以下文章来源于财联社资管视界 ，作者王蔚 财联社资管视界 . 财联社倾力打造的金融、资管、FICC资讯和投研平台，为广大金融从业者和投资者提供电报、独家新闻、精选资讯、重大事件点评、深度报道、研究报 告等。 12月25日，国家金融监督管理总局下发《银行保险机构资产管理产品信息披露管理办法》（2025年12月22日国家金融监督管理总局令2025年第10号 公布，以下简称"10号令"）。 数据来源：国家金融监督管理总局官网，财联社整理 三类产品规模如何？据财联社根据最新数据整理，三类资管规模达99.53万亿。 其中，据媒体报道，银行理财市场规模约33.8万亿元；据中国信托业 协会披露数据，截至2025年6月末，全行业信托资产规模余额为32.43万亿元；据中国银行保险资管业协会调研数据，2024年保险资管的管理规模合计 33.30万亿元。 征求意见稿于5月下发，意见反馈截止时间为2025年6月23日。25日，正式稿下发，相比于5月下发的征求意见稿，正式稿主要有5大修改要点： 1.删除销售时信息披露义务人强制披露"托管协议" 资产管理产品销售时，信息披露义务人应当向投资者披露产品说明书、产品合同、风险揭示文件及国家金 ...

Group 1: Aerospace Industry Development in Shanghai - Shanghai government is accelerating the development of the aerospace industry, focusing on satellite manufacturing and commercial operations, with financial support of up to 15% of total investment, capped at 50 million yuan [1] - The government encourages the large-scale application of satellite internet technology, offering one-time rewards of up to 10 million yuan for companies providing value-added services in communication, navigation, and remote sensing [1] - Support is also extended for satellite internet constellation construction, with a one-time reward of 50 million yuan for companies obtaining satellite communication business licenses [1] Group 2: Low-altitude Economy in Guangdong - Guangdong has released "Twelve Measures" to support the low-altitude economy, encouraging banks and insurance institutions to develop targeted financial products covering the entire lifecycle of low-altitude economic activities [2] - Financial institutions are guided to support upstream and downstream enterprises in the industry chain, leveraging core enterprise data to enhance services [2] - The measures aim to bolster low-altitude economic clusters and innovation platforms at both national and provincial levels [2] Group 3: Growth of Convertible Bonds in China - UBS reports that the issuance of offshore convertible bonds by Chinese companies has reached record levels this year, driven by favorable stock market conditions and lower financing costs [3] - If the market remains positive, the issuance volume is expected to continue growing next year, particularly among technology companies [3] - Funds raised are primarily allocated for AI research and development, business expansion, and overseas growth [3] Group 4: 6G Technology Development in Shanghai - Shanghai is establishing a national 6G comprehensive testing base to promote the research and development of 6G technology, including standard formulation and application scenarios [4] - Financial support of up to 30% of total investment, capped at 30 million yuan, will be provided for these initiatives [4] Group 5: Global Generative AI Spending Forecast - Counterpoint Research forecasts that global spending on generative AI will grow from 225 billion yuan in 2023 to 699 billion yuan by 2030, with a compound annual growth rate (CAGR) of 21% [5] - The AI dialogue platform segment is expected to experience the fastest growth, with personal assistant AI and content generation tools also projected to expand significantly [5] - By 2030, the number of monthly active users for global AI dialogue platforms is anticipated to exceed 5 billion [5] Group 6: Breakthrough in Superconducting Magnetic Levitation - A Chinese research team has set a world record by accelerating a ton-class test vehicle to 700 kilometers per hour in two seconds during magnetic levitation experiments [6] - This achievement marks a significant advancement in the field of ultra-high-speed magnetic levitation, providing new methods for aerospace launch and testing [6] - The breakthrough is expected to contribute to the development of China's aerospace and rail transportation sectors [6] Group 7: Hainan Free Trade Port's Initial Week Performance - During the first week of the Hainan Free Trade Port's closure, over 400 million yuan worth of "zero tariff" goods were imported [7] - The number of newly registered foreign trade enterprises in Hainan increased by 2.3 times year-on-year, reflecting the positive impact of the free trade policies [8] - The duty-free shopping market in Hainan saw significant growth, with sales reaching 1.1 billion yuan and a 54.9% year-on-year increase in shopping amounts [8] Group 8: Asset Management Standards Released - The State Administration for Market Regulation has approved four national standards for asset management, focusing on digital transformation and cultural digital assets [11] - These standards aim to guide organizations in enhancing their asset management digitalization efforts, addressing issues such as inconsistent conceptual understanding and unclear focus areas [11]

Core Insights - The number of mentions of blockchain in SEC filings surged in 2025, reaching approximately 8,000 by August and maintaining this high level until November [1][2] - Bitcoin-related content dominated these mentions, indicating a significant focus shift towards Bitcoin as a primary compliance pathway for traditional finance entering the crypto space [1][2] Group 1 - The increase in SEC filings mentioning blockchain is attributed to the successful launch of multiple spot Bitcoin ETFs in early 2024, leading to a substantial rise in related filings and amendments [1][2] - Traditional asset management firms are continuously expanding their cryptocurrency product lines throughout 2025, reflecting growing institutional interest in the sector [1][2] Group 2 - The sustained high volume of Bitcoin-related mentions contrasts sharply with the cyclical volatility patterns observed in initial coin offerings (ICOs) and general cryptocurrencies, highlighting a shift in institutional focus [1][2]

