Core Points - Climate information disclosure is becoming a key focus for corporate sustainability reporting, with the Ministry of Finance recently releasing the "Corporate Sustainability Disclosure Standards No. 1 - Climate (Trial) (Draft for Comments)" [1] - The draft emphasizes the need for companies to disclose greenhouse gas emissions categorized into Scope 1, 2, and 3, and to build a disclosure framework around four pillars: governance, strategy, risk and opportunity management, and metrics and targets [1][3] Group 1: Regulatory Framework - The draft is the first specific standard focusing on climate issues, following the basic sustainability disclosure standards released in November 2024 [1] - The Ministry of Finance plans to establish a unified sustainability disclosure standard system by 2030, with the climate standards expected to be finalized by 2027 [2] - The draft aligns closely with international standards, facilitating the integration of domestic practices with global frameworks [2] Group 2: Disclosure Requirements - Companies are required to disclose governance structures overseeing climate-related risks and opportunities, including how performance metrics are integrated into compensation policies [3] - The strategic dimension requires companies to disclose how climate-related risks and opportunities impact their strategies, financials, and resilience to climate change [3] - In terms of risk and opportunity management, companies must outline their processes for identifying, assessing, and monitoring climate-related risks and how these processes fit into their overall risk management systems [4] Group 3: Emission Accounting - The draft specifies that companies must disclose their total greenhouse gas emissions, with a focus on Scope 3 emissions, which are often the most challenging to quantify [4] - Financial institutions are particularly required to disclose information related to their financed emissions, which typically represent a significant portion of their total emissions [4] - Unlike the international GHG Protocol recommended by IFRS S2, the draft localizes the accounting standards, requiring companies to follow national carbon emission accounting standards [4] Group 4: Implementation Challenges - The climate information disclosure poses challenges for companies in measuring, analyzing, and planning their greenhouse gas emissions [6] - Companies are encouraged to adopt a gradual approach to implementing the standards, starting with qualitative disclosures if quantitative data is not available [7] - The draft suggests that companies with the capacity should actively explore pilot projects and develop feasible disclosure plans [7]

Core Viewpoint - The report "2025 Financial Products Annual Report: Ecological Leap" by Huabao Securities highlights significant changes in the asset management industry, emphasizing the growing gap between insurance, public funds, and other asset management businesses, as well as the shift towards a buyer-centric investment advisory model [1][2]. Group 1: Industry Structure and Trends - The asset management industry in China has seen a substantial shift, with insurance and public funds significantly outpacing other asset management sectors in terms of scale [5]. - The public fund sector surpassed bank wealth management products in 2023, with expectations to further widen the gap in 2024 due to accelerated indexation [5]. - The transition to net value-based operations has not only transformed bank wealth management products but has also reshaped the entire industry ecosystem [6]. Group 2: Drivers of Growth - The growth of insurance asset management is attributed to a steady increase in funding sources and long-term stability, driven by rising insurance awareness and wealth preservation needs [7]. - Public funds have experienced rapid growth due to policy support, increased demand for wealth management, and innovation within the sector [8]. - The shift towards index-based investment strategies has significantly contributed to the growth of both public funds and ETFs, with the latter experiencing explosive growth in 2024 [17]. Group 3: Competitive Landscape - The asset management industry is facing common challenges such as the need for differentiated strategic positioning, diversified strategies, and enhanced client service capabilities [9][10]. - The competition is increasingly focused on improving customer service capabilities and leveraging AI technologies to optimize investment decisions and operational efficiency [9][10]. - The industry is moving away from a product-centric operational model towards a more service-oriented approach, emphasizing the importance of understanding and meeting client needs [10][13]. Group 4: Talent and Technology - The rise of smart investment advisory tools is reshaping the talent structure within the asset management industry, reducing reliance on traditional human advisors while creating demand for new skills in financial technology and data analysis [14][15]. - The integration of advanced technologies like generative AI and big data is enhancing operational efficiency and enabling personalized wealth management services [14][15]. Group 5: Market Insights - In the bank wealth management market, the total scale reached 30 trillion yuan in 2024, driven by declining deposit rates [16]. - The public fund market is witnessing a significant increase in the issuance of fixed-income funds, which accounted for approximately 70% of new fund issuance in 2024 [17]. - The securities asset management sector is evolving, with a focus on enhancing research capabilities and diversifying product offerings, although the pace of public fund establishment has slowed [18].

