■ 苏向杲 6月18日，国家金融监督管理总局局长李云泽在2025陆家嘴论坛上表示："过去5年中国信托、理财、保 险资管受托管理资产规模年均增速约8%，已成为全球第二大资产和财富管理市场。我们支持外资机构 在理财投资、资产配置、保险规划等领域加大布局，更好满足客户财富保值增值等综合化金融需求，促 进财富管理行业提质升级。" 财富管理行业的提质升级，意味着产品设计将更注重长期性，资产配置更重视基于基本面研究的价值投 资。这有利于为资本市场引入并沉淀更多长期资本，显著改善投资者结构，平抑市场短期非理性波动。 更为关键的是，升级后的财富管理资金，将更契合科技创新、产业升级等长周期项目的融资需求，有力 贯通储蓄向投资转化的渠道，为资本市场深化改革、实现投融资平衡提供坚实保障。 最后，有助于引导资金流向更具增长潜力的领域，助力经济转型升级。 财富管理行业的提质升级意味着，各类资管机构需通过更科学、合理的产品设计，推动资金精准、高效 地投向更具价值、更有增长潜力的领域，实现社会整体经济效益的最大化。当前，我国经济加速转型， 科技创新正在从点状突破向系统集成加快推进，技术突破向市场应用加快转化，诸多领域都迎来激动人 心的新进 ...

新发行的国债、地方债及金融债利息收入8月8日起将恢复征收增值税，对于手握约17万亿元债券余额的 投资"大户"险资来说，影响程度如何？ "影响不是很大。"一名保险资管人士回应第一财经称。业内分析师也普遍认为，一定程度上确实会影响 新增相关债券投资收益，但对净投资收益率和总投资收益率的拖累总体较小，根据测算或仅在2BP（基 点）~3BP，对利润的影响比例亦较小。 此前保险公司购买上述债券持有期利息收入免交所得税和增值税，而资本利得税一直没有免税政策。在 此次税收调整后，普通自营机构投资国债、地方债、金融债所产生的利息收入增值税率将从0上升至 6%，资管产品（含公募基金）从0上升至3%。 [ 对净投资收益率和总投资收益率的拖累总体较小，根据测算或仅在2BP~3BP，对利润的影响比例亦较 小。截至今年一季度末，近35万亿元保险资金中，债券投资余额接近17万亿元，占比达48.6%，国债、 金融债均是投资的重点方向。 ] 华泰证券亦估计，此次税收调整对新增政府债和金融债收益率的影响约为12BP，每年对整体净投资收 益率影响约为2BP，影响有限。 对于整体盈利拖累更为有限。根据中金公司测算，这一变化短期内对各家公司盈利的负 ...

Group 1 - Key Point 1: Key funding data remains under pressure, with a notable decline in trading volume, indicating cautious sentiment among investors [2][3] - Key Point 2: The financing and margin trading balance has shown a recent decline, suggesting a slowdown in individual investors' leverage activity [2] - Key Point 3: The market is experiencing a tug-of-war between outflow of margin funds and inflow of new capital, primarily from public funds and asset management products launched in late July [3] Group 2 - Key Point 1: The three major domestic market indices saw a slight rebound, but the underlying data suggests that the downward trend has not been convincingly reversed [2] - Key Point 2: The trading volume on the Shanghai and Shenzhen exchanges struggled to reach 1.5 trillion yuan, down from recent peaks of 1.9 trillion yuan, reflecting ongoing investor caution [2] - Key Point 3: The overall market dynamics are influenced more by individual investors' trading data and margin trading balances than by public fund allocations [3]

