在报告发布环节，《欧洲区域经济研究报告 2024-2025（欧盟卷）》将正式亮相，为参会者提供欧洲区 域经济发展的最新研究成果。主旨演讲阶段，四位业界权威专家将带来深度分享：中欧国际工商学院副 教务长（PhD）、鹏瑞金融学教席教授、中欧财富管理研究中心主任芮萌，兴业银行首席经济学家、兴 业研究学术评审委员会主席鲁政委，野村证券中国首席经济学家、香港中国金融协会副主席陆挺，深圳 东方港湾投资管理股份有限公司创始人、董事长、中欧校友金融与投资协会大湾区分会会长但斌。 此外，会议将举办以 "全球周期变局下的价值重塑与投资图谱" 为主题的圆桌研讨。研讨由中欧陆家嘴 国际金融研究院副院长、中欧陆家嘴金融 50 人论坛（CLF50）秘书长刘功润主持，世福资本（中国 - 中东欧基金）副董事长兼总裁、中东欧经济研究所副所长陈飞，香港国际金融学会副会长、原香港大学 金融学教授夏春，恒旭资本董事长、中欧校友金融与投资协会副会长陆永涛，德同资本高级合伙人兼并 购业务主管、中欧校友金融与投资协会副会长鲁俊，华登国际合伙人、中欧校友金融与投资协会大湾区 分会副会长苏东等嘉宾将共同参与，从多元视角碰撞思想，为全球周期变局下的价值投资提供 ...

Group 1 - The core viewpoint of the article highlights the transformation of China's car market, driven by rising disposable income among car-buying families and a shift in spending priorities from housing to child-rearing and travel [4][9][31] - In 2024, the average disposable income of car-buying families in China surpassed 200,000 yuan, reaching 204,900 yuan, while their spending slightly decreased to 140,900 yuan, resulting in a savings increase to 64,000 yuan [4][21] - The reduction in housing loan burdens has allowed families to redirect their spending towards cars, travel, and entertainment, positioning the car market as a potential driver for domestic demand [6][7][31] Group 2 - The proportion of housing loan repayments in family expenditures has significantly decreased from over 70% in 2019 to 56.46% in 2024, allowing for increased discretionary spending [6][31] - The average age of car-buying families has risen to over 40, with a growing proportion of middle-class families, indicating a shift in the demographic profile of car buyers [4][10][31] - The trend of child-rearing expenses is expected to surpass housing costs as the primary expenditure for families by 2025-2030, leading to a more personalized and quality-driven car market [9][10][31] Group 3 - Post-pandemic, travel spending among car-buying families has surged, with over 35% of families spending more than 15% of their income on travel in 2024, indicating a strong correlation between travel and car purchases [12][13] - The rise of self-driving tours is reshaping the high-end car market, with local brands benefiting from this trend as they cater to family-oriented travel needs [13][31] - The shift in family spending from housing to financial assets is expected to enhance the quality of car purchases, with financial assets projected to exceed 50% of total assets by 2030 [23][24][31] Group 4 - The article emphasizes the need for car manufacturers to adapt their strategies to meet the evolving demands of families, particularly in smaller cities where the market is expected to grow significantly [26][27][31] - The focus on high-end products must also consider the price sensitivity of consumers in smaller cities, as they seek value-driven options [27][31] - The potential for a new era of car consumption characterized by quality and personalization is anticipated as families increasingly prioritize child-rearing and travel in their spending [10][31]

◎农银汇理基金固收部副总经理、基金经理 刘莎莎 "固收+"产品是以债券等固定收益资产为主要配置，同时增加少量权益资产如股票、可转债等以增强收 益的产品，它本质上是一种通过大类资产配置实现稳健增值的策略。依据权益仓位不同，大致可分为不 同风险等级：权益仓位10%—20%的中波固收；权益仓位不低于20%的高波固收+。 展望后市，经济结构转型过程中，传统经济周期偏弱，总量经济弹性不大，但科技、制造、创新药、出 口、消费等行业长期存在发展空间。宏观经济政策把稳定金融资产放在重要的位置上，部分成长性行业 未来长期存在结构性行情。 从资产配置角度看，我们认为，金融资产配置是居民更为重要的资产配置途径，无风险利率仍处于较低 区间，短期内难以趋势性反弹，票息类资产，未来体现出票息偏低、波动不小的格局，单一资产的配置 难以长期获取稳健且较好的收益。 因此，固收+产品要做到精细化管理，对于控制波动和获取超额收益提出了更高的要求。为不同风险偏 好的投资者提供策略稳定、风险收益匹配、不随意飘移的固收+产品序列，并在单个产品中各自的资产 配置框架下，坚持在股票和债券资产中挑选胜率较高的个券和个股，力争长期实现稳健的复利效果，是 基金经 ...