Core Viewpoint - The financial consumer protection and wealth management innovation seminar highlighted the rapid development of the asset management industry and the increasing complexity of the environment for protecting financial consumers and investors [1][2]. Group 1: Industry Trends - The asset management and wealth management sectors are experiencing rapid innovation, necessitating higher standards for practitioners in consumer protection [1]. - The importance of client-side (C-end) management capabilities has surpassed that of the investment side in the long-term development of the asset management industry [1]. Group 2: Regulatory and Technological Developments - With the improvement of regulatory rules and the acceleration of online services, the focus of financial consumer protection must shift from passive compliance to proactive service [1]. - The integration of technology in consumer protection is emphasized, with Ant Group utilizing AI to refine product risk points and dynamically adjust user risk profiles [2]. Group 3: Recommendations and Future Outlook - There is a call for the industry to prioritize consumer protection work, enhance system construction, and improve data information and privacy protection capabilities [1]. - The vision for the future includes building a positive cycle system for consumer protection technology, emphasizing the need for technological capability, industry collaboration, and a shift from compliance to mutual benefit [2].

文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人： 陆银波（15210860866） 韩港（微信 HGK1366） 核心观点 本文从行业协会视角出发，观察 20 大中观行业的现状与未来趋势。 1 ）当前供需失衡、需求不足等问题仍然存在。 2 ）但边际上，已出现一定积极迹象， 表现为：企业正通过调整改造、并购重组等方式重构行业格局（例 如百货行业）；在总量偏弱背景下不乏结构性亮点（例如珠宝消费承压，但黄金高增）； 3 ）往后看，关注四个趋势： 通过供改改善行业环境（如光伏 / 钢铁 / 石化 / 水泥等 ）；新的增长极正在 形成（ AI/ 软件 / 演出等）； AI 助力降本提效（如餐饮 / 珠宝 / 百货等）；深耕细分领域（服装 / 珠宝 / 白酒等）。 报告摘要 一、供需失衡等症结仍存 1 ）供求失衡问题，主要集中在周期、制造业领域 ，例如： a ）石化，"面临深度调整的阵痛期"； b ）钢 铁，需求自 2020 年连续 4 年下滑，且"新的供需动态平衡机制尚未建立"； c ）水泥，"水泥市场饱和度较 高"，在需求下滑的背景下， 内卷式竞争加剧； d ） ...

