编者按： 一是，通过培养和引进既懂金融又懂科技的专业投研人才，提升投研团队专业能力，包括宏观分析、行 业研究、资产定价、投资策略制定等方面的能力。 二是，主动开展针对国内科技企业和制造业企业的实地调研，覆盖新材料、新能源、半导体、医药、通 讯、软件服务等多个行业，深入了解企业经营情况及金融需求。 "通过加大对科技企业的调研力度，形成相关行业研究报告，强化对科技行业发展趋势、竞争格局、政策法规 等的研究能力。"汤双定表示。 同时，招银理财积极加强同业交流，了解同业机构在科技金融领域的业务模式和管理经验，保持对于科技金融 领域最新动态和行业政策的敏感度。 针对科技企业"高成长、高不确定性、高投入"的特征，招银理财还制定科技企业认定标准和投研方法，建立科 技企业风险策略和尽职调查模板，完善科技金融风险准入策略，涵盖企业全生命周期。 科技浪潮，奔腾不息；金融活水，汩汩向前。作为长期资本、耐心资本重要组成部分，银行理财、保险资 管坚持守正创新，躬身实践并勇于探索，奋力做好"科技金融"这篇大文章。即日起，证券时报社联合中国 保险资产管理业协会推出"银保资管业探路科技金融"系列专栏，敬请关注。 本篇为专栏第二篇。 "相比其 ...

科技创新是驱动经济高质量发展的核心引擎。作为资管领域的重要参与者，银行理财公司凭借连接社会 财富与实体经济的独特优势，已发展成为支持企业科技创新的关键力量。 "银行理财公司一端连接着社会资金，服务上亿居民的财富保值增值需求，另一端对接着实体企业，在 支持企业科技创新方面大有可为。"近日，光大理财党委书记、董事长王景春在接受《金融时报》记者 专访时表示。 从抢先布局科创主题产品，到创新认股权等业务模式，再到构建完善的风险管控体系……在科技金融的 发展赛道上，光大理财始终以实际行动探索理财资金服务科技创新的有效路径，努力打造"理财赋能科 创"的专业模式。 在本次专访中，王景春进一步拆解了光大理财支持企业科技创新的服务逻辑，解码理财力量如何激活新 质生产力。 《金融时报》记者：在您看来，理财资金支持科技创新有哪些优势和短板，有哪些有效的解决方式？ 王景春：银行理财资金有三大优势：一是理财资金规模大，期限相对灵活，具备匹配中长期需求可能 性。根据《中国银行业理财市场半年报告（2025年上）》，截至2025年6月末，银行理财市场存续规模 30.67万亿元，上半年累计新发理财产品1.63万只，募集资金36.72万亿元。虽 ...

在本次专访中，王景春进一步拆解了光大理财支持企业科技创新的服务逻辑，解码理财力量如何激 活新质生产力。 《金融时报》记者：在您看来，理财资金支持科技创新有哪些优势和短板，有哪些有效的解决方 式？ 科技创新是驱动经济高质量发展的核心引擎。作为资管领域的重要参与者，银行理财公司凭借连接 社会财富与实体经济的独特优势，已发展成为支持企业科技创新的关键力量。 "银行理财公司一端连接着社会资金，服务上亿居民的财富保值增值需求，另一端对接着实体企 业，在支持企业科技创新方面大有可为。"近日，光大理财党委书记、董事长王景春在接受《金融时 报》记者专访时表示。 从抢先布局科创主题产品，到创新认股权等业务模式，再到构建完善的风险管控体系……在科技金 融的发展赛道上，光大理财始终以实际行动探索理财资金服务科技创新的有效路径，努力打造"理财赋 能科创"的专业模式。 三是坚持组合分散策略，强化投资模式研究，推进产品端业务创新。光大理财一直将组合分散策略 作为基本投资原则，坚持做好各类产品固收和权益资产的合理分布，充分运用组合分散策略，将风险调 整后的最大化收益给予理财投资者。 光大理财成立六年以来，依托风险管理体系的持续有效运营，新 ...