1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the report. 2. Core Viewpoints of the Report - The bond market showed a situation of "all negative factors priced in" this week. After the high - level oscillation in the first half of the week, influenced by factors such as the extension of Sino - US tariff exemptions, lack of unexpected policies in the Politburo meeting in July, significant corrections in the equity market and commodity prices, and poor July manufacturing PMI data, the 10 - year Treasury bond yield returned to around 1.7%. The news of resuming the collection of VAT on the interest income of some bonds on Friday afternoon pushed the 10 - year Treasury bond yield below 1.7% [2][6]. - The tax system for bond investment in China varies according to different bond types, investors, and income sources. The new tax policy exempts the old bonds of Treasury bonds, local government bonds, and financial bonds from VAT on interest income, while new bonds require banks and other institutional investors to pay 6.34% VAT and asset management products to pay 3.26% VAT [2][6]. - After the tax rate adjustment, institutions may prefer to hold old bonds. The new bond issuance may need to provide sufficient interest compensation. The actual yield of old bonds may be between 1.65% - 1.7%, and the new - old bond spread may be between 5 - 10BP [2][13]. - The central bank may support the policy adjustment to increase the nominal level of domestic bond interest rates and reduce the investment and trading willingness of financial institutions. The finance department may aim to expand the tax source. The policy may increase the annual VAT revenue by up to 140 billion, and the annual fiscal interest payment may increase by about 50 billion [2][3]. - In the short term, the bond market may maintain a volatile pattern. After the new tax policy, there may be a short - term trading opportunity for old bonds, but the market may still face disturbances, and the volatile pattern is difficult to break [2][23]. 3. Summary According to Related Catalogs 3.1 China's Bond Investment Tax System Varies by Bond Type, Investor, and Income Source - **VAT**: Interest income from Treasury bonds, local government bonds, financial bonds, and inter - bank certificates of deposit is exempt from VAT. For other bond types, the actual VAT rate for general legal entities is 6.34%, and for asset management products, it is 3.26%. Capital gains from most bonds are subject to VAT, but public funds are exempt. The actual VAT rate takes into account price - exclusive factors and additional taxes [2][6][7]. - **Income Tax**: Financial institutions' interest income from investing in Treasury bonds and local government bonds is exempt from income tax. Interest income from railway bonds is taxed at a reduced rate of 12.5%. Other bond interest income and capital gains are taxed at 25%. Contractual asset management products are not income tax payers, and the tax is borne by product holders. Personal investment in asset management products is currently tax - free, while enterprises and financial institutions are taxable. Public fund dividends are exempt from income tax [2][8]. - **Impact on Yield Difference**: Tax system differences are an important reason for the yield differences among different bond types in China. For example, the implied tax rate between Treasury bonds and policy - financial bonds has an upper limit of 25% [9]. 3.2 Under the New Tax Policy, the Market's Rush for Old Bonds is Mainly Due to Different Tax Rates Among Institutions - **New Tax Policy**: Starting from August 8, 2025, new - issued Treasury bonds, local government bonds, and financial bonds' interest income will be subject to VAT, while old bonds' interest income remains tax - free [11]. - **Pricing of New and Old Bonds**: Assuming the fair - value yield of 10 - year Treasury bonds is 1.7%, new bonds need to provide sufficient interest compensation. For asset management products, the new bond issuance rate only needs to reach 1.755% to be equivalent to old bonds, while for self - operated accounts, it needs to reach 1.808%. The actual new - old bond spread may be between 5 - 10BP [12][13]. - **Actual Situation**: Banks can invest in asset management products to avoid tax impacts, which may narrow the new - old bond spread. For short - duration bonds, the new bond yield may rise more. The demand for non - tax - adjusted bonds such as inter - bank certificates of deposit and credit bonds may increase, but the positive impact is limited [14]. 3.3 The New Tax Policy Can Increase the Nominal Interest Rate of New Bonds, but Commercial Banks May Bear Higher Tax Costs - **Policy Motivation**: The central bank may support the policy to increase the nominal level of domestic bond interest rates, and the finance department aims to expand the tax source [17]. - **Fiscal Revenue and Expenditure**: In the first year of the policy implementation, the additional VAT revenue may be less than 36 billion. Eventually, the annual fiscal VAT revenue increase may be within 140 billion, and the annual fiscal interest payment may increase by about 50 billion. The difference reflects the tax cost borne by banks and other financial institutions [3][19][21]. - **Future Policy Expectation**: There may be further adjustments to the tax system of asset management products, especially the tax - exemption policy for public fund dividends [22]. 3.4 After Repricing the Existing Bonds, the Bond Market May Still Show a Volatile Pattern - **Short - Term Market Trend**: The bond market may maintain a volatile pattern in the short term due to the lack of incremental policies in the Politburo meeting in July, limited inflation - driving ability of production - restriction policies, and the expected maintenance of a loose monetary policy [23]. - **Impact of New Tax Policy**: After the new tax policy, there may be a short - term trading opportunity for old bonds as their yields may decline by 0 - 5BP. However, the market may still face disturbances such as rising bank financing costs and potential tax policy adjustments for public funds, and the volatile pattern is difficult to break [24]. - **Long - Term Outlook**: A further decline in interest rates may require weaker fundamental data to force a policy shift. There is a possibility that the economic growth rate may decline in the second half of the year, and if combined with central bank bond - buying or interest rate cuts, interest rates may reach new lows, which may occur in the second half of the third quarter [24].

