展望未来，随着我国经济基本面长期向好和权益市场发展前景明朗，资本市场有望吸引更多长期资金。 多家理财公司表示，将继续提升专业投研能力，创新产品设计，满足市场日益丰富的财富管理需求，为 实体经济发展输送更多的长期资本、耐心资本，为广大投资者创造可持续的价值回报。 （文章来源：经济日报） 创新引领，开拓多元资产布局。在政策引导与市场驱动下，加强前瞻研究、布局创新类资产，正成为理 财行业优化组合、增厚收益的重要方向。理财资金通过多种创新路径，被有效导入实体经济的关键创新 领域。 北银理财聚焦高精尖产业相关私募股权投资机会，重点支持北京地区专精特新企业发展，覆盖新一代信 息技术、生物医药、高端装备制造等硬科技领域，助力企业成长上市。同时，公司也在ABS（资产证券 化）以及公募、私募REITs（不动产投资信托基金）领域发力，目前已助推全国住房租赁持有型不动产 ABS实现市场突破，并已完成城市更新类园区基础设施REITs、数据中心REITs等投资。 华夏理财致力构建"被动+主动"的多元化投资体系。在被动投资方面，公司推出"天工"系列指数产品， 以高透明度、低费率等优势，布局国家战略性新兴产业，目前已形成涵盖债券、股票、R ...

从机构最新管理规模来看，截至2025年末，共有5家券商资管公司公募基金管理规模在千亿元以上。其中，东方红资产管 理以2162.68亿元的管理规模居于榜首，较2024年末增长30.05%。其次是华泰证券资管，管理规模为1808.28亿元，较2024年末 增长29.15%。 中银证券、财通资管的管理规模也排名居前，分别为1339.33亿元、1197.6亿元，均较2024年末出现小幅下滑，降幅分别为 1.88%、7.47%。得益于并购整合，国泰海通资管管理规模为1110.58亿元，跻身管理规模千亿元行列，较2024年末增长37.6%。 此外，多家中小券商资管公司虽管理体量并未进入行业"第一梯队"，但管理规模增长显著，展示出较强的发展潜力。例 如，截至2025年末，长江资管、山证资管管理规模分别为390.98亿元、370.83亿元，较2024年末增长47.39%、49.04%。 本报记者 于宏 近日，随着公募基金2025年四季报披露完毕，各家券商及券商资管公司（以下统称"券商资管"）的最新公募基金管理规模 也浮出水面。数据显示，截至2025年末，5家券商资管公司公募基金管理规模均超千亿元，同时，多家中小机构表现亮眼， ...

Core Insights - The article highlights two significant events that have profoundly altered the business landscape of brokerage asset management: the transition of public collective investment products set to conclude by the end of 2025 and the obstacles faced in obtaining public fund licenses [1] Group 1: Strategic Shifts - Brokerage asset management is urgently seeking to accelerate its transformation and identify new growth drivers in response to the upheaval in traditional business [1] - The primary strategic focuses for brokerage asset management are "fixed income +" and multi-asset approaches [1] Group 2: Alternative Asset Expansion - Alternative asset classes such as REITs (Real Estate Investment Trusts), derivatives, and commodities are viewed as rich sources for expanding revenue streams within the industry [1]

站在2026年的门槛上回望，A股总市值突破百万亿元、科技板块市值占比超四分之一、各类中长期资金 持有流通市值逾21万亿元——这一连串数字背后，是资本市场从"单向融资通道"向"投融资协同生态"的 历史性转变。 从"深化"到"持续深化"，资本市场投融资综合改革已连续两年跻身中央经济工作会议重点任务清单。这 一表述的升级，不仅标志着改革进入"深水区"，更彰显了国家在"十五五"开局之年推动资本市场向纵深 突破的坚定决心。 展望新的一年，随着注册制从"全面落地"走向"精细优化"、退市制度从"常态化"迈向"高效化"、多层次 市场体系从"成型"走向"成势"，资本市场将在服务科技创新、培育新质生产力、推动经济高质量发展中 扮演更加关键的角色。 向纵深推进 近年来，推进投融资综合改革已成为资本市场改革发展的主线。 2024年中央经济工作会议提出，深化资本市场投融资综合改革，打通中长期资金入市卡点堵点，增强资 本市场制度的包容性、适应性。2025年中央经济工作会议在部署明年经济工作时，在"深化"前再加"持 续"二字，明确提出"持续深化资本市场投融资综合改革"，既延续方向，又升级力度，标志着改革正式 迈入纵深推进的新阶段。 在中国 ...

