吴伟在开幕致辞中表示，上海将在国家金融管理部门的大力指导下，携手各界共同推动上海全球资产管 理中心建设不断迈上新台阶。未来，上海将以更高水平对外开放集聚全球投资者，继续稳步扩大规则、 规制、管理、标准等制度型开放，深入打造市场化、法治化、国际化一流营商环境，积极吸引更多国内 外机构来沪展业兴业；将以更高质量改革创新激发市场活力，鼓励支持资管机构围绕实体经济需求、科 技创新趋势，加大产品和服务创新力度，更好满足投资者多元化资产配置需求；将以更高水平协同协作 优化行业生态，继续强化与金融管理部门和行业协会的沟通，努力为各类金融机构搭建合作交流平台， 着力营造更加宽松、更具活力的行业发展生态。 10月16日，由第一财经和中国银行联合举办的"2025上海全球资产管理论坛"在上海中心隆重开幕。这是 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2025"的首场活动。 本次论坛以"驭变求新、韧性升维、开放再平衡"为主题，汇聚了国内外金融行业领袖和专家学者，共同 探讨上海全球资管中心建设的机遇与路径，以及中国乃至全球资产管理行业的变革与发展。 论坛共有10余场主旨演讲和圆桌对话，涉及"汇聚全球资管资源推动金融高质量 ...

Core Insights - Foreign investment institutions are reassessing the Chinese market with unprecedented attention amid significant changes in global asset allocation [1][2] - The "American exceptionalism" investment logic is facing challenges, leading to a strategic shift towards other markets, particularly China [2][3] - The upcoming "14th Five-Year Plan" is expected to provide a clear blueprint for China's economic development, highlighting various investment opportunities [1][8] Group 1: Shift in Investment Paradigms - The decline of "American exceptionalism" is becoming a key narrative in the global asset management industry, as investors express concerns over high valuations and policy uncertainties in the U.S. [2][3] - Global investors are increasingly hedging against U.S. assets and considering reallocating funds to other markets, reflecting a strategic adjustment [2][3] Group 2: China's Market Resilience - China's capital markets have shown strong resilience following a policy shift in September 2024, leading to a significant rebound in A-shares and Hong Kong stocks [1][3] - The issuance of stocks and convertible bonds in Hong Kong increased from $23 billion in 2023 to $35 billion in 2024, and reached $76 billion in 2025, indicating a robust market environment [3] Group 3: Long-term Strategic Investments - Foreign investments in China are based on long-term strategic judgments rather than short-term speculation, with European investors maintaining confidence despite previous challenges [3][4] - The active participation of foreign institutions in China's IPO market reflects a renewed confidence in the long-term potential of Chinese assets [4] Group 4: Fundamental Changes in the Market - The current market rebound is viewed as a transition from a liquidity-driven bull market to one supported by fundamental changes, including improved corporate earnings [5][7] - Institutional reforms in China, such as stricter regulations and enhanced market norms, are seen as crucial for sustainable market development [5][7] Group 5: Investment Opportunities in the "14th Five-Year Plan" - The "14th Five-Year Plan" is anticipated to outline four major investment tracks, including technology, supply chain security, globalization of Chinese enterprises, and consumption upgrades [8][9] - The plan emphasizes the importance of investing in AI and technology to maintain competitive advantages in the global market [8][9] Group 6: Globalization and Profitability of Chinese Enterprises - Chinese companies are achieving higher profit margins overseas, with gross margins 10%-15% higher than those domestically, indicating significant potential for returns [6][9] - The increasing recognition of Chinese brands in international markets reflects a growing trend of globalization among Chinese enterprises [6][9]

Core Viewpoint - Major asset management firms, including BlackRock, Fidelity International, and M&G, are reducing exposure to high-risk corporate bonds due to concerns over potential sell-offs if the global economy weakens, shifting towards safer high-rated corporate bonds or government bonds [1][2]. Group 1: Market Conditions - The spread between U.S. and European investment-grade bonds and government bonds is currently about 0.8 percentage points, significantly narrowed from over 1.5 percentage points in 2022, approaching the lowest level since the 2008 financial crisis [1]. - There are concerns that the recent rally in credit markets, driven by easing trade tensions and expectations of Federal Reserve rate cuts, may have led to overly optimistic pricing regarding global economic growth [1][3]. Group 2: Investor Sentiment - Investors are showing signs of resistance in high-risk areas of the corporate bond market, with several leveraged loan deals being shelved recently, indicating a shift towards safer debt options [3]. - A high-yield bond trader noted that numerous defaults in the past weeks are shaking investor confidence [3]. Group 3: Defensive Positioning - F&C Investment Trust has reduced its credit bond positions to "neutral" and sold off high-yield bonds due to increasing costs compared to government bonds [4]. - M&G Investments is shifting towards higher-rated corporate credit and guaranteed bonds issued by life insurance companies, as the cost of selling BBB-rated unsecured bonds and buying these alternatives is at a historical low [4]. Group 4: Yield Considerations - Despite rising government bond yields, the overall yield from corporate bonds is still viewed as attractive, with the yield on U.S. investment-grade bonds at approximately 4.8% according to the Ice index [5].

