Group 1 - Japan's rice prices surged by 101.7% year-on-year in May, marking the third consecutive month of significant increases, following rises of 98.4% in April and 92.1% in March, indicating a severe food price crisis not seen in over half a century [1][2] - The core consumer price index (CPI) in Japan rose by 3.7% year-on-year in May, exceeding economists' expectations of 3.6% and April's 3.5%, reaching the highest level since January 2023 [1][2] - The inflation rate excluding fresh food and energy increased from 3% to 3.3%, suggesting that price pressures are spreading [1][2] Group 2 - The Japanese government has released emergency reserves to stabilize rice prices, which account for approximately 50% of core inflation [2] - The Bank of Japan maintained its benchmark interest rate at 0.5% despite inflation exceeding the 2% target for 38 consecutive months, indicating significant pressure on monetary policy [3][4] - Japan's economy showed signs of weakness, with a 0.2% contraction in GDP in the first quarter, attributed mainly to declining exports [3][4]

Core Insights - Traditional asset allocation strategies are facing significant challenges, prompting a shift towards new asset allocation strategies among various asset management institutions [1] - Experts emphasize the need for diversification in income sources, enhanced risk dispersion, and innovative strategies to adapt to low interest rates and potential market volatility [1] Changing Client Demands - There is a noticeable shift in investor demand towards low-volatility and stable products amid market fluctuations, with a growing interest in passive, global, and alternative investment products [1] - Retail clients, primarily from bank wealth management, exhibit a cautious risk preference influenced by their income sources, leading to a preference for deposit-like products [2] Strategies to Mitigate Volatility - Institutions are advised to adopt diversified asset allocation and long-term investment strategies to counteract potential market volatility [2] - The integration of global asset allocation capabilities and local expertise is crucial for building a robust asset management system that meets client demands for return certainty [2] Identifying New Market Opportunities - In the context of slowing global economic growth and increasing uncertainty, asset allocation strategies are shifting from "beta-driven" to "alpha-extraction," focusing on risk diversification and new market opportunities [3] - The decline in traditional fixed-income asset yields is pushing investors to explore a broader range of assets, including high-dividend equities and alternative investments like REITs and commodities [4] Development of Alternative Investment Strategies - Insurance asset management is rapidly evolving, with a significant focus on new alternative investment businesses, including asset securitization as a strategic pivot [5] - The stock-bond risk parity strategy is anticipated to be an attractive option in the current low-interest environment, leveraging the potential for recovery in the stock market [5]

● 本报记者 魏昭宇 此外，阎小庆还认为，人工智能的发展为资产管理行业带来了更多可能性。"AI赋能绝非简单接入大模 型，我们不能将AI视为一个单纯的'语言助理'，我们需要赋予AI更多实际研究和分析工作，让AI成为一 个有效率的数据分析师和投资专家。" 投顾迎来黄金发展期 阎小庆开宗明义地表示，投顾改革是监管部门推动财富管理生态从"失衡"走向"均衡"的战略举措。"过 去二十余年，公募基金规模持续攀升，最新规模突破33万亿元，但行业力量对比严重失衡——供给侧蓬 勃发展，需求侧却未在制度设计上获得充分保护。" 投顾正是有力的中介力量，促使财富管理生态建立更加有效的机制。在阎小庆看来，投顾业务正迎来发 展的黄金窗口。 从全球资本的配置角度看，阎小庆表示，中国资本市场在全球市场的重要意义日益增加。"路博迈集团 多资产委员会每个季度都会对全球资产类别回报预期和配置观点进行研究，在今年二季度股票市场展望 中，路博迈集团已将中国市场上调为'超配'。这也是近三年以来，集团首次上调中国市场为'超配'。"他 表示，中国市场规模提升、科技突破、优质公司不断涌现，正促使海外资本"认真思考加大配置"。 从需求端看，阎小庆表示，老龄化正在 ...

