Core Insights - The "19th Shenzhen International Financial Expo and 2025 China Financial Institutions Annual Conference" highlighted opportunities and paths for high-quality development in the securities industry amidst new challenges [1] Group 1: Asset Management Industry Dynamics - The discussion emphasized the importance of public fund licenses for securities asset management, influencing business models and strategic layouts [2] - Companies like Caitong Asset Management have developed a diversified business model with a focus on active management and a dual-license approach, while still aiming to enhance client experience [2] - Huazhong Securities has focused on refining its private fund offerings despite not having a public fund license, achieving positive results through product diversification and investment capability enhancement [2][3] Group 2: Competitive and Cooperative Landscape - The relationship between securities asset management and other financial institutions is evolving from pure competition to a mix of competition and cooperation [4] - Securities asset management is positioned to serve high-net-worth clients and non-bank institutions, leveraging unique product offerings and asset allocation capabilities [4] - The challenges faced by bank wealth management present opportunities for securities asset management to collaborate and expand their client base [4] Group 3: Strategic Development and Value Creation - Securities asset management should leverage its strengths in fixed income, FOF, and derivatives to enhance risk-adjusted returns and improve client experiences [5][6] - The unique "brokerage gene" of securities asset management can be transformed into sustainable productivity, driving internal growth and enhancing service offerings [7] - Effective asset-liability management and a focus on client needs are crucial for the long-term success of securities asset management [8]

Core Viewpoint - The recent draft of the "Asset Management Trust Management Measures" marks a shift towards a more refined regulatory framework for the trust industry, addressing the need for updated regulations after 18 years of existing rules, and emphasizing the importance of returning to the core functions of trust services [1][2] Regulatory Framework - The draft further clarifies the boundaries of asset management trusts, emphasizing private asset management characteristics, limiting investor numbers to a maximum of 200, and enforcing stricter qualifications for high-risk products [2] - It prohibits any form of guaranteed returns, mandating that sellers are responsible for their actions and buyers bear their own risks, thus breaking the previous rigid repayment structure [2] - The draft also bans channel business and fund pool operations, requiring trust companies to manage assets actively and transparently [2] Challenges in Non-standard Assets - The draft imposes strict limitations on non-standard asset investments, which may lead to a decrease in financing trusts and pressure on companies reliant on non-standard business models [3] - Trust companies are urged to enhance their research capabilities and operational structures to meet the new demands for standardized products and net asset value management [3] Opportunities for Growth - The draft opens avenues for high-quality development in the trust industry, with standardized trusts expected to become a key focus area [4] - Trust companies can leverage regulatory flexibility to create differentiated products, such as family trusts and insurance fund mandates, to compete with public funds and securities asset management products [4] - The asset securitization sector presents significant potential, with trusts benefiting from bankruptcy isolation features in areas like REITs and supply chain ABS [4] Service Trusts as a Growth Driver - Service trusts, including family trusts and charitable trusts, are anticipated to become a growth area, as they do not rely on capital consumption and can attract high-net-worth clients [5] - The regulatory authority will monitor the progress of asset management trust business rectifications, encouraging companies to reduce existing business volumes and transition into professional investment management [5]