■周尚伃 岁末年初，行业论坛与年度会议密集召开，"财富管理"成为证券行业年终盘点与未来展望的核心主线。这背后，是券商财 富管理业务历经多年培育，已稳步成长为驱动行业业绩增长的引擎。部分头部券商的转型更是率先步入收获期，其探索路径与 实践成果，也成为外界观察行业转型成效的重要窗口。 在笔者看来，近年来券商财富管理的发展呈现出两大聚焦点：一是追求高质量发展，二是推动开放生态共建。券商正摒弃 以往以规模竞赛为主的粗放发展模式，转而开展以能力比拼为核心的精耕细作，在发展模式、产品创新、能力建设三大维度实 现系统性突破，勾勒出全新叙事框架。 首先，发展模式从"销售驱动"迈向"买方投顾"与"服务生态"构建。 过去，券商财富管理业务多以产品销售为核心，盈利模式与销售业绩直接挂钩。这种模式虽然能在短期内带来业绩提升， 但容易导致客户利益与自身利益出现偏差。正如民生证券总裁、执行委员会委员姜晓林日前表示，尽管目前券商投资顾问占所 有员工的比例持续上升，近6年上升近6个百分点，但投资咨询收入占比仍然长期维持在个位数。这一数据直观反映出传统销售 驱动模式面临的发展瓶颈。 其次，产品创新锚定国家战略与居民长期需求的双重导向。 财富管 ...

三是全面提升核心能力，聚焦主责主业。建信基金的投研工作必须将宏观战略研判与微观产业分析相结 合，从国家发展大局中寻找投资逻辑，把握投资的"时代锚点"，同时在强化战略引领、深化系统赋能、 创新人才治理、优化考核导向等方面持续打磨投研体系，夯实长期价值根基。产品方面，补齐产品全谱 系，搭建特色产品线，完善"研募投管退"全生命周期管理，结合公司的战略定位和资源禀赋打造一批业 绩优良、功能领先、认可度高的产品；客户服务方面，坚持以投资者为本，深挖渠道特色，提升销售服 务能力，提高产品精准营销水平，加大投顾业务发展力度，持续改善客户体验。 四是增强防范风险能力，树牢底线思维。建信基金持续提升全面风险管理能力，坚守不发生重大风险事 件的底线，保障各项业务稳健发展。深入落实集团一体化风险防控要求，压实风险管理进党委工作机 制，健全"三道防线"协同制衡机制，做好重点领域和新型风险防范化解，增强风控工作的前瞻性、协同 性，筑牢高质量发展安全防线。强化风险管理主动性、全面性和前瞻性，提高风险系统化、自动化、智 能化管理水平。 建信基金将以党的二十届四中全会精神为指引，精准把握产业升级与创新发展的核心脉络，以专业能力 服务国家战略 ...

养老，一头牵着千家万户的日常幸福，另一头连着积极应对人口老龄化国家战略。随着人口老龄化程度 的持续加深，养老金融已成为社会保障体系的重要支柱，也是连接金融发展与民生福祉、促进共同富裕 的重要纽带。 截至2024年底，根据国家统计局所公布的数据，我国60岁以上人口占比和65岁以上人口占比分别为 22.0%和15.6%。相较于5年前的2019年底，上述两组数据分别提升了3.9和3.0个百分点。而根据联合国 在2024年底所更新的预测，在基准条件下，我国65岁以上人口占比将在2032年底超过20.0%，在2049年 底突破30.0%的关口。 为了应对渐行渐近的老龄化挑战、做好"养老金融"大文章，2024年下半年至2025年上半年，金融监管部 门集中出台了多项养老金融政策，从养老金融的顶层设计和统计制度入手，在养老金金融、养老产业金 融和养老服务金融等多个领域明确了未来我国养老金融的发展方向。 展望未来，《白皮书》指出，随着中央金融监管部门陆续出台养老金融政策、相关框架与范畴逐步厘 清，以及中青年居民养老意识的增强，我国养老金融发展或将呈现"六化"趋势：居民养老资金管理体系 化、养老财富储备产品丰富化、养老金融服务供 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 12月27日，在中国财富管理50人论坛"迈向'十五五' 建设金融强国"2025年会上，中国财富管理50人论坛理事长、原银监会主席、证监会原主席尚福林发表 题为"承前启后 全面发力 加快建设金融强国"的致辞演讲。 尚福林在致辞中指出，"十五五"规划建议阐明了"加快建设金融强国"的四点核心内涵： 时序更替，华章日新。2025年10月，党的二十届四中全会，明确将加快建设金融强国作为"十五五"时期的重要战略目标，这既是对"十四五"时期金融高质 量发展成就的赓续升华，更是立足中国式现代化全局作出的战略部署。金融是国民经济的血脉，是国家核心竞争力的重要组成部分。推进金融强国建设， 不仅关乎经济高质量发展，更关乎国家长治久安与民族复兴伟业。 回望"十四五"时期，我国金融业实现了规模增长与质量提升的历史性跨越，为金融强国建设奠定了坚实基础。这五年，金融领域始终坚守服务实体经济的 本源，总量合理增长，质效持续提升。信贷结构持续优化，金融支持科技创新、绿色转型等重点领域的力度不断加大；资本市场改革不断推进，多层次、 广覆盖的市场体系更加完备；金融开放稳步扩大，上海国际金融中心能级 ...

