（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].

【导读】正式官宣！新疆前海联合基金迎来新股东及新高管 前"宝能系"基金公司——新疆前海联合基金迎来了从实控人到高管的全面"换血"。 | 代任高级管理人员职务 | 董事长 | | --- | --- | | 代任高级管理人员姓名 | 贺国灵 | | 是否经中国证监会核准取得高管任 | | | 职资格 | | | 中国证监会核准高管任职资格的日 | | | 期 | | | 任职日期 | 2025-10-13 | 10月15日，新疆前海联合基金公告，上海证券有限责任公司依法受让该公司100%股权，成为全资控股股东，百联集团有限 公司成为该公司实际控制人。 与此同时，该公司前董事长、总经理、法定代表人均已卸任，原上海证券资产管理总部总经理贺国灵新任该公司总经理， 并代任董事长。 新疆前海联合基金 迎来新股东及新高管 国庆前夕，证监会核准上海证券有限责任公司成为新疆前海联合基金管理有限公司主要股东。同时，核准百联集团有限公 司成为前海联合基金实际控制人；对上海证券依法受让前海联合基金20000万元人民币出资（占注册资本比例100%）无异 议。 10月15日，新疆前海联合基金也正式公告，上海证券依法受让该公司100%股权 ...

Group 1 - Xinjiang Qianhai United Fund has undergone a complete leadership change, with Shanghai Securities becoming the sole shareholder and Baillie Group as the actual controller [1][2] - The new general manager and legal representative is He Guoling, who has over 20 years of experience in the financial industry [3][4] - The previous chairman and general manager have resigned due to work arrangements [4] Group 2 - The approval from the China Securities Regulatory Commission (CSRC) for Shanghai Securities to acquire 100% equity of Xinjiang Qianhai United Fund was granted before the National Day holiday [2] - The trend in the asset management industry shows a shift towards acquiring existing fund companies or establishing new ones due to tightening regulations on public fund licenses [5] - The flexibility in employee compensation and equity incentives in newly established fund companies is crucial for attracting top investment research talent [6]

Core Insights - The significant decline in new resident deposits and the increase in non-bank deposits in August has sparked discussions about the phenomenon of "deposit migration" in the market [1] - The trend of asset allocation is shifting towards higher-yielding financial products due to declining deposit rates and a recovering equity market [1] - The overall scale of listed companies' financial management has shown a downward trend, with a 26.17% decrease from the peak in 2022 [1][3] Group 1: Financial Management Trends - Listed companies are increasingly investing in financial products, primarily using their own funds, with a focus on structured deposits and bank wealth management products [3] - The demand for corporate financial management is driven by the need for stable returns and liquidity, especially as companies stabilize and experience cash accumulation [3][4] - The proportion of cash holdings remains high at over 70%, but is declining, while the shares of bank wealth management, securities asset management, and trust products are on the rise [1][4] Group 2: Market Dynamics - The decline in deposit rates has heightened the demand for capital preservation and appreciation among companies, leading to a renewed interest in corporate wealth management [4][5] - The implementation of asset management regulations has facilitated the diversification and net value transformation of financial products, offering higher yields and flexibility compared to traditional deposits [4][5] - Companies are increasingly focused on optimizing their capital structure and improving asset return efficiency in response to uncertain operating environments [5] Group 3: Investment Performance - The average annualized yield of cash management products is currently at 1.32%, while fixed-income products have shown varying yields, generally outperforming traditional deposit products [7] - The investment scale in structured deposits remains significant, but has decreased by approximately 100 billion yuan year-on-year [7][8] - As corporate profits begin to recover, the total scale of funds used for financial management by listed companies is expected to improve [8] Group 4: Opportunities for Asset Management Institutions - Asset management institutions are recognizing the growing demand for corporate wealth management and are actively positioning themselves to meet this need [9][10] - Institutions are advised to enhance product customization, flexibility, and transparency to better serve corporate clients [10] - The market for corporate financial management is becoming more institutionalized and professionalized, necessitating asset management institutions to adapt and strengthen their competitive capabilities [10]