近日，招商银行在2025财富合作伙伴论坛宣布，该行零售AUM（管理客户总资产）余额已突破16万亿 元，成为国内首家达成此里程碑的股份制商业银行。 招行的财富管理走出了加速度。自2007年在行业内率先提出零售AUM的经营理念以来，招商银行达成 第一个5万亿用时整整9年，第二个缩短至5年，而此次超越第三个5万亿仅用3年多。 不仅是AUM总量数据，从金融产品分品类的数据和零售个人客户体量等方面，也能反映出招行财富管 理的加速前行，公募非货基金和理财保有规模持续同业首位，零售代销保险存量保费规模突破万亿，服 务个人客户数超过2亿。以上成就，标志着招行在大财富管理战略深化、客户服务能力提升及开放平台 生态建设方面迈入新阶段，彰显了穿越市场周期的经营韧性。 AUM加速：最近3年多突破第三个5万亿，增量再创历史新高 在高质量发展的路线指引下，伴随着降费政策的相继落地，银行财富管理模式在持续推进从GMV到 AUM的范式迁移，相比"卖出去"更关注"留得住"。近几年来，招商银行始终坚持以AUM为纲的总体策 略，坚守"以客户为中心，为客户创造价值"的初心，业务规模稳步增长。 数据会说话。18年前的2007年，招商银行在行业内率先提 ...

近日，招商银行在2025财富合作伙伴论坛宣布，该行零售AUM（管理客户总资产）余额已突破16万亿 元，成为国内首家达成此里程碑的股份制商业银行。 招行在论坛上宣布，其零售代销保险存量保费规模已成功突破1万亿元人民币大关。这一里程碑标志着 招商银行在零售银行业务领域的领先地位进一步巩固，同时也展现了其在财富管理升级方面的卓越成 果。 招行的财富管理走出了加速度。自2007年在行业内率先提出零售AUM的经营理念以来，招商银行达成 第一个5万亿用时整整9年，第二个缩短至5年，而此次超越第三个5万亿仅用3年多。 不仅是AUM总量数据，从金融产品分品类的数据和零售个人客户体量等方面，也能反映出招行财富管 理的加速前行，公募非货基金和理财保有规模持续同业首位，零售代销保险存量保费规模突破万亿，服 务个人客户数超过2亿。以上成就，标志着招行在大财富管理战略深化、客户服务能力提升及开放平台 生态建设方面迈入新阶段，彰显了穿越市场周期的经营韧性。 AUM加速：最近3年多突破第三个5万亿，增量再创历史新高 在高质量发展的路线指引下，伴随着降费政策的相继落地，银行财富管理模式在持续推进从GMV到 AUM的范式迁移，相比"卖出去"更 ...

近日，招商银行在 2025 财富合作伙伴论坛宣布， 该行零售 AUM （管理客户总资产）余额 已突破 16 万亿元，成为国内首家达成此里程碑的股份制商业银行。 品类突破：非货和理财保有规模持续同业首位，零售代销保险存量保费规模突破 1 万亿元 16 万亿零售 AUM 的构成中，招行也尽显高质量发展成色。作为中国领先的股份制商业银行 之一，招商银行不断创新金融产品和服务模式，满足广大客户多元化的金融需求。招行推出 的 " TREE 资产配置服务体系 " ，搭建了一套完整、标准、数字化的服务体系，围绕客户活 钱、稳健、进取、保障四大类需求提供专业、个性化的资产配置建议，累计服务客户破千 万。在产品布局上，招行构建了理财、基金、保险、私募、海外、黄金、存款等 7 大产品 线，在统一策略指引下，各业务齐头并进，促进了 AUM 和收入结构的均衡发展。根据招商 银行 2024 年年报的数据，其零售 AUM 中存款占比不到 30% ，客户在基金、理财、保险 等金融产品的配置意识更强，也印证招行的财富管理的服务能力更为突出。在零售客户的金 融产品理财分类中，招行公募非货基金和理财保有规模持续位居同业首位，而保险产品保有 规模 ...