Core Viewpoint - Morgan Stanley has made significant adjustments to the ratings of nine popular investment targets in the REITs and real estate services sector for 2026, with seven downgrades and two upgrades, reflecting a more stratified rating distribution as the probability of a soft landing for the U.S. economy increases and the Fed's rate-cutting cycle is expected to continue [1][2]. Group 1: Downgraded Companies - Realty Income (O.US) rating downgraded from "Neutral" to "Underweight" due to its large scale making it difficult to achieve above-average profit growth compared to its net lease REIT peers [3]. - Public Storage (PSA.US) rating downgraded from "Overweight" to "Neutral" as improvements in core growth rates are expected to take longer and not follow a straight line [3]. - Welltower (WELL.US) rating downgraded from "Overweight" to "Neutral" based on a short-term stock price judgment rather than any deterioration in growth prospects [3]. - Regency Centers (REG.US) rating downgraded from "Overweight" to "Neutral," which is also a temporary stock trend judgment, as REG is still considered to have one of the best platforms in the REIT sector with optimistic long-term growth prospects [3]. - Kennedy Wilson (KW.US) rating downgraded from "Neutral" to "Underweight" due to limited upside potential from a pending privatization offer [4]. - UDR (UDR.US) rating downgraded from "Neutral" to "Underweight" [4]. - SmartStop (SMA.US) rating adjusted from "Overweight" to "Neutral" [4]. Group 2: Upgraded Companies - Federal Realty Investment Trust (FRT.US) rating upgraded from "Neutral" to "Overweight" as the company effectively recycles capital from mature assets into higher-quality retail assets, improving growth visibility for 2026 [5]. - Camden Property Trust (CPT.US) rating upgraded from "Underweight" to "Neutral" due to a stronger balance sheet providing greater flexibility for buybacks and development, significantly improving relative risk-reward compared to UDR [5].

Group 1 - The central economic work conference held on December 10-11 in Beijing emphasized the continuation of a more proactive fiscal policy and moderately loose monetary policy for the upcoming year, with a focus on stabilizing growth as the core objective [1] - Fiscal policy is expected to maintain strong support to expand demand and optimize structure, while monetary policy will provide a low-cost funding environment for economic operations [1] - The new expression "integrating the effects of stock and incremental policies" highlights the importance of implementing existing policies effectively before introducing new ones, ensuring continuity and alignment between them [1] Group 2 - Incremental policies are expected to include debt replacement efforts, directing more funds to address local government hidden debt issues [2] - The coordination between fiscal and monetary policies is crucial, with fiscal policy acting as a "pulling force" for demand creation and monetary policy providing a "lubricant" for environmental stability [2] - Global economic conditions show inconsistent cycles among major economies, leading to stronger interactions between fiscal and monetary policies, with markets reacting more swiftly to policy signals [2]

Core Viewpoint - The Central Economic Work Conference emphasizes the continuation of proactive fiscal policy and moderately loose monetary policy for the upcoming year, aiming to enhance macroeconomic governance effectiveness and support economic growth [1][2] Group 1: Fiscal Policy - Fiscal policy will maintain strong support to expand demand and optimize structure, with a focus on implementing existing policies effectively [1] - The integration of existing and new fiscal policies is highlighted, with an emphasis on utilizing existing resources and improving policy transmission efficiency [1][2] - The continuation of debt replacement work is expected to address local government hidden debt issues [2] Group 2: Monetary Policy - Monetary policy will remain moderately loose to provide a low-cost funding environment for economic operations [1] - Coordination between fiscal and monetary policies is crucial, with attention to fiscal expenditure structure, deficit arrangements, and the issuance of special bonds [2] - The role of monetary policy includes stabilizing the environment and supporting economic recovery [2] Group 3: Policy Integration - The concept of "integrated effects of existing and new policies" is a new addition, emphasizing the need for alignment between existing and future policies [1] - The collaboration between fiscal policy as a demand driver and monetary policy as a stabilizing agent is essential for economic recovery [2] - Global economic conditions, including high interest rates and debt levels, necessitate a stronger interaction between fiscal and monetary policies [2]