"相比其他金融资金形式，银行理财资金在支持科技创新方面具有资金规模、资源协同、风险控制等多 方面独特优势。"招银理财副总裁汤双定接受证券时报记者专访时表示。 据了解，招银理财围绕科技金融篇章成立专项小组，从战略规划、体制建设、客群经营、产品发行、风 险管控等方面形成一套组合拳，不断加大对高端制造业、科技企业的支持力度。 截至2025年9月末，招银理财管理产品投向制造业主体业务余额853.4亿元，投向科技企业业务余额 987.57亿元，累计推出科技金融主题相关理财产品共47只。 强化投研建设 "看得懂"是做好金融服务的前提。鉴于科技领域专业性强、技术门槛高，招银理财坚持研究先行，聚焦 投研团队建设，强化科技金融研究能力。 一是，通过培养和引进既懂金融又懂科技的专业投研人才，提升投研团队专业能力，包括宏观分析、行 业研究、资产定价、投资策略制定等方面的能力。 二是，主动开展针对国内科技企业和制造业企业的实地调研，覆盖新材料、新能源、半导体、医药、通 讯、软件服务等多个行业，深入了解企业经营情况及金融需求。 基于对科技金融的研究、应用，招银理财持续加大科技创新领域资金支持力度。 其中，招银理财不断提升对科技企业和项 ...

Core Viewpoint - The chairman of China Merchants Bank Wealth Management, Li Hao, emphasized that amidst global recession and uncertainty, China offers a rare "certainty" through its large market, complete industrial ecosystem, and innovation-driven strategy, which should be transformed into tangible benefits for families and reflected in product net values [1] Group 1: Economic Outlook - China's economy is expected to continue improving, opening new strategic opportunities for the asset management industry [1] - The total savings of Chinese residents increased from 93 trillion yuan at the end of 2020 to 162 trillion yuan by June 2025, with per capita savings surpassing 115,000 yuan [1] - The proportion of real estate in household wealth decreased from 54.6% in 2020 to 48.7% in 2024, while financial assets' share rose to 47.6% in 2024, indicating significant growth potential for asset management products [1] Group 2: Investment Strategies - The wealth management industry should enhance capabilities in three key areas: 1. Deepening bond investments into the forefront of industries to capture excess returns, as traditional methods are becoming less effective [2] 2. Emphasizing cross-sector diversified asset allocation, expanding asset types to include gold, options, REITs, and cross-border assets to reduce product net value volatility [2] 3. Introducing innovative assets, with a focus on equity and alternative asset investments, including REITs and securities backed by real estate [3]

Core Insights - The bank wealth management market experienced significant fluctuations in Q3, with total outstanding scale decreasing to 30.82 trillion yuan, down 151.47 billion yuan from the end of Q2, and average annualized returns dropping to 2.47% [1][2] - The "stock-bond seesaw" effect led to a shift in investor preferences, with funds moving towards bank on-balance sheet assets rather than a large-scale transition to equity markets [2][3] - Despite the overall decline in wealth management returns, "fixed income plus" products and equity-related products showed strong performance, with average annualized returns of 5.03% and 13.72% respectively [7] Market Trends - The overall wealth management scale showed a "rise and fall" trend in Q3, with a notable drop in September after a rise in July and August, resulting in a total market decrease of over 150 billion yuan [2][3] - The bond market faced volatility, with fixed income products underperforming compared to equity assets, prompting some investors to redeem their wealth management products [2][3] - The average annualized return for closed-end fixed income products was 2.73%, while open-end fixed income products yielded only 2.54%, both underperforming their benchmarks [3][6] Product Performance - Cash management products and fixed income products saw average annualized returns decline to 1.45% and 2.48% respectively, influenced by the downward shift in bond yields [6] - In contrast, mixed and equity-related wealth management products experienced significant increases in returns, with mixed products rising by 1.89 percentage points and equity products by 9.97 percentage points compared to June [7] - The issuance of equity-related products surged, with 12 new equity products launched in 2023 compared to only 2 in the previous year, indicating a growing trend towards equity allocation [7] Future Outlook - The wealth management market is expected to continue its trend of steady expansion in scale, with October projected to see an increase of over 1 trillion yuan, driven by the optimization of product structures by wealth management subsidiaries [8] - The low interest rate environment is anticipated to keep "fixed income plus" products as a key growth driver in the wealth management sector, with expectations for the total wealth management scale to reach over 33.5 trillion yuan by the end of the year [8]