Core Insights - The Hong Kong Monetary Authority (HKMA) has introduced "Cross-Border Wealth Management Connect 2.0" measures to enhance personal cross-border wealth management, including increased quotas, expanded product offerings, relaxed investor thresholds, and a broader range of participating institutions [1] Group 1 - The "Cross-Border Wealth Management Connect 2.0" measures have received positive market feedback, with over 160,000 individual investors participating by the end of June this year, representing an increase of over 120% compared to "Cross-Border Wealth Management Connect 1.0" [1] - The market value of holdings by investors from Hong Kong participating in the southbound scheme has exceeded 16 billion RMB, which is a twofold increase compared to "Cross-Border Wealth Management Connect 1.0" [1] - There is a growing diversification in product selection among southbound investors, shifting from primarily deposit products to an increasing allocation in funds and bonds as they become more familiar with the Hong Kong market [1]

Group 1 - The core viewpoint of the article highlights the positive market response to the "Cross-Border Wealth Management Connect" 2.0 optimization measures since their implementation [1] - As of the end of June this year, over 160,000 individual investors have participated in the program, representing an increase of over 120% compared to version 1.0 [1] - The total market value of investments held by Hong Kong participating institutions in the southbound scheme has reached over 16 billion RMB, showing a twofold increase compared to "Cross-Border Wealth Management Connect" 1.0 [1] Group 2 - Investors in the southbound scheme are increasingly diversifying their product choices, moving from primarily deposit products to a growing allocation in funds and bonds [2]

Group 1 - The core viewpoint of the article highlights the positive market response to the "Cross-Border Wealth Management Connect" 2.0 optimization measures, with over 160,000 individual investors participating by the end of June this year, representing an increase of over 120% compared to version 1.0 [1] - The article notes that as southern-bound investors gain a deeper understanding of Hong Kong market products and increasingly prioritize diversification, their product choices have become more diversified, shifting from primarily deposit products to a growing allocation in funds and bonds [1]

Group 1 - The core viewpoint of the article highlights the positive market response to the "Cross-Border Wealth Management Connect" 2.0 optimization measures, with over 160,000 individual investors participating as of the end of June, representing an increase of over 120% compared to version 1.0 [1] - In the southbound scheme, the market value of holdings by Hong Kong participating institutions has exceeded 16 billion RMB, showing a twofold increase compared to version 1.0 [1] - The diversification of product choices for southbound investors has evolved from primarily deposit products to an increasing allocation in funds and bonds [1] Group 2 - The 2.0 optimization measures introduced last year include increased quotas, expanded product offerings, relaxed investor thresholds, a broader range of participating institutions, and improved sales promotion arrangements [1] - Recent collaborative efforts between the Hong Kong Monetary Authority and mainland regulatory bodies have led to the introduction of measures such as "one-time consent," "three-party online meetings," and non-face-to-face account opening for southbound accounts [1] - Six banks have already implemented the "one-time consent" arrangement to proactively introduce products and provide information to clients, with ten more banks planning to adopt this arrangement [1]

Group 1 - Hong Kong's international financial center is thriving, with the Hong Kong Stock Exchange leading global IPO activities, completing 35 IPOs and raising nearly 1000 billion HKD by June 23, 2025 [1] - The number of companies waiting for IPO approval in Hong Kong exceeds 160, with over 40 applications submitted in May alone [1] Group 2 - Chinese securities firms play a crucial role in enhancing Hong Kong's status as an international financial center, becoming significant players in the IPO market and driving fundraising to global prominence [2][3] - The IPO market in Hong Kong has shown a notable recovery, with fundraising exceeding the total for the entire year of 2024, aided by Chinese securities firms' deep local resources and understanding of regulatory frameworks [3] Group 3 - Chinese securities firms are increasingly dominating the IPO market, surpassing foreign institutions in the number of projects, as evidenced by the successful listing of Haitian Flavoring and Food Company, which became the second-largest IPO in Hong Kong this year [4] - The involvement of major international investment banks alongside Chinese firms highlights the growing maturity and competitiveness of Chinese securities firms in the local market [4] Group 4 - Chinese securities firms facilitate cross-border capital flow and deepen the connectivity between mainland and Hong Kong capital markets, with a significant increase in trading volume through the Hong Kong Stock Connect [5] - In 2024, the trading amount serviced by Chinese securities firms for the Hong Kong Stock Connect reached 11.2 trillion HKD, a year-on-year increase of 64.9% [5] Group 5 - Chinese securities firms are expanding their presence in Hong Kong, with 35 subsidiaries established by the end of 2024, reflecting their commitment to the market [6] - The establishment of a wholly-owned subsidiary by Western Securities with an investment of 1 billion RMB underscores the confidence of Chinese firms in maintaining financial stability in Hong Kong [6]

