2025年以来，全球经济在多重挑战中呈现"低增长、高风险"的新常态。中央金融委印发的《关于支持加 快建设上海国际金融中心的意见》，明确提出在确保金融安全的前提下持续强化上海金融开放枢纽门户 功能，增强人民币资产全球配置中心、风险管理中心地位，推动上海国际金融中心建设不断实现新突破 新提升。上海凭借政策优势、开放生态与创新活力，正成为全球资管行业的"稳定器"与"创新源"。 2025年是"十四五"规划的收官之年，也是"十五五"规划的谋篇布局之年，承担着总结前期成果与锚定未 来目标的"双重使命"。在此背景下，第一财经、中国银行联合主办"2025上海全球资产管理论坛"，邀请 监管机构、经济学家、金融基础设施、全球知名资管机构、国内龙头资管机构等，共同呈现一场推进资 管行业高质量发展、构建服务实体经济生态圈的国际化论坛。 每年10月举办的这一场高规格的资管论坛，一直都是上海资产管理协会主办的"全球资产管理中心·上海 国际活动周"的首发活动，并始终致力于将论坛打造成 一系列重磅的行业报告、指南和服务方案等重要 成果的发布平台 。相较于往届，今年的发布环节呈现出项目更多元、信息更丰富、覆盖更广泛的特 点，包含一系列在 研究 ...

Core Viewpoint - Since 2025, the global economy has entered a "low growth, high risk" new normal, with Shanghai emerging as a global asset management "stabilizer" and "innovation source" due to its policy advantages, open ecosystem, and innovative vitality [2] Group 1: Forum Overview - The "2025 Shanghai Global Asset Management Forum" is co-hosted by Yicai Media and Bank of China, aiming to promote high-quality development in the asset management industry and build an ecosystem that serves the real economy [2][4] - This year's forum features a more diverse range of projects and richer information, highlighting cross-industry collaboration and technological advancements [3] Group 2: Key Events and Discussions - The forum will include a closed-door dialogue between global exchanges and asset managers, focusing on investment strategies and opportunities amid global market fluctuations [3][4] - A special session on promoting high-level bilateral openness in asset management between China and Europe will gather leading institutions to discuss cross-border investment cooperation [4][11] Group 3: Agenda Highlights - The main forum will take place on October 16, 2025, in Shanghai, featuring opening remarks, keynote speeches, and a series of important report releases [5] - Roundtable discussions will address topics such as enhancing institutional investors and building first-class investment institutions [8]

9月29日，上海证券交易所迎来了一位特殊"客人"——华夏凯德商业REIT。作为国内首单由国际资管公司发起的消费类REITs，其上市仪式可谓风光无限。 媒体镜头前，西装革履的金融精英们举杯相庆；交易大厅里，电子屏上的数字欢快跳动。表面看来，这不过是资本市场又一例寻常的金融创新。 以「弘业期货」为例（上图），当市场还将其视为普通券商影子股时，量化系统里的橙色柱体（反映机构资金活跃程度的指标）已持续活跃数月。这种"事 出反常必有妖"的数据特征，往往预示着后续的概念爆发。反观同属大金融概念的「百大集团」（下图），虽有短期反弹却缺乏持续的机构资金支持，最终 难免昙花一现。 凯德投资作为新加坡资管巨头，其操作手法在量化视角下尤为值得玩味。这些国际机构往往采用"明修栈道暗度陈仓"的策略：一方面高调宣传800亿资产管 理规模；另一方面通过衍生品市场悄然布局。我的系统曾捕捉到类似案例——某外资QFII在正式举牌前三个月，就已通过期权市场构建了相当于流通盘15% 的风险敞口。 这种操作在数据层面会形成特定模式：当现货市场成交平稳时，隐含波动率曲线却出现异常陡峭化；期权持仓量增速与标的价格变动呈现非线性关系。就像 考古学家通过陶器 ...

