当互联网巨头将目光转向规模超2万亿的个人不良贷款市场，一场金融科技与传统资产处置的融合革命正在悄然上演。 今年6月25日，全国产权交易中心官网首发信息，中信青岛资产管理有限公司（简称"青岛AMC"）66.67%股权挂牌转让，转让底价为301385万元，合计约 人民币30.14亿元。据多家媒体报道，近期京东集团以30.14亿元的交易对价，通过产权交易机构成功受让该股权，正式将这家全国首家市级AMC纳入麾 下。 这是京东在金融领域的又一次关键布局。据透露，京东计划重点布局个人信贷不良资产市场，这一战略动向可能重塑全国59家地方AMC的市场格局。继 今年4月收购捷信消金获得消费金融牌照后，京东再添一张AMC（资产管理公司）牌照，使其在支付、消费金融、供应链金融及不良资产处置等领域的布 局更趋完善，业务协同效应显著增强。 战略落子，30亿拿下稀缺牌照 今年6月25日，全国产权交易中心首次披露中信青岛资产管理有限公司66.67%股权挂牌转让信息，转让底价30.14亿元。 | 目贝 製目やり | | 广以大数据 | 和汽车 | 广权负机 | TIKANA | | | --- | --- | --- | --- | --- ...

Core Viewpoint - The rise of passive investment is reshaping the asset management industry, leading to three profound impacts: the toolization of Beta, the specialization of Alpha, and the intensification of the Matthew effect [1][5]. Group 1: Growth of Passive Investment - Passive funds are experiencing rapid growth across global markets, including the US, Europe, Japan, and China, with ETFs leading this trend [3]. - In China, the management fee for broad-based index ETFs has dropped to 15 basis points (bps), while thematic ETFs range from 20 to 60 bps, compared to 120 bps for active equity funds, highlighting a significant cost advantage for passive products [3][4]. - The new "National Nine Articles" policy supports the establishment of a fast-track approval process for ETFs, enhancing the efficiency of fund registration [3]. - Passive investment aligns with investor preferences, as it has a lower cognitive barrier and clearer investment themes, with pension finance being a significant driver of growth [3]. Group 2: Performance and Market Dynamics - Although there is some debate regarding performance, the difficulty for active equity funds to consistently outperform passive funds is increasing. In the US, only 21% of active funds outperformed passive funds over the past decade, while in China, 58% of active equity funds outperformed their passive counterparts in 2023, a decrease of 5 percentage points from 2022 [4]. - Passive investment products have become essential tools for both institutional and individual investors, meeting demands for transparency, low volatility, and cost efficiency [5]. Group 3: Alpha Specialization and Active ETFs - The challenge for active fund managers is significant, as deep Alpha extraction requires focusing on areas with low pricing efficiency and opaque information. Despite the overall trend, certain sectors like real estate and bonds still show potential for excess returns [6]. - Active ETFs may emerge as a key solution to balance low costs, high liquidity, and excess returns, combining active management capabilities with the transparency and liquidity of ETFs [7]. Group 4: Matthew Effect and Market Concentration - The Matthew effect is intensifying in the asset management industry, with the profitability of global asset management declining from 14.4 bps in 2021 to 11.6 bps in 2023, particularly in North America and the Asia-Pacific regions [8]. - In the passive equity fund sector, the top ten institutions are projected to hold 66% of the market share by 2024, with the top ten ETF providers accounting for 80% of the ETF market, compared to only 46% in the active equity fund space [8].

Core Viewpoint - The rise of passive investment is reshaping the asset management industry, leading to three significant impacts: the toolization of Beta, the specialization of Alpha, and the intensification of the Matthew effect [1][4]. Group 1: Growth of Passive Investment - Passive funds are experiencing rapid growth globally, outpacing active management in markets such as the US, Europe, Japan, and China [3]. - In China, passive strategies, particularly ETFs, are witnessing explosive growth due to their low fees, with broad-based index ETFs having management fees as low as 15 basis points (bps) compared to 120 bps for active equity funds [3][4]. - Policy support is enhancing the development of passive investment, with the new "National Nine Articles" establishing a fast-track approval process for ETFs [3]. - The preference for passive investment aligns with investor needs, as it has a lower cognitive barrier and is increasingly driven by retirement finance, with over 80% of index fund holders in the US being from personal retirement accounts and corporate pension plans [3][4]. Group 2: Performance and Market Dynamics - Although there is some debate regarding performance, the difficulty for active equity funds to consistently outperform passive funds is increasing, with only 21% of active funds in the US outperforming passive funds over the past decade [4][6]. - In China, 58% of active equity funds outperformed their passive counterparts in 2023, a decrease of 5 percentage points from 2022, indicating growing challenges in achieving excess returns in the A-share market [4][8]. Group 3: Impacts on Asset Management Industry - The passive investment trend is leading to the toolization of Beta, making passive products essential for both institutional and individual investors [5]. - For institutional investors, ETFs are becoming crucial for asset allocation, meeting demands for transparency, low volatility, and cost efficiency [5]. - The specialization of Alpha is highlighted by the need for active managers to focus on areas with low pricing efficiency and information opacity to generate excess returns [6][7]. - The Matthew effect is intensifying, with the top ten institutions in the passive equity fund space holding 66% of the market share, and 80% in the ETF sector, compared to only 46% in active equity funds [8].