Core Viewpoint - The launch of the Cross-Border Payment System marks a significant innovation in financial connectivity between mainland China and Hong Kong, enabling real-time cross-border remittances for residents of both regions [1][4][7]. Group 1: Cross-Border Payment System Launch - The Cross-Border Payment System officially went live on June 22, with the first transaction occurring in Shenzhen, allowing residents to send money in real-time between mainland China and Hong Kong [2][3]. - Users can now transfer funds directly in RMB without needing to convert to HKD, significantly improving the efficiency and convenience of cross-border transactions [3][4]. Group 2: Bank Participation and Incentives - Major banks from both mainland China and Hong Kong are participating in the Cross-Border Payment System, including Agricultural Bank of China, Bank of China, and HSBC, with many offering zero fees and cash rewards to attract customers [5][6]. - Agricultural Bank of China is piloting the service in Shenzhen with no fees during the initial phase, while other banks are also rolling out similar promotions [5][6]. Group 3: Technological and Economic Implications - The system utilizes direct connections and standardized interfaces for real-time fund clearing, representing a technological breakthrough in cross-border payment solutions [4][7]. - The initiative is expected to enhance the use of RMB in cross-border retail scenarios, further promoting the internationalization of the currency [4][7]. Group 4: Future Prospects and Growth - The Cross-Border Payment System is anticipated to drive innovation in cross-border financial services, contributing to the economic integration of the Guangdong-Hong Kong-Macao Greater Bay Area [7][9]. - As the system becomes more established, banks are expected to see significant revenue from transaction fees and related services, enhancing their overall profitability [7][9].

Core Viewpoint - The development of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) aims to establish it as an "international financial hub," supported by various financial policies and initiatives over the past six years, despite existing legal and market system differences among the regions [1][2]. Group 1: Financial Cooperation and Innovation - Financial cooperation in the GBA has deepened, with significant improvements in payment methods and cross-border financial services, such as the "Cross-Border Wealth Management Connect 2.0," which added 43,000 personal investors in just three months [2][4]. - The GBA's unique geographical and resource advantages position it as a competitive financial industry, but the "one country, two systems" framework presents challenges for financial collaboration [2][3]. Group 2: Institutional and Mechanism Innovation - Current financial reforms in the GBA are primarily focused on single-point innovations rather than integrated approaches, indicating a need for unified planning and top-level legislation to enhance efficiency in financial integration [3]. - The People's Bank of China is committed to supporting the GBA's development by implementing financial support policies and ensuring risk management in financial reforms [4]. Group 3: RMB Internationalization - As of March 2025, cross-border RMB settlement in the GBA reached 38.5 trillion yuan, with RMB accounting for over 70% of total settlements, highlighting the region's potential as a frontier for RMB internationalization [5]. - Experts emphasize the need to establish a RMB asset trading center and improve cross-border financing mechanisms to facilitate the internationalization of the currency [6]. Group 4: Technological Empowerment - The integration of AI in financial services, such as the "Cross-Border Wealth Management Connect," can significantly enhance customer conversion rates and reduce operational costs, indicating a shift in the traditional financial hub model [7]. - The future of international financial hubs will rely on the deep integration of data, algorithms, and scenarios, necessitating secure data flow and value extraction across the GBA [7]. Group 5: Service to the Real Economy - The GBA's complete industrial chain and resource advantages present substantial growth opportunities in areas like technology finance and supply chain finance, aligning with the national emphasis on financial services supporting the real economy [8].