近日，在"第十九届深圳国际金融博览会暨2025中国金融机构年会"上，中保投资党委书记、董事长贾飙 在发表主题演讲时表示，资产管理行业面临着"低利率环境与波动性加剧并存"的时代挑战，传统以追求 固定收益为主的业务模式面临压力。 贾飙介绍，我国保险公司既存在净投资收益率与产品定价利率的错配，又存在资产负债久期错配的问 题，在长端利率下行的背景下，存在"利差损"风险。 二是标准化子行业快于非标准化子行业。AI在公募基金、量化对冲基金等标准化细分领域的渗透速度 和应用深度显著快于非标准化领域； 三是大公司快于小公司。头部机构利用资源优势巩固领先地位，小型资管机构面临着被技术浪潮拉开更 大差距的风险； 四是境外资产管理机构快于境内机构。多数境内机构仍处于"探索"或"单点应用"的阶段。 随着AI技术的应用深入，资产管理行业正在迎来新范式。一方面，AI驱动资产管理的业务边界扩张， 从服务客群、服务内容、投资标的、投研决策、机构生态五个维度进行拓展；另一方面，AI重新塑造 了资产管理的"全流程各环节"。 贾飙详细阐述了这种重塑带来的四大转变： 一是认知边界的拓展，从单纯的"数据处理"进阶为"辅助决策"，如利用AI识别颠覆性技 ...

Core Viewpoint - The asset management industry is facing challenges due to a combination of low interest rates and increased volatility, necessitating a shift from traditional fixed-income models to more dynamic strategies driven by AI [1][4]. Group 1: Industry Challenges - The asset management sector is experiencing pressure from mismatches in net investment yield and product pricing rates, as well as asset-liability duration mismatches, leading to "spread loss" risks in a declining long-term interest rate environment [1]. - Insurers are particularly focused on achieving long-term, stable value growth through their investments, which requires a forward-looking approach and resilience [3]. Group 2: AI Trends in Asset Management - Four key trends in AI application within asset management have been identified: 1. Operational and trading applications of AI are advancing faster than research and investment decision-making processes [3]. 2. Standardized sub-industries are adopting AI more rapidly than non-standardized ones [3]. 3. Larger firms are leveraging resources to maintain their competitive edge, while smaller firms risk falling behind [3]. 4. Foreign asset management institutions are progressing faster in AI adoption compared to domestic firms, which are still in exploratory phases [3]. Group 3: Transformations Driven by AI - The integration of AI is expanding the boundaries of asset management across five dimensions: client services, service content, investment targets, research decision-making, and institutional ecosystems [4]. - Four significant transformations resulting from AI integration include: 1. Upgrading risk management from static to dynamic immunity, enabling preemptive alerts and process monitoring [5]. 2. Enhancing research quality by shifting from manual analysis to model-based processing, significantly improving the efficiency of handling unstructured data [5]. 3. Maximizing value creation by transforming insurers from passive investors to active enablers, utilizing AI to enhance productivity in portfolio companies [5]. Group 4: Industry Practices and Initiatives - The Shanghai Asset Management Association has established an AIAM (Artificial Intelligence + Asset Management) development ecosystem and launched its proprietary model "AIAM Firefly 1.0" [5]. - Companies are actively investing in leading firms in AI core areas, such as computing power, algorithms, and data, through various financial instruments [5]. Group 5: Challenges and Recommendations - Despite the promising outlook, the application of AI in asset management faces challenges, including reliance on high-quality data and human oversight to prevent model bias and unforeseen events [5]. - Three key recommendations for the industry include: 1. Building a "digital infrastructure" for a secure and trustworthy data-sharing platform [6]. 2. Developing "composite talent" through joint training initiatives to cultivate a new generation of investors who understand both finance and technology [6]. 3. Creating "standard ethics" by collaboratively researching and establishing ethical guidelines for AI applications in asset management [6].

在近日举行的"2025中国金融机构年会"上，中保投资党委书记、董事长贾飙以"AI驱动下的资产管理重塑"为题发表演讲。 贾飙表示，资产管理行业面临着"低利率环境与波动性加剧并存"的时代挑战，传统以追求固定收益为主的模式承压。例如，我国保险公司既存在净投资收益率与产 品定价利率的错配，又存在资产负债久期错配的问题，在长端利率下行的背景之下，存在"利差损"风险。 一是认知边界的拓展，从单纯的"数据处理"进阶为"辅助决策"，如利用AI识别颠覆性技术拐点； 二是风险管理维度的升级，从"静态风控"转向"动态免疫"，实现事前预警和过程监控； 三是投研尽调质量的提升，从"人工分析"转变为"模型化处理"，大幅提升处理非结构化数据的效率； 四是价值创造最大化的实现，险资作为长期股东从"重投轻管"转变为"主动赋能者"，利用AI技术为被投企业在生产、销售、管理等方面输出"数字生产力"。 在谈及行业实践时，贾飙分享了上海资产管理协会和中保投资公司的探索。他介绍，上海资产管理协会已建立AIAM（人工智能+资产管理）发展生态，并启用了自 研垂类大模型"AIAM萤火虫1.0"。而在国家政策引导险资支持科创的背景下，中保投资公司充分发挥险资长 ...