此外，本次扩募在发行定价、询价簿记、合并挂牌等方面亦实现了机制创新，为后续其他持有型不动产 ABS项目的扩募做出良好示范。 "建信长租ABS"于2024年7月2日设立，发起人建信住房租赁基金是国内租赁住房领域头部资产管理机 构，计划管理人为中金公司，首期产品规模为11.7亿元。本次扩募以南京两个保租房项目作为底层资 产，扩募募集规模4.53亿元，累计认购金额27.28亿元，认购倍数7.8倍，参与投资机构包括银行理财、 券商、保险、资管机构等多元化投资人。 不同于传统ABS产品，本次"建信长租"的扩募采用市场化询价机制进行簿记发行。产品簿记前，建信住 租及计划管理人充分征询新老投资人意见，共同制定了相关簿记方案，并经专项计划管理委员会及持有 人会议审议通过。"建信长租"询价机制将定价权充分交给市场，充分发挥ABS的定价机制优势，最终实 现产品溢价发行。"建信长租"本次扩募吸引了包括银行理财、券商、保险、资管机构等33家投资人的积 极参与，认购倍数7.8倍，投资人类型进一步丰富和多元化。 本次扩募采取了市场化询价机制，实现了持有型不动产ABS扩募机制的一次有益创新，为持续扩募以及 后续二级市场交易奠定了良好基础。 ...

Core Viewpoint - Bloomberg has announced that Yongying Fund Management Co., Ltd. has adopted its leading order and investment management technology solution, AIM, to optimize the entire process of overseas investments, enhance operational efficiency, strengthen compliance management, and deepen insights into investment portfolios [1] Group 1: Yongying Fund Management Co., Ltd. - Yongying Fund is a leading asset management company in China, supported by strong shareholders such as Ningbo Bank and Oversea-Chinese Banking Corporation Limited, which provide robust capital, technology, and brand support for diversified business development [3] - As of the end of Q2 2025, Yongying Fund's non-monetary asset management scale reached 358.6 billion yuan, ranking 18th among 162 fund companies according to data from Galaxy Securities [4] Group 2: Bloomberg's AIM Solution - Bloomberg's AIM solution covers the entire investment lifecycle and possesses multi-asset management capabilities, including research management, order and execution management, portfolio and risk analysis, trading compliance, and operational support [2] - The AIM solution is used by over 900 institutional clients and nearly 15,000 professionals globally, managing a total of over 22 trillion dollars in assets [1]

Core Viewpoint - The full impact of U.S. President Trump's tariff policy has yet to be realized, and its trajectory may weigh on the outlook for the U.S. stock market [1] Group 1: Economic Conditions - Despite some bright spots in the economy, such as the booming data center sector, many U.S. businesses are struggling outside of the major cloud providers [1] - Revenue growth is stagnant for many companies, raising concerns about the effects of tariffs and how U.S. businesses will respond to price pass-through or declining profit margins [1]

Group 1 - PIMCO's CEO Emmanuel Roman indicated that the effects of Trump's tariff policies have yet to materialize, potentially dragging down the outlook for the U.S. stock market [2] - Despite highlights in the U.S. economy, such as the AI data center boom, the industrial sector is facing challenges, with corporate revenues showing no growth [2] - PIMCO forecasts a return of approximately 6% for the U.S. stock market over the next three years [2] Group 2 - PIMCO is optimistic about opportunities in the asset-backed financing sector, recently leading a $26 billion debt transaction to support Meta Platforms' data center construction in Louisiana [3] - The data center market is characterized by significant demand for capital and equity, with expectations of numerous financing transactions and construction projects globally [3] - PIMCO is also bullish on natural gas due to the energy-intensive nature of data center operations, highlighting substantial investment opportunities in the fixed income market [3][4]

