Summary of the Conference Call Industry Overview - The conference call discusses the asset management industry in China, focusing on its overall situation, trends, and regulatory environment as of 2024 and projections for 2025. The estimated total asset management scale is approximately 159.78 trillion yuan, reflecting a year-on-year increase of about 13.27% [6][29][25]. Key Points and Arguments Asset Management Industry Growth - The asset management industry in China has shown robust growth, with various segments experiencing different rates of expansion. The public fund sector leads with a total net value of 32.83 trillion yuan, up 18.93% from the previous year [10][29]. - The bank wealth management products reached a scale of 29.95 trillion yuan, increasing by 11.75% [28][29]. - Trust assets grew to 29.56 trillion yuan, marking a 23.58% increase, while private equity funds saw a slight decline to 19.93 trillion yuan, down 1.92% [28][29]. Regulatory Environment - The regulatory framework for the asset management industry emphasizes risk prevention, standardization, and transformation towards high-quality development. Key policies include the promotion of personal pension systems and the establishment of a comprehensive regulatory framework for private equity funds [7][9][10]. - The "9.24" policy supports stock repurchases and enhances the capital-asset cycle, indicating a shift towards a more supportive regulatory environment for asset management [7]. Trends in Specific Sectors - **Bank Wealth Management**: The market is expected to expand steadily, with a shift towards fixed-income products as cash management products decline [8]. - **Trust Industry**: The trust sector is undergoing a transformation, with a focus on risk management and asset quality improvement. New trust products are primarily asset service trusts [9]. - **Public Funds**: The public fund sector is witnessing a trend towards passive investment strategies, with the number of funds reaching a historical high of 12,367 [10]. - **Insurance Asset Management**: The insurance asset management sector is stable, with a focus on long-term investments and a gradual increase in external funding sources [11]. - **Securities Firms**: The securities asset management sector is stabilizing, with a slight recovery in net income and a focus on public fund qualifications [12]. Investment Performance - The average performance benchmark for newly issued wealth management products has declined from 3.32% in January 2024 to 2.70% by December 2024, indicating a challenging environment for fixed-income products [33]. - Conversely, equity-related wealth management products have seen an increase in performance benchmarks, reflecting a recovery in the stock market [33]. AI Integration - The integration of AI in asset management is gaining attention, with potential applications in investment advisory and operational efficiency. However, there are concerns regarding risks associated with AI, including cybersecurity and data quality [14]. Additional Important Insights - The asset management industry is transitioning from a focus on scale to quality, with an emphasis on optimizing product strategies and enhancing operational efficiency [13][24]. - The overall market dynamics indicate a growing demand for diversified investment products as consumer preferences evolve in response to changing economic conditions [27][29]. This summary encapsulates the key insights from the conference call, highlighting the current state and future outlook of the asset management industry in China.

记者丨 吴霜 编辑丨方海平 8月份央行金融数据中，"8月新增居民存款1100亿元，同比大降6000亿元；新增非银存款 11800亿元，同比多增5500亿元"的数据使得居民"存款搬家"成为了市场热议的话题。 尽管对于存款是否真的"搬家"还存在分歧，但由于存款利率的下降，以及权益市场的回暖等因 素，资管产品以其相对存款较高的收益，吸引力逐渐上升是不争的事实。 而这一资产配置的趋势则更为明显的体现在了上市公司的理财偏好上。 近日，记者统计了连续5年上市公司理财数据发现，从整体规模来看，上市公司理财规模（包 括购买存款以及各类理财产品在内）呈现下降趋势，截至9月17日，最近一年的认购金额合计 1.10万亿元，较高点，也就是2022年的1.49万亿元下降了26.17%，降幅超过四分之一。 中信证券首席经济学家明明认为，上市公司理财规模自2022年高点持续回落，主要源于对资金 空转的严控，由此银行结构性存款额度存在管控要求。 但是从近三年的数据来看，现金类占比尽管最大，在70%以上，但呈现明显的下滑趋势；而银 行理财、券商资管、信托等产品占比则是在不断上涨，最近一年占比分别为9.93%，仅次于现 金，6.87%和2.07 ...

