NEWS 10月19日，申万宏源党委书记、董事长刘健在全球财富管理论坛 · 2025上海苏河湾大会以《加大投资产品供给和创新 迎接财富管理新时代》为主题作会议致辞。 尊敬的各位嘉宾、各位同仁，女士们、先生们： 近年来全球财富管理市场迎来一系列新变化，大型金融机构不约而同在加大财富管理、资产管理上的布局，部分国际投行的财富及资产管理业务收入占比超过 50%。中国居民家庭资产配置结构也呈现出结构性变化，正在进入高增长、多元化及增加境外资产配置的新时期。 大家上午好！非常荣幸参加本次全球财富管理论坛，与来自世界各地的专家学者、投资机构代表面对面交流。 从总量规模看， 过去二十年，中国居民财富总量实现跨越式增长。据贝恩咨询的数据，中国私人部门可投资资产总量超过300万亿元人民币，高净值人群数量 位居全球第二，已形成庞大的财富管理市场。 从配置结构看， 中国居民财富结构正经历从储蓄与单一房地产投资为主，逐步向股票、债券、公募基金、私募股权、保险、黄金等大宗商品及跨境资产多元配 置转型。过去中国居民家庭资产中房地产投资占比接近七成，而近年来房地产在家庭资产中的比重已经显著下降，股票、基金等权益类投资占金融资产的比例稳步 ...

（原标题：年轻投资者崛起，一场关乎话语权的"代际博弈"已然开启） 中国居民财富管理市场正站在历史性的十字路口。随着房地产这一传统"避风港"的光环逐渐褪色，高达 300万亿元人民币的居民可投资资产正面临前所未有的配置抉择。在10月19日举行的"全球财富管理论坛 2025苏河湾大会"上，申万宏源证券董事长刘健直言，当前金融市场在产品类型、投资策略、跨境渠道 和服务分层等方面仍存在供给不足，难以满足投资者特别是年轻一代对全球化、多元化配置的需求，需 要通过系统性创新来破解这一供需矛盾。 刘健在演讲中描绘了中国财富管理市场的显著变化：居民家庭资产中房地产投资占比已从近七成显著下 降，股票、基金等权益类投资占金融资产的比例稳步提升至15%左右。同时，30岁以下年轻投资者占比 已达30%，他们对投资便利性、全球视野与风险分散有着更高要求。 居民财富格局生变，多元配置需求凸显 "从金融产品供给看，当前金融市场产品体系还不能满足居民日益多元化的投资需求。"刘健称。 在资产类别上，尽管以股票、债券、公募基金等为代表的传统产品体系已较为完善，且我国市场容量及 交易规模均位居全球前列，但在绿色金融工具、跨境ETF、商品及衍生品等创 ...

Group 1: Market Overview - The international capital market in August 2025 shows a complex and variable landscape, with stable Federal Reserve interest rate policies impacting major investment categories: stocks, bonds, and gold [1] - The Hong Kong stock market's biopharmaceutical sector continues to perform strongly, with a leading gene editing company experiencing a weekly increase of 12.3%, reaching a year-to-date high [1] - The bond market exhibits a polarized trend, with U.S. ten-year Treasury yields fluctuating between 3.2% and 3.5%, while corporate bonds show significant stratification [1] Group 2: Gold and Alternative Investments - Gold prices have surpassed $2,200 per ounce, marking a historical high, driven by central banks increasing their reserves and a gold mining company reporting a 28% increase in proven reserves, leading to a 17% surge in its stock price [2] - The alternative investment sector is witnessing new trends, with carbon credit derivatives trading volume increasing by 210% month-over-month, and a water rights trading index showing positive growth for three consecutive months [2] Group 3: Fund Flows and Asset Allocation - Cross-border ETFs have seen a record net subscription of 1.5 billion yuan in a week, while REITs products' premium rate has narrowed to 3.2% [3] - Investors are advised to focus on inflation-linked bonds that can effectively hedge against CPI fluctuations, considering three key variables: geopolitical impacts on energy prices, monetary policy divergence among major economies, and the actual productivity gains from artificial intelligence [3] Group 4: Investment Strategies - In response to the complex market environment, professional institutions recommend a barbell strategy, allocating 70% of funds to stable assets and 30% to high-growth sectors, while regularly conducting stress tests to ensure portfolio resilience [4]