【导读】中外机构：美联储年内料降息1～2次，关税不确定性增加美联储决策难度 威灵顿投资管理固定收益基金经理Brij Khurana称，鲍威尔表示到夏末才能更好地评估这一影响，这显 示他试图避免在7月降息。 关税不确定性增加美联储的决策难度 巴克莱分析师认为，由于美联储会后声明几乎没有提供关于未来政策路径的指导，市场参与者将重点放 在当天发布的《经济预测摘要》（SEP）以及美联储主席的新闻发布会上。 巴克莱表示，鲍威尔的表态略显鹰派，暗示没有必要急于降息。在新闻发布会上，美联储主席鲍威尔透 露称，关税的增加"可能会推高价格并拖累经济活动"，并预计到今年夏季价格压力将加剧，不过他强调 这是一个复杂且高度不确定的过程。 美东时间6月19日，美联储公开市场委员会（以下简称FOMC）在议息会议后宣布，维持联邦基金利率 区间在4.25%至4.50%之间。这是美联储连续第四次会议决定维持利率不变，符合市场预期。 美联储议息会议传递了哪些重要信号？其未来货币政策走向如何？哪些因素将影响美联储未来的货币政 策？资产应如何配置？就此，中外资机构展开热议。 年内可能降息1～2次 中银香港资产管理首席投资总监阮卓斌认为，根据点阵图最 ...

【导读】中外机构：美联储年内料降息1 ～ 2次，关税不确定性增加美联储决策难度 中国基金报记者 郭玟君 美东时间6月19日，美联储公开市场委员会（以下简称FOMC）在议息会议后宣布，维持联邦 基金利率区间在4.25%至4.50%之间 。 这是 美联储 连续第四次 会议 决定 维持利率不变， 符合市场预期。 美联储议息会议传递了哪些重要信号？其未来货币政策走向如何？哪些因素将影响美联储未 来的货币政策？资产应如何配置？就此，中外资机构 展开 热议。 年内 可能 降息 1 ～ 2次 中银香港资产管理首席投资总监阮卓斌认为，根据点阵图最新预测，今年底利率中位数为 3.875%，意味 着 年内可能降息50个基点。点阵图显示，19位美联储官员中，认为年内不降 息的人数由3月份的4人增加至7人，美联储内部对于降息路径的分歧正在加大。 瑞银财富管理投资总监办公室发布研报 称，预计 到年底可能会有两次25个基点的降息。 巴克莱则维持基本预期，即预计FOMC今年仅会在 12 月进行一次25个基点的降息。 瑞银财富管理建议，在近期波动中逐步增配全球股票，并认为高评级和投资级债券颇具吸引 力的风险回报比，有助于对冲市场下行风险。能 ...

