Core Viewpoint - The Shanghai Stock Exchange (SSE) is committed to high-quality development during the "14th Five-Year Plan" period, aiming to build a world-class exchange while actively integrating into the national economic and social development landscape [1] Group 1: Market Development and Achievements - SSE has become the third-largest stock market globally, the largest exchange bond market, and the second-largest ETF market in Asia [1] - The proportion of technology innovation companies in the Shanghai market increased from 32% to 41% over five years, with their market value share rising from 27% to 32% [2] - The number of integrated circuit companies in the market has nearly doubled compared to the "13th Five-Year Plan," with 140 companies forming a complete semiconductor chip industry chain [2] Group 2: Financial Performance and Innovation - R&D investment by companies in the Shanghai market increased from 0.64 trillion yuan to 1.07 trillion yuan, a growth of 66%, accounting for nearly 40% of the national total [2] - The number of newly listed companies on the Sci-Tech Innovation Board reached 376, including 37 unprofitable companies, with over 40% of them achieving profitability post-listing [3] Group 3: Financing and Investment - The total financing amount from stock IPOs in the Shanghai market grew by 16% during the "14th Five-Year Plan" period, while the bond market issuance reached 31 trillion yuan, a 42% increase [4] - The REITs market saw 51 new listings, raising 140.5 billion yuan, accounting for nearly 70% of the market [4] - The issuance of technology innovation bonds reached 1.51 trillion yuan, benefiting over 400 tech companies [4] Group 4: Regulatory and Investor Protection - The SSE has implemented a new generation of company supervision systems to combat fraud and financial misconduct, resulting in nearly 800 disciplinary actions [9] - The average annual dividend yield in the Shanghai market approached 2.5% during the "14th Five-Year Plan" period, promoting a culture of shareholder returns [9] Group 5: International Cooperation and Market Openness - The SSE has actively integrated into the global market, with the cumulative trading volume of the Shanghai-Hong Kong Stock Connect reaching 99 trillion yuan, a 275% increase [8] - The SSE has established capital market cooperation with the Middle East and hosted international investor conferences to attract foreign investment [8] Group 6: Future Directions - The SSE aims to continue supporting China's modernization and financial strength, focusing on new requirements and tasks in the upcoming period [12]

Core Insights - The Shanghai Stock Exchange reported a 16% increase in initial public offering (IPO) financing during the "14th Five-Year Plan" period compared to the "13th Five-Year Plan" period [1] - The total issuance scale of the bond market reached 31 trillion yuan, marking a 42% increase from the previous five-year period, with industrial bonds and asset-backed securities (ABS) exceeding 1 trillion yuan [1] - The establishment of the REITs market has been significantly advanced, with 51 initial listings and 4 expansions, raising 140.5 billion yuan, accounting for nearly 70% of the market, contributing positively to asset revitalization and effective investment expansion [1] - The introduction of technology innovation bonds has led to cumulative issuances of 1.51 trillion yuan, benefiting over 400 technology innovation enterprises [1] - Support bonds for small and micro enterprises have been issued with a scale exceeding 19.7 billion yuan, providing assistance to over 1,800 small and micro enterprises [1]

Group 1 - The core discussion revolves around balancing risk and return in investment, particularly in technology assets, which are seen as a primary focus in both primary and secondary markets [2][3] - The event highlighted the importance of adapting investment strategies, with a shift towards "fixed income plus" products that include stocks, gold, and REITs, as well as considering foreign assets due to increasing openness [2][4] - Key investment opportunities are identified in four specific sectors: AI applications and large models, life and health sciences, integrated circuits, and new materials and renewable energy [2][6] Group 2 - The insurance industry faces challenges due to declining interest rates, leading to a need for transformation from fixed income to equity investments to capture dividend opportunities [5][6] - Investment strategies must focus on both infrastructure and individual project innovations, with a particular emphasis on foundational investments like power and computing centers [4][5] - The importance of aligning with national strategies and market trends is emphasized, with a focus on technology-related assets and niche investments such as REITs and precious metals [7][8] Group 3 - The need for a systematic approach to defining good projects is highlighted, considering team capabilities, technological barriers, and market commercialization abilities [6][7] - The investment community is encouraged to maintain a long-term perspective, focusing on sustainable returns that align with their funding characteristics while being tactical about market fluctuations [7][8] - Understanding national policies and enhancing internal capabilities are deemed crucial for providing quality investment services and fostering patience among investors [8]