Core Viewpoint - The article emphasizes the importance of REITs (Real Estate Investment Trusts) in China's financial market, highlighting their role in asset securitization and providing low-threshold investment options for investors since the first public REITs were launched in June 2021, with a total of 77 products now available [1]. Group 1 - The collaboration between Shanghai Stock Exchange and Yicai aims to promote rational, value, and long-term investment principles, enhancing the demonstration effect of state-owned enterprises and companies listed on the Sci-Tech Innovation Board [1]. - The National Development and Reform Commission has issued a notice to support the expansion and innovation of REITs, injecting continuous momentum and policy guidance into the industry [1]. - The upcoming event will focus on how the public REITs industry can seize development opportunities, improve asset management quality, and facilitate smooth investment and financing cycles [2]. Group 2 - The event will feature representatives from three public REITs equity holders and management institutions, discussing how to achieve synchronization between asset, operation, and investment sides to enhance asset quality and investor satisfaction [2]. - The live broadcast of the event is scheduled for November 14, 2025, at 15:00, and will be available on the Yicai website and app [2][8].

Core Insights - The article discusses the collaboration between various companies to enhance the synchronization of investment and financing cycles in China's capital market [1][2] - It highlights the importance of REITs (Real Estate Investment Trusts) as a significant component of the financial market in China, emphasizing their role in providing low-threshold investment opportunities in real estate [1][2] Group 1: REITs Development - Since the launch of the first public REITs in June 2021, a total of 77 products have been listed, offering investors new options for real estate investment [1] - The National Development and Reform Commission has issued a notice to support the expansion and innovation of REITs, providing ongoing momentum and policy guidance for the industry [1] Group 2: Investment Opportunities - The article poses questions regarding how the public REITs industry can seize development opportunities, improve the quality of underlying asset management, and ensure smooth investment and financing cycles [2] - A discussion is set to take place among representatives from various REITs and investment management institutions to explore how to achieve synchronization between asset, operation, and investment sectors [2]

Core Viewpoint - The banking wealth management industry is undergoing a transformation towards "multi-asset multi-strategy" approaches to cope with low interest rates, asset scarcity, and high market volatility, aiming to enhance returns and manage risks effectively [4][5][10]. Industry Trends - As of the end of Q3 2025, the total scale of bank wealth management reached 32.13 trillion yuan, with over 80% of funds still allocated to fixed-income assets, highlighting the need for diversification [4]. - The negative effects of the low-interest-rate environment have become apparent, with the performance benchmark for newly issued fixed-income products dropping from over 4% at the end of 2021 to approximately 2.4% by September 2023 [4]. Strategic Shifts - The industry consensus is shifting from "asset-driven" to "strategy-combination-driven" approaches, emphasizing the need for diversified asset allocation to enhance returns and reduce risks [5][10]. - Banks are increasingly incorporating alternative assets such as REITs, gold, and overseas investments into their portfolios to achieve a more robust multi-asset strategy [10][12]. Challenges in Implementation - The transition to a multi-asset strategy is not straightforward, as banks face challenges in aligning investment styles between newly recruited equity managers and existing risk management frameworks [7][8]. - Conflicts often arise between investment teams and risk management departments regarding the timing of profit-taking and risk exposure, complicating the implementation of multi-asset strategies [8][9]. Internal Management and Technology - The shift towards multi-asset strategies necessitates a comprehensive overhaul of internal management processes, including trading links, risk control, information disclosure, and compliance operations [13][14]. - The need for automation and advanced technologies like AI is emphasized to manage the complexities of multi-asset investment strategies and ensure compliance with regulatory requirements [13][14]. Risk Management Evolution - A new risk control model is being developed to adapt to the multi-asset strategy, focusing on the individual risk characteristics of different assets and their interactions [14][15]. - The industry is moving towards a more systematic approach to risk management, emphasizing the balance between low risk and high returns [14][15].