Core Points - The official WeChat account of the "China Insurance Asset Management Association" has been renamed to "China Banking and Insurance Asset Management Association," indicating the integration of banking and insurance asset management into a unified self-regulatory system [1] - This renaming signifies an upgrade in self-regulation within the banking and insurance asset management industry, enhancing the effectiveness of industry self-regulation and promoting healthy development through collaboration with regulatory mechanisms [1] Summary by Sections Association Overview - The China Insurance Asset Management Association was established in September 2014, approved by the State Council and the Ministry of Civil Affairs, and directly led by the National Financial Supervision and Administration [1] - The association currently has 561 member units covering all segments of China's financial market, with 30 bank wealth management subsidiaries among its members [1] Recent Developments - In April, the association announced the members of its second Public Market Investment Professional Committee, including representatives from nine bank wealth management subsidiaries [2] - The association's publication, originally titled "China Insurance Asset Management," will be renamed to "China Asset Management" starting November 2024, reflecting the evolving landscape of the asset management industry [2] Market Insights - According to the "China Banking Wealth Management Market Quarterly Report (Q3 2025)," there were 10,890 new wealth management products issued, raising a total of 120.15 trillion yuan [2] - As of the end of Q3 2025, there were 43,900 existing wealth management products with a total size of 32.13 trillion yuan, marking a year-on-year increase of 9.42% [2][3] Product Categories - As of Q3 2025, fixed-income products accounted for 97.14% of the total existing wealth management product size, with a scale of 31.21 trillion yuan, showing a slight increase from the previous year [3] - Mixed products and equity products represent a smaller portion of the market, with existing scales of 0.83 trillion yuan and 0.07 trillion yuan, respectively [3] Self-Regulatory Organizations - Besides the China Banking and Insurance Asset Management Association, other major self-regulatory organizations for bank wealth management companies include the Banking Wealth Management Registration and Custody Center and the Banking Association's Wealth Management Business Professional Committee [3]

Group 1 - The 30-year government bond futures main contract closed down 0.86% on November 26, with the 30-year bond futures (TL2603) closing at 114.290 yuan, down 0.990 yuan [1] - The ETF market showed mixed results, with the communication ETF (515880) up 5.61%, communication equipment ETF (159583) up 5.54%, and the entrepreneurial AI ETF (159242) up 5.29% [1] - The China Securities Convertible Bond Index fell 0.85% to 480.94 points, while individual convertible bonds like Yingte and Haomei saw increases of 3.06% and 2.83% respectively [1] Group 2 - The chief strategist of China Galaxy Securities, Yang Chao, indicated that the A-share market will benefit from upward liquidity, with current valuations being relatively reasonable compared to global equity markets [2] - UBS's head of China equities, Shi Bin, noted that the innovation sector, including pharmaceuticals and AI, has been a major driver of market performance this year, and is expected to continue its robust growth [2] - Morgan Stanley's chief equity strategist for China, Wang Ying, highlighted increasing discussions around the long-term sustainability of stocks, which is a focus not only in China but globally [2]

格隆汇11月26日丨宏基资本(02288.HK)公布截至2025年9月30日止六个月中期业绩，集团来自持续经营 业务下之业务分部的综合收益为5,100万港元(截至2024年9月30日止六个月则为7,300万港元)。该收益主 要来自持续出售集团投资组合中的物业重建项目套现以及集团的资产、投资及基金管理业务所产生的经 常性收入。于六个月回顾期间，集团录得毛亏2,700万港元(截至2024年9月30日止六个月期间：毛利900 万港元)，主要归因于一个物业重建项目的一次性撇减及公司物业组合套现，反映物业市场持续疲软、 物业估值下调以及当前市场气氛。 期内，集团来自持续经营业务及已终止经营业务录得亏损2,500万港元(截至2024年9月30日止六个月期 间：9,100万港元)，而公司拥有人应占亏损为4,600万港元(截至2024年9月30日止六个月期间：8,900万港 元)。亏损主要归因于上述毛亏及摊占联营公司所产生的亏损，尽管于中期期间已确认已终止经营业务 下出售事项之收益。 ...