尽管对于存款是否真的"搬家"还存在分歧，但由于存款利率的下降，以及权益市场的回暖等因素，资管产品以其相对存款较高的收益，吸引力逐渐上升是不 争的事实。 而这一资产配置的趋势则更为明显的体现在了上市公司的理财偏好上。 近日，记者统计了连续5年上市公司理财数据发现，从整体规模来看，上市公司理财规模（包括购买存款以及各类理财产品在内）呈现下降趋势，截至9月17 日，最近一年的认购金额合计1.10万亿元，较高点，也就是2022年的1.49万亿元下降了26.17%，降幅超过四分之一。 中信证券首席经济学家明明认为，上市公司理财规模自2022年高点持续回落，主要源于对资金空转的严控，由此银行结构性存款额度存在管控要求。 但是从近三年的数据来看，现金类占比尽管最大，在70%以上，但呈现明显的下滑趋势；而银行理财、券商资管、信托等产品占比则是在不断上涨，最近一 年占比分别为9.93%，仅次于现金，6.87%和2.07%。 8月份央行金融数据中，"8月新增居民存款1100亿元，同比大降6000亿元；新增非银存款11800亿元，同比多增5500亿元"的数据使得居民"存款搬家"成为了 市场热议的话题。 上市公司理财"转轨" 近期， ...

Core Viewpoint - The article discusses the recent trend of deposit "migration" from banks to non-bank financial institutions, driven by declining interest rates and the rising performance of the stock market, leading to increased deposits in non-bank financial sectors [1][5]. Group 1: Deposit Migration Trends - Recent data shows a significant increase in non-bank deposits, with a rise of 2.14 trillion yuan year-on-year, while household deposits decreased by 1.1 trillion yuan [4]. - The trend of deposit migration is reflected in the behavior of customers, with many transferring large deposits to banks that offer direct connections to securities investment accounts or investing in funds and other financial products instead of renewing deposits [2][4]. - The capital market's recovery and declining interest rates are identified as primary drivers for the shift of household deposits towards non-bank financial institutions [5]. Group 2: Bank Responses to Deposit Outflows - Banks are under pressure to retain deposits, with retail banking staff being urged to promote gold and interest rate coupons to keep personal deposits [7]. - There is a notable increase in the demand for large time deposit transfers, as investors seek to quickly access funds for stock investments [3]. - Banks are attempting to counteract deposit outflows by increasing corporate loans and encouraging businesses to open accounts for payroll and trade fund settlements [10][11]. Group 3: Impact on Securities Firms - Securities firms are experiencing a surge in client acquisition due to the influx of funds from migrating deposits, leading to increased competition among brokers [13]. - The stock market's performance has made it easier for brokers to meet their client acquisition targets, with many clients actively seeking investment opportunities in high-performing funds [14][15]. - However, the competitive landscape has intensified, with some brokers resorting to commission wars to retain high-net-worth clients, leading to potential risks of client loss [13][17].

Core Viewpoint - The recent surge in A-shares has led to an increase in the "migration" of deposits from banks to investment products, driven by the desire for higher returns in the capital market [2][4][5]. Group 1: Deposit Migration Trends - A significant number of clients are transferring large deposits to banks that offer direct connections to securities investment accounts, or are choosing to invest in funds and other financial products instead of renewing deposits [2][5]. - The People's Bank of China reported a net increase of 500 billion yuan in RMB deposits in July, but household deposits decreased by 1.1 trillion yuan, indicating a shift towards non-bank financial institutions [4]. - The decline in household deposits is attributed to the capital market's recovery and falling interest rates, which have widened the yield gap between deposits and investment products [4][5]. Group 2: Bank Strategies and Challenges - Banks are under pressure to retain deposits, with retail staff being urged to promote precious metals and other financial products to keep personal clients' funds [5][8]. - The recent stock market rally has intensified the competition for deposits, leading banks to explore corporate accounts to offset the loss of retail deposits [8][9]. - Some banks are struggling to attract corporate deposits as businesses prefer to invest in the stock market rather than keeping funds in low-yielding bank accounts [8][9]. Group 3: Brokerage Firms' Response - Brokerage firms are experiencing increased client acquisition due to the stock market's performance, but this has also led to heightened competition among brokers [9][10]. - Wealth management departments in brokerages are seeing a surge in business, with many employees meeting or exceeding their performance targets due to the influx of client funds into investment products [10][11]. - The competitive environment has prompted some brokers to engage in aggressive tactics, such as commission price wars, to retain high-net-worth clients [9][13].

