以下文章来源于懒汉养基 ，作者懒人养基 懒汉养基 . 懒人养基小号【懒汉养基】。主号【懒人养基】专注于基金投资，小号【懒汉养基】则记录并小范围分享自己个人成长、投资理财、旅行旅居、读书休 闲、健身养生等方面的一些思考、感悟和经历。感兴趣的朋友欢迎关注。 ↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：懒人养基 来源：雪球 2025年的日历快要翻完 ， 坐在电脑前翻了翻基金账户的申赎记录 ， 从2017年底第一次认真把基金投资当回事 ， 到现在已经过去整整八个年 头 。 这八年里 ， 实体生意从巅峰滑落到低谷 ， 股市从熊市涨到牛市又复回震荡 ， 我的投资策略也跟着市场周期和自身处境发生了不少变化 。 01 从 " 玩票 " 到 " 认真 " ， 从 " 满仓梭哈 " 到 " 半仓平衡 " 早在2000年前后就开始断断续续买过股票和基金 ， 甚至还做过股指期货交易 。 但那时候纯属 " 玩票 " —— 实体生意做得顺风顺水 ， 根本没 把股市投资这种朝不保夕的赚钱方式放在眼里 。 现在回头看 ， 那段 " 不上心 " 的经历也帮了 ...

【深圳商报讯】(记者詹钰叶)基金新发市场再现高潮。目前超过110只新基金正在发行中，还有近20只 基金确定将在本月启动发行。今年以来成立的新基金超过1500只，远超去年全年数据；发行规模接近 1.1万亿元，逼近去年全年。 同花顺（300033）数据显示，截至12月11日，目前正在发行的新基金共有111只(不同份额合并统计)， 其中超过半数为权益类基金：被动指数型股票基金有26只、偏股混合型基金20只、增强指数型股票基金 18只、普通股票型基金3只、灵活配置型基金1只；固收产品方面，混合债券型基金(二级)有16只、偏债 混合型基金8只、中长期纯债券型基金4只、被动指数型债券基金1只、混合债券型基金(一级)1只。还有 18只新基金明确"定档"本月，其中被动指数型股票基金6只、偏股混合型3只、增强指数型股票基金1 只。 截至记者发稿，今年以来成立的新基金共有1531只，数量创下2022年以来的新高，合计发行规模为 10963.06亿元；去年全年共成立1116只基金，合计发行规模接近1.18万亿元。年内权益基金占新发基金 的比例有所提高：今年以来新成立的股票型基金有795只，较去年全年(下同)增加341只；发行规模为 ...

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，世纪证券总经理李剑铭分享了该公司资管业务6年来的特色发展实践。从2019年管理 规模几乎为零，到如今主动管理规模突破500亿元、收入跻身行业前四分之一，世纪证券的实践为中小 机构提供了可借鉴的范本。 与其他中小券商类似，世纪证券的资管业务初期也存在着客户基础薄弱，渠道拓展艰难的问题。然而时 至今日，世纪证券资管已成功实现了从无到有，从小到大的跨越式发展，目前主动管理规模已经突破 500亿元；管理规模的行业排名稳居行业前1/2，收入排名已进入行业前1/4；资管业务对公司的创收贡 献已经接近30%，并在业内逐渐建立起口碑。 面对客户基础薄弱、投研投入有限、竞争环境激烈等现实困难，世纪证券资管6年来的破局之道可以总 结为八个字：专业深耕，温情相伴。李剑铭强调："中小券商资管的发展，是一场关于聚焦和坚持的马 拉松。要放弃不切实际的大而全的幻想，心无旁骛地走向精而深。以专业立身才能行稳，以服务暖心才 能致远。" 所谓专业深耕，就是以投资能力来打造核心引擎，第一步就是要理清自己的能力圈。基于此，世纪证券 确 ...

