截至目前，深圳辖内机构管理资产规模超过31万亿元 接近香港（约35万亿港元）和新加坡（约6万亿新元）水平 较去年同期的29万亿元显著跃升，占全国总量约20% B02·深城记 ...

Core Insights - Southbound funds reduced their holdings in CITIC Financial Assets (02799.HK) by 10.847 million shares on October 22, 2025, marking a decrease of 0.31% [1][2] - Over the past five trading days, there were two days of net increases in holdings by southbound funds, totaling an increase of 13.375 million shares [1] - In the last twenty trading days, southbound funds increased their holdings on twelve occasions, with a total net increase of 102 million shares [1] Summary by Sections Shareholding Changes - As of October 22, 2025, total shares held by southbound funds in CITIC Financial Assets amounted to 3.463 billion shares, representing 9.79% of the company's issued ordinary shares [1] - The shareholding changes over the last five trading days are as follows: - October 22: 3.463 billion shares, -10.847 million shares, -0.31% [2] - October 21: 3.474 billion shares, +27.254 million shares, +0.79% [2] - October 20: 3.447 billion shares, -20.019 million shares, -0.58% [2] - October 17: 3.467 billion shares, -0.649 million shares, -0.02% [2] - October 16: 3.467 billion shares, +17.636 million shares, +0.51% [2] Company Overview - CITIC Financial Assets Management Co., Ltd. (formerly known as China Huarong Asset Management Co., Ltd.) primarily engages in asset management [2] - The company operates through three main divisions: - Non-performing asset management division, focusing on the management of non-performing debt assets, debt-to-equity swap assets, and related investment opportunities [2] - Financial services division, mainly involved in financial leasing [2] - Asset management and investment division, which includes private equity fund operations, financial investments, international business, and other activities [2]

| 交易日 | 持股总数(股) | 持股变动(股) | 变动幅度 | | --- | --- | --- | --- | | 2025-10-22 | 9.72亿 | -57.00万 | -0.06% | | 2025-10-21 | 9.72亿 | -176.00万 | -0.18% | | 2025-10-20 | 9.74亿 | -109.30万 | -0.11% | | 2025-10-17 | 9.75亿 | -186.00万 | -0.19% | | 2025-10-16 | 9.77亿 | -179.00万 | -0.18% | 京基金融国际（控股）有限公司是一家主要从事保险业务的投资控股公司。该公司通过七个部门运营业 务。保险经纪分部从事提供保险经纪服务。保险科技分部从事发展及经营智慧型保险业务的智能销售平 台及信息科技服务。网络及投资分部从事提供多渠道网络及授权服务。毛皮分部从事销售生毛皮及毛皮 经纪。证券分部从事提供证券经纪、保证金融资、包销、分包销、配售、分配售及咨询服务。放债分部 从事提供及安排放债服务。资产管理分部从事提供及安排基金管理服务及资产管理服务。 以上内容为证券之星据公开信 ...

【导读】摩根资产管理Alexander Treves：外部环境变化，中国政府和企业部门加速创新 10月14日，在韩国首尔举行的摩根资产管理2025亚洲媒体峰会上，摩根资产管理新兴市场及亚太股票投资策略专家团队主管Alexander Treves接受本报记 者专访时表示，新兴市场获得诸多有利条件，有望持续跑赢标普500指数。Alexander Treves表示，中国政府意识到，要实现长期发展目标，必须成为技术 领导者。从历史上看，要真正成为强国，唯有通过国内创新、发展技术和拥有世界领先的公司来实现。 截至9月底，摩根资产管理全球资产管理规模超过4万亿美元，为全球领先的资产和财富管理机构。 新兴市场有望持续跑赢标普500指数 MSCI新兴市场今年的表现超过了标准普尔500指数。这一势头是否可以持续？ 对于这个问题，Alexander Treves表示，MSCI新兴市场持续跑赢标普500指数的诸多条件已经具备。一、美元持续疲软的可能性。美元走弱通常有利于新 兴市场资产。二、不少人工智能等领域的推动者位于亚洲（如韩国、中国台湾地区），使得该资产类别具有吸引力。三、中国经济的逆周期调节和政策托 底。过去几年，中国经济与 ...

