资管行业步入高质量发展新阶段，证券公司如何布局谋篇，成为市场关注的焦点。 由证券时报社主办的"2025中国证券业资产管理高峰论坛"近日在深圳举办，本次活动吸引了资管行业众多骨干参与，共同探讨新形势下证券业高质量发展 的路径与机遇。 在"后'公募化'时代，券商资管发展机遇与挑战"圆桌论坛环节，参与讨论的嘉宾有华安证券副总裁、华安资管董事长唐泳，山证资管总经理李宏宇，申万 宏源资管首席投资官顾伟，财通资管总经理助理、权益投资总监李响。本场圆桌论坛由国信证券非银金融行业首席分析师孔祥主持。 与会嘉宾围绕"牌照、竞合、基因、协同"等关键词，就券商资管在行业变革期的定位选择、差异化发展路径以及内部协同机制等议题分享见解，为行业转 型升级提供了有益思路。 公募牌照非唯一赛道 "公募牌照"无疑是券商资管无法绕开的话题，影响着券商资管的业务模式与战略布局。手握牌照者思考如何差异化，暂未入场者则在探索如何在现有框架 下做到极致。 财通资管总经理助理、权益投资总监李响表示，公司取得公募牌照至今已有10年，基于券商资管和公募基金双牌照，探索特色化、多元化发展之路，目前 已形成"一主两翼"的业务布局。"一主"是主动管理投研板块，涵盖 ...

Core Viewpoint - The asset management industry is entering a new stage of high-quality development, with a focus on how securities firms can strategically position themselves in this evolving landscape [1][2]. Group 1: Industry Trends and Challenges - The "2025 China Securities Industry Asset Management Summit Forum" recently held in Shenzhen gathered key players in the asset management sector to discuss paths and opportunities for high-quality development under new circumstances [2]. - Discussions highlighted the importance of "licenses, competition, cooperation, genes, and synergy" in shaping the positioning and development paths of securities firms during this transformative period [4]. Group 2: License and Business Strategy - The topic of "public offering licenses" is crucial for securities firms, influencing their business models and strategic layouts. Firms with licenses are exploring differentiation, while those without are seeking to excel within existing frameworks [5]. - Financial management firms like Caitong Asset Management have developed a diversified business model over the past decade, focusing on active management and a dual-license strategy that includes public and private offerings [5][7]. - Despite challenges, firms like Huazhong Securities are enhancing their product lines and investment capabilities, focusing on "private small collective" products to maintain growth [7][9]. Group 3: Competitive Landscape and Collaboration - The relationship between securities asset management and other financial institutions is evolving from pure competition to a mix of competition and cooperation. This shift is seen as an opportunity for securities firms to redefine their roles [10]. - Securities asset management is increasingly focusing on high-net-worth clients and non-bank institutions, utilizing various tools such as ABS, REITs, and quantitative strategies to offer multi-asset solutions [10][12]. - The collaboration potential with bank wealth management is significant, especially as banks face transformation pressures, allowing securities firms to leverage their strengths [12]. Group 4: Strategic Development and Client Experience - The future goal for the asset management industry is to enhance user experience through better product offerings, tapping into the vast market of household savings [12][14]. - Securities firms should leverage their strengths in fixed income, FOF, and derivatives to build a multi-strategy platform that maximizes risk-adjusted returns [14]. - The unique "brokerage gene" of securities firms can be transformed into sustainable productivity, enhancing their internal growth and client service capabilities [15]. Group 5: Internal Synergy and Talent Development - Asset management can serve as a talent development base for other business lines within securities firms, providing valuable insights and resources across the organization [15][16]. - The strategic value of asset management is growing, with firms encouraged to refine customer needs and create tailored strategies to enhance client engagement [16].