【导读】券商资管2026年多资产展望：权益掘金牛市后半程，多元配置凸显价值 进入2026年，在年初投资布局关键期，券商资管聚焦权益、债市与FOF三大业务，为全年投资锚定清晰 方向。综合来看，受访机构认为权益市场仍处于"牛市后半程"，结构性机会丰富；债市预计维持宽幅震 荡；在波动与机遇并存的环境中，进行多资产、多策略配置仍是主流选择。 权益市场：锚定牛市后半程 对于2026年的A股市场，多家券商资管持积极看法，认为其仍处于"牛市后半程"，驱动因素包括流动性 充裕、盈利周期见底回升、政策持续支持以及居民资产配置转移等。 国金资管表示，当前流动性环境和政策监管环境持续完善，长期资金呈持续流入态势，科技持续突围与 经济结构性亮点有望为部分行业带来基本面景气向上的结构性机会。权益市场的投资机会或将更具广度 和深度。 财通资管指出，"春季躁动"行情可能会在岁末年初到来，且以TMT和中小市值风格为主。另外，从市净 率（PB）和净资产收益率（ROE）角度出发，当前电力设备、非银金融、有色金属、传媒性价比或占 优，PB和ROE双底的消费及顺周期行业等待布局。 对于债券市场，多家券商资管判断，收益率将维持宽幅震荡走势，下行与上行 ...

最高赚超66%，首批北证50成份指数基金三年了 近日，首批北证50成份指数型基金迎来面市三周年。数据显示，首批8只产品成立以来收益均为正，最 高达66.65%。业内人士表示，随着北交所上市公司数量和规模不断增长，北证50成份指数的投资价值 或更为突出，相关基金产品也会进一步丰富。（中国基金报） 优势凸显，红利指增策略受追捧 在利率中枢下移的背景下，量化红利指数增强策略正成为私募机构的布局热点。茂源量化、磐松资产、 星阔投资等私募纷纷加码该赛道，红利指增策略已从细分领域走向主流配置，成为满足投资者多元化投 资需求、平衡组合风险的重要工具。（中国基金报） 近千名基金经理面临"降薪"，你的基金经理也在里面吗？ 基金业薪酬"地震"来了！顶流基金经理也可能因业绩太差被降薪30%？一份即将重塑公募基金行业激励 生态的监管新规，正引发市场高度关注。根据日前下发的《基金管理公司绩效考核管理指引（征求意见 稿）》（下称《指引》），主动权益类基金经理的薪酬将与其长期业绩深度挂钩，并设置刚性十足 的"奖惩"机制，剑指"基民不赚钱基金经理躺赚"的问题。意见稿明确，主动权益基金经理若管理产品三 年跑输业绩基准超10个百分点且基金利润率 ...

Group 1 - The core viewpoint of the articles highlights the transformation of two bond-type public collective products under Dongzheng Ronghui Asset Management into bond funds, marking a significant milestone in the compliance and transformation of securities asset management products ahead of the 2025 deadline [1][2] - As of the third quarter of 2025, the combined scale of the two products exceeds 9 billion yuan, setting a new record for the single transfer of non-financial public collective products [1] - Dongzheng Ronghui's collaboration with Dongcai Fund is attributed to the latter's strengthened fixed income research team and strong market performance of its bond products, particularly the "Dongcai Ruili Bond A" which achieved a 6.54% annual return in 2024 [2] Group 2 - The asset management industry is undergoing rapid consolidation, with nearly 100 public collective products still facing transformation as of early December 2025, indicating a shift from competition to collaboration between securities asset management and public funds [3] - The partnership between Dongzheng Ronghui and Dongcai Fund not only addresses compliance and product sustainability but also allows Dongzheng to focus resources on core business areas while enriching Dongcai's product line and increasing asset management scale [3] - The evolving landscape of asset management emphasizes the importance of specialized research capabilities, with public institutions expected to play a more significant role in the asset management ecosystem in the future [3]