Summary of Conference Call Notes Industry Overview - The notes discuss the financial market dynamics, particularly focusing on the non-bank deposit ratio as an indicator of private sector financial asset allocation, which tends to rise during bullish equity markets and decline when the real economy and real estate are weak [1][3][5]. Key Points and Arguments - **Non-Bank Deposit Ratio Trends**: The non-bank deposit ratio has shown significant increases during periods of strong equity market performance, specifically noted in July 2020, December 2021, and projected from December 2023 to December 2024. Currently, the ratio stands at approximately 13%, with historical highs reaching 14% [1][4]. - **Impact of Economic Indicators**: The Producer Price Index (PPI) and housing price diffusion index are critical in assessing the influence of the real economy and real estate returns on financial asset allocation. Weakness in these indicators leads to a preference for financial assets, as seen in historical cycles from 2011-2015 and 2014-2015 [1][5]. - **Policy Environment**: The political bureau meeting on July 30 emphasized risk prevention in key areas and support for capital market development, indicating a favorable policy outlook for the capital markets while being less optimistic about real estate [6]. - **Historical Market Dynamics**: The analysis of the 2014 market shows that an increase in incremental capital significantly supported the stock market, with a notable rise in new account openings and silver-to-stock transfers in the latter half of the year [7][8]. - **Market Style Shifts**: Historical data from 2014 and 2015 indicates that market styles shifted based on the influx of capital. High-performing stocks, large-cap stocks, and low P/E stocks outperformed during periods of significant capital inflow, suggesting a potential for similar trends if new capital enters the market [9]. Additional Important Insights - **Current Market Sentiment**: There is a growing trend of style switching in the market, with a need to monitor retail investors and private sector tendencies towards equity asset allocation. An increase in this inclination could lead to a higher likelihood of style shifts [2][10]. - **Future Projections**: If the slope of capital inflow continues to steepen, it may lead to a reversal of past effective factors, with a potential preference for high-performing and large-cap stocks in a low real economy return environment [9][10]. This comprehensive analysis highlights the interconnectedness of economic indicators, policy decisions, and market dynamics, providing a framework for understanding potential investment opportunities and risks in the current financial landscape.

Core Insights - The Chinese asset management industry is experiencing rapid growth, with the total scale expected to exceed 150 trillion yuan by the end of 2024, marking a historical high [1] - Various sub-sectors, including public funds, bank wealth management, insurance asset management, trust industry, and private equity, are contributing to the overall development of the asset management landscape [1][2] Public Funds - The public fund sector is leading the industry with a scale of 43.43 trillion yuan, showing the highest growth rate among all asset management sectors [2] - Approximately 82.4% of the 1.93 million funds achieved positive returns in 2024, with an average return of 5.06% [2] - The average returns for different fund types include 8.85% for equity funds, 4.49% for bond funds, and 3.71% for mixed funds [2] Trust Industry - The trust industry is undergoing a transformation, with trust assets reaching 29.56 trillion yuan, a historical high, and a 55.61% year-on-year increase in funds directed towards the securities market [2][3] - Regulatory policies are encouraging trust companies to shift from traditional non-standard financing to standardized products, enhancing market liquidity and rational capital allocation [3] Bank Wealth Management - As of Q1 2025, there are 215 banks and 31 wealth management companies with a total of 40,600 existing wealth management products, with a scale of 29.14 trillion yuan, reflecting a 9.41% year-on-year increase [3] - New regulations are being drafted to standardize information disclosure for asset management products, which will positively impact the market's health [3] Financial Asset Allocation - The proportion of financial assets in Chinese households is increasing, with a notable reliance on fixed deposits, which account for 33.6% of total financial assets, significantly higher than in the US and other developed countries [5] - There is a trend towards higher risk asset allocation among residents, with a growing interest in investment products as low-interest rates drive the search for higher returns [6][7] Investment Behavior - A survey indicates that 61.4% of residents prefer saving, while 13.6% are inclined towards more investment, showing a slight increase in investment interest [6] - The preferred investment methods include bank, securities, and insurance company wealth management products, as well as fund trust products and stocks [6] Industry Challenges and Opportunities - The asset management industry faces challenges such as declining yields and increasing volatility, which complicate asset allocation [8] - Future competitiveness will depend on the ability to provide diverse investment strategies and meet differentiated client needs [8][10] Innovation and Digitalization - Financial institutions are innovating to offer more equity-linked wealth management products, enhancing the variety of investment options available to investors [9] - Digital tools are becoming essential for improving asset allocation capabilities and operational efficiency, which can strengthen competitive advantages in the market [10]