2025年度 暨值得托付金融机构盘 资管向优 · 智启 记者 牛钰 11月26日，在经济观察报主办的"2025资产管理高峰论坛"上，经济观察报副总编辑郭宏超发表开幕致辞时表示，过去一年，中国资产管理行业穿行于复杂多 变的市场中，历经了一场全方位的深度压力测试。中国210万亿的资产管理行业正处在转型升级的关键拐点。 过去一年，中国资产管理行业穿行于复杂多变的市场中，历经了一场全方位的深度压力测试。 拨开短期波动的表象，以理性视角审视行业全局，我们清晰洞察到，中国210万亿的资产管理行业正处在转型升级的关键拐点，三大核心变革正在深刻重塑 行业生态： 其一，监管框架持续完善，筑牢合规发展根基。 逐渐完善的资管新规，个人养老金制度深度实施，公募基金费率改革，私募行业规范……制度红利持续释 放，必将在未来十年为行业高质量发展奠定坚实的制度基石。 其二，资产结构深度重构，注入行业发展新动能。 居民财富向金融资产转移的趋势不可逆转。北交所扩容、科创企业上市提速、REITs常态化发行、绿色债 券规模激增，一系列结构性机遇为资产端注入源源不断的活水。其实所谓"资产荒"，本质上是优质资产的稀缺性正在被市场重新定价。 其三，投资者 ...

Core Insights - The recent recovery of the A-share market has led to an overall increase in the yields of combination insurance asset management products, with performance varying across different product categories [1][2]. Performance Summary - As of March 21, 2023, among 1,529 disclosed combination insurance asset management products, 1,084 achieved positive returns, accounting for 71%, while 384 had negative returns, representing 25% [1][2]. - The average yield of these products is 7.66%, with a median yield of 2.60%. The highest yield recorded is 176.76%, while the lowest is -85.50% [2]. - In the equity category, 266 products were analyzed, with 221 achieving positive returns, which is 83%. The average yield for equity products is 23.39%, showing a significant increase year-on-year [3]. - For fixed-income products, out of 1,016, 690 achieved positive returns, which is 68%, with an average yield of 1.85%, indicating a year-on-year decline [2][3]. - Among 247 mixed products, 173 achieved positive returns, accounting for 70%, with an average yield of 14.66%, also reflecting a substantial year-on-year increase [3]. Influencing Factors - The yield of equity products is closely linked to stock market performance, while macroeconomic factors, such as interest rate changes, impact fixed-income product performance [3]. - Investment strategies, risk management capabilities, and market competitiveness of insurance asset management institutions are critical factors influencing yields [3]. Future Outlook - Insurance funds are significant participants in the A-share market, with policies encouraging long-term capital inflow leading to increased equity allocations [4]. - In 2024, the allocation balance for life and property insurance companies in stocks is projected to grow by 28.29% and 28.22%, respectively, marking the highest growth rates among various products [4]. - Future investment strategies for insurance funds will focus on long-term asset allocation, utilizing different combinations to capture market opportunities [5]. - The emphasis will be on avoiding excessive focus on short-term returns and ensuring alignment with liabilities to achieve stable long-term gains [5].