中国基金报记者 吴娟娟 10月14日，在韩国首尔举行的摩根资产管理2025亚洲媒体峰会上，摩根资产管理新兴市场及 亚太股票投资策略专家团队主管Alexander Treves接受本报 记者 专访时表示，新兴市场 获 得 诸多有利条件，有望持续跑赢标普500指数。Alexander Treves表示，中国政府意识到， 要实现长期发展目标，必须成为技术领导者。从历史上看， 要 真正 成为 强 国，唯有 通过 国内创新、 发展 技术和拥有世界领先的公司来实现 。 截至9月底，摩根资产管理全球资产管理规模 超过 4万亿美元，为全球领先的资产和财富管理 机构。 新兴市场有望持续跑赢标普500 指数 MSCI新兴市场今年的表现超过了标准普尔500指数。这一势头是否可 以 持续？ 对于 这个问题， Alexander Treves 表示 ，MSCI新兴市场持续跑赢标普500指数的 诸多 条 件已经具备 。 一、 美元持续疲软的可能性。美元走弱通常有利于新兴市场资产 。 二、不 少 人工智能等领域的推动者位于亚洲（如韩国、中国台湾 地区 ），使得该资产类别具有吸 引力 。 三、 中国经济的逆周期调节和政策托底 。 过去几年， ...

Group 1: China Economic Outlook - The company holds an optimistic view on China's economic prospects, driven by government support for large tech platforms and a focus on technological self-sufficiency [1][16] - There is significant potential for innovation across the entire technology value chain, particularly in semiconductors and artificial intelligence [1][16] - The recovery in the real estate market is expected to boost consumer confidence, contributing to a positive economic outlook [16] Group 2: Gold Market Insights - Gold prices have seen a significant increase, with a notable rise from $3,700 to around $4,380 in October, attracting international investor attention [1][3] - The company suggests maintaining a 5% allocation of gold in investment portfolios, advising against increasing this proportion despite recent strong performance [2][6][7] - The long-term outlook for gold remains positive, with expectations of upward price movement despite potential short-term adjustments [4][5] Group 3: U.S. Economic Analysis - The U.S. economy is transitioning from consumer-driven growth to investment-driven growth, supported by the AI boom and manufacturing reshoring [10][11] - Concerns exist regarding the credit market, particularly in private credit sectors where transparency is low, posing potential risks [15] - The company anticipates a slight economic slowdown in the U.S., with growth rates projected to decline to around 1.7% or 1.8% by the end of 2025 [10][11] Group 4: Investment Themes and Strategies - The restructuring of global supply chains and the pursuit of strategic autonomy will be key themes over the next decade, influencing investment strategies [18][22] - The company emphasizes the importance of identifying companies with sustainable business models in the tech and healthcare sectors, particularly those leveraging AI [20][21] - There is a focus on sectors with lower valuations in China, such as technology and biotechnology, which are expected to present attractive investment opportunities [17][21]

具体来看，陈兵称，有以下三方面：一是信托行业"1+N"顶层设计完善，政策出台明确行业定位，信托 制度优势契合居民尤其是企业家财富安排需求，对行业功能价值更有信心；二是上海信托五年转型之 路，从规模调整到突破1.3万亿，通过构建财富管理信托账户体系、打造特色资管产品体系、提供"六合 一"资质跨境服务、重塑科创领域长周期投融资体系，形成"财富+资产"循环模式，投研与数智化建设赋 能，对重塑商业模式更有底气；三是创新服务国家战略，落地多类首单业务，在风险化解、公益慈善、 上海国际金融中心建设中发挥价值，对服务国家战略决心更坚定。 本次财富管理专场的顺利举行，为资管行业搭建了高效的交流合作平台，也为上海建设"全球资产管理 中心"注入了新动能。 此次主题演讲环节聚焦行业关键领域，多位嘉宾分享前沿观点。上海资产管理协会会长、中保投资有限 责任公司董事长贾飙表示，当前我国资管行业与科技产业需求存在错配，股权融资不足，仅私募基金参 与度较高。他建议，以私募股权基金为主引擎，优化投资阶段与退出通道；推动保险资管转化为科 创"长钱"，创新工具与评估框架；搭建科创营商软支撑，善用战略科学家、优化退出机制与监管。 作为本次专场重要参 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 来源：上海证券报·中国证券网 "其中，信托公司主要面向私募、高净值客户和机构投资者，提供专业资管产品和信托服务。理财公司 主要面向公募自然人投资者，提供广泛多样风格稳健的资管产品，保险资管公司主要为机构投资者提供 私募产品和专户投资服务。相信随着居民财富规模增长和结构变化，我国财富管理和资管行业的整体规 模仍将保持稳步上升态势。"蒋则沈补充道。 展望未来，蒋则沈认为，我国财富管理和资管市场成长发展方兴未艾，金融机构面临着前所未有的发展 机遇，也承担着重要的服务使命，更需要在深化改革、转型升级进程中主动作为，可以重点把握以下几 个方面： 总体来看，结合我国的财富管理和资产管理业务发展，蒋则沈认为，从需求侧看，随着我国国民经济持 续稳定健康发展，企业和居民财富同步稳定持续积累，结构日趋多元，家庭部门的资产负债表项目不断 丰富，对财富管理和资产管理的客观需求不断强化。 一是坚持财富管理和资产管理有机协同。财富管理和资产管理是为企业居民维护良性资产负债表的"一 体两面"，二者不可分割。 据统计，2024年全国居民人均可支配收入较上年名义增长5.3%，与国内生产总值增速 ...

