Core Insights - The asset management industry is entering a new phase of high-quality development, requiring institutions to explore differentiated paths while focusing on investment, service, and brand building [1][2]. Industry Overview - The overall scale of the asset management industry has exceeded 160 trillion yuan, with structural differentiation becoming evident among various segments [1]. - Public funds, insurance asset management, bank wealth management, and trusts have collectively surpassed 30 trillion yuan, intensifying the Matthew effect, while private equity, securities asset management, and futures asset management face severe competition [1]. Securities Asset Management - The entrusted scale of securities asset management is stable at 7 trillion yuan, but the industry needs new growth breakthroughs due to the end of large collective rectifications and declining fixed-income asset yields [2]. - Only 14 securities firms and their asset management subsidiaries have public fund management qualifications, holding a mere 2% market share in the public fund sector, with a similar incremental share for the year [2]. Development Path of Oriental Red Asset Management - The company emphasizes a customer-centric approach to build core competitiveness [2]. - It practices value investing and active management, establishing a comprehensive research and investment system across equity, fixed income, fund of funds (FOF), and quantitative fields, achieving good long-term investment returns [2]. - The company prioritizes customer experience through its "Oriental Red Long March" service system, enhancing service quality and reputation [2][3]. Brand Building and Challenges - The "Oriental Red Long March" initiative has conducted over 14,500 customer service events, reaching 2.09 million participants over the past 10 years [3]. - The company has consistently invested in brand building since its inception, aiming to accumulate brand assets and create a sustainable competitive advantage [3]. - Despite facing challenges in its differentiated development, the company believes that a successful asset management strategy is driven by "good investment + good service + good brand" [3]. Future Outlook - The company asserts that the asset management industry in China allows for diverse development paths, encouraging institutions to focus on core values and create differentiated competitive advantages [3].

近日，在深圳举行的"第十九届深圳国际金融博览会暨2025中国金融机构年会"分论坛"中国证券业资产 管理高峰论坛"上，东方红资产管理总经理成飞发表主题演讲时表示，在行业高质量发展的新阶段，各 类资产管理机构需要依据自身禀赋不断探索差异化发展路径，在做好投资和服务的同时，重视品牌的培 育与长期建设，努力构建基业长青的护城河。 成飞认为，在资管行业规模增长、业态不断丰富的大背景下，各类型的资产管理机构迎来了高质量发展 新机遇，同时也面临着一些新挑战。今年以来，大资管行业整体规模超过160万亿元，但细分领域结构 性分化凸显。其中，公募基金、保险资管、银行理财和信托整体规模超30万亿元，马太效应加剧，而同 期私募、券商资管、期货资管等机构仍然面临着严峻的竞争格局。 就券商资管而言，一方面，7万亿元的受托规模虽然短期企稳，但伴随着大集合整改结束、固收资产收 益率下降，行业急需新的增长突破；另一方面，当前具有公募业务管理资格的券商及资管子公司仅有14 家，在公募领域市场份额占比仅2%，年内增量占比2%。公募白热化竞争，也对券商资管的综合实力提 出了更高要求。 三是在服务上，高度重视客户体验，持续构建以"东方红万里行"为核心 ...

今年以来，大资管行业整体规模超过170万亿元，但细分领域结构性分化凸显。其中，公募基金、保险 资管、银行理财和信托整体规模超30万亿元，马太效应加剧，而同期私募、券商资管、期货资管等机构 仍然面临严峻的竞争格局。 具体就券商资管而言，一方面，7万亿元的受托规模虽然短期企稳，但伴随着大集合整改结束、固收资 产收益率下降，行业急需新的增长突破；另一方面，当前具有公募业务管理资格的券商及资管子公司仅 有14家，在公募领域市场份额占比仅2%，年内增量占比2%。公募白热化竞争，也对券商资管的综合实 力提出了更高要求。 近日，第十九届深圳国际金融博览会暨2025中国金融机构年会在深圳举行。在"中国证券业资产管理高 峰论坛"分论坛上，东方红资产管理总经理成飞发表《坚定价值 久久为功——资管机构差异化发展路径 探索》为题的主题演讲。 成飞表示，在行业高质量发展的新阶段，各类资产管理机构需要依据自身禀赋不断探索差异化发展路 径，在做好投资和服务的同时，重视品牌的培育与长期建设，努力构建基业长青的护城河。 成飞认为，在资管行业规模增长、业态不断丰富的大背景下，各类型的资产管理机构迎来了高质量发展 的新机遇，但是同时也面临了一些新 ...