Core Insights - The 2025 Sustainable Global Leaders Conference will be held from October 16 to 18 in Shanghai, focusing on global action, innovation, and sustainable growth [1] - The event is co-hosted by the World Green Design Organization (WGDO) and Sina Group, with support from the Shanghai Huangpu District Government [1] - Approximately 500 prominent guests are expected, including around 100 international attendees, featuring politicians, former officials, representatives from international organizations, Nobel laureates, Turing Award winners, and leaders from Fortune 500 companies [1] Event Details - The conference builds on the previous four "ESG Global Leaders Conferences" and aims to explore new pathways for sustainable development [1] - The theme of the conference is "Joining Hands to Address Challenges: Global Action, Innovation, and Sustainable Growth" [1] - Lin Xuehai, the head of the Responsible Management Team at Morgan Asset Management Asia (excluding Japan), will deliver a keynote speech at the conference [1]

人民财讯10月16日电，10月16日，"2025上海全球资产管理论坛" 在上海中心举办。论坛上，7名来自资 产管理等机构的数智技术中高级管理人员作为代表，获颁上海资产管理协会"人工智能+资产管 理"（AIAM）复合型应用人才证书。该类人才属上海市重点领域金融类"十四五"紧缺人才开发目录—— 人工智能应用人才。同日，上海资产管理协会为第一批次AIAM人才（42名）发放基于区块链技术的电 子证书。 （文章来源：第一财经） ...

受交易业务和企业贷款业务活跃推动，高盛、摩根大通、花旗集团和富国银行本周均陆续公布了超预期 的第三季度收入和利润。但在近期私募信贷市场持续爆雷的情况下，部分大行CEO对美国经济和市场前 景表达了一些担忧。 超预期三季报 今年以来，屡创新高的美股推动对冲基金和其他机构增加交易和借款，助推了投行多项业务。虽然美国 总统特朗普的政策增加了市场波动性，但无论是美国散户还是机构投资者，出于对TACO交易的押注， 均未离场，反而选择逢低买入。同时，企业对人工智能（AI）的巨额投资，以及数据中心和其他基础 设施的建设，也引发企业融资活动激增，并购交易不断增加。 比如，今年见证了美国有史以来最大的一笔杠杆收购，即游戏开发商艺电（Electronic Arts）的私有 化，该交易由高盛担任顾问，摩根大通提供了高达200亿美元的巨额融资。而美国银行也预计将获得有 史以来单家银行披露的最高交易费，金额高达1.3亿美元。 整体来看，美国六大银行在过去三个月里总计盈利近410亿美元，较上年同期增长19%。在咨询费的推 动下，高盛第三财季的投行业务收入增长了42%，并有望在主要投行和市场部门创下有史以来最佳年度 业绩。摩根大通和花旗集团 ...

Core Insights - BlackRock's CEO Larry Fink positions "asset tokenization" as the next revolution in financial markets, aiming to integrate all traditional financial assets into digital wallets [1][2] - The company's assets under management (AUM) reached a record $13.5 trillion, with a significant focus on the $4.1 trillion digital wallet market [1][2] - Fink emphasizes that tokenization can bridge traditional capital markets with a new generation of tech-savvy investors [1][3] Group 1: Market Potential - The digital wallet market is estimated to be around $4.1 trillion, with Morgan Stanley estimating the total value of crypto assets, stablecoins, and tokenized assets exceeding $4.5 trillion [2][6] - BlackRock aims to replicate all traditional financial products in digital wallets, targeting younger investors who are accustomed to tokenized assets [2][7] Group 2: Strategic Vision - Fink believes that the tokenization of traditional assets like stocks, bonds, and real estate represents a significant opportunity to attract new investors into mainstream financial products [3][6] - The company is laying the groundwork for deeper involvement in the tokenization space, with internal teams exploring new strategies [3][6] Group 3: Industry Reception - Wall Street analysts have responded positively, with Morgan Stanley reiterating an "overweight" rating on BlackRock's stock, citing the tokenization narrative as a core driver of its outlook [1][6] - BlackRock's tokenized money market fund, BUIDL, has seen its AUM grow to nearly $3 billion since its launch in March 2024, demonstrating the company's commitment to this strategy [6]

