二是理财公司要强化中长期产品布局、大力发展差异化服务。黄党贵认为，理财客群具有追求稳健收益 的特点。产品期限拉长，有助于控制市场波动对收益带来的影响，为理财资金运用向多资产、多策略转 型创造必要条件。当前，各家理财机构已在大力发展长久期的养老理财、含权理财等等，这将塑造理财 行业差异化竞争新格局，推动行业持续稳健发展；也有助于培养广大投资者科学投资理念，实现财富长 期保值增值。 黄党贵还针对推动实现理财行业高质量发展提出了三点建议：一是进一步优化业务结构，鼓励发展中长 期限产品。二是积极有序推动跨境理财业务发展，服务高水平对外开放新格局。三是进一步支持理财公 司提高投资能力，丰富产品供给。 凤凰网财经讯 中银理财董事长黄党贵12月27日在"中国财富管理50人论坛2025年会"上表示，为了更好 适应"十五五"时期经济社会高质量发展的需要，理财公司需要进一步加快专业化、市场化的转型步伐， 主要包括两个方向： 一是理财要成为更紧密链接投资和融资的桥梁。"'十五五'时期，理财公司需要基于现状来拓展定位， 原因在于科技创新、产业创新正进一步成为经济增长的关键动能，更多地依赖直接投资、权益投资，而 这恰恰是现在多数理财公 ...

21世纪经济报道记者林汉垚 见习记者冯紫彤 在存款利率持续下行背景下，银行理财再次成为居民财富配置的重要选项。如何承接好这股巨大的资金流量，并转化为服务实 体经济的资本活水，是行业面临的核心课题。 12月27日，中银理财董事长黄党贵在中国财富管理50人论坛2025年会上，系统阐述了对"十五五"时期理财行业高质量发展的思 考。 理财行业一端连接公众财富，一端连接金融市场，且与商业银行系统关系紧密。黄党贵认为，理财行业高质量发展有助于提高 经济金融的适配性，也是支持现代化产业体系建设的重要力量。他进一步指出，理财行业健康发展能够促进直接融资与间接融 资协同，推动扎实做好"五篇大文章"，增强融资结构与新质生产力发展需求的适配性，为科技创新与产业创新提供更多的金融 活水。 "十五五"规划建议明确提出提高人民币资本项目开放水平，塑造吸引外资新优势和有效实施对外投资管理，黄党贵指出："伴随 人民币国际化和贸易投资一体化发展，'全球投资中国'和'中国投资全球'的资产管理需求将明显上升，跨境资管业务具有广阔空 间。" 转型：需要进一步加快专业化、市场化的转型步伐 黄党贵同时指出，为了更好适应"十五五"时期经济社会高质量发展的 ...

12月27日金融一线消息，中国财富管理50人论坛2025年会在京召开，本届年会的主题是"迈向'十五 五'建设金融强国"。中银理财董事长黄党贵参与"锚定十五五：资管行业定位重构与能力跃迁"圆桌讨 论。 专题：中国财富管理50人论坛2025年会 黄党贵表示，党的二十届四中全会为"十五五"时期经济社会的高质量发展指明了方向，理财公司作为具 备中国特色、普惠性较强的资产管理形态，应该更好地践行金融的政治性、人民性，落实国家政策部 署，提高服务实体经济的质效，为居民创造更多的财富。 在他看来，推动理财行业的高质量发展具有多重意义： 首先，推动理财行业高质量发展、更好满足居民财富保值增值的需要，是落实扩内需战略的有力举措。 从总量看，我国中等收入群体持续扩大，现在是全球第二大财富管理市场。从结构看，居民财富呈现从 银行存款向多元化金融资产转移的趋势。在人口老龄化和低利率环境的背景下，预计这一趋势还将延 续，推动理财行业持续增长。 其次，理财行业高质量发展有助于提高经济金融适配性，也是支持现代化产业体系建设的重要力量。理 财一端连着公众财富，一端连着金融市场，且与商业银行系统关系紧密。理财行业的健康快速发展，有 助于促进直 ...