专题：个人养老金制度实施三周年 多元产品体系支撑"老有所养"（附基金感悟） 今年，我们发起了"橙财种子"校园计划——该计划以养老投教为命题，采取"主题讲座+实践课题"双线 推进的模式，不仅向大学生讲解养老政策与个人养老金投资知识，更鼓励他们走出校园，去调研真实社 会的养老现状与需求，并尝试自己策划、组织面向同龄人的养老科普活动。 在活动落地的上海理工大学的教室里，我们就见证了100多名大三学生正围绕养老话题展开激烈讨论， 并设计出了许多生动有趣的养老投教方案：有小组把养老规划做成了"大富翁"游戏，让参与者在游戏中 理解储蓄、投资和风险；有小组发起"给未来自己写一封信"的活动，用情感连接唤醒规划意识；还有小 组设计出"人生规划局"体验展，通过情景选择让人直观感受到不同人生决定对老年生活的影响……课堂 上这些00后的年轻人，完成了一场从"养老小白"到"养老策划人"的身份转变。 从这群年轻人身上我们看到，养老不是等到老了才思考的事，它需要更早的认知和行动。因此，财通基 金希望通过这种"认知萌芽→内化体验→实践传承→乘数效应"的闭环，让大学生从被动的知识接收者， 转变为主动的养老观念传播者，让"养老准备"的种子在年轻 ...

Group 1 - The core viewpoint of the articles emphasizes the opportunities and challenges facing China's financial industry as it approaches the end of the "14th Five-Year Plan" and prepares for the "15th Five-Year Plan" [1] - The "2025 Excellence Competitiveness Financial Forum" aims to explore paths and models for high-quality financial development, focusing on topics such as structural transitions, pension finance, financial technology, and digital transformation [1] - The financial industry is urged to enhance its alignment with the real economy and improve its service precision and resilience in response to the evolving economic landscape [1] Group 2 - Zhang Rongwang highlights the importance of the financial sector as a key pillar of national competitiveness and stresses the need for innovation and reform to drive high-quality development [4] - Huang Zhuo discusses the transformative impact of generative artificial intelligence on human-computer interaction and its potential to enhance productivity across various sectors, including finance [6] - Zhao Feng points out the risks associated with an aging population, emphasizing the need for sufficient pension funds and care for the elderly [8] Group 3 - Han Dong emphasizes that improving financial quality and efficiency requires a holistic approach, integrating advanced productivity elements such as technology and culture into the digital transformation of banks [10] - Chen Li notes the capital market's critical role in supporting the real economy, particularly through diversified financing platforms for new quality productivity-related enterprises [12] - Sun Haitao outlines a systematic approach for financial institutions to provide targeted support in key areas, including top-level design and cross-sector collaboration [14] Group 4 - Zhang Guanghua discusses the growing importance of insurance in supporting the real economy, particularly in technology finance, and highlights significant investments made by his company in this area [16] - Wang Hui emphasizes the need for investment institutions to enhance their research capabilities and collaborate with leading financial entities to expand their project sources [18] - Deng Jia describes the development of a product positioning framework at CITIC Group that aligns with national policies and incorporates digital and risk control elements [20] Group 5 - Xue Hongyan outlines the benefits of attracting long-term capital into the market, including providing necessary funds for innovative enterprises and reducing market volatility [22]