Core Viewpoint - The recent increase in shareholding by major asset management companies (AMCs) in Shanghai Pudong Development Bank (SPDB) is driven by the bank's strong stock performance and solid financial results, providing a favorable investment opportunity for these AMCs [2][5]. Group 1: Stock Performance - As of October 16, SPDB's stock price reached 13.37 yuan per share, marking a year-to-date increase of 30.98% [2][5]. - The stock price saw a daily increase of 1.52% on October 16, 2023 [2]. Group 2: AMC Shareholding Activities - China Mobile increased its stake in SPDB by converting 450 million yuan of convertible bonds into ordinary shares, raising its ownership from 17% to 18.18% [3]. - Oriental Asset Management and China Cinda Asset Management have also increased their holdings in SPDB through similar convertible bond conversions [3][4]. - As of September 30, Oriental Asset held 1.073 billion shares of SPDB and 8.6 million convertible bonds [3]. Group 3: Financial Performance - SPDB reported a net profit attributable to shareholders of 45.257 billion yuan for 2024, a year-on-year increase of 23.31% [5]. - For the first half of 2025, the bank achieved a net profit of 29.737 billion yuan, reflecting a 10.19% year-on-year growth [5]. - The total assets of SPDB reached approximately 9.65 trillion yuan [5]. Group 4: AMC Investment Strategy - AMCs are increasingly focusing on bank stocks due to the strong performance of the banking sector, with the China Securities Banking Index showing a cumulative increase of about 24% from September 2024 to September 2025 [6]. - The investment behavior of AMCs is primarily driven by the need for stable returns, with large AMCs like China Cinda and Oriental Asset focusing on high-dividend, stable-performing banks [7].

Group 1 - The core viewpoint of the article highlights the release of the "Overseas Asset Management Institutions Investment Guide (2025 Edition)" by the Shanghai Fund Industry Association, aimed at enhancing Shanghai's status as an international financial center and promoting high-level, institutional openness in the capital market [1] Group 2 - The 2025 edition of the guide emphasizes the deepening of China's financial market opening, the elevation of Shanghai's international financial center capabilities, the accelerated high-quality development of the Chinese fund industry, and the continued leading scale of Shanghai's fund industry [1] - It notes that the internationalization of the Renminbi is progressing steadily, with the cross-border Renminbi settlement volume reaching 64.1 trillion yuan in 2024, representing a year-on-year increase of 22.5% [1] - The Renminbi Cross-Border Payment System (CIPS) has expanded its business volume to cover 189 countries and regions, with 1,690 participants involved [1]

上海资产管理协会支持更多的资产管理与财富管理业专业技术人员参加认证，尽快形成AIAM人才的"千人集合"。 2025年10月16日，"2025上海全球资产管理论坛" 在上海中心举办。论坛上，7名来自资产管理等机构的数智技术中高级管理人员作为代表，获颁上海资产管 理协会"人工智能+资产管理"（AIAM）复合型应用人才证书。 同日，上海资产管理协会为第一批次AIAM人才（42名）发放基于区块链技术的电子证书。 人工智能正加速渗透至资产管理业在内的各行各业，人工智能+资产管理（AIAM）的复合型应用人才稀缺。上海资产管理协会先后发布《人工智能+资产管 理（AIAM）复合型应用人才培育相关通知》和相关工作实施办法，按照"申报与初审""集训与认证""专项人才库"等工作路径，逐批有序实施。 据悉，后续批次认证的AIAM人才将根据工作程序发布。上海资产管理协会支持更多的资产管理与财富管理业专业技术人员参加认证，尽快形成AIAM人才 的"千人集合"。 作为上海资产管理协会"全球资产管理中心 上海国际活动周2025"的首场活动，"2025 上海全球资产管理论坛"在上海中心举办。 作为本场论坛活动仪式之一，人工智能+资产管理（AI ...