（原标题：财通资管李响：券商资管应构建持续创造回报、真正陪伴客户的投研体系） 据李响介绍，财通资管致力于推动三方面工作：一是深耕主动管理，持续加强投研能力建设，提升客户 投资体验；二是推动投研体系向体系化、团队化方向发展，在统一理念下鼓励百花齐放；三是重视内部 人才培养，目前已建立起从研究员到投资经理的完整培养路径，并鼓励团队内部思想碰撞。 人民财讯11月19日电，11月19日，第十九届深圳国际金融博览会开幕，"2025中国金融机构年会暨中国 证券业资产管理高峰论坛"同步举行。财通资管总经理助理、权益投资总监李响分享了公司取得公募牌 照十年来的发展实践。 她表示，财通资管始终坚持价值投资理念，目前已形成"一主两翼"的业务格局。面对行业监管趋严、竞 争加剧与盈利收缩的挑战，财通资管持续思考如何打造能为客户带来可持续回报的投研体系、如何做好 客户陪伴服务。 数据显示，截至2025年三季度末，财通资管公募权益管理规模已位列行业第三，权益投研团队近40人， 平均从业年限达9年，投资人员平均从业14年，并已在科技、消费、制造、医药等重点板块形成研究优 势。 ...

顾伟拥有超20年的保险资管、公募基金、券商资管从业经验。对于券商资管的发展，顾伟提出明确路 径：应充分发挥在固收、FOF、衍生品等领域的优势，以强大的中央资产配置投研体系为基础，构建多 策略平台，通过组合管理有效提升产品和策略的风险后收益，即实现单位风险收益最大化或单位收益风 险最小化；同时通过深入有效的资产负债管理提升客户体验，最终实现券商资管的跨越式发展。 转自：证券时报 人民财讯11月19日电，11月19日，第十九届深圳国际金融博览会开幕，"2025中国金融机构年会暨中国 证券业资产管理高峰论坛"同步举行。申万宏源资管首席投资官顾伟表示，资管行业未来的目标是提供 更好用户体验的产品，共同开拓百万亿居民储蓄的增量市场。 ...

Core Insights - The Chinese securities asset management industry has undergone significant transformation, resulting in a more rational business structure and enhanced operational standards, thereby increasing competitiveness in the broader asset management landscape [1] Group 1: Industry Trends - Three major trends are reshaping the securities asset management ecosystem: 1. Digital empowerment, with AI and large model technologies permeating the entire chain from investment research to customer service 2. Demand upgrade, where new needs such as retirement finance and green investment are driving product innovation 3. Capability reconstruction, necessitating a shift from traditional investment management to comprehensive solution provision [1][1][1] Group 2: Strategic Recommendations - For the securities asset management industry, leveraging the collaborative advantages of securities groups is essential. This includes deepening industry research and promoting synergy between asset management, wealth management, investment banking, and research sectors to enhance active management capabilities and customer service levels, ensuring precise alignment with market demands to stand out in a competitive market [1][1][1]

Core Viewpoint - The article discusses the current state of the A-share market, highlighting its unique behavior compared to the US stock market, and suggests investment strategies suitable for a cautious market environment [4][5][6][12]. Market Analysis - The US government shutdown news led to a rise in US stocks, while the A-share market remained relatively calm, with the Shanghai Composite Index experiencing slight declines [4][5][6]. - Since the Shanghai Composite Index reached 4000 points, the market has been in a state of consolidation, indicating a short-term pressure point at this level [7][8]. - Nearing year-end, many investors are adopting a cautious approach, resulting in limited new capital entering the market [9]. - Although the trading volume remains around 2 trillion, it has decreased compared to the third quarter, reflecting a cooling market sentiment [10]. - The AI technology sector, which previously supported market growth, now requires time to digest emotions and valuations, leading to concerns about potential bubbles [12]. Investment Strategies - For investors seeking stability, the article recommends focusing on macro low-volatility strategies, which involve diversifying across stocks, bonds, and commodities to achieve a balanced performance independent of economic cycles [14]. - The low-correlation among various asset classes allows for complementary effects, enhancing returns while smoothing portfolio volatility, making it suitable for conservative investors [15]. - The article also introduces two additional strategies for stable investments: 1. **ABS Strategy**: This involves analyzing and purchasing Asset-Backed Securities (ABS) to achieve higher yields than traditional bonds, focusing on the quality of underlying assets [17]. 2. **Brokerage Fixed Income Asset Management Plans**: These plans offer better security and returns due to their backing by brokerages, strict internal controls, and high liquidity, making them suitable for short-term cash management [18]. Conclusion - The article emphasizes the importance of adopting a cautious investment approach, either through diversified strategies or maintaining high liquidity to seize market opportunities as they arise [19][20].