Core Viewpoint - The National Financial Regulatory Administration has introduced the "Measures for the Appropriateness Management of Financial Institutions' Products" to enhance consumer protection and risk management in the financial sector, effective from February 1, 2026 [1][2]. Group 1: Regulatory Framework - The new measures apply to investment products with uncertain returns that may lead to principal loss, including wealth management products, asset management trust products, and insurance products [2][3]. - Financial institutions are required to understand both the products they offer and their customers, ensuring appropriate products are sold through suitable channels [3]. Group 2: Consumer Protection - Financial institutions must classify investment products by risk level and manage them dynamically, providing special protection for ordinary investors through enhanced risk assessments and disclosures [3]. - For insurance products, institutions must conduct demand analysis and financial capability assessments for policyholders, particularly for investment-linked insurance products [3]. Group 3: Supervision and Compliance - The regulatory body will enforce compliance, with penalties for institutions and responsible personnel that violate the appropriateness management regulations [3]. - Future efforts will focus on guiding industry self-regulation, enhancing supervision of compliance, and fostering consumer risk awareness to protect financial consumers' rights [3].

Core Insights - The asset management industry in China has grown from 130 trillion to 150 trillion in the past three years, with various segments including public funds, insurance asset management, and bank wealth management [4][6] - Securities asset management, particularly those with public fund licenses, has a broad business scope but faces both competitive advantages and pressures [4][5] - The company aims to establish a clear strategic direction within the vast asset management ecosystem, focusing on fixed income, absolute returns, and multi-asset strategies [6][8] Company Overview - Shan Zheng Asset Management was established as an independent entity in 2021 and has developed a product matrix consisting of 20 public funds and 178 asset management products [7] - As of the first quarter of 2025, the company managed a total of 57.3 billion yuan, with public and asset management products accounting for 43% and 57% respectively [7] - The company has achieved continuous annual revenue and net profit growth since its inception, laying a solid foundation for future high-quality development [7] Product Strategy - The company’s product lines include fixed income, absolute returns, active equity, multi-strategy, and investment banking asset management, with a strong emphasis on fixed income products due to their stable performance [8][9] - Future strategies will focus on transforming in response to low interest rates, enhancing the public fund business to meet diverse wealth management needs, and implementing a clear positioning for fixed income and equity products [8][9] Market Positioning - The company aims to be a trusted partner in wealth management and a multi-asset, multi-strategy management expert, emphasizing a balanced client structure with over 22 billion yuan from institutional clients [10] - The company’s vision includes deepening understanding of client needs and providing tailored investment strategies, leveraging its dual qualifications in asset management and public funds [10][11] Industry Challenges - The asset management industry faces challenges such as short-termism, with a focus on scale over investor returns, prompting regulatory bodies to emphasize a shift towards prioritizing client returns [13] - The company acknowledges the need for a cultural shift within the industry, advocating for a value system that prioritizes client interests and long-term relationships [13] Future Opportunities - Potential investment opportunities in 2025 are expected in traditional sectors like consumer goods and healthcare, as well as in policy-driven sectors such as AI, robotics, and semiconductor industries [14][15] - The company plans to enhance its investment strategies by balancing fixed income with diverse asset classes, including commodities, options, and cross-border strategies, to adapt to market volatility and evolving investor demands [15][16]

《报告》显示，在中国居民资产配置中，金融资产配置比例仍处于较低水平且呈现明显低风险偏好特 征。2024 年我国居民金融资产占比虽连续五年提升至 47.6%，但较美国同期的 67.8%、日本的 63.6% 仍 有较大差距。从配置结构看，我国居民 2024 年金融资产中定期存款占比高达 33.6%，显著高于美国的 7.7% 和日本的 16%，低风险偏好特征突出。 光大理财董事长王景春表示，总体来看，我国居民金融资产，尤其是相对风险较高的金融资产配置比例 较低。未来受低利率驱动，居民资产配置资管产品（特别是能够承担一定波动的资管产品）的潜力较 大。 王景春分析称，从海外经验来看，低利率环境下居民普遍倾向增配权益资产。以日本为例，由于其国内 权益市场长期不景气，居民配置存款的绝对比例偏高。2008 年以来，随着无风险利率下行，通过保 险、基金等产品配置海外权益资产成为日本居民财富增值的主要方式。以日本政府养老投资基金为例， 2024 年 48.8% 投向海外资产，较 2009 年提高 29 个百分点。 从美国情况来看，1980 年后伴随利率市场化与利率下行，居民逐步减配存款，权益型基金规模快速增 长，2000 年左右 ...

