中国基金业协会最新发布的数据显示，截至2025年三季度末，基金管理公司及其子公司、证券公司 及其子公司、期货公司及其资管子公司、私募基金管理机构资产管理产品总规模达80.03万亿元。 中国基金业协会供图 其中，公募基金规模36.74万亿元，证券公司及其子公司私募资产管理产品规模6.37万亿元，基金管 理公司及其子公司私募资产管理产品规模5.70万亿元，基金管理公司管理的养老金规模6.85万亿元，期 货公司及其资管子公司私募资产管理产品规模0.39万亿元，私募基金规模21.99万亿元，资产支持专项计 划（ABS）规模2.18万亿元。（记者刘羽佳） 【纠错】 【责任编辑:谷玥】 ...

在自贸港政策红利与资本市场改革深化的双重驱动下，海南资本市场交出了一份规模与质量双升的亮眼答卷：五 年来累计实现直接融资788.21亿元，上市公司总市值较"十三五"末增长85%，达4621.11亿元，百亿级市值企业扩 容至14家，并购重组规模突破800亿元，累计分红同比增长86%。这些实打实的数据，不仅为旅游业、现代服务 业、高新技术产业等注入强劲金融动能，更筑牢了自贸港高质量发展的资本根基。 "十四五"时期，海南自由贸易港建设实现从"开局起步"到"成型起势"的关键跨越，并在2025年12月18日迎来全岛 封关运作的历史时刻。 资本活水精准滴灌 产业升级蹄疾步稳 "十四五"时期，海南资本市场充分发挥资源配置核心功能，通过股权融资、债券发行、并购重组等多元化工具， 将金融活水精准导入实体经济重点领域，推动产业结构优化升级，为自贸港"三区一中心"战略定位提供坚实支 撑。 直接融资规模大幅增长，为企业发展注入"真金白银"。五年来，海南企业通过发行股票、公司债券、资产支持证 券等方式实现直接融资788.21亿元（含H股上市融资12亿元），其中股权融资262.99亿元，债券融资525.22亿元， 有力支持了企业转型升级 ...

海南自贸港封关后，普通交易者在海南开户、进行期货交易有没有变化？国新国证期货副总经理项泓瑜 给出明确答案：海南自贸港封关后，在海南进行期货交易的规则和机制都不会变，依然遵循国家相关法 律法规和交易所规定。 12月18日，海南自贸港将正式启动全岛封关。 海南自贸港封关后，普通交易者在海南开户、进行期货交易有没有变化？海南自贸港吸引外资和方便跨 境投资的金融政策将给期货公司带来哪些机遇？带着相关问题，期货日报记者采访了国新国证期货、中 信建投（601066）期货等机构的专业人士。 期货开户和交易，一切照旧 真正的变化，藏在自贸港政策框架带来的结构性机遇中。 有人可能认为"封关"是"关起门"，其实恰恰相反，"封关"是"开大窗"。对期货市场来说，核心是"跨 境"二字，体现在资金流动、市场开放两大方面。 项泓瑜解释，届时，依托"一线放开、二线管住、岛内自由"的监管框架，海南期货市场将迎来突破。一 方面，跨境资金流动更便利，自贸港推动跨境贸易和投融资结算便利化，有利于境外投资者参与境内特 定品种期货交易和交割。比如，洋浦的天然橡胶期货交割仓库、原油期货交割仓库在封关后依托"一线 放开"的物流便利，交割效率将进一步提升。另 ...