Core Viewpoint - Allianz Asset Management aims to leverage its century-long expertise in asset-liability management to establish itself as a leading asset management institution in China, focusing on diversified sources of asset returns in a low-interest-rate environment [1][2]. Group 1: Investment Strategy - The company is actively reducing reliance on single fixed-income yields and expanding into equity dividends and growth returns, as well as increasing exposure to alternative assets [1]. - In fixed income, the strategy involves rigorous credit research to identify mispriced opportunities, while in equities, the focus has shifted from merely high dividend yields to assessing the quality, sustainability, and growth potential of dividends [1][4]. - The alternative investment strategy aims to find high-quality assets that are less correlated with traditional assets, leveraging the company's investment and financing synergies [1][4]. Group 2: Risk Management - Allianz Group's risk management philosophy, developed over 130 years, emphasizes a comprehensive risk control system that spans the entire investment process, ensuring a scientific balance between investment and risk management [2][3]. - The company has integrated Allianz Group's investment and risk management experience with local practices in China, achieving a total asset management scale exceeding 350 billion yuan, with 85% from third-party funds [2]. Group 3: Research and Talent - The core investment team comprises seasoned professionals with an average of over 15 years of experience from various sectors, including insurance asset management, public funds, and brokerage firms [3]. - The company has established a dual-track research system that combines macro insights with micro-depth analysis, focusing on risk-driven asset allocation and in-depth credit research in fixed income [3]. Group 4: Future Strategies - The company plans to implement three main strategies: asset-liability synergy, refined investment processes, and long-term performance assessment [5]. - The investment approach will prioritize high-quality dividend assets in the core portfolio while selectively choosing growth-oriented assets for satellite positions, enhancing efficiency through detailed credit management [5]. Group 5: Long-term Investment Philosophy - The regulatory environment is shifting towards encouraging long-term investments, prompting a change in investment logic from short-term trading to long-term dividend-focused strategies [6][7]. - The company aims to become a stable and constructive long-term force in the capital market, emphasizing the importance of comprehensive asset-liability management and proactive risk management from the product development stage [7].

Core Viewpoint - The Financial Regulatory Bureau has issued the "Management Measures for Information Disclosure of Asset Management Products by Banking and Insurance Institutions," aiming to unify disclosure standards for trust products, wealth management products, and insurance asset management products, enhancing regulatory consistency [1][4]. Group 1: Disclosure Standards - The measures establish basic principles, responsibilities, common content, and internal management requirements for information disclosure across three types of asset management products [1]. - The lifecycle of asset management products is comprehensively regulated, guiding the integration of information disclosure throughout the business process to ensure clarity in product status [1]. Group 2: Public vs. Private Products - The measures differentiate between public and private products, imposing stricter disclosure requirements on public products due to their broader audience and lower investor thresholds [2]. - Public product information must be disclosed through a unified industry channel and other mainstream financial media, while private products can use agreed-upon disclosure channels [2]. Group 3: Self-Regulatory Norms - Specific self-regulatory norms for each product type will be developed by relevant associations, creating a "1+3" disclosure rule system [3]. - Asset management product managers are generally prohibited from adjusting performance benchmarks to maintain consistency, with strict internal approval required for any necessary adjustments [3]. Group 4: Implementation Timeline - The measures will take effect on September 1, 2026, allowing approximately eight months for banking and insurance institutions to adjust and modify product documentation and systems [3].

Core Viewpoint - The Financial Regulatory Administration has issued the "Management Measures for Information Disclosure of Asset Management Products by Banking and Insurance Institutions," aiming to standardize information disclosure for asset management trust products, wealth management products, and insurance asset management products, effective from September 1, 2026 [1] Group 1: General Regulations - The measures establish general regulations for information disclosure, including channels, responsibilities, methods, prohibited behaviors, and document requirements [1] - Prohibited behaviors include making unauthorized profit commitments, predicting actual investment performance, using incomparable or inaccurate data for performance comparisons, and disparaging other asset management products or institutions [1] Group 2: Disclosure Requirements - The measures categorize information disclosure into four aspects: fundraising information, periodic information, temporary information, and termination information, covering the entire lifecycle of asset management products [1] - Specific requirements are set for product prospectuses or contracts, performance benchmarks, issuance announcements (or reports), periodic reports, net value disclosures, past performance, and temporary disclosures before and after events, as well as maturity liquidation reports [1]

