Core Insights - The total scale of private asset management products in China increased by approximately 163.7 billion yuan in April 2025, reaching 12.01 trillion yuan [6] - The number of private asset management products registered in April 2025 was 1,545, representing a month-on-month increase of 5.60% and a year-on-year increase of 103.56% [6][3] - The average establishment scale of collective products was 0.72 billion yuan, while single products averaged 0.21 billion yuan, showing a month-on-month decrease of 4.58% and 11.32% respectively [4] Product Type Analysis - In April 2025, collective asset management plans accounted for 75.18% of the total establishment scale, with 719 products and a scale of 515.48 billion yuan [5] - Single asset management plans made up 24.82% of the total, with 826 products and a scale of 170.22 billion yuan [5] - Mixed-type products had the highest number of registrations, while fixed-income products had the largest establishment scale [5] Institutional Insights - As of the end of April 2025, the average management scale of private asset management products by securities companies and their subsidiaries was 565.35 billion yuan, with a median of 192.60 billion yuan [10] - Among securities companies, 7 firms managed over 200 billion yuan, while 25 firms managed between 50 billion and 200 billion yuan [10] - Fund management companies had an average management scale of 348.43 billion yuan, with 14 companies managing over 1 trillion yuan [14]

Core Viewpoint - The private equity asset management products in China saw an increase in scale in April 2025, reaching a total of 12.01 trillion yuan, with a month-on-month increase of approximately 163.7 billion yuan, reflecting a growth of 1.38% [8][7]. Group 1: Product Registration and Scale - In April 2025, a total of 1,545 private equity asset management products were registered, representing a month-on-month increase of 5.60% and a year-on-year increase of 103.56% [2][3]. - The total establishment scale for these products was 68.57 billion yuan, showing a slight month-on-month decrease of 0.36% but a year-on-year increase of 32.19% [2][4]. - The average establishment scale for collective products was 7.2 million yuan, down 4.58% month-on-month, while for single products, it was 2.1 million yuan, down 11.32% month-on-month [4]. Group 2: Product Type Distribution - Among the registered products, mixed-type products had the highest number, while fixed-income products had the largest establishment scale. Equity products had the lowest registration numbers and scale [6]. - As of the end of April 2025, the distribution of existing private equity asset management products was 51.9% for collective asset management plans and 48.1% for single asset management plans [9][10]. Group 3: Investment Type Analysis - The existing private equity asset management products by investment type showed that fixed-income products accounted for 74.04% of the total scale, while equity products accounted for only 14.54% [12]. Group 4: Institutional Management Scale - As of April 2025, securities companies and their asset management subsidiaries had an average management scale of 56.54 billion yuan, with a median of 19.26 billion yuan. Notably, 7 companies managed over 200 billion yuan [14]. - Fund management companies had an average management scale of 34.84 billion yuan, with a median of 9.07 billion yuan, and 14 companies managed over 100 billion yuan [16]. - Futures companies and their asset management subsidiaries had an average management scale of 3.37 billion yuan, with a median of 0.29 billion yuan [20].

Core Viewpoint - The article emphasizes the importance of green finance as a key strategy for high-quality economic development in line with the "dual carbon" goals, highlighting the role of Taikang Asset Management in this transition [1] Internal Organizational Support - Taikang Asset has strengthened internal collaboration and improved its governance structure for green finance, establishing a responsible investment model that is practical and actionable [3] - The company formed an ESG Green Finance Working Group that encompasses 18 departments and 3 investment subsidiaries, aiming to enhance sustainable investment goals across various business lines [4] Investment and Risk Management - Taikang Asset is innovating in green finance by exploring new investment methods and providing effective financing tools for green transformation [6] - The company successfully issued the "Taikang Asset - China Power Investment Leasing No. 1 Carbon Neutral Green Asset Support Plan" worth 1.264 billion, marking a significant shift from traditional non-standard issuance to green standard products [7] - ESG factors are integrated into the entire investment and risk management process, with a focus on identifying, assessing, and monitoring ESG risks [8] Economic and Social Benefits - By the end of 2024, Taikang Asset managed over 320 billion in green fixed-income assets, with nearly 250 billion in green finance investments, of which over 60% came from the company's own funds [10] - The company has received recognition for its efforts in the ESG field, including being a member of the Shanghai Asset Management Association's first Green Finance Professional Committee and winning several awards for its ESG initiatives [10] Future Outlook - Taikang Asset aims to enhance its sustainable development capabilities and expand its ESG investment strategy, aspiring to become a leading domestic and internationally recognized green finance investment institution [11]