Core Viewpoint - The appointment of Cui Chun as the new general manager of Huatai-PB Fund marks a significant leadership change after a five-month vacancy, raising expectations on how the management will enhance the company's competitive edge while expanding its diversified business layout [2][3][4] Group 1: Leadership Change - Cui Chun has over 20 years of experience in the financial industry, with a career path that includes roles in securities, funds, and banking, focusing on fixed income research and strategic management [3][4] - The previous general manager, Han Yong, left due to "work adjustment," and during the interim, Chairman Jia Bo acted as the general manager [4] Group 2: Company Background - Huatai-PB Fund, established in November 2004, is a Sino-foreign joint venture with a registered capital of 200 million RMB, primarily owned by Huatai Securities and BOC International [7] - As of the second quarter of this year, the fund's public offering management scale reached 707.62 billion RMB, ranking 16th in the industry, with nearly 80% of its non-monetary fund scale in equity funds [7] Group 3: Business Performance - By the end of the first half of 2025, Huatai Securities Asset Management's assets under management reached 627 billion RMB, with public fund business exceeding 160 billion RMB [4][6] - The fund's revenue for the first half of 2025 was 1.952 billion RMB, with a net profit of 204 million RMB, making it one of the few asset management firms with revenue over 1 billion RMB and net profit exceeding 500 million RMB [6][9] Group 4: Strategic Focus - Cui Chun emphasizes the need for differentiated and platform-based development in the asset management sector, with a strong focus on technology empowerment to enhance business capabilities [5] - The fund aims to maintain its index business advantage while developing active management and diversified asset allocation capabilities to meet evolving market demands and client needs [10]

Core Viewpoint - Huatai-PB Fund announced the appointment of Cui Chun as the new General Manager, effective October 28, 2023, while the previous chairman, Jia Bo, will no longer act in this capacity [1] Group 1: New Management Appointment - Cui Chun has been appointed as the General Manager of Huatai-PB Fund, with a term ending on October 28, 2025 [2] - Cui Chun holds a master's degree from Tsinghua University and has over 20 years of experience in the financial industry, having worked at various prestigious institutions [5] - Prior to joining Huatai Securities Asset Management in 2015, Cui held significant positions in companies such as Everbright Securities and China Construction Bank [5] Group 2: Company Performance and Strategy - As of mid-2025, Huatai Securities Asset Management's assets under management reached 627 billion yuan, with public fund business exceeding 160 billion yuan [5] - The company reported revenue of over 1.2 billion yuan and a net profit of 713 million yuan for the first half of 2025, making it one of the few asset management firms with such high figures [6] - Huatai-PB Fund has a strong position in the ETF market, with its ETF management scale exceeding 597.8 billion yuan, reflecting a year-on-year increase of over 118.6 billion yuan [7] Group 3: Future Outlook - The industry anticipates that Cui Chun's experience in diversified asset management and financial technology will create strong synergies with the existing leadership [6] - Huatai-PB Fund is recognized for its long-term commitment to index investment, maintaining a leading position in the passive investment sector [6] - The company is also expanding its active management capabilities, particularly in quantitative and fixed-income strategies, which is expected to support future growth [7]

Group 1 - The core point of the news is the appointment of Ms. Cui Chun as the new General Manager of Huatai-PB Fund, which is seen as a strategic move to strengthen the company's index business while pursuing diversified development and deeper strategic collaboration [1][3]. Group 2 - Ms. Cui Chun has over 20 years of experience in the financial industry, with a background that spans securities, funds, and banking, making her a rare leader in the asset management sector [2]. - Under her leadership at Huatai Securities Asset Management, the company achieved significant growth, with total assets under management reaching 627 billion yuan by mid-2025, and revenue exceeding 1.2 billion yuan with a net profit of 713 million yuan [2]. Group 3 - Huatai-PB Fund is recognized as a leading player in the ETF market, with its non-money market ETF scale consistently ranking among the top three in the industry [3][4]. - As of the end of Q3, the ETF management scale of Huatai-PB Fund surpassed 597.8 billion yuan, reflecting a year-on-year increase of over 118.6 billion yuan [4]. - The company has also shown strong execution in developing new broad-based products, such as the A500 ETF, which has reached a scale of 28.393 billion yuan, leading its category [4].