Core Insights - The asset management industry is facing three key challenges: low interest rates, aging population, and the core capabilities of asset management institutions [1][2] Group 1: Low Interest Rates - The probability of mid-term interest rates rising is very low, affecting not only bank base rates but all assets, leading to a prolonged low interest rate environment [2] Group 2: Aging Population - The aging population will lead to a significant increase in wealth transfer across generations. Data shows that since 2021, 60% of new investors in the fund industry are from the post-90s generation, characterized by being young, professional, highly educated, and willing to entrust their assets to professional investment managers [2] Group 3: Core Capabilities of Asset Management Institutions - In the context of low interest fixed income assets and high-yield, high-volatility equity assets, investors will inevitably accept "fixed income plus" products that come with some drawdown but moderate upward yield. This requires reliance on the professional investment capabilities and long-term experience of asset management institutions [2]