（原标题：6年，0到500亿元！中小券商资管破局突围秘诀曝光） 第十九届深圳国际金融博览会暨2025中国金融机构年会日前在深圳举行。在"2025中国证券业资产管理 高峰论坛"分论坛上，世纪证券总经理李剑铭分享了公司资管业务6年来的特色发展实践。从2019年管理 规模几乎为0，到如今主动管理规模突破500亿元、收入跻身行业前四分之一，世纪证券的实践为中小机 构提供了可借鉴的范本。 从0开始的二次创业 世纪证券成立于1990年，前身是江西省证券公司，2001年迁址深圳，更名为世纪证券。2019年前海金 控、厦门国贸两大主要股东联合进驻之后，世纪证券移址前海，开启了二次创业之路。那时的世纪证券 资管，几乎没有管理规模，没有销售渠道，更没有成熟团队，"创收几乎可以忽略不计"。 据李剑铭回忆，他于2019年四季度加入世纪证券，彼时公司新的资管团队刚刚组建，以至于他入职后的 大半年时间内，公司整体管理规模不到10亿元，焦虑的氛围在团队中弥漫。于是他不得不每隔一段时间 将业务骨干拉起来"围炉夜谈"，梳理下一步的业务方向。 然而时至今日，世纪证券资管已成功实现了从无到有、从小到大的跨越式发展，目前主动管理规模已经 突破500 ...

与此同时，受制于资产规模、经营利润和人力成本的因素，中小券商无法像头部券商机构那样建立起庞大的投研团队，研究覆盖不广，深度不足，导致投资业绩缺 乏稳定性和持续性。在产品设计上，也容易随着市场的热点发行同质化产品，或者依靠通道类业务冲规模，难以形成品牌效应。 此外，随着头部资管机构凭借其品牌效应，早早在产品线、渠道等方面筑起了护城河，马太效应进一步显现，中小券商在品牌影响力、产品实力、客户基础、人才 吸引、渠道网络等方面相差甚远，生存和发展空间也进一步受到挤压。 世纪证券成立于1990年，前身是江西省证券公司，2001年迁址深圳，更名为世纪证券。2019年前海金控、厦门国贸两大主要股东联合进驻之后，世纪证券移址前 海，开启了二次创业之路。那时的世纪证券资管，几乎没有管理规模，没有销售渠道，更没有成熟团队，"创收几乎可以忽略不计"。 据李剑铭回忆，他于2019年四季度加入世纪证券，彼时公司新的资管团队刚刚组建，以至于他入职后的大半年时间内，公司整体管理规模不到10亿元，焦虑的氛围 在团队中弥漫。于是他不得不每隔一段时间将业务骨干拉起来"围炉夜谈"，梳理下一步的业务方向。 第十九届深圳国际金融博览会暨2025中国金 ...

Group 1: Investment Strategy and Business Focus - The company emphasizes a dual-driven business model combining proprietary investment and client services, enhancing asset allocation efficiency across various asset classes including domestic and international stocks, bonds, and commodities [2][5]. - The proprietary investment business aims to diversify profit models, focusing on dividend, value, and growth investment strategies while expanding non-directional investment areas [2][3]. - Future business focus includes wealth management transformation, targeting small and medium-sized innovative enterprises, and enhancing comprehensive service capabilities through agile teams [4][6]. Group 2: Asset Management and Product Development - The asset management business is centered around fixed income products, with a continuous expansion of product lines including quantitative, derivative, and fund of funds (FOF) products to meet diverse investor needs [8]. - The company aims to strengthen its investment banking services by focusing on small and medium-sized innovative enterprises, maintaining a top 10 position in the North Exchange [9]. Group 3: Corporate Governance and Shareholder Relations - The major shareholder's equity transfer is actively progressing, with ongoing communication with government and regulatory bodies [7]. - The company does not set direct performance indicators for management but emphasizes market competitiveness and compliance risk management in evaluations [11]. - A robust market-oriented mechanism for talent acquisition is in place, particularly in high-market areas like investment banking and IT, while also nurturing internal talent [10]. Group 4: International Expansion and Market Positioning - The company is preparing to establish a subsidiary in Hong Kong to capitalize on the integration of mainland and Hong Kong markets, having completed preliminary research and board approval [11]. - The company prioritizes enhancing its market value management capabilities as a key focus for 2025, implementing a comprehensive value management mechanism [11].