Core Insights - UBS Asset Management held its annual flagship event, The Red Thread Global Investment Outlook, in Hong Kong, where the focus was on the transition from "quantity expansion" to "sustainable and innovation-driven development" as suggested by China's 14th Five-Year Plan [1] - The main theme of high-quality growth is expected to drive sector rotation and valuation shifts over the next twelve months [1] - Investor sentiment is improving, with global investors, including long-term funds and hedge funds, actively participating in cornerstone investments and secondary market trading of Chinese stocks [1] Investment Trends - Currently, foreign capital is primarily entering the Chinese market through ETFs rather than actively managed funds, indicating that the market is still in a "technical repair" phase [1] - For sustained capital inflow, investors need to see ongoing structural reforms and signs of sustainable growth [1]

Core Insights - The forum focused on the theme "Asset Management Towards Excellence: Smartly Initiating a New Journey," discussing global asset management market trends and high-quality development paths [2] - Three core transformations are reshaping China's 210 trillion yuan asset management industry: continuous improvement of regulatory frameworks, deep restructuring of asset structures, and increasingly rational investor behavior [2][5] Group 1: Regulatory and Market Environment - Continuous improvement of regulatory frameworks is expected to lay a solid institutional foundation for high-quality development in the next decade [2] - The scarcity of quality assets is being revalued by the market, indicating a shift in asset structure [2] - The stability of the renminbi and the diversity of asset types in China are advantageous for global investors seeking diversified asset allocation and risk dispersion [5] Group 2: Investment Strategies and Market Dynamics - The long-term outlook for China's capital market is positive, but short-term volatility risks must be monitored [7] - Future core asset allocation directions include self-controlled and trendy consumption, mergers and acquisitions of leading enterprises, innovation in traditional industries, and the relocation of quality enterprises [7] - The complexity of the macro environment is increasing, creating both opportunities and higher demands for the asset management industry's transformation and high-quality development [8] Group 3: Wealth Management and Asset Allocation - Wealth management demand is evolving towards diversification and personalization, prompting changes in the asset management industry's value chain and business models [13] - The definition of "stability" in wealth management is being re-evaluated, with different institutions having varying focuses on absolute and relative returns [16] - Effective asset allocation strategies should include a comprehensive analysis of asset classes and correlation, avoiding reliance on single strategies to mitigate extreme risks [17] Group 4: Technological Impact and Future Outlook - The integration of active and quantitative investment strategies is essential in the fast-paced information environment, requiring systematic approaches to keep up with market pricing [12] - Artificial intelligence is recognized as a significant tool in investment but should be applied cautiously to avoid over-reliance and loss of process control [12] - The forum concluded with a consensus on the need for the asset management industry to inject long-term growth confidence into the market and contribute to high-quality economic development [17]

Core Viewpoint - Brookfield Asset Management and GIC have proposed to acquire National Storage REIT for an estimated valuation of AUD 4.02 billion, indicating a significant interest in the self-storage sector in Australia [1][2]. Group 1: Acquisition Details - The proposed acquisition offers investors AUD 2.86 per share, leading to a 19% increase in National Storage's stock price, closing at AUD 2.70 [1]. - National Storage has allowed the bidders to conduct exclusive due diligence until December 7, aiming to reach a binding agreement by that date [1]. - National Storage operates over 270 storage centers across Australia and New Zealand, making it the largest self-storage provider in Australia [1]. Group 2: Market Context - The potential acquisition could revitalize transaction activity in Australia, which has seen a decline in significant deals, including BHP's failed attempt to acquire Anglo American for USD 43 billion [1]. - The total merger and acquisition activity involving Australian companies has dropped to approximately USD 70 billion, a 30% decrease compared to the same period in 2024 [1]. Group 3: GIC's Position - GIC, one of the largest sovereign wealth funds globally, is estimated to manage assets worth USD 936 billion, although it has not publicly disclosed its asset management scale [2]. - GIC indicated in July that real estate valuations might be bottoming out, presenting attractive investment opportunities [2].