Core Viewpoint - The Financial Regulatory Bureau has issued the "Management Measures for Information Disclosure of Asset Management Products by Banking and Insurance Institutions," aiming to standardize information disclosure for asset management trust products, wealth management products, and insurance asset management products, ensuring investor rights and obligations are met [1][3]. Group 1: Regulatory Framework - The new measures will take effect on September 1, 2026, allowing approximately eight months for institutions to adjust and modify product documentation and systems [2]. - The measures were developed after a public consultation period from May 23 to June 23, with feedback being carefully considered and incorporated into the final document [3]. Group 2: Information Disclosure Requirements - The measures establish general provisions for information disclosure, including channels, responsibilities, methods, prohibited behaviors, and text requirements [4]. - Prohibited behaviors include making unauthorized profit guarantees, predicting actual investment performance, and using non-comparable or inaccurate data for performance comparisons [4]. Group 3: Lifecycle Information Disclosure - The measures categorize information disclosure into four aspects: product fundraising, periodic disclosure, temporary disclosure, and termination disclosure, detailing specific requirements for each [5]. - Product managers are generally not allowed to adjust performance benchmarks without following strict internal approval processes and must disclose any adjustments in periodic reports [5]. Group 4: Differentiated Treatment of Products - The measures respect the objective differences among the three types of products and make targeted arrangements, with stricter disclosure requirements for public offerings compared to private offerings [6]. - Public products must disclose information through unified channels, while private products can use agreed-upon channels with investors [6]. Group 5: Self-Regulatory Norms - The China Trust Industry Association and other relevant bodies are tasked with developing detailed self-regulatory norms for each product type, creating a "1+3" information disclosure rule system [7].

Core Viewpoint - Investors should adopt a systematic and disciplined approach to investment decisions, avoiding reliance on short-term emotional fluctuations and utilizing public index enhancement tools for market participation [1] Group 1: Investment Strategy - The core principle of model-based investing emphasizes discipline over intuition, ensuring that decisions are made based on objective models rather than subjective judgments [2] - The investment strategy focuses on a fundamental model-based approach complemented by price-volume strategies, aiming to capture stock price drivers over weeks to months [3] - A dynamic factor evaluation and rotation mechanism is established to regularly assess the effectiveness, relevance, and stability of various factors, ensuring the rigor and replicability of strategies in practice [3] Group 2: Market Context - The total scale of public products utilizing model-based investment has surpassed 400 billion yuan as of the end of Q3 2025, indicating rapid industry expansion [3] - The domestic model-based investment landscape is still in its "youth phase," with ongoing innovation required within compliance frameworks to differentiate strategies [4] Group 3: Long-term Perspective - The current market is viewed as a transitional period between old and new driving forces, where model-based fund managers must construct complex probabilistic systems and adhere to disciplined execution [5] - Ordinary investors with limited time and resources are encouraged to consider public index enhancement products for systematic investment in undervalued market phases to achieve long-term returns [6]

金融监管总局最新发布。 12月25日，金融监管总局发布《银行保险机构资产管理产品信息披露管理办法》(以下简称《办法》)，立足"同类业务、相同标准"，统一明确了资产管理 信托产品、理财产品、保险资管产品信息披露的基本原则、责任义务、共性内容及内部管理要求，对三类产品的信息披露行为进行了系统规范，督促机构 严格履行信义义务，充分保障投资者的知情权和选择权。 《办法》相关规定将自2026年9月1日起施行，为银行保险机构预留8个月左右的调整过渡期，以便各方稳妥推进产品文本修改、系统改造对接等工作。 金融监管总局有关司局负责人指出，考虑到部分存量产品历史生命周期较长，《办法》施行前的历史业绩基准对当前投资者参考价值相对较小，银行保险 机构可以只披露《办法》施行后的历次业绩比较基准调整情况。 统一监管规则提升监管一致性 今年5月23日至6月23日，《办法》向社会公开征求意见。金融监管总局有关司局负责人表示，金融监管总局对反馈意见逐条认真研究，充分吸收合理建 议。比如，完善产品信息披露渠道有关表述，便于机构执行和投资者查询；结合机构业务实践，优化现金管理类产品信息披露内容；适当精简有关表述， 对于《关于规范金融机构资产管理 ...

金融监管总局最新发布。 12月25日，金融监管总局发布 《银行保险机构资产管理产品信息披露管理办法》 （ 以下 简 称《 办法 》 ） ， 立足 "同类业务、相同标准"，统一明确了资产管理信托产品、理财产品、 保险资管产品信息披露的基本原则、责任义务、共性内容及内部管理要求，对三类产品的信 息披露行为进行了系统规范，督促机构严格履行信义义务，充分保障投资者的知情权和选择 权。 《办法》相关规定将自2026年9月1日起施行，为银行保险机构预留8个月左右的调整过渡 期，以便各方稳妥推进产品文本修改、系统改造对接等工作。 统一监管规则 提升监管一致性 今年5月23日至6月23日，《办法》向社会公开征求意见。金融监管总局有关司局负责人表 示，金融监管总局对反馈意见逐条认真研究，充分吸收合理建议。比如，完善产品信息披露 渠道有关表述，便于机构执行和投资者查询；结合机构业务实践，优化现金管理类产品信息 披露内容；适当精简有关表述，对于《关于规范金融机构资产管理业务的指导意见》以及金 融监管总局现行制度中的已有规定，《办法》不再展开重复；优化过渡期工作安排等。 "资产管理业务的本质是'受人之托、代人理财'。充分保障投资者的 ...