Group 1 - The current macro environment reflects a deep transformation in global markets, influenced by geopolitical tensions and disruptive trends like artificial intelligence [1][3] - BlackRock emphasizes the need for deeper scenario analysis in asset allocation processes, focusing on short-term certainties amidst uncertainty [3][4] - In the context of market volatility, BlackRock sees opportunities for excess returns (Alpha) and highlights the importance of flexible position management [4][5] Group 2 - BlackRock identifies three key themes to navigate the current market: seeking certainty in uncertain environments, strategically managing macro risks, and adapting to the failure of traditional anchors [3][4][5] - The firm expresses a preference for U.S. equities and short-term U.S. bonds, while also emphasizing the value of gold during high volatility periods [3][4] - In the Chinese market, BlackRock is focused on structural opportunities, particularly in the photovoltaic sector and the growth potential from artificial intelligence [6]

Core Insights - The 2025 Asset Management Annual Conference focused on the theme "Breaking the Deadlock and Restructuring - Rebuilding Competitiveness in Asset Management," addressing the challenges faced by state-owned enterprises (SOEs) in enhancing their core competitiveness in an uncertain environment [1] - The "New Era State-Owned Enterprise Debt Reduction Financing (DRF) Collaborative Development with Private Enterprises" initiative by Guojian Group offers innovative financial solutions aimed at deepening SOE reforms and overcoming development bottlenecks [2][4] Group 1 - The DRF initiative moves away from traditional passive debt management strategies, providing SOEs with a financial channel to obtain long-term, low-cost funding without increasing their debt ratios [2] - Funds obtained through the DRF are utilized to alleviate short-term liquidity pressures and to participate in industry investment funds established by Guojian Group, promoting collaboration between SOEs and private enterprises [2][3] - The initiative emphasizes the integration of finance and industry, creating a complete financial system that drives industrial upgrades and effectively addresses the debt pressures faced by SOEs [3] Group 2 - The DRF initiative facilitates strategic investments in high-quality SOEs and private enterprises, fostering deep collaboration in technology research, market expansion, and management practices [3] - By leveraging the strengths of both SOEs and private enterprises, the initiative aims to enhance the resilience of the industrial chain and contribute to the modernization of the national industrial system [4] - Guojian Group plans to continuously optimize the DRF initiative, transforming SOE debt pressures into investment momentum for industrial upgrades and enhancing global competitiveness [4]

Core Viewpoint - Tian Tu Investment (01973.HK) has entered into a strategic cooperation memorandum with Hashkey Capital Limited to explore business collaboration opportunities, including the potential establishment of an investment fund in the virtual asset sector [1] Group 1: Strategic Collaboration - The memorandum aims to expand business cooperation opportunities and may lead to the joint establishment of an investment fund focused on virtual assets [1] - Any collaboration will comply with applicable laws and regulations that may restrict Tian Tu Asset Management or any other member of the group [1] Group 2: Industry Insights - The company believes that virtual assets are increasingly integrated into daily business operations, and the widespread application of blockchain technology will shape the future development of various industries [1] - Virtual assets and cryptocurrencies are identified as areas with significant growth potential within asset management and investment businesses [1] Group 3: Company Profiles - Both Tian Tu Asset Management and Hashkey Capital are licensed asset management companies in Hong Kong, holding a Type 9 virtual asset management license [1] - Hashkey Capital is a leading digital asset financial services group under Hashkey Group, possessing extensive expertise in asset management and investment [1] - The collaboration between Tian Tu Asset Management and Hashkey Capital is expected to enhance the group's asset management business, expand its range of investment products, diversify its investor base, and strengthen experience in the rapidly evolving virtual asset sector [1]