Core Viewpoint - The future of China's assets is positioned as a crucial component for global investors to diversify risks and enhance returns, supported by a well-established financial market system [1] Financial Market Development - China has developed a comprehensive and deep financial market system, with both bond and stock markets ranking second globally in terms of scale [1] - The stability of the Renminbi and the diversity of asset types contribute to global investors' ability to achieve diversified asset allocation and risk dispersion [1] Financial Opening and Stability - China's financial opening emphasizes institutional openness, including rules, regulations, management, and standards, which enhances market stability [1] - The stable value of the Renminbi and low volatility in exchange rates are long-term favorable factors for international investors allocating Renminbi-denominated assets [1] Economic Resilience and Asset Quality - The resilience of the Chinese economy and the presence of high-quality assets provide value for risk diversification and stable returns [1]

来源：市场资讯 吴说获悉，据 SEC 最新 13F 披露，欧洲最大资管公司 Amundi 在 2025 年第三季度大幅减持 Strategy （MSTR）：季度净卖出 772,620 股，按当季价格估算价值约 1.35 亿美元；持仓从 Q2 的 255.66 万股降 至 178.39 万股，权重由 0.12% 降至 0.09%。 （来源：吴说） ...

2025年度 暨值得托付金融机构盘 资管向优 · 智启 记者 牛钰 11月26日，在经济观察报主办的"2025资产管理高峰论坛"上，经济观察报副总编辑郭宏超发表开幕致辞时表示，过去一年，中国资产管理行业穿行于复杂多 变的市场中，历经了一场全方位的深度压力测试。中国210万亿的资产管理行业正处在转型升级的关键拐点。 过去一年，中国资产管理行业穿行于复杂多变的市场中，历经了一场全方位的深度压力测试。 拨开短期波动的表象，以理性视角审视行业全局，我们清晰洞察到，中国210万亿的资产管理行业正处在转型升级的关键拐点，三大核心变革正在深刻重塑 行业生态： 其一，监管框架持续完善，筑牢合规发展根基。 逐渐完善的资管新规，个人养老金制度深度实施，公募基金费率改革，私募行业规范……制度红利持续释 放，必将在未来十年为行业高质量发展奠定坚实的制度基石。 其二，资产结构深度重构，注入行业发展新动能。 居民财富向金融资产转移的趋势不可逆转。北交所扩容、科创企业上市提速、REITs常态化发行、绿色债 券规模激增，一系列结构性机遇为资产端注入源源不断的活水。其实所谓"资产荒"，本质上是优质资产的稀缺性正在被市场重新定价。 其三，投资者 ...

● 本报记者 程竹 吴杨 中国证券报记者近日发现，中国保险资产管理业协会官方微信公众号已正式更名为中国银行保险资产管 理业协会。早在今年8月，就有相关人士透露，协会已召集会员审议通过更名议案，10月完成工商信息 变更，目前协会网站尚未完成更名。 与此相应，银行理财公司融入统一行业自律体系也进入尾声。在全国32家银行理财公司中，已有30家成 为协会会员。在银行理财市场规模突破32万亿元的背景下，此次更名标志着资管行业将在统一的自律框 架下协同发展，有助于消除行业壁垒、规范信息披露并保护投资者权益。 官微更名落地 协会官微简介显示，中国银行保险资产管理业协会是由银行理财及保险资产管理行业自愿结成的全国 性、行业性、非营利性社会组织，接受国家金融监督管理总局和民政部的业务指导和监督管理，认真履 行自律、维权、协调、服务职能，发挥服务会员、辅助监管的作用，推动行业高质量发展。 此次更名并不突然。8月，某保险资管公司人士就曾透露，协会已召开会员审议表决会敲定更名事宜。 天眼查信息显示，10月协会完成工商信息变更，从法律层面完成主体身份更新。而近期协会官微名称切 换，或标志着更名工作步入收尾阶段。 会员扩容速度印证了行业 ...