《期货经营机构资产管理业务备案管理规则》自今年1月17日正式实施以来，已经运行超过半年时间。这一新规的落地实施，对期货资管行业产生了深远影 响。在提高展业门槛、强化资质管理的政策导向下，期货资管行业呈现出"主动优化、整体收紧"的发展态势。管理能力较弱、资金规模偏小、创新能力不足 的期货资管机构面临更大的生存压力，行业分化格局正在加速形成。 行业门槛提升，机构加速分化 备案新规的实施带来了期货资管行业生存法则的重构。新规显著提高了撤销业务资质的条件，将原先"连续24个月未成功备案新增产品"的标准调整为"连续6 个月未成功备案新增产品"，同时新增了"无正常运作产品即撤销资质"的条款。这些规定直接针对长期"囤牌""保牌"而不实际展业的机构。 中基协数据显示，截至今年5月底，证券期货经营机构私募资管产品规模合计12.11万亿元，其中期货公司及其资管子公司合计规模为3482.35亿元，占比 2.88%。与银行、基金、券商等资管机构相比，期货资管业务整体规模偏小。 今年7月1日，山东齐盛期货发布经营范围变更公告，宣布公司资产管理业务撤销登记备案。这一举动并非个例，近半年来已有10余家机构采取了类似行动。 中基协公布的数据 ...

今年1月17日，《期货经营机构资产管理业务备案管理规则》（下称备案新规）正式实施，目前已落地 半年时间。记者了解到，今年以来，在备案新规提高展业门槛、加强资质管理的背景下，期货资管整体 呈现"主动优化、整体收紧"的态势，管理能力弱、资金规模小、创新能力不足的期货资管机构未来生存 空间或被进一步压缩，行业分化格局有望持续。 期货资管行业门槛提高 聚焦特色定位发挥独特优势 中基协数据显示，截至今年5月底，证券期货经营机构私募资管产品规模合计12.11万亿元，其中期货公 司及其资管子公司合计规模为3482.35亿元，占比2.88%。与银行、基金、券商等资管机构相比，期货资 管业务整体规模偏小。 不过，也有观点认为，期货资管可以聚焦为产业链服务，成为资管大固收配置之外的补充策略。 "备案新规不是简单地提高门槛，而是期货资管生存法则的重构。"在大地期货副总经理杨维维看来，期 货资管行业正在"加速出清"。 备案新规提高了撤销业务资质的条件，将"连续24个月未成功备案新增产品"调整为"连续6个月未成功备 案新增产品"，并新增"无正常运作产品即撤销资质"条款。杨维维认为，这一规定直接指向长期"囤 牌""保牌"不展业的机构。 ...

Group 1 - Private equity investment serves as a crucial bridge connecting the innovation needs of the real economy with the effective supply of social capital, playing an indispensable role in enhancing the global resource allocation capability of Shanghai as an international financial center [2][29] - The recent Central Financial Work Conference emphasized accelerating the construction of a financial powerhouse, focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, which will guide the future development of the financial industry in China [2][8] - Shanghai aims to become a leading global financial center by 2035, characterized by an open modern financial market system and a global RMB asset allocation center, competing with New York and London [2][9] Group 2 - Private equity investment is a vital component of the direct financing system, guiding social capital towards the real economy, particularly innovative enterprises and strategic emerging industries [3][4] - The development level and activity of private equity investment are important indicators of the maturity and competitiveness of an international financial center [3][4] - Private equity investment enhances corporate governance and operational efficiency by actively participating in major decisions of invested companies, promoting the establishment of standardized governance structures [7] Group 3 - The "five key areas" outlined in the recent financial strategy highlight the historical mission of private equity investment to support national strategies, including technological self-reliance, green low-carbon development, and regional coordinated development [8][21] - Private equity investment must return to its core purpose of enhancing the quality and efficiency of financial services to the real economy, avoiding short-term speculation [8][21] - Promoting the healthy development of private equity investment is essential for preventing and mitigating financial risks, which includes improving fundraising, investment, management, and exit mechanisms [8][21] Group 4 - Shanghai's financial market is characterized by a high concentration of financial resources, talent, information, and technology, providing favorable conditions for private equity fund operations [9] - The city has been at the forefront of financial innovation in China, implementing pilot programs for qualified foreign and domestic limited partners, which fosters a conducive policy environment for private equity investment [9] - Strategic emerging industries in Shanghai, such as integrated circuits and biomedicine, offer a rich pool of quality investment targets for private equity [9][13] Group 5 - Private equity investment can significantly contribute to the development of technology finance by providing funding support across the entire chain of technological innovation [10][11] - The focus on "hard technology" projects in key sectors like integrated circuits and artificial intelligence is essential for Shanghai's goal of becoming a global technology innovation center [10][11] - Private equity investment should enhance post-investment support and management for technology enterprises, facilitating their growth and addressing challenges [11] Group 6 - Private equity investment plays a critical role in promoting green finance by directing capital towards environmentally sustainable projects and supporting the transition to a low-carbon economy [12] - Establishing green-themed funds and participating in carbon markets are key strategies for private equity firms to engage in green finance [12] - The transformation of traditional industries towards greener practices can be facilitated through private equity investment, which can help upgrade production methods [12] Group 7 - Private equity investment is essential for inclusive finance, aiming to provide affordable financial services to underserved groups, including small and micro enterprises [14][15] - Collaborating with government-led funds can enhance the reach of private equity investment in the inclusive finance sector [14][15] - Focusing on specific areas of inclusive finance, such as agricultural modernization and community businesses, can further support social equity [14] Group 8 - The development of pension finance is crucial for addressing the aging population in Shanghai, with private equity investment playing a role in creating specialized funds for the elderly care industry [16][17] - Collaborating with insurance capital to invest in the pension sector can leverage resources for better outcomes [16][17] - Exploring asset securitization in the elderly care sector can improve capital efficiency and support the development of sustainable pension services [17] Group 9 - Digital finance is a strategic focus for Shanghai, aiming to enhance the efficiency and inclusivity of financial services through technological innovation [19][20] - Private equity investment can support the digital transformation of traditional financial institutions and invest in foundational technologies for digital finance [19][20] - Engaging in the development of digital financial infrastructure is essential for creating a robust digital finance ecosystem [20]