Group 1: Company Strategy and Financial Management - The company aims to build a modern financial system centered around trust, integrating various financial licenses including banking, insurance, and securities, to create a comprehensive financial service platform [1] - The net capital/net asset ratio for 2024 is projected to decline to 85%, nearing regulatory limits, but remains compliant with the 40% requirement [2] - The company plans to maintain a stable dividend policy, ensuring predictable returns for shareholders, with a cumulative dividend payout ratio of 33.82% for 2024 [7] Group 2: Business Performance and Growth - The scale of standard trust business is expected to grow by 28% in 2024, with revenue growth at 12%, indicating potential downward pressure on product fees [2] - The total trust asset scale is projected to increase by 10% in 2024, with actively managed trust assets accounting for approximately 73.4% of total trust assets [3] - The company aims to enhance its asset management capabilities and diversify its product offerings, targeting a product scale of 2.7 trillion yuan by 2025 [4] Group 3: Market Communication and Investor Relations - The company emphasizes the importance of market communication, planning regular announcements, performance briefings, and roadshows to keep investors informed [5] - As of May 9, 2025, the total number of shareholders is reported to be 110,804 [6] - The company is committed to protecting the interests of all shareholders, particularly minority shareholders, by optimizing resource allocation and enhancing long-term value [7] Group 4: Risk Management and Compliance - The company is focused on strengthening its risk management framework to address various risks, including credit, market, operational, and liquidity risks [7] - The company is in the process of completing necessary approvals for a targeted stock issuance, which includes obtaining approvals from the provincial finance department and the national financial supervision authority [8]

投资者在权保护案例 抗污走生 TATE 内容来源:中国期货业协会期货投教网 A先生反映，其在B证券公司购买了资管产品100 万元，两年后该产品被清盘，A先生只拿回65万元本 金。A先生强调销售人员曾告知产品止损线为0.9元, 号指不会招付10% 案情简介 「小」 「一、一、一、一、 二天(小 为销售人员误导宣传,遂向调解中心申请调解,要求 证券公司赔偿额外损失25万元。 A先生认为销售人员 误异宣传异致损失 调解过程及结果 调解员根据双方陈述和提供的证明材料进行梳理 分析：一是A先生所签署的《产品合同》已加粗提醒 "止损线的设置并不是管理人对委托人所能获得最低 本金保证，委托人仍面临本金损失的风险"，且《风 险揭示书》 等多份文件已多处提示产品可能产生的风 险；二是查看双方提供的微信聊天记录和电话录音， 未发现销售人员有误导A先生的不当表述。 基干上述事实,调解员耐心向A先生解释,一方 面引导其正确理解止损线的含义,止损线并非产品安 全线，在极端情况下，投资人仍可能面临更大的损失。 经了解，产品管理人已根据合同约定在触发止损线时 及时采取措施,但基于市场流动性原因,产品以低于 止损线的净值完成清算。另一方面告 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has demonstrated strong financial performance with a significant increase in revenue and net profit for 2024, achieving total revenue of 3.532 billion yuan, up 41.91% year-on-year, and a net profit of 903.63 million yuan, up 173.28% year-on-year [2] - The company aims to become a securities firm with a focus on fixed income and asset management, showing a clear strategic direction [10] Financial Performance Summary - For 2024, the company reported total revenue of 35.32 billion yuan, with a year-on-year increase of 41.91%, and a net profit of 9.04 billion yuan, up 173.28% year-on-year [2] - The company’s total assets reached 527.42 billion yuan, a year-on-year increase of 16.48%, and net assets were 163.06 billion yuan, up 10.02% year-on-year [2] - The earnings per share (EPS) for 2024 was 0.215 yuan [2] Dividend Distribution - The company proposed a cash dividend of 0.64 yuan per 10 shares for 2024, which represents 50.44% of the distributable profits [3] Business Segment Performance - The fixed income business generated revenue of 6.46 billion yuan in 2024, a year-on-year increase of 47.33%, accounting for 18.29% of total revenue [4] - The company sold a total of 4,857 fixed income products in 2024, with a sales amount of 198.4 billion yuan, up 11.96% year-on-year [5] - Asset management revenue accounted for over 65% of the company's income structure, indicating a successful strategic focus on asset management [6] Future Projections - Revenue forecasts for 2025 and 2026 are maintained at 3.250 billion yuan and 3.271 billion yuan respectively, with net profit forecasts of 928.69 million yuan and 940.51 million yuan [10] - The company expects to achieve an EPS of 0.221 yuan for 2025 and 0.224 yuan for 2026 [10] Shareholder Background - The company’s major shareholder, Beijing Guokai, holds 20.87% of the shares, enhancing the company's shareholder background and strategic support [9]