Investment Rating - The report maintains an "Overweight" rating for the industry [2] Core Insights - The current wealth management market (2025-2026) shows increased differentiation and stratification compared to the previous cycle (2020-2021), with a focus on matching client needs [5][10] - Financial institutions are transitioning from a "sell-side" sales model to a "buy-side" advisory model, emphasizing long-term service capabilities and precise matching of client needs [5][10] - Investment opportunities are expected to favor financial institutions with a strong middle-to-high value client base, comprehensive services, and innovative product offerings [5][10] Summary by Sections Common Logic of Two Cycles - Both cycles are characterized by ample liquidity supporting asset prices, with the previous cycle driven by aggressive monetary and fiscal policies, while the current cycle is marked by low interest rates and excess precautionary savings [9][16] - Clear industry trends guide capital flows, with the previous cycle dominated by consumption and new energy, while the current cycle is led by AI and hard technology [9][22] - The trend of asset migration from real estate to financial assets is irreversible, continuing the financialization process [9][25] Core Differences of Two Cycles - The macro environment has shifted from "strong stimulus expansion" to "weak recovery defense," with a focus on stabilizing growth and managing risks [25][27] - There is a notable change in resident expectations and risk preferences, with a shift from broad income growth to increased differentiation among income groups [35][38] - Asset allocation logic has evolved from a singular offensive strategy to a diversified and balanced approach, incorporating defensive assets alongside growth opportunities [46][50] Characteristics of the Previous Cycle - The previous cycle was driven by strong stimulus measures, resulting in a significant recovery in GDP and a structural bull market in equities, particularly in high-growth sectors [3][9] - The investment behavior was aggressive, with high turnover and a focus on chasing high-performing assets, leading to a "star chasing" phenomenon among investors [3][9] Current Cycle and Future Characteristics - The current cycle is characterized by low interest rates and a new normal of asset revaluation, with a gradual but steady migration of assets [10][25] - The asset side is moving towards a balanced approach, with a mix of high-dividend and growth assets, and an increasing preference for alternative investments as risk hedges [10][50] - Financial institutions are expected to focus on client segmentation, asset allocation capabilities, and long-term service value, with a shift towards a "buy-side" advisory model [10][55]

专题：中国财富管理50人论坛2025年会 12月27日金融一线消息，中国财富管理50人论坛2025年会在京召开，本届年会的主题是"迈向'十五 五'建设金融强国"。光大理财总经理武兴锋参与"低利率挑战：市场价值重构与机构应对之策"圆桌讨 论。 武兴锋表示，当前我国资管行业正处于从"规模导向"向"价值导向"转型的关键阶段，低利率常态化、监 管体系日趋完善、优质资产收益持续收窄、市场分化加剧已成为行业发展的新常态。在此背景下，理财 机构如何精准战略定位、夯实核心竞争能力，实现稳健可持续发展，是行业亟待破解的重要课题。 在武兴锋看来，当前市场呈现出"理财需求持续扩容、投资回报稳步下行、产品波动有所加大"的核心特 征，这一格局既构成了行业发展的主要挑战，也为行业价值重塑提供了重要契机。 从资金端来看，居民财富配置转型趋势持续深化。截至2025年11月末，银行理财市场存续规模达31.67 万亿，公募基金规模突破36万亿，资管行业整体呈现稳步扩张态势。这一规模增长背后，既蕴含着我国 居民财富再配置的深层逻辑，也与党的二十大报告中"多渠道增加城乡居民财产性收入"的战略要求高度 契合。一方面，根据国际经验，人均GDP处于较高水 ...