150亿元是各个资管子行业的加总，其中包含资管子行业中的交叉金融部分，可能高于实际资管规模。但在银行存款利率走低、禁 止银行"手工补息"、规范同业存款的背景下，2024年确实是"金融脱媒"迹象较为明显的一年，包括银行理财、信托、公募基金、保 险这四个资管子行业均呈现规模两位数增长。 翻开资管行业的历史卷轴：2004年银行理财"横空出世"，这是中国资管业划时代的变化；2011年开始银信合作兴起，信托业迈入大 发展时期；2012年证监会发布《证券公司客户资产管理业务管理办法》，券商资管、基金子公司规模激增；2013年天弘基金联手支 付宝推出余额宝，互联网公司倒逼传统金融机构布局线上渠道；2015年的"股灾"暴露了场外配资、结构化资管计划加剧市场波动等 乱象，"伞形信托"被叫停；2018年多部门联合发布"资管新规"——《关于规范金融机构资产管理业务的指导意见》，行业清理影子 银行、正本清源，打破刚兑、禁止资金池、限制期限错配，大资管回归同一起跑线；2019年起至今理财子公司陆续呱呱落地，清洁 起步，构成资管行业合规发展新势力；到2024年末，银行理财净值化率98%，非标资产基本出清，大资管行业从野蛮生长逐步走向 规 ...

Core Viewpoint - By the end of 2024, China's total asset management scale is expected to reach 150 trillion yuan, with significant growth across various asset management sectors, indicating a clear trend of "financial disintermediation" [1][6]. Group 1: Industry Overview - The asset management industry in China has evolved significantly since the introduction of bank wealth management products in 2004, with various regulatory changes shaping its development [2][4]. - The total asset management scale reached 157.04 trillion yuan by the end of 2024, marking a 13.09% increase from the previous year, the highest growth rate since the implementation of the new asset management regulations [6][8]. - The growth in asset management is driven by a shift in deposits towards wealth management products due to declining bank deposit rates and regulatory changes [15][14]. Group 2: Sector Performance - Trusts experienced the highest growth rate at 23.58%, with their scale approaching that of bank wealth management products, which grew by 11.75% [7][8]. - Public funds and insurance asset management also saw significant growth rates of 20.39% and 15.08%, respectively, indicating a shift in investor preferences [8][19]. - By the end of 2024, the asset management scale for insurance reached 33.26 trillion yuan, accounting for 21.18% of the total market, making it the largest segment [23][24]. Group 3: Regulatory Environment - The China Securities Regulatory Commission (CSRC) has been proactive in promoting high-quality development in the asset management industry, issuing multiple regulatory documents to enhance market stability and investor protection [4][5]. - The implementation of the new asset management regulations has led to a more standardized and transparent industry, with a focus on compliance and risk management [2][3]. Group 4: Financial Performance - The net profit of trust companies increased to 940.36 billion yuan in 2024, reflecting the growth in asset management scale, although the profit margin remains lower than pre-2021 levels [39]. - Public fund management fees decreased by over 8% in 2024 due to a shift towards lower-cost passive investment products, impacting overall revenue [40]. - The income from securities firms' asset management remained stable at 239.47 billion yuan in 2024, despite a significant decline in asset scale over recent years [41].

Group 1: Securities Asset Management Business - Nine securities firms have asset management business scales exceeding 100 billion, with CITIC Securities leading at 343.24 billion [1][2] - The total number of securities asset management products reached 22,482, with a total scale of 5.93 trillion, accounting for 9.23% of the overall asset management market [1][2] - FOF products show significant return differentiation, with strategic allocation products performing exceptionally well, indicating market preference for specific strategies [2] Group 2: Bond ETFs - The first batch of 10 sci-tech bond ETFs sold out on the first day, each with a fundraising cap of 3 billion, indicating strong market demand [3] - The total scale of bond ETFs reached 389.94 billion before the launch of the new products, with expectations to surpass 400 billion following the successful fundraising [3] - The success of these bond ETFs may enhance brand influence for related companies and attract more investors to the bond ETF sector [3] Group 3: Private Securities Products - The number of newly registered private securities products doubled compared to the previous month, with a total of 1,100 products registered in June, marking a significant increase [5] - In the first half of the year, the number of new private securities investment funds reached 5,461, a year-on-year increase of 53.61% [5] - The increase in private product registrations reflects a growing expectation for capital market recovery and a shift in funds towards private sectors [5][6] Group 4: Talent Movement in Asset Management - Sun Jianbo, a former champion fund manager, joined Wanlian Asset Management as Vice General Manager, indicating a significant talent movement in the asset management industry [4] - Wanlian Asset Management aims to expand its capital and pursue public fund licenses, reflecting a strategic focus on growth in asset management [4] - The influx of experienced professionals into the asset management sector may enhance competition and resource allocation within the industry [4]