Core Viewpoint - The bond market has shown signs of recovery, with various fixed-income products experiencing an increase in net value, particularly those with embedded options, indicating a favorable investment environment for fixed-income strategies [2][3][11]. Summary by Sections Fixed Income Product Performance Review - Over the past month, the bond market has further recovered, with net values of fixed-income products rising. The performance ranking of products is as follows: - Option-embedded bond funds: 0.83% (previously 0.21%) - Medium to long-term bond funds: 0.35% (previously 0.12%) - Short-term bond funds: 0.22% (previously 0.12%) - High-grade interbank certificate index: 0.15% (unchanged) - Cash management products: 0.10% (unchanged) [3][9][10]. Bond Market Review - The bond market sentiment has improved, with mid to long-term bonds outperforming short-term bonds. The yield curve has slightly flattened, influenced by two main factors: 1. Economic headwinds have increased, with consumption and investment slowing down, which is favorable for the bond market. 2. The central bank has resumed bond purchases, signaling a more accommodative monetary policy, leading to a decline in bond market interest rates [11][12][18]. Market Outlook - **Short-term (1 month)**: - Interbank certificate rates are expected to stabilize and decline slightly. The 10-year government bond yield is projected to fluctuate between 1.7% and 1.9%, with a focus on trading opportunities [11][31]. - **Medium-term (3-6 months)**: - Economic recovery expectations are likely to continue, with funds remaining relatively abundant, leading to a potential range-bound market for bonds. The 10-year government bond yield may face upward pressure but within a limited range [11][31]. Investment Strategy Recommendations - For investors needing liquidity management, it is advisable to maintain cash-like products and consider increasing allocations to stable low-volatility wealth management and short-term bond funds [41][42]. - For conservative investors, it is recommended to continue holding pure bond products, with the possibility of profit-taking if economic pressures increase and monetary easing expectations rise [43]. - For more aggressive investors, it is suggested to consider allocating to fixed-income plus products that include convertible bonds and equity assets, as liquidity is expected to remain relatively ample [45]. Regulatory Developments - Recent regulatory changes include the introduction of guidelines to promote the healthy development of pension wealth management and the asset management trust management measures, which aim to enhance the investment capabilities of institutions and improve the overall market structure [38][39].

Core Viewpoint - Population is the underlying logic driving economic, real estate, investment, and infrastructure trends, with significant impacts expected over the next 10 to 15 years due to changes in asset values, consumption patterns, and wealth distribution [2][3]. Group 1: Long-term Impact of Population Changes - Long-term attribute: Population changes are fundamental drivers over decades, with effects becoming more apparent post-2015 due to declining birth rates [2]. - Comprehensive penetration: Population directly influences real estate demand, fiscal sustainability, infrastructure direction, and capital market asset preferences, serving as the "underlying code" for understanding macro trends [3]. - Key role of generational differences: Distinct differences in consumption attitudes and wealth perspectives among generations are crucial pathways for population impacts on the economy [4]. Group 2: Reshaping Key Areas 1. **Consumer Market: Generational Values Drive Demand** - Older generation (born in the 50s/60s): Adopts a "frugal savings" mindset, limiting consumption willingness and challenging traditional expectations of a "silver economy" [5]. - Middle generation (born in the 80s/90s): Expected to become the main force in the silver economy, shifting focus to quality and service consumption [6]. - New generation (born in the 00s): Values "self-experience," driving the rise of new consumption areas like trendy toys, anime, and beauty economy, becoming a new market engine [7]. 2. **Real Estate: Value Logic Returns to Housing Essentials** - Three-phase evolution: Transitioning from "housing solutions" to "housing + investment," now entering an era focused on "pure residential demand," leading to a decline in speculative assets like vacation properties [8]. - Core value redefinition: Real estate value is determined by "genuine residential demand," with prime locations being more resilient; remote areas and older properties face challenges, widening the price gap between new and old homes [9]. 3. **Investment Market: Generational Risk Preference Divergence** - Older demographic: Highly risk-averse, favoring fixed income and dividend products, lowering overall societal risk appetite [10]. - Younger demographic: Pursues high returns and accepts high-risk investments, creating new investment avenues in consumption and trendy assets [11]. - Asset value reconstruction: Traditional assets favored by older generations, such as rosewood and collectibles, are expected to depreciate significantly due to lack of recognition from younger generations [12]. 4. **Infrastructure and Finance: Labor Force Size Defines Investment Boundaries** - Labor force threshold effect: When the proportion of the main working-age population (ages 24-45) falls below 25%, fixed asset investment scale will drop to half its peak [13]. - Infrastructure logic shift: The "infrastructure first" logic during population growth periods becomes ineffective, with investments concentrating in core areas and inefficient infrastructure (like remote roads and non-essential subways) shrinking [14]. Group 3: Wealth Distribution and Intergenerational Conflicts - Intergenerational pressure: Close population peaks between the 60s and 80s generations create a "time lag" in wealth transfer, leading to the 80s generation acquiring assets at high points, with some groups excluded from wealth distribution [15]. - Delayed wealth transfer: Influenced by East Asian culture, older individuals tend to hold wealth for retirement security, resulting in limited pre-death transfers and exacerbating intergenerational wealth flow stagnation and inequality [16]. Summary Population, as a long-term variable, steadily reshapes the underlying logic of the economy and life. From the consumption patterns of the young to the savings of the elderly, and from core real estate to remote infrastructure, all changes are deeply rooted in demographic shifts. Understanding generational transitions, age structures, and spatial movements is key to grasping new rules of wealth distribution and asset value coordinates, emphasizing the importance of recognizing this slow variable for informed decision-making during major cyclical shifts [17].