2025年5月，《江苏省养老金融高质量发展行动方案》出台，多部门联手完善养老金融政策体系，明确 鼓励金融机构创新多元化养老金融产品，根据自身定位提供差异化金融服务，拓展银发经济多元化融资 渠道，提升金融服务适老化水平，加强养老金融宣传教育。 养老是家事，更是国事。中央金融工作会议将养老金融作为"五篇大文章"之一，为金融服务社会民生、 实现高质量发展指明了方向。一段时间以来，江苏金融业从打造适老化服务品牌、创新养老金融产品、 加大养老产业信贷支持、丰富个人养老产品等方面着手，进一步提升养老金融服务质效，做深做实养老 金融大文章。 深化制度体系建设，江苏出台一揽子政策，为养老金融发展固根筑基。2024年5月，国家金融监督管理 总局江苏监管局印发《关于开展银行业保险业服务经济社会高质量发展"五促进五优化"行动的意见》。 其中围绕"促进养老金融加快发展"，明确要求银行保险机构支持健全"苏适养老"服务体系，优化养老金 融产品供给，持续深化适老化金融服务。 在健全"苏适养老"服务体系方面，省银行业协会自2021年起就通过调研培训、宣传引导、经验交流等多 项举措加强银行网点适老金融服务，持续推动加快网点适老化改造，强化网点 ...

新华财经北京12月9日电（记者吴丛司）养老金融作为金融"五篇大文章"之一，正迎来前所未有的发展机遇。面对2035年我国60岁以上人口将突破4亿、银 发经济规模有望达30万亿元的未来，银行业如何把握个人养老金全面实施、养老理财试点扩容等政策红利，在养老金金融、养老服务金融、养老产业金融 三大领域精准布局，成为行业关注焦点。 近日，光大银行副行长齐晔接受记者专访时指出，养老金融不仅关乎银行业务增长，更承载着实现老有所养的社会期望。随着老龄化进程持续加速，银发 经济需求将变得更加迫切和刚性，打通养老资金长期保值增值与养老金融产品服务有效供给的闭环，已成为行业发展的关键课题。 三大领域重构养老金融蓝图 今年以来，养老金融政策密集落地，为行业发展注入新动能。国家金融监督管理总局10月30日发布《关于促进养老理财业务持续健康发展的通知》，不仅 打破养老理财产品试点地域限制，更在机构准入、规模上限、产品设计等方面升级；国家金融监督管理总局3月发布《银行业保险业养老金融高质量发展 实施方案》，对银行保险机构参与养老体系建设提出明确要求。 国家金融监管总局局长李云泽在2025陆家嘴论坛上曾表示，银发经济方兴未艾，养老金融大有可 ...

Core Insights - The personal pension business is gaining momentum as individuals seek to take advantage of tax benefits before the end of the year, highlighting a growing awareness of the need for retirement planning [1][2] - The aging population in China is increasing, with the elderly population expected to rise from 145 million in 2015 to 220 million by 2024, leading to heightened concerns about retirement planning among younger generations [1][3] - The current low-interest-rate environment is putting pressure on the returns of pension financial products, making it more challenging for individuals to grow their retirement savings [2][4] Summary by Sections Personal Pension System - The personal pension system has been in trial since 2022, with various financial institutions offering products like pension savings, target pension funds, and commercial pension insurance [1] - The annual contribution limit of 12,000 yuan is increasingly seen as insufficient, indicating a shift towards proactive retirement planning among residents [1] Aging Population and Retirement Concerns - By 2023, the average life expectancy in China reached 78.6 years, and the elderly dependency ratio is projected to rise from 14.3% in 2015 to 22.8% in 2024, intensifying retirement anxiety among the younger population [1][3] - The report indicates that health issues and significant medical expenses are the primary concerns for residents regarding retirement, alongside the need for care as self-sufficiency declines [3][4] Financial Challenges and Product Offerings - The pension system in China is characterized by an imbalance, with the first pillar being dominant while the second and third pillars remain weak, leading to a low average pension replacement rate of about 45% [4][5] - The current low-interest-rate environment has led to a decline in the attractiveness of fixed-income products, pushing the market towards floating-return products [13][14] Product Development and Market Trends - The number of personal pension insurance products has significantly increased, with 140 products currently available, primarily in the form of annuity insurance [11][12] - The market is seeing a shift towards products that offer both guaranteed and floating returns, with 57.1% of available products falling into this category [13] Institutional Responses and Innovations - Financial institutions are increasingly focusing on comprehensive solutions to address the diverse needs of retirees, integrating financial products with services to create a holistic retirement ecosystem [16][18] - The introduction of long-term care insurance is seen as a critical step in addressing the care needs of the aging population, which is expected to grow significantly [16][17] Future Outlook - As the market evolves, there is a need for standardized assessment systems to improve service quality and ensure that consumers can make informed choices regarding their retirement planning [19][20]