Core Insights - As of the end of September, the scale of the bank wealth management industry has exceeded 32 trillion yuan, reaching 32.1 trillion yuan [2] - The reallocation of resident wealth presents growth opportunities for various asset management sectors, although the growth rate of insurance and public funds is higher than that of wealth management this year [2] - The differentiation in risk preferences among clients during the wealth reallocation process indicates a clear positioning for various wealth management tools [2] - The bank wealth management sector needs to maintain its differentiated positioning in the asset management race, shifting from "asset-driven" to "strategy combination capability-driven" to enhance product performance stability and consistency [2]

"银行理财要坚守资管赛道自己的差异化定位，从'资产驱动'走向'策略组合能力驱动'，提升产品业绩的 稳定性和一致性。"吴茜表示。 编辑：冯樱子 "截至9月末，银行理财行业规模已经超过了32万亿元，达到了32.1万亿元。"在10月19日举行的全球财 富管理论坛·2025上海苏河湾大会上，工银理财董事长吴茜透露。 她指出，居民财富再配置为各类资管行业带来增长机遇，但我们也看到，今年在债市震荡、股市向好的 驱动下，保险和公募的规模增速要高于理财，这个背后实际上反映出理财相比保险、公募的一些差异化 特征。在居民财富再配置过程中，客户的风险偏好体现出明显的分层、分化特点，对财富管理的各类工 具也有明确、清晰的定位。 文/卢梦雪 ...

Core Viewpoint - The banking wealth management industry is rapidly expanding its focus on technology innovation, driven by policy support and market demand, highlighting the advantages of banks in this sector and the need to balance risk with stability [1] Group 1: Advantages of Banking Wealth Management in Supporting Technology Innovation - Banking wealth management companies possess significant advantages such as large capital scale, extensive channel networks, and abundant resources from parent banks, enabling them to effectively support technology innovation [2][3] - As of June, the total scale of the banking wealth management market reached 30.67 trillion yuan, with 1.63 million new products launched in the first half of the year, raising 36.72 trillion yuan [2] Group 2: Balancing Investment Risks and Client Stability Requirements - There is a contradiction between the high-risk nature of technology investments and the low-risk preference of banking wealth management clients, who prioritize capital safety and stable returns [5] - Strategies to address this include focusing on technology innovation bonds and developing a diverse range of technology-themed products that combine fixed income and equity investments [5][6] Group 3: Enhancing Research and Investment Capabilities - The banking wealth management sector faces challenges such as weak investment capabilities in technology and a lack of targeted products, necessitating innovation in product offerings and enhancement of research capabilities [7][8] - Recommendations include building a "research and investment ecosystem" through collaboration with various institutions and developing innovative products that allow for investment in early-stage technology projects [8][9]

Core Viewpoint - The article emphasizes the importance of bank wealth management in supporting technological innovation and facilitating a high-quality economic development cycle in China, highlighting the need for financial resources to flow into key areas of national technological innovation [3][4]. Group 1: Role of Bank Wealth Management - Bank wealth management has become a leading force in the asset management industry in China, acting as a crucial bridge between approximately 31 trillion yuan of wealth management funds and the real economy [3]. - The industry is tasked with guiding more financial resources into key areas of technological innovation and weak links, aiming to create a virtuous cycle of "technology-industry-finance" [3][4]. Group 2: Focus on Technological Innovation - The rapid development of strategic emerging industries such as artificial intelligence, semiconductors, and biomedicine has led to a growing financing demand from technology companies [4]. - Wealth management companies are encouraged to align with industry transformation policies and seize business development opportunities in the new landscape [4]. Group 3: Key Areas for Development - Wealth management companies should enhance their research capabilities in high-quality development and focus on the financing needs of technology companies throughout their lifecycle [5]. - There is a need to optimize resource allocation, balancing assets and funds while ensuring that investors share in the benefits of China's economic transformation [5]. Group 4: Supporting Systems for Technological Innovation - The article suggests that wealth management companies should improve three key systems: talent development, product service, and research capabilities [8]. - Companies should focus on attracting and cultivating financial technology talent, developing a diverse product service system for technology companies, and strengthening their investment research capabilities [8]. Group 5: Risk Management and Long-term Support - Given the volatility of asset prices in the technology innovation sector, wealth management companies must prioritize long-term risk management capabilities [9]. - The article highlights the importance of establishing a multi-layered risk-sharing mechanism and enhancing credit evaluation and industry analysis capabilities to support technology companies effectively [9].