Core Insights - Approximately 70% of strategists believe that volatility in both the stock and bond markets will continue to rise [1] - Over 71% of strategists from Natixis Investment Management expect stock market volatility to increase, while 68% anticipate rising volatility in the bond market [1] - A significant 71% of Natixis strategists are actively seeking opportunities within stock market volatility, and 74% of bond strategists are doing the same [1]

Group 1 - Goldman Sachs' global head of repurchase trading, Richard Chambers, indicates that the dollar may continue its worst annual start on record as foreign investors increase their foreign exchange hedging efforts [1] - The Bloomberg Dollar Index has dropped over 8% this year, marking the worst annual start on record, influenced by unpredictable policies from former President Trump that have shaken investor confidence [1] - Foreign investors' holdings of U.S. securities have doubled to $31 trillion over the past decade, including stocks, government bonds, and corporate bonds [1] Group 2 - There are currently no signs of a large-scale withdrawal of foreign investors from the U.S. bond market, but Chambers predicts a gradual weakening of foreign demand [3] - European countries are increasing fiscal borrowing and spending, enhancing the euro's depth as an alternative reserve currency, leading European investors to prefer local markets [3] - Chambers notes that investors are likely to favor nationalism and localized investments over shifting to the dollar, resulting in the U.S. relying more on domestic buyers to absorb growing debt [3] Group 3 - Bridgewater's interest rate strategy head, Alex Schiller, highlights the challenge of finding potential buyers for the expanding debt, which is a global issue [3] - Schiller points out that U.S. 10-year Treasury bonds have performed the best among major bond markets this year [3] - The structural adjustments in Japan and Europe are more significant than in the U.S. as central banks reverse their policies to combat inflation [3] - Gold has emerged as the biggest beneficiary as governments worldwide compete to expand their debt [3]

◎记者 祁豆豆 6月24日，上海证券报记者从上海资产管理协会了解到，由上海市委金融办与上交所共同指导，上海资 产管理协会（下称"协会"）主办的"2025资产管理行业践行'三投资'理念优秀实践案例展示活动"正在火 热进行中。 "三投资"理念优秀实践展示活动火热进行中 助力资产管理行业高质量发展 上海资产管理协会自成立以来，一直致力于积极培育中国特色金融文化，推动资管与文化融合发展，持 续提升资产管理业价值观和行为规范等"软实力"。 过去一年，以首届"资产管理行业践行'三投资'理念优秀实践展示活动"为基础，协会先后参与组织举办 了"资产管理业高质量发展暨促进资本市场高质量发展座谈会——倡议理性投资、价值投资、长期投 资"、践行"三投资"理念征文，以及秒懂金融·资管行业践行"三投资"理念优秀实践系列访谈节目等一系 列活动，积极助力资产管理行业高质量发展，服务资本市场稳健运行。 群策群力推动"三投资"理念落实落地 今年5月，中国证监会印发《推动公募基金高质量发展行动方案》，要求基金公司全面建立以基金投资 收益为核心的考核体系，适当降低规模排名、收入利润等经营性指标的考核权重。汇添富基金副总经理 袁建军表示，通过践行" ...