Core Viewpoint - The asset management industry is entering a new phase of high-quality development, where institutions must explore differentiated development paths while focusing on investment, service, and brand cultivation to build a sustainable competitive advantage [2]. Industry Overview - The overall scale of the asset management industry has exceeded 170 trillion yuan, with structural differentiation becoming evident among various segments [2]. - Public funds, insurance asset management, bank wealth management, and trusts have collectively surpassed 30 trillion yuan, highlighting an intensifying "Matthew Effect" [2]. - Private equity, securities asset management, and futures asset management are facing severe competition, indicating a challenging environment for these institutions [2]. Securities Asset Management Insights - The entrusted scale of securities asset management has stabilized at 7 trillion yuan, but the industry is in urgent need of new growth breakthroughs due to the end of large collective rectifications and declining fixed-income asset yields [2]. - Only 14 securities firms and their asset management subsidiaries have public fund management qualifications, holding a mere 2% market share in the public fund sector, with a year-to-date incremental share of 2% [2]. Development Path of Dongfanghong Asset Management - Dongfanghong Asset Management emphasizes a customer-centric approach to build core competitiveness [3]. - The firm practices value investing and active management, establishing a comprehensive investment research system across equity, fixed income, fund of funds (FOF), and quantitative fields, achieving good long-term investment returns [3]. - The company prioritizes customer experience through its "Dongfanghong Wanli Xing" service system, having conducted over 14,500 customer service events, reaching 2.09 million participants over the past decade [3]. Brand Building and Challenges - Since its inception, Dongfanghong has focused on brand establishment, continuously investing in brand assets to create a competitive moat [3]. - The company has faced challenges in its differentiated development journey but believes that maintaining faith and positioning is crucial for long-term success [3]. Strategic Insights - The belief is that excellent asset management is driven by a combination of good investment, good service, and good branding [4]. - Differentiation is not about being ostentatious but about maximizing core advantages [4]. - The development of asset management institutions will undergo three levels of transition: from strategy to licensing, and finally to brand elevation, allowing for diverse development paths within the industry [4].

Core Insights - The article emphasizes the evolution of investor services in China's asset management industry over the past decade, highlighting the "Dongfanghong Wanli Xing" initiative as a cornerstone for healthy industry development [1][4][14] - The initiative has successfully conducted over 14,400 events, reaching more than 2.09 million investors across over 100 cities, establishing a comprehensive support system for investors [1][4] Group 1: Historical Context and Development - The "Dongfanghong" brand was established in 2005, focusing on value investment and investor education, which has been a fundamental aspect of its operations [5][6] - The initiative was launched in 2015 during a turbulent market period, aiming to help investors understand the relationship between long-term value and short-term volatility [6][9] - The team recognized that excellent performance alone is insufficient; systematic services and support are essential to protect investor returns [6][9] Group 2: Service Evolution and Upgrades - In recent years, the company has upgraded its investor service system, expanding its course offerings from four core modules to eighteen detailed courses, addressing various investor needs [9][10] - A dedicated lecturer team has been established to provide customized services based on client demands, enhancing the educational experience for different investor profiles [10][11] - The initiative has expanded its outreach to include diverse groups such as corporate employees, students, and the elderly, ensuring a broad dissemination of financial knowledge [11][12] Group 3: Future Directions and Goals - The company plans to launch a nationwide tour in 2025, themed "Picking Up Light and Walking Together," to further engage with investors and enhance their understanding of investment and asset management [14][15] - The tour will cover ten key cities, focusing on providing targeted services based on local economic conditions and investor needs [14][15] - The overarching goal is to improve financial literacy and support the high-quality development of China's capital markets, reinforcing the company's commitment to long-term investor relationships [15][16]