Core Viewpoint - TianTu Investment (01973) has entered into a strategic cooperation memorandum with HashKey Capital to explore business collaboration opportunities, including the potential establishment of an investment fund in the virtual asset sector [1] Group 1: Strategic Collaboration - The memorandum aims to expand business cooperation opportunities between TianTu Asset Management and HashKey Capital [1] - Both companies are licensed asset management firms in Hong Kong and hold the Type 9 virtual asset management license [1] Group 2: Market Potential - The company recognizes that virtual assets are increasingly integrated into daily business operations, and the widespread application of blockchain technology will shape future industry developments [1] - Virtual assets and cryptocurrencies are identified as areas with significant growth potential within asset management and investment businesses [1] Group 3: Expertise and Diversification - HashKey Capital is part of the leading digital asset financial services group in Asia, possessing extensive expertise in asset management and investment [1] - The collaboration is expected to enhance the group's asset management business, expand its range of investment products, diversify its investor base, and strengthen experience in the rapidly evolving virtual asset sector [1]

Core Viewpoint - TianTu Investment (01973) has signed a strategic cooperation memorandum with HashKey Capital to explore business collaboration opportunities, including the potential establishment of an investment fund in the virtual asset sector [1] Group 1: Strategic Collaboration - The memorandum aims to expand business cooperation opportunities between TianTu Asset Management and HashKey Capital [1] - Both companies are licensed asset management firms in Hong Kong and hold the Type 9 virtual asset management license [1] Group 2: Market Potential - The company believes that virtual assets are increasingly integrated into daily business operations, and the widespread application of blockchain technology will shape the future development of various industries [1] - Virtual assets and cryptocurrencies are identified as areas with significant growth potential within asset management and investment businesses [1] Group 3: Expertise and Diversification - HashKey Capital is a leading digital asset financial services group in Asia, possessing extensive expertise in asset management and investment [1] - The collaboration is expected to enhance the group's asset management business, expand its range of investment products, diversify its investor base, and strengthen experience in the rapidly developing virtual asset sector [1]

Tian Tu Capital Co., Ltd. 深圳市天圖投資管理股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：1973） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 本公司董事（「董 事」）會（「董事會」）欣 然 宣 佈，於8月18日，天 圖 資 產 管 理 有 限 公 司（「天圖資產管理」）與Hashkey Capital Limited（「Hashkey Capital」）訂立戰略合作備 忘 錄（「戰略合作備忘錄」），用 於 拓 展 業 務 合 作 機 遇，即 可 能 聯 合 設 立 虛 擬 資 產 領 域 的 投 資 基 金，並 於 日 後 進 一 步 探 索 其 他 形 式 的 聯 合 協 作。任 何 有 關 協 作 將 遵守天圖資產管理或本集團任何其他成員公司可能受到規限的適用法律法規。 訂立戰略合作備忘錄的理 ...

Core Viewpoint - The asset management industry is undergoing significant changes, driven by market opportunities and the need for companies to adapt their strategies and capabilities to remain competitive [3][5][6]. Group 1: Market Opportunities - The past year has been a "big year" for the asset management industry, with three main factors contributing to favorable market conditions: declining deposit rates improving the yield comparison between deposits and wealth management products, changes in the real estate sector leading to a shift in residents' risk preferences, and a strong performance in the bond market [3][4]. - Agricultural Bank of China Wealth Management has seen significant growth, with retail customers reaching approximately 40 million [3]. Group 2: Internal Development - The company emphasizes the importance of recognizing industry trends and improving internal capabilities, particularly in expanding asset allocation from fixed income to equity and other diversified assets [4][6]. - A shift from traditional experience-based investment strategies to quantitative analysis and data-driven decision-making is necessary to identify market opportunities effectively [4]. Group 3: Future Industry Landscape - The future of the wealth management industry will be shaped by three key factors: the establishment of independent market mechanisms, the ability to acquire and combine diverse assets, and the development of customer service capabilities [6][7]. - The industry must transition from a seller-oriented model to a buyer-oriented model, enhancing investment advisory services to build trust with clients [7]. Group 4: Industry Competition - The industry faces increasing competition, necessitating a call for self-regulation and the establishment of unified rules to promote fair competition and healthy development [7].