Core Viewpoint - Asset management institutions are shifting towards a diversified asset allocation strategy that includes stocks, bonds, gold, market-neutral strategies, and overseas assets to achieve relatively stable returns in a low-interest-rate environment [1][2]. Group 1: Investment Strategy - The evolution of China's low-interest-rate environment mirrors that of overseas markets, where initial strategies focused on credit exploration, leverage, and duration have lost profitability due to the narrowing of credit and term spreads [1]. - The current market has transitioned to a new phase centered on diversified asset allocation, which, despite its theoretical effectiveness, is now favored over fixed-income strategies that were previously attractive due to low volatility and high Sharpe ratios [1]. Group 2: Optimal Asset Allocation Criteria - An ideal diversified asset allocation strategy must meet three key conditions: low correlation between assets (below 0.2), the ability to generate returns without relying on market price fluctuations, and immunity to macroeconomic volatility [2]. - Four to five asset classes that meet these criteria include stocks, bonds, commodities represented by gold, market-neutral strategies (quantitative and macro hedging), and overseas assets [2]. Group 3: Risk Management and Future Outlook - Asset management institutions need to establish defensive mechanisms to address extreme tail risks, focusing on two dimensions: using derivatives to hedge against interest rate risks and preventing global liquidity tightening or sudden inflation shocks [2]. - In the current low-interest, low-inflation environment, a risk parity strategy between stocks and bonds may become the optimal choice in the next 1-2 years, as the bond market still has downward potential while the stock market is at a valuation bottom with significant upside potential as the economy recovers [2].

Group 1 - The "2025 Asset Management Industry Practice of 'Three Investments' Concept" event is being organized to showcase excellent practice cases, with a broader range of participating institutions compared to the previous year [1] - In the first event, 39 asset management institutions were showcased, including banks, trust companies, insurance asset management, securities firms, public funds, private funds, and foreign asset management [1] - The event aims to create a market ecosystem conducive to attracting and retaining long-term capital, enhancing the stability and functionality of China's capital market [1] Group 2 - The "Three Investments" concept consists of rational investment as the foundation, value investment as the method, and long-term investment as the goal, which helps enhance investor confidence and improve asset management institutions' research capabilities [2] - Insurance asset management institutions have made significant progress in implementing the "Three Investments" concept, focusing on supporting the growth of innovative enterprises [3] - Challenges faced by insurance funds in long-term investments include assessment mechanism constraints, solvency limitations, and increased external uncertainties, which can be addressed by optimizing assessment mechanisms and enhancing investment capabilities [3] Group 3 - The diversification and multi-strategy development of wealth management products are essential for responding to national guidance and market changes, facilitating high-quality development in the wealth management industry [3] - The implementation of the "Three Investments" concept is significant for serving national strategies, improving the capital market environment, and protecting investors [3] - With nearly 30 trillion yuan in wealth management funds, there is a responsibility to support capital market development and ensure investors share in the market's growth [3]

智通财经6月24日电，香港交易所信息显示，贝莱德在中国银行的持股比例于06月18日从6.07%降至 5.96%。 ...

Group 1 - Global stock markets experienced a moderate increase as investors processed President Trump's announcement regarding the ceasefire timeline between Iran and Israel, alongside signs of growing fatigue towards Trump's policy-making [1] - The MSCI World Index, tracking over a thousand large and mid-sized companies across 23 developed markets, rose by 0.24% as of Tuesday's European session [1] - U.S. stock index futures also saw slight gains, with Dow Jones Industrial Average futures up by 0.71%, S&P 500 futures rising by 0.74%, and Nasdaq 100 futures increasing by 0.98% [1] Group 2 - Market sentiment remains relatively subdued, reflecting a potential desensitization to Trump's policy changes, as noted by Hugh Dive, Chief Investment Officer at Atlas Funds Management [1][2] - The response from Iran to U.S. strikes on its nuclear facilities has been largely restrained, with reports indicating no casualties from a missile attack on a U.S. airbase in Qatar [1] - Since the tariff policy changes in April, subsequent market fluctuations triggered by policy changes have been diminishing in intensity [1] Group 3 - The de-escalation of tensions in the Middle East was anticipated, with Iran's Foreign Minister suggesting readiness to cease hostilities despite denying acceptance of a ceasefire mediated by the U.S. [3] - Dan Ives, Managing Director at Wedbush Securities, expressed optimism that the reported ceasefire represents the best possible outcome for Wall Street, predicting a market rise following Tuesday's opening [3] - In a typical peace period, safe-haven assets faced selling pressure, with spot gold dropping over 1% to around $3,320 per ounce, although it remains at historical highs [3]