管理层调整背后的战略意图 此次人事调整并非孤立事件，而是中信建投证券对公募业务板块的重新布局。黄凌作为债券业务和机构业务的老将，转任财富委主任，显然是要 强化母公司与基金板块的协同效应。而林煊的接任更值得玩味——这位拥有投行背景的博士，曾主导过中信建投证券的人力资源改革，其上任可 能意味着公司将更注重人才梯队建设与投研体系优化。 值得注意的是， 副总经理方俊才转管机构销售，电商负责人高晓素升任总监，这些细节暴露出中信建投基金正在重构销售体系，试图通过机构客 户与线上渠道的双轮驱动突破规模瓶颈。 券商系公募的生存现状 2026年开年，中信建投基金迎来核心管理层调整。 中信建投证券党委委员、执行委员会委员黄凌出任财富委主任，不再兼任中信建投基金董事 长；中信建投证券党委副书记、工会主席林煊拟兼任中信建投基金党委书记、董事长。这一人事变动标志着中信建投基金在行业深度调整期的战 略转向。 这次管理层调整只是开始，真正的考验在于后续的战略执行。在公募行业从规模竞争转向质量竞争的新阶段，中信建投基金的转型实验，将为整 个券商系公募群体提供重要范本。 行业变局下的生存法则 当前公募行业正经历前所未有的深度调整。费率改革三年 ...

智通财经1月6日讯（编辑 王蔚）进入2026年，存款到期体量大致有多少？这是近期市场颇为关注的问题，目前"开门红"是敏感时期，机构压力颇大。 据相关券商研报测算，今年1Y以上定期存款到期规模约50万亿，较2025年增长10万亿。其中，2年期、3年期存款到期量预计均在20万亿以上，5年期大致在 5-6万亿。 分银行类型来看，预计国有行存款到期规模最大，体量大致在30-40万亿；股份行次之，约10-13万亿；城农商行合计到期规模约5-7万亿（均不考虑1年及以 内新发存款）。 年内到期节奏方面，由于每年初银行存在"开门红"诉求，一季度新增存款往往最多，对应到期规模也可能更大。业内预计上半年全市场定存到期规模约30万 亿，下半年大致在20余万亿。 存款到期后，主要流向四个方向：偿还存量房贷、流向股市、购买理财等产品、以及继续购买更低利率的存款。 业内人士普遍认为，目前，存款搬家尚处于早期阶段，2026年，存款搬家现象会加强。 存款或主要"搬家"至四大方向 随着存款利率持续下行、资本市场回暖，叠加前几年新发的定期存款集中到期，居民存款迎来新一轮"迁徙"。截至2025年11月，居民定期存款增速从22-23 年的20%回落 ...

Core Viewpoint - The recent adjustment in A-share market has led to increased discussions on risk aversion, with public fund companies showing a tendency to limit large subscriptions for defensive funds while actively launching equity index products [1][2]. Group 1: Fund Subscription Trends - Many public fund institutions have chosen to limit large subscriptions for defensive products such as bond funds, money market funds, and dividend-themed funds, reflecting a cautious approach towards potential inflows of risk-averse capital [2][3]. - Since November 14, over a hundred products, primarily bond funds, have suspended large subscriptions, indicating a trend towards restraint in accepting new capital [2][3]. - Fund managers emphasize the importance of maintaining a balanced approach to fund inflows, as excessive short-term capital can hinder effective investment management and potentially harm investor interests [1][2]. Group 2: Active Equity Fund Launches - Despite the cautious stance on defensive funds, there is a notable enthusiasm for launching equity index products, with several new funds being introduced under major indices like the Shanghai Composite Index and the ChiNext Index [2][3]. - For instance, the Guotou Ruijin Shanghai Composite Index Enhanced Fund raised 971 million yuan during its subscription period from October 22 to November 11, attracting 3,453 investors [2]. - The number of newly established products linked to the Shanghai Index and the North Star 50 Index has reached historical highs this year, with 8 and 23 products respectively, while the ChiNext Index has seen 17 new products, matching last year's total [3]. Group 3: Market Outlook and Sector Focus - Various institutions believe that the recent market fluctuations do not alter the long-term positive trend, suggesting a focus on structural opportunities, particularly in sectors with favorable industry trends such as technology, consumption, high-end manufacturing, and pharmaceuticals [3][4]. - The market is expected to experience a mid-term upward trend, supported by ample liquidity and improving industry conditions, despite potential short-term volatility [3][4]. - Companies are advised to balance their portfolios by increasing allocations to stable dividend assets while also investing in sectors with strong industrial trends, such as AI computing power and new energy [4].