面对低利率周期和科技浪潮的双重挑战，资管机构作为产品制造商该如何持续提升核心投研能力？10月 17日，中欧基金常务副总经理许欣在上海召开的2025 ESG全球领导者大会·保险资管专场论坛上给出了 解答，"公募基金作为资本市场的重要参与者，亟需通过专业化、工业化、数智化的方式升级投研体 系，以更契合客户需求、更可持续的方式为机构投资者提供优质配置工具，共同推进行业高质量发 展"。 险资挑战：低利率周期下的资产配置难题 许欣指出，在当前低利率环境下，保险资管等机构投资者正面临"负债端成本相对刚性"与"资产收益率 快速下行"的经营压力。 首先，从资产端来看，可覆盖负债成本的高息资产明显减少。一方面，非标等固收资产进入量价齐跌的 通道，配置红利逐渐消失，资产配置难度加大；另一方面，保险资管前期配置的定期存款近年来面临集 中到期，市场缺乏足够的高息资产来承接，保险公司的再投资风险加大。 其次，权益类风险资产中，主流宽基指数的风险收益特征并不适配险资需求。根据目前的精算假设，保 险公司对权益类资产的预期年化回报约为8%-10%。但沪深300、中证800、万得全A为代表的宽基指 数，自2017年以来的年化收益偏低，分别仅为 ...

Core Viewpoint - The current investment opportunities are rated at 4 out of 10, indicating a challenging market environment with high valuations and low investor sentiment [5][122]. Group 1: Investment Philosophy - The essence of value investing lies in the combination of contrarian thinking and analytical skills, requiring investors to assess asset values while questioning market consensus [86][90]. - The market is inherently inefficient due to human emotions such as greed and fear, which creates opportunities for value investors [52][60]. - A flexible investment approach based on fundamental analysis is essential, as extreme market conditions can lead to significant mispricing of assets [54][55]. Group 2: Investment Strategy - Baupost Group employs a broad investment strategy, focusing on various asset classes including public equities, private equity, public credit, private credit, and real estate, adjusting allocations based on market opportunities [79][80]. - The firm emphasizes maintaining a margin of safety by purchasing undervalued assets, ensuring that even partial price corrections can yield satisfactory returns [78][79]. - The investment team operates with a "mile wide, mile deep" approach, allowing for quick identification of opportunities while also enabling deep dives into specific investments when necessary [73][78]. Group 3: Market Conditions - Current market conditions are characterized by high valuations, with the S&P 500 recently reaching historical highs, while macroeconomic fundamentals remain uncertain [122][125]. - The credit market has seen a significant rebound, but the narrowing of spreads and potential interest rate cuts may diminish future investment opportunities [128]. - Commercial real estate is highlighted as a particularly interesting area, with signs of recovery in the office market leading to increased buying activity [130][131]. Group 4: Role of Technology - AI is viewed as a tool to enhance efficiency rather than a replacement for critical thinking, with the firm using it to streamline data analysis and improve research processes [135][136]. - The application of AI in investment analysis is still evolving, and while it can assist in data processing, it should not replace independent thought and judgment [140][141]. Group 5: Importance of Management - The significance of management teams in investment decisions is increasing, as understanding their intentions and strategies is crucial for assessing long-term value [97][98]. - Engaging with management allows investors to gauge their commitment to shareholder value and the direction of the company [98][99]. Group 6: Client Relationships - Establishing a long-term, patient investor base is critical for investment success, requiring clear communication of expectations and ongoing education for clients [100][110]. - The firm prioritizes aligning with clients who share a similar investment philosophy to foster a collaborative and trusting relationship [102][106].