Core Insights - The article discusses the advancements in AI-driven quantitative investment strategies led by David Wright at Swiss Bank Asset Management, highlighting the transition to a 2.0 era of quantitative investing through enhanced computational power and open-source tools [1][2]. Group 1: AI Quantitative Strategies - AI quantitative models can identify hundreds of high-frequency signals and uncover non-linear relationships in data, surpassing traditional quantitative methods that rely on a limited number of factors [1][5]. - The AI quantitative strategy team at Swiss Bank Asset Management manages $25 billion, with plans to expand into emerging markets, including A-shares in China [2][3]. - The interest of global capital in the Chinese market is on the rise, with potential AI quantitative strategies targeting A-shares expected to launch next year [2][3]. Group 2: Market Adaptation and Performance - AI models have shown that the signal relationships identified can be generalized across countries, indicating that these models can be adapted to the Chinese market [3][4]. - Emerging markets may offer higher potential excess returns compared to developed markets, although trading costs are also higher, leading to similar overall excess returns relative to benchmarks [3][4]. - The integration of fundamental signals alongside emotional and price signals in emerging markets has been found to enhance model performance [3][4]. Group 3: Differentiation and Risk Management - Swiss Bank Asset Management's AI quantitative strategy focuses on a holding period of approximately 20 days, contrasting with many competitors that prefer shorter holding periods [5][6]. - The firm emphasizes the use of traditional data for model training, covering longer historical periods, and maintaining factor neutrality across various investment styles [5][6]. - To mitigate overfitting risks, the company employs economically sound signals, integrates numerous simple models for training, and utilizes a cross-validation method with 15 years of data [6]. Group 4: Evolving Role of Fund Managers - The role of fund managers is evolving with the rise of AI in quantitative investing, shifting from model building to training AI models and validating outputs [6]. - Fund managers will continue to conduct factor research and oversee investment portfolio construction, maintaining the same number of personnel despite changes in responsibilities [6].

9月26日，信达证券发布公告称，董事长艾久超因工作安排调整辞去公司第六届董事会董事长及相关职务，同时选举林志忠为公司第六届董事会董事长。 林志忠此次职务变动备受市场关注，因其原任中国信达旗下中国金谷国际信托有限责任公司党委书记、董事长。 这位在中国信达体系内历练多年的"老将"短短半年内从信托公司掌门人转身成为券商董事长，标志着中国信达在股权划转至中央汇金后，对旗下金融资源 整合及业务协同进一步深化。 信达系老将林志忠调任 在林志忠短暂执掌金谷信托期间，这家央企背景的信托公司展现了良好的发展势头。 2024年，金谷信托交出了一份满意的答卷，实现营业收入14.11亿元，利润总额7.42亿元。 2025年上半年，金谷信托业绩继续保持快速增长，实现利润总额6.02亿元，在52家信托公司中排名前10；净利润4.5亿元，行业排名进入前15。 截至2024年6月30日，公司管理资产规模达3229亿元，较年初增长74%。 财富销售金额637亿元，同比提高142%，顺利实现"时间过半、任务过半"和"营收净利双增长"目标。 这些亮眼数据表明，在金谷信托期间，林志忠领导公司实现了业务规模的快速扩张与经营效益的显著提升。 此次人事变 ...