Core Viewpoint - The event "New Era, New Fund, New Value" aims to promote the high-quality development of public funds in Beijing, enhancing the city's role as a national financial management center and fostering investor education and protection [1][2]. Group 1: Event Overview - The event took place on October 16 at the North Star Huayi Cinema in the Olympic Business Circle, organized by multiple fund companies and supported by the Beijing Securities Regulatory Bureau [1][2]. - The initiative is part of a broader series of activities launched on September 8, focusing on the high-quality development of public funds in Beijing [1]. Group 2: Educational Initiatives - The event featured a financial education exhibition area with engaging materials and interactive experiences aimed at enhancing public financial literacy [4]. - Educational materials distributed included books and booklets designed to simplify complex financial concepts for the audience [4]. Group 3: Industry Insights - Beijing is a significant hub for public funds, with 36 public fund companies and 3 public fund managers as of the end of August, ranking second nationally [6]. - The total asset management scale of public fund managers in Beijing reached 81,433.18 billion yuan, managing 2,986 public fund products [6]. Group 4: Investor Education Strategy - The investor education strategy of the company focuses on a customer-centric approach, aiming to enhance the investment experience for clients [6]. - The educational framework includes a comprehensive curriculum covering various public fund products and life stages of investors [6][7]. - A diverse range of educational activities is conducted, including campus financial education and community outreach programs [7].

Group 1 - The core concept emphasizes the importance of foundational knowledge in investment and fund selection, suggesting that a solid understanding of investment funds is crucial for successful investing [2] Group 2 - There is a distinction between interbank certificate index funds and money market funds, both classified under R1 risk. Interbank certificate index funds primarily invest in interbank certificates, with at least 80% of the fund's assets allocated to this investment type, making it more focused compared to money market funds, which invest in various short-term instruments [3]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the bond market outlook for the fourth quarter of 2025, focusing on government bonds and convertible bonds [1][2][3]. Core Insights and Arguments 1. **Interest Rate Trends**: The interest rate trajectory is expected to exhibit an asymmetric U-shape due to various risk factors and year-end allocation demands. The 30-year government bond yield is around 2.1%, 10-year at 1.8%, and 5-year at 1.6%, indicating significant allocation value for institutional investors [1][6][10]. 2. **Convertible Bond Market**: The convertible bond market remains bullish, with high premium rates. Investors are advised to focus on stock characteristics and structural opportunities, particularly in technology sectors such as AI, domestic computing power, and AR glasses [1][5][21][25]. 3. **Regulatory Impact**: Regulatory changes are anticipated to lead to a contraction in certain products, such as short-term bond funds, while other products like money market funds may see growth. The coordination between the central bank and regulatory bodies is crucial for market stability [1][7][12]. 4. **Bank Capital Regulations**: New capital regulations for commercial banks are expected to have limited impact on certificates of deposit (CDs) and will likely manifest in the market 3-4 quarters before formal implementation [1][8][10][9]. 5. **Economic Indicators**: GDP growth is projected at 4.8%-4.9% for Q3 and 4.5%-4.6% for Q4, indicating a downward trend. The upcoming Fourth Plenary Session is expected to introduce incremental policies, but short-term pressures remain manageable [1][12][13]. 6. **Cross-Year Allocation**: Financial institutions are driven by early investment for early returns, with historical data showing significant interest rate declines in Q4 during various years due to policy and fundamental factors [1][11]. 7. **Credit Bond Market Outlook**: The credit bond market is expected to exhibit seasonal characteristics, with credit spreads likely to fluctuate around current levels without significant compression [1][15]. Additional Important Insights 1. **Investment Strategies**: A barbell strategy is recommended, focusing on short-term assets with stable yields and mid-term secondary capital bonds. The current market environment favors short-term assets with good downside protection [1][16][17]. 2. **Market Sentiment**: Institutional investors have increased asset allocations, particularly state-owned banks, while insurance companies remain stable. The sentiment is generally optimistic, awaiting a final dip to establish common expectations [1][18]. 3. **Convertible Bond Valuation**: Current valuations of convertible bonds show limited downside potential and significant upside potential, with a median elasticity of 70% and a remaining median term of approximately 2.5 years [1][21][24]. 4. **Specific Recommendations**: The call recommends specific stocks in the technology and renewable energy sectors, including companies involved in AI, domestic computing, and solar energy components, as they are expected to perform well in the upcoming quarter [1][25][27]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the bond market outlook and investment strategies for the fourth quarter of 2025.

Investment Rating - The investment rating for the banking industry is "Positive" (maintained) [1] Core Insights - The banking sector is experiencing a shift in fund investment behavior, with banks redeeming low-yield money market funds and increasing their holdings in credit bond funds to enhance returns [5][57] - The total fund holdings of listed banks reached approximately 6.37 trillion yuan, accounting for 2.03% of total assets as of the end of the first half of 2025 [15][18] - The proportion of fund investments in the fair value through profit or loss (FVTPL) category is 48.5%, with city commercial banks showing even higher ratios [15][22] Summary by Sections 1. Fund Investment Participation and Scale - The self-managed fund holdings of listed banks as of June 2025 were approximately 6.37 trillion yuan, with shareholding banks and city commercial banks having significant investment scales of 2.84 trillion yuan and 1.72 trillion yuan, respectively [15][18] - The investment in money market funds decreased to 9.10%, while the proportion of passive index bond funds increased to 7.90% [23][25] 2. Changes in Fund Investment Behavior - Banks are redeeming money market funds and low-yield rate bond funds while increasing their investment in credit bond funds [5][57] - The redemption pressure for money market funds was primarily concentrated in the first quarter of 2025, driven by liquidity management needs and yield enhancement [49][55] 3. Future Expansion and Impact of Redemption Fee Reform - Smaller banks have greater expansion potential in fund investments, driven by the need for redundant fund screening and tax-exempt income [3][3] - The implementation of redemption fee reforms may catalyze preventive redemptions by banks, leading to a preference for customized bond funds and bond ETFs [3][3]

