging the advantages of ETFs for liquidity and low transaction costs [14].

Core Viewpoint - The asset management industry is facing a transformative era characterized by "breaking the old patterns" and "reconstructing core competitiveness," emphasizing a return to the essence of creating long-term stable returns for clients and enhancing capabilities through an open ecosystem and systematic thinking [1]. Group 1: Key Discussions at the Conference - The conference featured a main forum and two parallel thematic forums, attracting nearly a thousand industry professionals and notable speakers, including government officials and financial experts [1]. - Hu Zhiyong, Secretary of the Party Committee of Southern Finance and Economics Media Group, highlighted the need for the industry to break free from old dependencies and reconstruct its core competitiveness [1]. - Liu Shijun, former Deputy Director of the State Council Development Research Center, proposed structural reforms to boost consumption, focusing on housing for new citizens, pension system reforms, and facilitating the flow of production factors [4]. Group 2: Challenges and Strategies in the Low-Interest Rate Environment - Li Yang from the Chinese Academy of Social Sciences emphasized a dual approach to tackle challenges posed by the low-interest rate environment, advocating for the transformation of financial intermediaries and the development of capital markets [7]. - The roundtable discussion on "how asset management institutions can recreate competitiveness" underscored the importance of enhancing research and customer service capabilities, with a focus on comprehensive financial services [9]. - The conference released two significant reports: "2025 China Asset Management Development Trend Report" and "Internet Wealth Management Custody Business Development White Paper" [9]. Group 3: Trends in Asset Management - The forum on "new trends in asset management under the development of passive investment" noted that the low-interest rate environment and changing economic conditions present both opportunities and challenges for the wealth management industry [14]. - ETFs are emerging as a crucial tool for multi-asset and multi-strategy investment, with a diverse and healthy holder structure contributing to the revitalization of the ETF market ecosystem [14][15]. - The discussion highlighted that multi-asset and multi-strategy approaches are essential for addressing the challenges of low returns while meeting investor expectations [15].

Core Viewpoint - The asset management industry is at a historic development juncture, transitioning from rapid growth to high-quality development, necessitating a focus on long-term stable returns for clients and a shift from product-centric to client-centric approaches [3][4][5]. Industry Overview - As of the end of 2024, China's asset management industry is projected to exceed 150 trillion yuan, marking a historical high [3]. - The industry has undergone a significant transformation from "barbaric growth" to "regulatory reshaping," currently focusing on quality enhancement rather than mere scale expansion [4]. Challenges and Opportunities - The industry faces structural contradictions, such as the imbalance between scale orientation and investor returns, intensified homogenization of competition, and the coexistence of technological empowerment with data silos [4]. - There is a pressing need for asset management institutions to break free from old path dependencies and reconstruct core competitiveness through a more open ecosystem and systematic thinking [4][5]. Strategic Directions - The key to breaking the current impasse lies in shifting the focus from a "product-centered" model to a "client-centered" model, integrating client needs throughout the product design process [4]. - Strengthening cross-border collaboration and building an ecosystem that eliminates data silos and interest barriers is essential for providing comprehensive wealth management solutions [4][5]. Organizational Initiatives - In June, the Southern Finance Media Group initiated a systematic transformation focusing on "mobile-first, product-driven, and data-driven" strategies, establishing a user-centered evaluation mechanism and a data-driven product technology ecosystem [5]. - The group aims to enhance its financial market research, reporting, and product development, creating a competitive edge in real-time information dissemination and building a professional financial database [5][6].