Summary of the Conference Call Industry Overview - The conference call discusses the asset management industry in China, focusing on its overall situation, trends, and regulatory environment as of 2024 and projections for 2025. The estimated total asset management scale is approximately 159.78 trillion yuan, reflecting a year-on-year increase of about 13.27% [6][29][25]. Key Points and Arguments Asset Management Industry Growth - The asset management industry in China has shown robust growth, with various segments experiencing different rates of expansion. The public fund sector leads with a total net value of 32.83 trillion yuan, up 18.93% from the previous year [10][29]. - The bank wealth management products reached a scale of 29.95 trillion yuan, increasing by 11.75% [28][29]. - Trust assets grew to 29.56 trillion yuan, marking a 23.58% increase, while private equity funds saw a slight decline to 19.93 trillion yuan, down 1.92% [28][29]. Regulatory Environment - The regulatory framework for the asset management industry emphasizes risk prevention, standardization, and transformation towards high-quality development. Key policies include the promotion of personal pension systems and the establishment of a comprehensive regulatory framework for private equity funds [7][9][10]. - The "9.24" policy supports stock repurchases and enhances the capital-asset cycle, indicating a shift towards a more supportive regulatory environment for asset management [7]. Trends in Specific Sectors - **Bank Wealth Management**: The market is expected to expand steadily, with a shift towards fixed-income products as cash management products decline [8]. - **Trust Industry**: The trust sector is undergoing a transformation, with a focus on risk management and asset quality improvement. New trust products are primarily asset service trusts [9]. - **Public Funds**: The public fund sector is witnessing a trend towards passive investment strategies, with the number of funds reaching a historical high of 12,367 [10]. - **Insurance Asset Management**: The insurance asset management sector is stable, with a focus on long-term investments and a gradual increase in external funding sources [11]. - **Securities Firms**: The securities asset management sector is stabilizing, with a slight recovery in net income and a focus on public fund qualifications [12]. Investment Performance - The average performance benchmark for newly issued wealth management products has declined from 3.32% in January 2024 to 2.70% by December 2024, indicating a challenging environment for fixed-income products [33]. - Conversely, equity-related wealth management products have seen an increase in performance benchmarks, reflecting a recovery in the stock market [33]. AI Integration - The integration of AI in asset management is gaining attention, with potential applications in investment advisory and operational efficiency. However, there are concerns regarding risks associated with AI, including cybersecurity and data quality [14]. Additional Important Insights - The asset management industry is transitioning from a focus on scale to quality, with an emphasis on optimizing product strategies and enhancing operational efficiency [13][24]. - The overall market dynamics indicate a growing demand for diversified investment products as consumer preferences evolve in response to changing economic conditions [27][29]. This summary encapsulates the key insights from the conference call, highlighting the current state and future outlook of the asset management industry in China.

Core Viewpoint - The article emphasizes the importance of diversification in personal asset allocation to achieve wealth preservation and growth, rather than engaging in speculation [2][32]. Group 1: Investment Strategies - Ray Dalio suggests that a 10%-15% allocation to gold is an effective balance and risk hedge for an individual's asset portfolio [39]. - Dalio advocates for a diversified investment strategy, highlighting that individuals should not solely rely on savings or real estate, as many people do [2][29]. - The concept of "All Weather Strategy" introduced by Dalio focuses on diversification, risk balance, and rebalancing as key components of asset allocation [3][4]. Group 2: Economic Insights - Dalio discusses the significance of debt cycles, stating that excessive debt can lead to economic distress for both individuals and nations [6][13]. - He points out that the current U.S. debt situation is unsustainable, with government spending significantly exceeding revenue, leading to increased borrowing [19][20]. - The article mentions that many countries, including the U.S., Japan, and China, face varying degrees of debt issues, with similar underlying mechanisms [17][18]. Group 3: Market Dynamics - The dialogue highlights the changing global economic landscape, where investors need to adapt their strategies to manage their portfolios effectively [38]. - Dalio notes that understanding the underlying mechanisms of market movements is crucial for managing investment portfolios [39][42]. - The article suggests that a balanced approach to asset allocation can help investors navigate market fluctuations and economic cycles [30][39].