Core Insights - As of the end of Q3 2025, the total scale of asset management products by fund management companies, securities companies, futures companies, and private fund management institutions is projected to reach 80.03 trillion yuan [1] Group 1: Asset Management Product Breakdown - The scale of public funds is expected to be 36.74 trillion yuan [1] - Private asset management products by securities companies and their subsidiaries are projected to reach 6.37 trillion yuan [1] - Private asset management products by fund management companies and their subsidiaries are estimated at 5.70 trillion yuan [1] - The pension assets managed by fund management companies are anticipated to be 6.85 trillion yuan [1] - Private asset management products by futures companies and their subsidiaries are expected to be 0.39 trillion yuan [1] - The scale of private funds is projected to be 21.99 trillion yuan [1] - The scale of asset-backed special plans (ABS) is estimated at 2.18 trillion yuan [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) announced that six institutions have completed the filing for cross-border asset management pilot business in Hainan Free Trade Port, marking the first batch of pilot institutions since the implementation guidelines were released [1]. Group 1: Institutions Involved - The six institutions that have been approved include four issuing institutions: Jinyuan Securities Co., Ltd., Wanhua Securities Co., Ltd., Huibaichuan Fund Management Co., Ltd., and Peng'an Fund Management Co., Ltd. Additionally, two sales institutions are involved: Industrial Bank Co., Ltd. Haikou Branch and Shanghai Pudong Development Bank Co., Ltd. Haikou Branch [1]. Group 2: Regulatory Framework - The implementation guidelines for the cross-border asset management pilot business were jointly issued by several regulatory bodies, including the People's Bank of China Hainan Branch, the National Financial Supervision Administration Hainan Regulatory Bureau, the CSRC Hainan Regulatory Bureau, the Hainan Provincial Local Financial Management Bureau, and the State Administration of Foreign Exchange Hainan Branch on July 21 [1]. Group 3: Investment Opportunities - The guidelines support foreign investors in investing in financial products issued by financial institutions within the Hainan Free Trade Port, including wealth management products, private asset management products from securities and futures institutions, public securities investment funds, and insurance asset management products [1].

Core Viewpoint - The growth of asset management scale in securities firms is accompanied by a decline in income, indicating a structural challenge in the industry. The transition to public fund management remains a significant task ahead [2][4]. Group 1: Asset Management Scale and Income Trends - As of the end of Q2 2025, the scale of private asset management products by securities companies reached 6.14 trillion yuan, an increase of 0.21 trillion yuan from the end of Q1 2025 [4]. - Despite the increase in asset management scale, the net income of listed securities firms' asset management business totaled 21.2 billion yuan in H1 2025, reflecting a year-on-year decline of 3% [4][5]. - The contrasting trends of scale growth and income decline are attributed to multiple factors, including the contraction of channel business, decreasing management fees for public products, and slow progress in active management transformation [2][4]. Group 2: Performance Disparities Among Firms - In H1 2025, there was a significant disparity in income among securities firms. CITIC Securities led with a net income of 5.444 billion yuan, a year-on-year increase of 10.77% [5]. - Other firms like GF Securities and Guotai Junan followed with net incomes of 3.669 billion yuan and 2.578 billion yuan, showing growth rates of 8.44% and 34.20%, respectively [5]. - Conversely, some firms experienced substantial declines in net income, such as Huatai Securities, which reported 893 million yuan, down 59.8% year-on-year, primarily due to the sale of AssetMark [5]. Group 3: Challenges in Public Fund Transition - The transition to public fund management is a crucial direction for the development of securities firms' asset management, with many firms applying for public fund qualifications [7]. - However, the transition faces significant bottlenecks, particularly due to licensing barriers that hinder product layout and overall industry transformation [7]. - As of September 5, 2025, there were 108 public fund products undergoing transformation, including 50 bond funds, 28 mixed funds, and 27 money market funds [7]. Group 4: Strategic Directions for Future Development - The competition in the securities asset management industry is shifting from scale expansion to a comprehensive contest involving research capabilities, technological empowerment, and product ecosystems [9]. - Firms are encouraged to focus on four areas: specialization in research, deepening product innovation, enhancing technological capabilities, and fostering business collaboration [9]. - Future strategies for equity business will focus on relative return products represented by public active equity and quantitative funds, as well as absolute return products through private active equity and quantitative strategies [9].