Core Insights - The banking sector is increasingly establishing a presence on Xiaohongshu, with over 200 official accounts created by various financial institutions, including more than 65 accounts from banks, indicating a growing trend towards digital engagement with younger consumers [2][5][9] - Despite the significant number of accounts, many banks are still using traditional marketing strategies focused on promoting financial products and offering giveaways, which are not resonating with the younger demographic [2][4][8] - The challenge for banks lies in effectively converting platform followers into active customers and leveraging social media traffic for business growth, which is crucial for adapting to generational shifts in consumer behavior [2][5][9] Industry Trends - The integration of banks into Xiaohongshu is not new, but since 2025, the collaboration between banks and social platforms has intensified, with Xiaohongshu emerging as a key battleground for attracting younger clients [3][9] - The demographic of Xiaohongshu is highly relevant for banks, with 45% of users under 24 years old, making it an ideal platform for marketing credit cards, consumer loans, and retirement financial products [3][5] Operational Challenges - Many bank accounts on Xiaohongshu have yet to exceed 10,000 followers, indicating a struggle to engage the target audience effectively [4] - Banks are still treating Xiaohongshu as a mere advertising platform rather than a space for meaningful engagement, focusing on metrics like post quantity and exposure rather than actual customer conversion [4][6] Compliance and Risk Management - The influx of banks into Xiaohongshu is driven by the dual considerations of traffic benefits and performance transformation, but they face compliance risks related to misleading advertising and exaggerated claims [5][6] - Regulatory scrutiny is increasing, with the National Internet Information Office intensifying efforts to combat financial misinformation, necessitating banks to adopt stringent compliance measures in their content strategies [6][7] Innovation and Content Strategy - There is a pressing need for banks to innovate their content strategies, moving beyond generic financial advice and promotional activities to create unique, engaging content that resonates with younger audiences [8][9] - Establishing a complete marketing loop that transitions from content engagement to customer conversion is essential for banks to succeed on social platforms [8][9]

Core Insights - The 2025 Retirement Preparedness Index (RRI) for Chinese residents is reported at 5.49, a slight increase from 5.34 in 2024, indicating insufficient retirement preparation [1] - The index has been published for 13 consecutive years, measuring attitudes and actual preparations across six dimensions: retirement responsibility awareness, financial planning recognition, understanding of financial issues, completeness of retirement plans, adequacy of retirement savings, and confidence in achieving expected income [1] - There is a notable improvement in retirement responsibility awareness and financial planning recognition, while completeness of retirement plans, adequacy of retirement savings, and confidence in achieving expected income have declined, reflecting a trend of "increased awareness, lagging behavior, and pressured confidence" [1] Income and Retirement Preparedness - The analysis shows that the RRI generally increases with income, but some low-income individuals have better preparedness than certain high-income individuals, indicating that income is not the sole determinant of retirement readiness; factors like financial literacy and risk awareness also play significant roles [1] Trends in Retirement Investment - The report highlights a trend where, despite a preference for home-based elderly care, there is a significant rise in the choice of high-quality commercial elderly care institutions or high-end elderly communities among those with an RRI above 8, reaching 27.2% [2] - The average risk preference for retirement investments among respondents is −0.15, indicating a generally conservative approach to retirement investment [2] - In terms of personal pension product preferences, respondents favor retirement savings, retirement insurance, retirement financial products, and retirement funds in that order [2] - The report suggests that higher-risk retirement funds need refined risk grading and holding incentives to attract more retirement investments [2] Financial Product Preferences and Risks - Higher preparedness respondents tend to have lower risk preferences for retirement financial products, while those with insufficient preparation often prefer higher-risk products as they approach retirement age, which may expose them to potential fraud if their financial literacy is lacking [2]