Core Insights - Century Securities is focusing on a "one core, two wings" business strategy to establish itself as a leading comprehensive financial service provider in the Guangdong-Hong Kong-Macao Greater Bay Area, marking its 35th anniversary with a commitment to higher quality development [1] - The asset management division emphasizes a client-centric approach, aiming to provide high-quality asset management services through a "core + satellite" product service system, primarily focusing on fixed income products [1][2] Fixed Income Business - The fixed income business serves as the core pillar of Century Securities' asset management, featuring a well-structured product line with both short-term and long-term offerings [2] - All open or matured medium to long-term fixed income products have achieved 100% performance fee benchmarks, showcasing strong performance [2] - The company is facing challenges in the bond market, including "asset scarcity" and "high volatility," necessitating enhanced capabilities in managing product fluctuations and seizing interest rate trading opportunities [2] Innovation in Investment - Century Securities actively participates in the investment of technology innovation bonds, directing funds towards strategic emerging industries such as new technologies and high-end equipment, thereby supporting the real economy [3] - The asset management division is expanding its "fixed income +" and equity product lines, with the "Xingyue Shicheng" series focusing on enhancing returns while controlling volatility [5] Satellite Products - The "satellite" product line includes various FOF products that employ different investment strategies to achieve sustainable returns while controlling risks [4] - The FOF products have ranked highly among peers, with the "All-Weather" series receiving multiple awards [4] Digital Transformation - Century Securities is enhancing its digital capabilities by developing a proprietary research and investment platform, which improves operational efficiency and client experience [7] - The company is also building a customer relationship management (CRM) system to better understand and serve high-net-worth clients [6] Compliance and Risk Management - Compliance and risk management are prioritized, with a comprehensive real-time risk monitoring system in place to track market, credit, and liquidity risks [8] - The company aims to deepen its commitment to serving the real economy while expanding its asset management capabilities across multiple asset classes and strategies [8]

Group 1 - The core viewpoint emphasizes the importance of public funds as a key tool for asset allocation in the context of building a financial powerhouse, highlighting the unprecedented development opportunities and transformation challenges faced by the industry [1][9] - The company aims to align its product system with national strategies, market trends, and customer needs, focusing on five major areas: technology finance, green finance, inclusive finance, pension finance, and digital finance [2][9] Group 2 - The product system includes four main types: cash management products, fixed income products, fixed income plus products, and equity products, designed to meet diverse investor needs from conservative to aggressive strategies [2][3][4] - Cash management products, such as money market funds and interbank certificate index funds, are characterized by high liquidity and low risk, serving as essential tools for short-term financial management [3] - Fixed income products focus on stable returns through a well-established credit research system and risk control mechanisms, positioning them as a cornerstone for investors' asset allocation [4] Group 3 - Fixed income plus products pursue absolute returns by employing strategies that enhance yield while balancing risk, including convertible bonds and active equity investments [5] - Equity products emphasize long-term value investment, targeting high-potential companies across various sectors, including technology and healthcare, to help investors benefit from China's economic growth [6] Group 4 - In the pension finance sector, the company actively responds to national policies by developing target pension funds and expanding its FOF product line to meet diverse asset allocation needs [7][8] - The company is committed to supporting national financial development strategies and fulfilling its social responsibility by providing diversified financial products and services [9]