唐泳则认为，在牌照有限的情况下，券商资管仍可以立足于现有"根据地"，把业务做精做细。他表示，尽 管华安资管尚未取得公募牌照，但公司通过聚焦"私募小集合"业务，不断强化产品收益、丰富产品线，同时加 强投资能力的持续培养，已取得了很好的效果。 证券时报记者 谭楚丹 近日，"第十九届深圳国际金融博览会暨2025中国金融机构年会"在深圳举行。在分论坛"2025中国证券业 资产管理高峰论坛"上，资管行业众多精英共同探讨了新形势下证券业高质量发展的机遇与路径。 在"后公募化时代，券商资管发展机遇与挑战"圆桌讨论环节中，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。本次圆桌讨论的主持人，由国信证券非银金融行业首席分析师孔祥担任。 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。 公募牌照并非唯一路径 公募牌照是券商资管无法绕开的话题，它影响着券商资管的业务模式与战略布局。手握牌照者无不思考如 何差异化，暂未入场者则在 ...

Core Insights - The "19th Shenzhen International Financial Expo and 2025 China Financial Institutions Annual Conference" highlighted opportunities and paths for high-quality development in the securities industry amidst new challenges [1] Group 1: Asset Management Industry Dynamics - The discussion emphasized the importance of public fund licenses for securities asset management, influencing business models and strategic layouts [2] - Companies like Caitong Asset Management have developed a diversified business model with a focus on active management and a dual-license approach, while still aiming to enhance client experience [2] - Huazhong Securities has focused on refining its private fund offerings despite not having a public fund license, achieving positive results through product diversification and investment capability enhancement [2][3] Group 2: Competitive and Cooperative Landscape - The relationship between securities asset management and other financial institutions is evolving from pure competition to a mix of competition and cooperation [4] - Securities asset management is positioned to serve high-net-worth clients and non-bank institutions, leveraging unique product offerings and asset allocation capabilities [4] - The challenges faced by bank wealth management present opportunities for securities asset management to collaborate and expand their client base [4] Group 3: Strategic Development and Value Creation - Securities asset management should leverage its strengths in fixed income, FOF, and derivatives to enhance risk-adjusted returns and improve client experiences [5][6] - The unique "brokerage gene" of securities asset management can be transformed into sustainable productivity, driving internal growth and enhancing service offerings [7] - Effective asset-liability management and a focus on client needs are crucial for the long-term success of securities asset management [8]

Core Insights - The asset management industry is entering a new phase of high-quality development, with a focus on how securities firms can strategically position themselves in this evolving landscape [1][3] - The "post-public offering era" presents both opportunities and challenges for securities firms in asset management, prompting discussions on differentiation and internal collaboration [3][4] Group 1: Industry Trends - The forum highlighted the importance of "licenses, competition, genes, and collaboration" as key themes for securities firms navigating industry transformation [3] - Securities firms are exploring diverse development paths, with a focus on leveraging their unique advantages in the asset management space [4][9] Group 2: Business Strategies - Securities firms with public offering licenses are considering how to differentiate their offerings, while those without are seeking to optimize their existing frameworks [4][6] - Financial institutions like Huazhong Securities are focusing on "private small collective" products to enhance product returns and diversify their offerings [6][8] Group 3: Competitive Landscape - The relationship between securities firms and other financial institutions, such as banks and public funds, is evolving from pure competition to a mix of competition and collaboration [9][11] - Securities firms are increasingly targeting high-net-worth clients and non-bank institutions, utilizing a variety of tools such as ABS, REITs, and quantitative strategies [9][11] Group 4: Internal Collaboration and Value Creation - The unique "brokerage gene" of securities firms can be transformed into sustainable productivity, driving internal growth and enhancing client services [14][15] - Asset management can serve as a talent development base for other business lines within securities firms, providing valuable insights and strategies [15][16]

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].