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session has outlined a strategic framework for China's economic and social development over the next five years, emphasizing new and higher requirements for financial work. CITIC Prudential Life Insurance aims to integrate its development into the national strategy while focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance [1][10]. Strategic Transformation Driving Development - CITIC Prudential Life Insurance is guided by the Party's innovative theories and has implemented the "1628" strategic plan, which focuses on innovation as a driving force. This plan includes six key projects aimed at enhancing service capabilities and achieving a comprehensive upgrade from "risk compensation" to "service empowerment" [11][12]. - The company's performance reflects the success of its transformation, with insurance business revenue reaching 27.833 billion yuan and net profit at 3.14 billion yuan for the first three quarters of 2025. Total assets exceeded 270 billion yuan, and the asset management scale of its subsidiary approached 370 billion yuan. The solvency ratios are well above regulatory requirements, with a comprehensive solvency ratio of 215% and a core solvency ratio of 110% [2][11]. Focus on Pension Finance - Pension finance is a core area for CITIC Prudential Life Insurance, directly impacting the well-being of families. The company views the national strategy for addressing population aging as a significant opportunity and aims to develop a comprehensive pension finance system [3][13]. - The company has optimized its product structure, achieving a 606% year-on-year increase in sales of pension-related products by September 2025, indicating strong market recognition of its pension solutions [3][13]. Comprehensive Advancement in Financial Services - In addition to focusing on pension finance, CITIC Prudential Life Insurance has made solid progress in other areas, demonstrating a systematic approach to serving the needs of the real economy and people's livelihoods [4][14]. Technology Finance - The company leverages its stable long-term insurance funds to support advanced manufacturing and technological innovation, serving over 440 national-level specialized and innovative enterprises and providing group insurance services to nearly 160 related companies [5][6][15]. Green Finance - CITIC Prudential Life Insurance actively implements the "dual carbon" strategy, integrating ESG principles into investment decisions. By September 2025, the scale of its green and social responsibility investments reached 21.527 billion yuan, ranking among the top in the joint venture life insurance sector [7][16]. Inclusive Finance - The company remains committed to the principle of "finance for the people," innovating inclusive insurance products that cover both the elderly and children. By mid-2025, inclusive life insurance had effectively covered 631,900 individuals, with a total effective insurance amount of 97.04 billion yuan [8][17]. Digital Finance - CITIC Prudential Life Insurance is advancing "customer management digitization" as a strategic initiative, enhancing the application of big data and artificial intelligence. This has led to significant improvements in electronic insurance applications, smart underwriting, and claims efficiency [9][18].