Core Insights - The listing of Huaxia Kaide Commercial REIT on the Shanghai Stock Exchange marks the first consumer REIT project initiated by an international asset management company in China, indicating a significant step towards the internationalization and diversification of China's public REITs market [1][3] Group 1: Market Performance - On its first trading day, Huaxia Kaide Commercial REIT saw a price increase of 12.63%, closing at 6.440 yuan per share [1][2] - The fund's total issuance was 400 million shares at a price of 5.718 yuan per share, raising a total of 22.872 billion yuan [3] Group 2: Fund Management and Assets - The controlling shareholder of Huaxia Kaide Commercial REIT, CapitaLand, is a well-known international real estate asset management company based in Singapore, with fund management handled by Huaxia Fund Management Co., Ltd. and special plan management by CITIC Securities Co., Ltd. [2][3] - The underlying assets of the REIT consist of two mature shopping centers located in the core business districts of Guangzhou and Changsha, with a total construction area of approximately 168,400 square meters and projected combined revenue of 251.9624 million yuan for 2024 [2][3] Group 3: Industry Context - As of now, there are 51 REITs listed on the Shanghai Stock Exchange, with a total financing scale of 134.39 billion yuan, showcasing an expanding range of asset types and a more diverse set of participants and investors [3]

Core Viewpoint - The successful issuance of the "Caitong-Hangzhou Binjiang Intellectual Property Phase 2 Asset-Backed Special Plan (Technology Innovation)" marks a significant development in the asset-backed securities (ABS) market, being the first nationwide ABS product focused on data intellectual property in the silver economy sector [1][2]. Group 1: Project Details - The issuance scale of the project is 102.5 million yuan, and it includes 71 patents from 14 high-quality technology innovation enterprises located in the Hangzhou High-tech Zone (Binjiang) [1]. - The financing cost for the participating enterprises is only 1.195%, significantly reducing their financing expenses [1]. Group 2: Background and Strategic Importance - This project is part of a broader initiative by Caitong Asset Management to apply for multiple phases of the asset-backed special plan, with the first phase already listed on the Shenzhen Stock Exchange in January, which was the first to include game and animation copyrights [1]. - Caitong Asset Management has established a comprehensive product matrix covering ABS, Pre-ABS, private REITs, and public REITs, providing full-chain services from asset selection to financing design and subsequent operations [2]. Group 3: Market Impact and Future Prospects - The project aims to facilitate the conversion of data resources into financial capital, effectively serving technology innovation enterprises in the pharmaceutical, health, and medical product sectors [2]. - The success of this initiative has generated interest from more small and micro technology enterprises and financial institutions, with local governments encouraged to use this as a branding tool for future investment attraction [2].

Core Viewpoint - The successful issuance of the "Caitong-Hangzhou Binjiang Intellectual Property Phase 2 Asset-Backed Special Plan (Technology Innovation)" marks a significant milestone as the first ABS product in the silver economy sector that includes data intellectual property in China [1][2] Group 1: Project Details - The issuance scale of the project is 102.5 million yuan, and it is part of a series of plans where Caitong Asset Management aims to apply for five phases of asset-backed special plans in 2024 [1] - The underlying assets include 71 patents from 14 high-quality technology innovation enterprises located in the Hangzhou High-tech Zone (Binjiang) [1] - The financing cost for the enterprises is only 1.195%, significantly reducing their financing expenses [1] Group 2: Company Strategy and Market Position - Caitong Asset Management has established a comprehensive product matrix covering ABS, Pre-ABS, private REITs, and public REITs, providing full-chain services from asset selection to financing design and subsequent operations [1] - The company has issued 51 ABS products this year, totaling over 39 billion yuan, ranking 8th in the industry for both the number and scale of issued products [2] - Since its establishment, Caitong has cumulatively issued 224 ABS products, amounting to over 178 billion yuan [2] Group 3: Industry Impact and Future Outlook - The project effectively connects data resources to financial capital, serving technology innovation enterprises in the pharmaceutical, health, and medical product sectors, aligning with national strategies to address population aging [2] - The successful implementation of this project has generated interest from more small and micro technology enterprises and financial institutions, indicating a positive response to Caitong's efforts in serving Zhejiang businesses and the technology finance sector [2]