如何实现风险与收益之间的平衡？ 不管是一级市场还是二级市场，科技资产都是主线，这时间年来投资领域的主要方向。而科技资产的风 险相对更高，如何平衡风险与收益，成为市场和机构的关注点。 10月16日，在第一财经和中国银行联合举办的"2025上海全球资产管理论坛"上，银行理财子公司、保险 公司、资管公司、股权投资机构高管对相关问题进行了探讨。 中银理财副总裁蒋海军称，正大力推出"固收+"产品和策略，比如加股票、黄金、REITS等，随着对外 开放进一步推进，也考虑加境外资产。华泰资管常务副总经理陈敏则称，结合保险资金的特点，主要投 资科技基础设施，比如投电力和算力中心。 展望未来的投资机会，与会人士均称，看好科技类资产。上海科创基金总裁杨斌说，未来，主要关注四 个细分领域：AI应用和大模型领域、生命健康、集成电路、新材料和新能源。 如何平衡风险与收益？ 对于银行理财子公司、保险公司、资管公司、股权投资机构而言，应如何实现风险与收益之间的平衡？ "这是我们发展权益产品相关过程中遇到的核心问题。"蒋海军说，一个行业要保持服务新质生产力的能 力，首先需要保持稳定的规模和良好的增长前景；其次，提升自身能力是创造耐心资本的关键 ...

Core Insights - The asset management industry in China has evolved significantly since its inception in 1997, entering a new phase characterized by compliance, standardization, and transparency following the introduction of the "Asset Management New Regulations" [1] - A recent evaluation of asset management institutions highlights the competitive landscape across various segments, including bank wealth management, public funds, securities asset management, insurance asset management, and trusts [1] Product Performance - Smaller wealth management firms have excelled in fixed-income products, with seven out of the top ten performers in the last three years being city commercial banks or rural commercial banks [2] - Some small public funds have also performed well with pure bond funds, but their active equity funds have underperformed, indicating a need for improvement in equity investment capabilities [2] Institutional Operations - Profitability concentration among asset management institutions is increasing, with major players like China Life Asset Management, Taikang Asset Management, and Ping An Asset Management accounting for over 50% of the industry's total profit in 2024 [3] - The trust industry is facing significant challenges, with a 45.52% decline in profits from 2023 to 2024, largely due to risks in the real estate sector and industry transformation [3] Compliance Requirements - Compliance and public sentiment risks are becoming increasingly important for asset management institutions, with stricter regulations leading to a rise in penalties, particularly for trust companies [5][6] - Trust companies had the highest number of negative public sentiments in 2024, with 55 companies reporting 1,564 incidents, primarily related to underlying asset risks [6] Research and Investment Capability - The complexity of the global macro environment and domestic economic transformation has heightened the importance of research and investment capabilities, with top asset management firms leveraging strong research teams to maintain competitive advantages [8] - Enhanced research capabilities allow institutions to better analyze market trends and identify investment opportunities, which is crucial for generating excess returns [8] Technological Empowerment - Technology is increasingly empowering the entire asset management chain, from research and investment to risk control and operations, with advancements in AI and data analytics playing a key role [10][11] - Real-time risk monitoring and predictive analytics are becoming standard practices, enabling institutions to manage various risks effectively [11] Product Innovation - Asset management products are diversifying in response to evolving client needs, with innovations in themes, structures, and asset classes, including the rise of "fixed income plus" products [12][13] - The popularity of alternative assets like REITs and gold ETFs is increasing, reflecting a shift towards more diversified investment strategies [12][13] Recommendations for Competitiveness - Asset management institutions are advised to strengthen their research capabilities, integrate asset and wealth management, and leverage digital technologies to enhance operational efficiency [14][15][16] - Emphasizing multi-asset allocation and risk hedging strategies is essential to meet clients' demands for stable returns in a low-yield environment [17][18] - Developing agile internal mechanisms to respond quickly to market opportunities is critical for maintaining competitive advantages in a rapidly changing landscape [20]