来源：投资界 2025年公司中报显示，公司上半年总收入达7.31亿港元，同比增长36%；归母净利润3.39亿港元，同比增长30%。已全部还清银行贷款，有息 负债率低至7.9%——这份扎实的成绩单，不仅是其卓越盈利能力的体现，更是首程控股八年来坚定转型、持续进化的必然成果。 跟踪首程团队数月的访谈过程中，一个感受尤为深刻：其实企业并没有什么与生俱来的护城河，所谓的壁垒，不过是一群"想干事、能干事、 干成事"的人，凭着股实干的劲头，一砖一瓦垒砌起来的。 路是闯出来的。回望这几年，首程控股持续向上的核心密码，源于整个团队思维方式的持续演进与内在共振——这是一种与时代脉搏同频、不 断自我刷新的"创业式进化"。 破局：从"负资产困局"到"创业式突围" 复盘首程控股 (0697.HK) 与它的 " 创业式 " 进化。 这是一场绝地求生的逆袭。 八年前，香港老牌红筹上市公司首长国际(0697.HK)深陷困境，2013-2015年累计亏损近64亿港元，2016年再亏约16亿港元，股价跌至几毛，徘 徊在退市边缘。这家曾经的"红筹明星"，在去产能、调结构的时代浪潮中，一度面临退市危机。 八年转型磨一剑，如今的首程控股已脱胎换骨， ...

Core Insights - The core viewpoint of the articles emphasizes that AI technology is a transformative force in the asset management industry, redefining investment processes and enhancing efficiency [1][2]. Group 1: AI's Impact on Investment - AI significantly expands human cognitive boundaries by identifying early trends in technology, industry, and market through deep learning of vast, multidimensional, and unstructured data [2]. - AI upgrades risk management from static to dynamic and intelligent, enabling real-time monitoring, stress testing, and proactive warnings against "black swan" and "gray rhino" events [2]. - AI enhances the quality and efficiency of investment research and due diligence, moving from reliance on a few experts to a "data + model" approach that processes large amounts of information for better decision-making [2]. Group 2: Expansion of Boundaries - The service client boundary is expanded, making wealth management services more accessible to the general public through technologies like smart advisory and intelligent customer service [3]. - The service content boundary is broadened, shifting from standardized products to personalized and scenario-based wealth management solutions that adapt to clients' diverse needs [3]. - The investment decision boundary is extended, transitioning from experience-driven to a dual-driven model of "data + model," enhancing the breadth, depth, and speed of decision-making [3]. - The investment target boundary is widened to include emerging digital asset classes such as data assets and cryptocurrencies, beyond traditional stocks, bonds, and funds [3]. - The institutional ecosystem boundary is transformed from a "vertical silo" model to an "open and integrated" ecosystem, fostering collaboration with tech companies and data service providers [3]. Group 3: Core Competencies for Long-term Investors - The application of new technologies like AI helps long-term investors build four core competencies: multi-scenario analysis under macro trend fluctuations, data processing centered on asset value discovery, comprehensive risk management covering the entire investment lifecycle, and cost reduction and efficiency enhancement [3].

在资本市场越来越被短期行为和情绪驱动左右的时代背景下，真正坚持长期主义的投资者已经不多。王 建诚——泰伯恩资本管理公司（Tybourne Capital Management）私募股权与大类资产配置总监，却是其 中少数始终坚持理性与结构优先的人之一。 作为一位在国际金融体系中拥有深厚积淀的策略专家，王建诚对"长期主义"有着极其清晰而坚定的定 义。他强调，长期主义并不等同于简单的长期持有，而是一种建立在研究、结构与纪律之上的系统性投 资思想，是一种通过时间去验证认知、以逻辑抗衡波动的资本运营方式。 王建诚出生于1975年，上海人，先后毕业于清华大学（金融学学士）和芝加哥大学（经济学博士）。他 的学术研究聚焦于新兴市场资本流动、宏观经济周期建模与政策影响评估，早在博士期间便已开始思考 金融市场行为的长期内核。在芝加哥大学深造后，他曾就职于摩根士丹利亚洲研究部，专注中国、韩 国、印度等新兴市场的宏观研究，其提出的"中国通胀锚理论"被多家机构投资者采纳为策略参考。 随后在世界银行总部（华盛顿特区）任高级经济顾问期间，他主导多个主权债务重组、金融市场改革及 资本流动监管框架建设项目，曾任东亚与太平洋地区金融稳定框架组副 ...