作者：招商银行研究院 零售客群部 私人银行部 | | 本期要点摘要 | | | --- | --- | --- | | 回顾 | 近１月 | 2025 年以来 | | 固收产品 | 中长期借鉴>范佳音等>高美级目小在审指音 | 昌等级同业存审指基 > 现金管理 > 短债塞金>中长 | | 收益回顾 | >现金管理>含权债基 | 期债基 > 含权债基 | | | 近一个月资金面转松,关税冲击国内名义经 | | | 债市回顾 | 济增长预期,信贷扩张趋稳,债市情绪明显 | 1月偏强震荡,2月-3月中旬债市大幅调整,3月 | | | 改善后转而关注政策对冲和关税进展,债券 | 中旬以来转为偏强震荡。 | | | 利率快速下行后转为窄幅震荡。 | | | 行业事件 | | 1、银行理财、保险资管首次获得网下 IPO"打新"入场券。短期有助于理财固收+产品"稳中求 | | 跟踪 | 进"策略更好实现,长期或推动理财权益投资占比进一步提升,有利于产品多样化。 | | | 展望 | 短期(1个月维度) | 中期(3-6个月维度) | | | | 债券市场中长期仍有机会。美国经济"滞胀"压力 | | | -同业存单:预计利率 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the market by more than 5% over the next six months [28]. Core Insights - Australian superannuation funds are projected to increase their investments in the U.S. to AUD 1 trillion over the next decade, with current investments at approximately AUD 400 billion [2][9][10]. - New Jersey has committed to fully funding its pension system for the fifth consecutive year, with a budget proposal of USD 72 billion for the 2025 fiscal year [3][11]. Summary by Sections Australian Pension Investments - The Australian superannuation industry, currently valued at AUD 2.6 trillion, plans to accelerate its investment in the U.S. market, with expectations of reaching AUD 1 trillion in the next ten years. This is driven by the U.S. market's innovation and depth, with about 20% of current Australian retirement fund assets already allocated to the U.S. [2][9][10]. - Aware Super noted that 70% of new funds are directed overseas, with two-thirds going to the U.S. [9]. New Jersey Pension Funding - New Jersey's Governor announced a budget proposal of USD 58.1 billion for the 2025 fiscal year, which includes a USD 7.2 billion contribution to the state pension system, marking a shift from previous practices of underfunding [3][11]. - The state aims to stabilize its pension funding after years of financial strain and underpayment, which had led to significant pension asset shortfalls [3][11]. Overseas Pension Dynamics - The U.S. employer groups are supporting FedEx in a legal dispute regarding pension benefits for married retirees, highlighting ongoing challenges in pension management [8][12]. - The Korean sovereign wealth fund KIC reported an 8.5% return for 2024, attributed to strong equity investments [14]. - The People's Pension in the UK is reallocating USD 35 billion to focus on responsible investment strategies, enhancing transparency and flexibility in asset management [15]. Domestic Pension Policies and Developments - The Chinese Ministry of Finance is focusing on improving the pension system and enhancing social security measures, including gradual retirement age reforms and increasing basic pension levels [21][22]. - Qingdao has implemented a pension advisory system to assist the elderly in accessing resources and services [21][22]. - Shanghai has released guidelines for the construction and service of specialized elderly day care centers to improve care for seniors with disabilities [21][22].

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the market by more than 5% over the next six months [30]. Core Insights - Australian pension funds are projected to increase their investments in the U.S. to AUD 1 trillion over the next decade, with current investments at approximately AUD 400 billion [2][10]. - New Jersey has committed to fully funding its pension system for the fifth consecutive year, with a budget proposal of USD 72 billion for the 2025 fiscal year [3][12]. - The Australian pension sector is expected to deepen investments in U.S. infrastructure, energy, and data centers, with a potential market size of AUD 7 trillion by 2040 [10][11]. Summary by Sections Australian Pension Investments - The Australian pension sector, currently valued at AUD 2.6 trillion, plans to accelerate its investment in the U.S. market, with a significant portion of new funds directed towards private equity and infrastructure [2][10]. - The Australian government emphasizes the importance of this investment strategy, highlighting the potential for collaboration worth trillions of dollars [10]. New Jersey Pension Funding - New Jersey's Governor has announced a budget that includes a USD 72 billion allocation to the pension system, marking a shift from previous practices of underfunding [3][12]. - The state aims to stabilize its pension funding and avoid increasing future liabilities by committing to full payments [12]. Overseas Pension Dynamics - The Korean sovereign wealth fund KIC reported an 8.5% return for 2024, attributed to strong stock market performance [9][15]. - The People's Pension in the UK is reallocating USD 35 billion to focus on responsible investment strategies, enhancing transparency and flexibility [15][16]. - Fidelity reported a 27% increase in the number of 401(k) millionaires, driven by significant stock market gains [18][19]. Domestic Pension Policies and Industry Developments - The Chinese Ministry of Finance is working on improving the pension system and increasing basic pension benefits [23][24]. - Qingdao has implemented a pension advisor system to assist the elderly in accessing services and understanding policies [23][24]. - Shanghai has released guidelines for the construction and service of specialized elderly day care centers to enhance care for seniors [23][24].