Core Viewpoint - As of the end of the first quarter of 2025, the total scale of asset management business in China is approximately 72.32 trillion yuan, reflecting a decrease of nearly 530 billion yuan compared to the end of the previous year [4][5]. Summary by Sections Overall Asset Management Scale - The total scale of asset management business is approximately 72.32 trillion yuan, down 5299.16 billion yuan from 72.85 trillion yuan at the end of last year, representing a quarter-on-quarter decline of 0.73% [5][6]. - The number of asset management products reached 194,769, a decrease of 749 products compared to the end of last year [5]. Breakdown of Asset Management Types - Public funds have the largest scale at 32.22 trillion yuan, accounting for 44.55% of the total scale [5]. - Private funds follow with a scale of 20.19 trillion yuan, representing 27.92% [5]. - Other types, including pensions, securities company asset management plans, fund management company asset management plans, and asset-backed special plans (ABS), have scales of 6.09 trillion yuan, 5.93 trillion yuan, 4.60 trillion yuan, and 2.08 trillion yuan respectively, each accounting for less than 10% [5]. Quarterly Performance - In the first quarter, private funds, pensions, ABS, and private products from futures companies and asset management subsidiaries saw a quarter-on-quarter increase [9]. - Specifically, private funds increased by 2672.77 billion yuan, a growth rate of 1.34% [10]. - Pension funds increased by 1492.6 billion yuan, with a growth rate of 2.51%, highlighting their role as a significant channel for long-term capital allocation [10]. - ABS saw an increase of 115.63 billion yuan, a growth rate of 0.56% [10]. - Futures companies and asset management subsidiaries' private products increased by 81.61 billion yuan, a growth rate of 2.6% [10]. Declines in Other Areas - Public funds experienced the largest absolute decrease, with a reduction of 6084.4 billion yuan, a decline of 1.85% [10]. - Securities company asset management plans decreased by 1706.91 billion yuan, a decline of 2.8% [10]. - Fund subsidiary asset management plans saw a significant decrease of 1085.9 billion yuan, the largest percentage drop at 9.85% [10]. - Private asset management products from fund companies decreased by 633.47 billion yuan, a decline of 1.36% [10].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The market is currently facing multiple challenges, including geopolitical tensions in the Middle East, rising oil prices, and a flat S&P 500 index despite these pressures [2][3] - There is a notable correlation between long-duration bonds and equity markets, indicating investor concerns about US exposure and a desire to diversify away from US assets [3] - The AI sector is experiencing renewed interest, with significant demand and strategic deals indicating a robust growth trajectory [24][25] - Europe is being viewed as an emerging opportunity for investment, with major firms planning substantial investments due to favorable conditions [38][33] Market Dynamics - Increased volatility in the market is attributed to geopolitical uncertainties and economic indicators showing signs of retail and cyclical slowdowns [4][6] - Credit markets remain stable despite various risks, with a preference for high-quality assets indicating a cautious risk-on sentiment [21][22] - The energy sector is under scrutiny due to potential shortages exacerbated by geopolitical tensions and domestic issues, particularly in Europe [26] Investment Flows - There has been a consistent net buying trend across global markets, particularly in North America and Asia, with emerging markets also seeing renewed demand [7][8] - The report highlights a shift in capital flows from the US to other regions, although there is hesitance regarding investments in China [19] Economic Outlook - The US deficit and bond market are facing scrutiny, with concerns about how the US will manage its debt and economic growth moving forward [20] - The cyclical nature of investment products is emphasized, with a resurgence in secondary funds indicating a shift in investor priorities towards liquidity and cash returns [42]

Group 1 - The Science and Technology Innovation Board (STAR Market) has introduced a "growth tier" specifically for unprofitable companies, which will serve as a gathering place for these firms, transferring all existing and new unprofitable companies to the innovation layer of the STAR Market [1] - UBS has appointed Wu Jiayao as the head of its Asia-Pacific asset management division, a move seen as a strategic reinforcement following UBS's acquisition of Credit Suisse [1] - The 15th National Games and the Special Olympics will be held across the Guangdong-Hong Kong-Macao Greater Bay Area, showcasing the region's cultural characteristics and promoting connectivity among the three areas [1] Group 2 - BAT (Baidu, Alibaba, Tencent) is leveraging AI tools to compete with high school admission consultants like Zhang Xuefeng, aiming to provide more precise and comprehensive services for students and parents [2] - Tencent Music has officially announced the acquisition of online audio platform Ximalaya for $1.26 billion, allowing Ximalaya to continue operating independently while facing challenges in monetizing its "ear economy" [2] - The People's Bank of China has introduced eight financial policies aimed at enhancing the openness and competitiveness of China's financial market, which will benefit financial institutions in providing better services to the real economy and foreign trade enterprises [2] Group 3 - The summer drama market is heating up with over 40 new series set to be released, showcasing a diverse range of themes, particularly highlighting the dominance of historical dramas [3] - Recent successful dramas like "Zhe Yao" and "Cang Hai Chuan" have exceeded expectations, indicating a strong demand for quality content in the summer viewing period [3] - The competition among major streaming platforms (Youku, iQIYI, Tencent Video, and Mango TV) is intensifying as they prepare to launch their flagship series during the peak summer season [3]