Core Insights - The total scale of asset management products in China reached 75.38 trillion yuan by the end of Q2 2025, reflecting a robust growth trend in the asset management market [1][2] Group 1: Overall Market Performance - The asset management market grew by 3.06 trillion yuan from the end of Q1 2025, representing a growth rate of approximately 4.23% [1] - The public fund scale increased from 32.22 trillion yuan at the end of Q1 to 34.39 trillion yuan at the end of Q2, marking a rise of 2.17 trillion yuan and a quarter-on-quarter growth rate of about 6.74% [2] Group 2: Breakdown of Asset Management Products - The scale of private asset management products by securities companies and their subsidiaries rose from 5.93 trillion yuan to 6.14 trillion yuan, an increase of 0.21 trillion yuan, with a quarter-on-quarter growth of approximately 3.54% [2] - The scale of private asset management products by fund management companies and their subsidiaries slightly decreased from 5.59 trillion yuan to 5.58 trillion yuan, remaining stable at a high level [2] - Pension assets managed by fund management companies grew from 6.09 trillion yuan to 6.3 trillion yuan, an increase of 0.21 trillion yuan, with a quarter-on-quarter growth rate of about 3.45% [2] - Private fund scale increased from 20.19 trillion yuan to 20.6 trillion yuan, reflecting a growth of 0.41 trillion yuan and a quarter-on-quarter increase of approximately 2.03% [2] - The scale of asset-backed special plans (ABS) rose from 2.08 trillion yuan to 2.13 trillion yuan, an increase of 0.05 trillion yuan, with a quarter-on-quarter growth rate of about 2.4% [2] - The scale of private asset management products by futures companies and their subsidiaries increased from 0.32 trillion yuan to 0.36 trillion yuan, marking a growth of 0.04 trillion yuan and a quarter-on-quarter increase of 12.5% [2]

Core Insights - As of the end of Q2 2025, the total scale of asset management products reached 75.38 trillion yuan [1] Group 1: Asset Management Product Breakdown - Public funds account for 34.39 trillion yuan of the total asset management products [1] - Private asset management products from securities companies and their subsidiaries total 6.14 trillion yuan [1] - Private asset management products from fund management companies and their subsidiaries amount to 5.58 trillion yuan [1] - Pension funds managed by fund management companies reach 6.3 trillion yuan [1] - Private asset management products from futures companies and their subsidiaries total 0.36 trillion yuan [1] - The scale of private equity funds stands at 20.6 trillion yuan [1] - Asset-backed special plans (ABS) amount to 2.13 trillion yuan [1]

Group 1 - The implementation details of the cross-border asset management pilot business in Hainan Free Trade Port took effect on August 21, marking the official launch of the pilot [1] - The pilot business supports foreign investors in investing in financial products issued by financial institutions in Hainan, including wealth management products, private asset management products, publicly raised securities investment funds, and insurance asset management products [1] - The pilot aims to enrich the supply of cross-border financial products and explore new channels for foreign investors to invest in the domestic market, while attracting domestic and foreign asset management institutions to operate in Hainan [1] Group 2 - The pilot business is subject to scale management, with an initial total scale limit set at 10 billion yuan for the net inflow of funds from foreign investors purchasing pilot asset management products [1] - The pilot is expected to promote the internationalization of the Renminbi by providing new channels for offshore Renminbi to flow back into the domestic capital market [2] - The pilot opens a new window for foreign investors to allocate Chinese assets and represents a significant step forward in China's financial opening-up [2]

Core Points - The board of directors of Guotai Junan Securities Co., Ltd. announced the merger of Shanghai Guotai Junan Securities Asset Management Co., Ltd. with Shanghai Haitong Securities Asset Management Co., Ltd. [1] - The new entity will be named Shanghai Guotai Haitong Securities Asset Management Co., Ltd. [1] Summary by Sections - The management of private asset management products and asset-backed special plans will change from "Shanghai Haitong Securities Asset Management Co., Ltd." to "Shanghai Guotai Haitong Securities Asset Management Co., Ltd." [1] - Publicly offered asset management plans that have not yet announced termination will also see a change in management to the new entity, pending approval from the China Securities Regulatory Commission and successful holder meetings [2] - Customer personal information will be transferred to Guotai Haitong Asset Management, which commits to maintaining the original purposes and methods of processing personal information in compliance with the Personal Information Protection Law of the People's Republic of China [2]