Core Viewpoint - The article discusses the "Yinghua Demonstration Case Selection" for Chinese securities firms, which is an important part of the "Yinghua Demonstration Case Selection" by China Fund News, initiated in 2017. This year's selection will focus on three major areas to identify leading companies and cases within those fields [1]. Group 1: Asset Management - The selection will evaluate securities firms and their asset management subsidiaries based on application data and public market indicators, aiming to identify those with leading advantages and distinctive business features in asset management [2]. - Categories for evaluation include: 1. Excellent Asset Management Demonstration Institutions 2. Growth Asset Management Demonstration Institutions 3. Equity Asset Management Demonstration Institutions 4. Fixed Income Asset Management Demonstration Institutions 5. Specialty Asset Management Demonstration Institutions - The selection will also recognize outstanding individuals and exemplary cases in equity and fixed income investment management [2]. Group 2: Wealth Management - The selection will similarly assess securities firms with leading advantages and distinctive features in wealth management, using application data and public market indicators [3]. - Categories for evaluation include: 1. Excellent Wealth Management Demonstration Institutions 2. Growth Wealth Management Demonstration Institutions [3]. Group 3: Financial Technology - The selection will focus on securities firms that demonstrate leading advantages in financial technology and contribute to industry technological advancement, particularly in areas like big data, cloud computing, artificial intelligence, and innovative computing power [4]. - Categories for evaluation include: 1. Excellent Securities Firm App Demonstration Cases 2. Excellent AI Empowerment Demonstration Cases 3. Excellent Digital Business Demonstration Cases [4]. Group 4: Evaluation Process - Following the announcement on the official WeChat account of China Fund News, the application materials from securities firms will be accepted until July 15 at 24:00. The evaluation committee will conduct quantitative analysis and qualitative assessment based on the submitted data and public information [5].

Core Insights - The 2025 China Financial Products Annual Report titled "Ecological Leap" has been officially released, marking the 14th consecutive year of publication by Huabao Securities [1][2] - The report emphasizes the industry's transition towards service-oriented wealth and asset management, a concept that gained traction in the previous year and has seen significant progress in 2024 [2] - The theme of this year's report, "Ecological Leap," reflects the need for collaborative efforts across the industry to reconstruct and upgrade the wealth ecosystem, indicating a profound transformation [2][3] Section Summaries Part One - Insights into the Wealth Ecosystem in 2024 - The report discusses the potential decline in yields for deposit-replacement products and the challenges in getting clients to accept net-value fixed-income products [3] - It explores insights from the "Fat Donglai" case for wealth management institutions and the hidden secrets behind investors' choices between funds and wealth management [3] - The impact of the trend towards tool-based and index-based investments on the competitive landscape of financial products is analyzed [3] Part Two - Review and Outlook of Various Financial Products - The report includes a comprehensive review of bank wealth management over the past 20 years, highlighting the return to net value [4] - It provides an overview of the public fund market, focusing on the ecological landscape and the challenges of low-profit margins [4] - The ETF market is examined, showcasing its rapid growth and the factors contributing to its success, including efficiency, transparency, and low costs [4] Part Three - Ecological Leap: Shaping a New Landscape for Wealth and Asset Management - The report compares cross-market financial products and discusses the cognitive load resulting from product homogeneity [6] - It emphasizes the importance of fund strategy indices in making fund investments more scientific and transparent [6] - The report addresses the role of large models in reshaping wealth management services and the evolution of practitioners within the ecological leap [6]