Core Viewpoint - The establishment of Shanghai Guozhi Technology Co., Ltd. marks the initiation of a new asset management service platform in China, aiming to enhance the country's asset management capabilities and contribute to the development of Shanghai as an international financial center [1][3][9] Group 1: Company Overview - Shanghai Guozhi Technology is co-founded by leading financial technology and data service companies, with an initial registered capital of 1 billion yuan [3] - The platform aims to integrate technology, data, and operations to create a comprehensive asset management service platform [3][5] Group 2: Market Demand and Opportunities - There is a significant market demand for a standardized asset management service platform to address issues such as data silos and inefficient resource utilization in traditional asset management systems [7][8] - The rise of data-driven and risk-driven investment strategies necessitates advanced technological support for asset management institutions [8] Group 3: Technological Integration - The platform will leverage advanced technologies such as artificial intelligence, low-latency processing, and distributed computing to enhance asset management and trading capabilities [6][8] - The goal is to improve system processing efficiency by ten to a hundred times, pushing the asset management industry into a "microsecond era" [5] Group 4: Strategic Goals - Shanghai Guozhi Technology aims to provide a one-stop service covering all aspects of asset management, including portfolio management, compliance risk control, and real-time investment accounting [5] - The platform will serve a diverse range of investment institutions, including public and private funds, banks, insurance companies, and securities firms, offering customized solutions [5] Group 5: Contribution to Financial Center Development - The establishment of the platform is expected to enhance Shanghai's service capabilities as an international financial center by connecting domestic and international markets [9] - The platform will play a crucial role in attracting international asset management institutions and improving the overall risk management standards in the financial industry [9]

Core Insights - The 2025 China Financial Products Annual Report titled "Ecological Leap" has been officially released, marking the 14th consecutive year of publication by Huabao Securities [1][2] - The report emphasizes the industry's transition towards service-oriented wealth and asset management, a concept that gained significant traction in 2024 [2] - The theme of this year's report, "Ecological Leap," reflects the need for collaborative progress across the industry, highlighting a comprehensive transformation in the wealth ecosystem [2][3] Section Summaries Part One - Insights into the Wealth Ecosystem in 2024 - The report discusses the potential decline in yields for deposit-replacement products [3] - It addresses the challenges clients face in accepting net value fixed-income products [3] - Insights from the "Fat Donglai" case are explored for wealth management institutions [3] - The report reveals hidden secrets behind investors' choices between funds and wealth management [3] - It examines how the trend of tool-based and index-based investments is reshaping the competitive landscape of financial products [3] - Strategies for pension planning for different demographics are discussed [3] - The report analyzes the challenges faced by traditional private equity strategies under new regulations [3] - It provides insights on how structured product investments can be tailored to meet specific needs [3] - The report highlights new financial products worth attention in the current interest rate environment [3] Part Two - Review and Outlook of Various Financial Products - The annual report on bank wealth management reflects on 20 years of net value return [4] - It presents a comprehensive overview of the public fund market [4] - The ETF market is analyzed, showcasing its rapid growth and innovation [4] - The trust market report discusses new classifications and wealth management services [4] - Insights into variable insurance products and their performance are provided [4] - The report on structured products discusses market trends and future outlooks [5] - The private equity fund report categorizes mainstream strategies and their performance [5] Part Three - Ecological Leap: Shaping a New Landscape for Wealth and Asset Management - The report compares cross-market financial products, emphasizing the cognitive load of product homogeneity [6] - It discusses the significance of fund strategy indices in making investment decisions more scientific [6] - The impact of large models on wealth management services is explored [6] - The necessity and direction of ecological transformation in the wealth and asset management industry are outlined [6]