Core Insights - The asset management industry is undergoing a profound transformation driven by AI technology, which is redefining investment processes and capabilities [1][2] - AI enhances long-term trend identification and risk forecasting, providing a new definition of investment efficiency [1][2] Group 1: AI's Impact on Investment - AI expands human cognitive boundaries by analyzing vast amounts of unstructured data, enabling earlier identification of market trends [2] - Risk management is evolving from static to dynamic, with AI facilitating real-time monitoring and proactive risk alerts [2] - The quality and efficiency of research and due diligence are significantly improved through AI's data-driven approach, enhancing decision-making [2] Group 2: Expansion of Asset Management Boundaries - The client service boundary is broadened, making wealth management services more accessible to a wider audience through smart advisory technologies [3] - The content of services is evolving from standardized products to personalized wealth management solutions tailored to individual client needs [3] - Decision-making processes are shifting from experience-driven to data and model-driven approaches, resulting in enhanced decision-making capabilities [3] - Investment targets are expanding beyond traditional assets to include emerging asset classes like data assets [3] - The ecosystem of asset management is transitioning from isolated operations to collaborative partnerships with tech companies and data service providers [3] Group 3: Core Competencies for Long-term Investment Institutions - AI applications are helping long-term investment institutions develop four core capabilities: scenario analysis under macro trends, data processing for asset value discovery, comprehensive risk management across the investment lifecycle, and cost efficiency improvements [4] - The industry is encouraged to embrace AI-driven changes and explore deep integration of technology with business practices to shape the future of asset management [4]

【导读】上海资产管理协会会长、中保投资董事长贾飙： AI 驱动资产管理创新，业务边界迎 五大扩展 中国基金报记者 吴娟娟 " 我们正处在一个由 AI 技术引领的颠覆性变革时代，资产管理行业正迎来一场深刻的创新与 重塑。 "9 月 26 日，在 2025· 青岛创投风投大会上，上海资产管理协会会长、中保投资董 事长贾飙发表了题为 "AI 驱动下的资产管理创新与风险重塑 " 的主题演讲，阐述了 AI 技术 如何成为驱动行业发展的核心引擎。贾飙表示， AI 不仅是效率工具，更是重塑投资全流程、 全链路的思维与能力。 贾飙认为， AI 在长期趋势识别、风险前瞻预警等方面具有独特优势。它不仅可提升投资效 率，更带来了对投资的全新定义。 面对当前全球低利率环境和资本市场波动的双重挑战，保险资金作为追求长期稳定回报的 " 压舱石 " ，如何穿越周期、把握趋势成为核心议题。贾飙认为， AI 技术的迅猛发展为此提供 了破局的 " 新灯塔 " 。 他用 " 七个新 "—— 新可能、新范式、新资产、新挑战、新能力、 新实践、新倡议 —— 来概括 AI 为资产管理行业带来的影响。 贾飙剖析了 AI 如何从四个维度 " 重新定义 " ...

尽管经济数据向好、美联储降息支持且股市接近高位，但美国金融市场正在经历一场微妙的转变。 彭博汇编的数据显示，本月，此前深受散户青睐的美国杠杆ETF遭遇资金流出约70亿美元，为2019年有 记录以来的最高水平。 与此同时，随着杠杆押注的平仓，数字货币市场一度蒸发约3000亿美元市值。此外，美股主要股指也结 束了连续上涨的势头。标普500指数和纳斯达克100指数均录得一个月来的首次单周下跌。 以三倍做多半导体指数的Direxion Daily Semiconductors Bull 3x Shares（SOXL）为例，尽管该基金本月 上涨了31%，但投资者仍从中撤出了超过23亿美元。 这清晰地表明，部分交易员选择在上涨时离场。 同样，旨在放大特斯拉公司股价波动的TSLL基金，也正迎来其有史以来最大的月度资金流出，规模已 达约15亿美元。 Interactive Brokers的首席策略师Steve Sosnick评论道： "活跃的交易员仍然愿意追逐快速变动的股票，但他们逢低买入和追高的兴趣确实减弱了。 我不会称之为'消化不良'，或许更像是在饕餮盛宴后的一点'食物昏迷'。" 值得注意的是，引领此次撤退的正是那些曾被 ...