Core Insights - The "silver economy" is a significant driver of consumption market upgrades in Shanghai, where the elderly population aged 60 and above accounts for 37.6% of the city's residents [1][53] - A recent survey highlights the disparity between the high evaluation of the consumption environment (77.43) and the lower satisfaction with consumption supply (68.41) among the elderly [3][8] Consumption Experience - Elderly respondents rated their consumption experience positively, with a score of 77.43, while satisfaction with supply was lower at 68.41 [3] - The highest satisfaction was found in cultural and entertainment products/services (70.72), while satisfaction with age-friendly renovation services was lower (61.08) [3][8] Regional Differences - Baoshan district received high ratings for consumption experience (89.25), supply (79.91), and environment (87.65), while Chongming district scored lower in all categories [8][9] - Pudong New Area had a low evaluation of the consumption environment (69.77), particularly regarding promotional policies and activities [8] Consumption Trends - The elderly in Shanghai have strong consumption capabilities and preferences for practicality and quality, with 46.8% having a monthly disposable income above 5000 yuan [11][14] - Monthly consumption expenditure of over 3000 yuan was reported by 48.0% of respondents, indicating a higher spending capacity compared to national averages [14] Key Consumption Categories - Major consumption areas include necessities like food (83.6%), housing (75.7%), and transportation (54.6%), with health-related spending also significant (67.8% for medical health) [14][16] - An increasing trend in spending was noted in food (69.0% increase), medical health (49.0%), and wellness products (40.7%) [14] Satisfaction with Services - 51.1% of elderly respondents expressed satisfaction with their recent consumption experiences, while 17.8% felt it was average or unsatisfactory, mainly due to price and quality issues [16] - In the medical health sector, 70.1% of respondents were satisfied with services, but concerns about community hospital capabilities were prevalent [19] Focus Areas for Improvement - The survey identified medical health (85.6% interest) and community care services as key areas for improvement, with a need for enhanced community hospital capabilities and service offerings [19][27] - In the entertainment sector, social interaction activities were highly valued (77.6%), but dissatisfaction stemmed from inadequate age-appropriate activities [23] Financial Products and Services - Interest in deposit-based financial products was high (81.9%), but only 55.4% expressed satisfaction, citing complex terms and high-risk levels as concerns [31] - Satisfaction with smart elderly care products was moderate, with 49.8% expressing contentment, but issues with pricing and complexity were noted [35] Recommendations for Policy and Market Adaptation - The report suggests enhancing community healthcare services, improving age-friendly renovations, and developing affordable smart health monitoring products to meet the needs of the elderly [53][54] - It also recommends expanding community meal services and integrating diverse care options to improve overall service quality [54][55]

Group 1: Core Perspectives - The development of pension and long-term life insurance is essential to address aging, with financial investments in modern industries providing long-term returns and enhancing elderly consumption capacity [1] - Effective pension wealth management is crucial for building an asset-based pension system, aligning with the central government's objectives for pension finance [1] - The need for public pensions to maintain basic support while adjusting replacement rates for different income levels is emphasized, alongside the development of appealing pension financial products [1] Group 2: Policy Recommendations - Continuous policy innovation is necessary to expand pension coverage and enhance fiscal support measures for personal pensions, including exploring tax incentives for low-income groups [2] - Improving investment research capabilities is vital to ensure the preservation and appreciation of pension wealth, while also enhancing service supply adaptability [2] - The integration of pension products with quality elderly care services is highlighted as a key competitive advantage in the pension financial market [2] Group 3: Multi-Pillar Development - Relying solely on pay-as-you-go systems or individual accumulation models is unsustainable; a multi-pillar approach to pension development is necessary for effective asset management [3] - Diverse financial institutions and younger demographics should participate in the development of pension services, reflecting the varied needs of the aging population [3]

专题：中国社会科学院社会保障论坛暨《中国养老金发展报告2025》发布式 专题：中国社会科学院社会保障论坛暨《中国养老金发展报告2025》发布式 12月6日金融一线消息，中国社会科学院社会保障论坛暨《中国养老金发展报告2025》发布会今日召 开，长江养老保险股份有限公司党委委员、副总经理李敬出席并致辞。 李敬指出，养老金融产品的核心竞争力在于其能否真正契合养老资金长期性、安全性和收益性的内在要 求，并嫁接好优质的养老康养服务。 李敬表示，一方面，要大力发展具有"养老"专属特征的产品。当前市场上的许多养老产品与普通理财产 品区别不大，养老属性不突出。未来应重点开发目标日期、目标风险等策略结构的长期限的养老金融产 品，为缺乏投资经验的参与者提供专业、省心的解决方案。 另一方面，要积极探索"产品+服务"的融合模式。养老财富的最终目的是为了购买高质量的晚年生活服 务。"产品创新不能仅停留在资金增值层面，还应向前延伸，与实体养老服务相结合，开发能够锁定未 来养老社区入住权、优先享受专业康复护理服务的养老保险或资管产品，实现从资金积累到服务兑付， 打通养老财富储备与消费的最后一公里。"李敬说道。 责任编辑：王馨茹 12月6 ...