Core Viewpoint - Since 2025, the global economy has entered a "low growth, high risk" new normal, with Shanghai emerging as a global asset management "stabilizer" and "innovation source" due to its policy advantages, open ecosystem, and innovative vitality [2] Group 1: Forum Overview - The "2025 Shanghai Global Asset Management Forum" is co-hosted by Yicai Media and Bank of China, aiming to promote high-quality development in the asset management industry and build an ecosystem that serves the real economy [2][4] - This year's forum features a more diverse range of projects and richer information, highlighting cross-industry collaboration and technological advancements [3] Group 2: Key Events and Discussions - The forum will include a closed-door dialogue between global exchanges and asset managers, focusing on investment strategies and opportunities amid global market fluctuations [3][4] - A special session on promoting high-level bilateral openness in asset management between China and Europe will gather leading institutions to discuss cross-border investment cooperation [4][11] Group 3: Agenda Highlights - The main forum will take place on October 16, 2025, in Shanghai, featuring opening remarks, keynote speeches, and a series of important report releases [5] - Roundtable discussions will address topics such as enhancing institutional investors and building first-class investment institutions [8]

"稳"中求进 资管行业迈向高质量发展 （本文内容转载自：红星新闻） 过去几年里，居民投资理财最强烈的需求，恐怕就是一个字——"稳"。市场经历几轮起伏，投资者的核 心诉求和投资理念也在变化，更多人从"追热点"转向"看长期"，从"单一产品"转向"组合思维"。 与此同时，产品供给端加速扩容。到2025年，中国公募基金行业已走过27年，管理规模达35万亿元，产 品数量超过1.3万只，服务超过8亿投资者。面对更庞杂的选择、更迥异的风险偏好，如何以投资者为中 心、把"稳"真正做扎实，成为行业共同的考题。 在市场波动与需求分层的现实条件下，资管机构要如何"向前一步"？ 近日，在中欧基金"向前一步"中欧制造·投研体系升级发布会圆桌论坛环节，信银理财党委书记、董事 长王洪栋，中欧基金总经理助理方伊，以及Morningstar晨星中国基金研究负责人孙珩，从银行理财、公 募基金、海外经验三个维度给出答案，探寻资管行业高质量发展的可行路径。 解决投资者"选择困难症" 谈高质量发展，银行理财与公募基金基于自身定位，形成了差异化的实践逻辑。从银行理财的实践 看，"稳"不是口号，而是在多重约束下做出的理性选择。 王洪栋直言，银行理财同时面 ...

Core Viewpoint - After a four-year downturn, public funds are experiencing a significant recovery in 2025, with over 90% of active equity funds achieving positive returns this year, marking a turning point for the industry [1][2]. Group 1: Performance Recovery - Active equity funds have seen an average return exceeding 13% as of August 1, 2025, with a notable number of products doubling their performance, including 17 funds achieving over 140% returns [2]. - Many fund managers are recovering from previous losses, with over 800 active equity funds reaching historical net asset value highs in the past month [2][3]. - Despite some funds still in the recovery phase, the short-term performance rebound is expected to support long-term growth [2]. Group 2: Investment Strategy Shifts - Fund managers are increasingly focusing on the stock market as a key asset allocation option, moving away from real estate and low-yield bonds [3]. - There is a noticeable increase in risk appetite among fund managers, with many raising stock positions and concentrating holdings in core stocks [5]. - Data shows that nearly 2,500 funds increased their stock positions and concentration in the second quarter, indicating a shift towards higher risk tolerance [5]. Group 3: Fund Issuance and Market Sentiment - The positive performance of funds has boosted market confidence, leading to a noticeable acceleration in the issuance of new funds, particularly equity funds [8]. - In June, 155 new funds were established, marking a recent high, with July seeing 135 new fund launches, indicating a strong recovery in the fund issuance market [9]. - Fund companies are rapidly increasing the pace of new fund launches to capitalize on the market rebound, with some funds achieving record subscription amounts [9][10]. Group 4: Challenges and Investor Sentiment - Despite the recovery, many investors remain cautious, with a tendency to redeem funds as soon as they break even, reflecting a lack of deep trust in active equity funds [1][11]. - The sales performance of equity funds varies significantly across different sales departments, with some struggling to meet sales targets despite the overall market improvement [10][11]. - Passive investment products are currently more favored by investors compared to active equity funds, indicating a need for active funds to rebuild trust and attract new capital [11].

Group 1 - The core theme of the 2024-2025 asset management report is "breaking through, moving forward, wealth reconstruction, benefiting the people, and enhancing capabilities" [1] - The asset management industry plays a crucial role in supporting the real economy and preserving and increasing the wealth of the public, with bank wealth management products supporting approximately 21 trillion yuan in the real economy and generating returns of 709.9 billion yuan for investors [3] - The report will analyze industry growth structure, market development trends, and institutional capability building, addressing the need for improved risk management and asset allocation strategies in a complex market environment [4][5] Group 2 - The asset management sector is positioned as a bridge connecting the real economy and financial wealth, tasked with supporting national strategies and meeting the wealth preservation needs of residents [4] - The series of reports has been published annually since 2015, providing a comprehensive analysis of industry trends and capturing significant policy changes, gaining recognition from regulators and industry peers [5] - In 2024, Everbright Wealth Management created over 34 billion yuan in returns for investors and served nearly 8 million clients, showcasing its market influence and brand effect [5]

Core Viewpoint - The asset management industry in China is transitioning towards high-quality development amidst low interest rates and stringent regulations, with a focus on shifting from "scale-driven" to "quality-led" growth [1] Group 1: Current Industry Landscape - As of the end of 2024, the total scale of China's asset management industry is expected to exceed 140 trillion yuan, becoming a significant force in wealth management and capital market resource allocation [1] - The industry faces both transformation pressures and opportunities, necessitating a profound shift in operational strategies [1] Group 2: Key Insights from Industry Leaders - The high-quality development of asset management institutions should focus on enhancing investment research capabilities and optimizing product offerings to meet diverse client needs [2][3] - The public fund industry has seen significant growth over the past 20 years, driven by high-level opening-up policies, which should continue to be pursued for further development [3][4] - Private equity firms must emphasize compliance and innovation to enhance their risk management capabilities and competitive edge [4] Group 3: Market Trends and Client Preferences - There is a notable shift in residents' asset allocation preferences, with a polarization in risk appetite: some investors are seeking safety while others are more willing to take risks due to policy influences [3][16] - The market is experiencing a structural challenge where quality assets are becoming increasingly scarce despite ample liquidity [3][16] Group 4: Strategies for High-Quality Development - Asset management institutions should prioritize value creation for clients, focusing on effective investment strategies and robust research capabilities [8][12] - Embracing digital transformation and integrating AI into investment processes are essential for enhancing operational efficiency and client service [12][35] - The development of diversified product lines that cater to varying risk appetites is crucial for meeting evolving client demands [18] Group 5: Regulatory and Policy Recommendations - There is a call for unified standards in performance benchmarks for financial products to foster a sustainable investment environment [30] - Continued support for international cooperation and knowledge exchange is vital for cultivating competitive asset management institutions [32][19]