Group 1 - The recent leadership change at Huabao Fund marks a significant shift in the public fund industry, with Huang Kongwei stepping down as chairman due to age-related reasons, and Xia Xuesong, former chairman of Baoxin Software, taking over [1][4][3] - Huang Kongwei served as chairman of Huabao Fund for over three years, during which the company managed 153 public fund products with a total asset management scale of 355.7 billion yuan, positioning it in the upper-middle tier of the industry [2][3] - Under Huang's leadership, Huabao Fund achieved notable growth in its ETP business, with its equity ETFs surpassing 100 billion yuan in total assets by July 2025, entering the "100 billion equity ETF club" [2] Group 2 - The public fund industry has seen a high frequency of executive changes this year, with 109 fund companies experiencing management changes, including 31 chairperson transitions [6][8] - The trend of executive turnover is attributed to factors such as mandatory retirement, strategic adjustments by shareholders, and administrative reshuffles within the industry [8]

Core Viewpoint - The public fund industry is experiencing frequent changes in senior management, with another major fund company undergoing a chairman transition [1][7]. Group 1: Chairman Transition - Huang Kongwei has resigned as chairman of Huabao Fund due to "age-related reasons," with Xia Xuesong, former chairman of Baoxin Software, taking over [2][5]. - Huang Kongwei served as chairman for over three years, during which Huabao Fund managed 153 public fund products with a total asset management scale of 355.7 billion yuan, maintaining a strong position in the industry [3][4]. - Under Huang's leadership, Huabao Fund achieved significant growth in its ETP business, with its equity ETFs surpassing 100 billion yuan in total assets by July 2025 [3]. Group 2: New Leadership Direction - Xia Xuesong aims to enhance the operational efficiency of Huabao Fund by implementing performance-driven strategies and optimizing management processes [6]. - The company plans to balance innovation with compliance, focusing on expanding its existing product lines while introducing new offerings such as thematic ETFs and fixed-income products [6]. Group 3: Industry Trends - In 2023, there have been 109 changes in senior management across the public fund industry, with 31 chairmen changing positions [7][9]. - The high turnover is attributed to factors such as mandatory retirement, strategic adjustments by shareholders, and administrative changes [9].

Core Viewpoint - The public fund industry is experiencing a shift from self-operated direct sales apps to leveraging WeChat for customer engagement and sales, as many fund companies find their apps to be costly and ineffective [1][4][18]. Group 1: Transition to WeChat - Fund companies are increasingly shutting down their direct sales apps and migrating their services to WeChat platforms, which allows them to tap into a larger user base without requiring users to download an app [3][5]. - The recent closure of apps by major fund companies like Ping An Fund, which manages over 640 billion yuan, signals a potential trend for other mid-sized and large fund companies to follow suit [4][10]. - The shift to WeChat is seen as a strategic move to reduce operational costs and improve customer acquisition efficiency in a competitive market [8][18]. Group 2: Industry Trends and Statistics - The direct sales channel's market share has been declining, dropping from 84% in 2016 to 26.42% in 2021, as third-party distribution channels gain dominance [15]. - As of the end of 2024, banks hold a non-cash fund management scale of 4.22 trillion yuan, while third-party platforms manage 3.24 trillion yuan, indicating a significant reliance on these channels [15]. - Only a few fund companies, such as E Fund and Huaxia Fund, have seen positive growth in active users on their apps, while many others are facing user attrition [8][10]. Group 3: Cost and Operational Challenges - Operating a direct sales app requires substantial investment, often exceeding millions of yuan annually, which many smaller fund companies cannot afford [9][10]. - The operational pressure and low user engagement have led to the perception of direct sales apps as "cost black holes" rather than strategic assets [11][18]. - The industry is recognizing the need to optimize resource allocation and reduce inefficient expenditures, as encouraged by regulatory bodies [18]. Group 4: Future Outlook - The trend indicates that fund companies that successfully integrate their sales strategies within the WeChat ecosystem may gain a competitive edge in customer retention and engagement [25]. - While some large fund companies continue to invest in their apps, the focus is shifting towards enhancing user experience and integrating with WeChat for better service delivery [22][24]. - The potential for regulatory changes regarding WeChat's direct sales capabilities could further influence the industry's sales strategies in the future [21][25].