The four trends of the transformation and evolution of the capital management: differentiated products, professional investment research, scientific and technological empowerment, and ecological development

Researcher Yang Xi, a researcher at the 21st Century asset Management Research Institute

At present, the ecology of the large asset management industry is being formed, and the mentality of asset management institutions is generally more open. It is foreseeable that from the end of demand, the differentiated development of asset management institutions will further enrich the supply of product; from the perspective of the supply side, the construction of investment and research capabilities and fintech empowerment will become an important direction for the transformation and evolution of the asset management industry.

Differential development rich product supply

In my country's asset management industry, banks, securities, funds, trusts, insurance and other asset management institutions have gone through different development paths, forming different business characteristics, and have differentiated resource endowments. From this perspective, taking the path of differentiated development is the choice of asset management institutions combining its own development path.

Former Chairman of the CBRC, Shang Fulin recently pointed out that banks have unique channel advantages and customer resources; insurance asset management has long -term stable funding sources and stable risk control advantages; securities fund companies have the advantages accumulated in the capital market. (Asset management agency) each has different advantages. It is necessary to make full use of its own resource endowment, explore the development strategy that meets the characteristics of the industry, and improve the comprehensive financial service capabilities.

From another perspective, the differentiated development of the asset management industry is a deep -seated requirement for deepening the structural reform of the financial supply side. In essence, deepening the structural reform of the financial supply side is to allow the financial background to return to the origin of the development of the real economy and enhance the ability of the financial system to optimize the resource allocation. In the process of optimizing the allocation of resource allocation, various types of asset management markets will also play their strength at various levels of resource allocation.

In July 2021, Chen Yulu, the former deputy governor of the central bank, pointed out at the China Wealth Forum that asset management is the largest horizontal section of the financial industry, involving various financial institutions such as banks, securities, funds, trusts, insurance, etc. The connection part of various basic financial assets and investors is an important focus of financial supply -side structural reform.

It is foreseeable that no matter from the needs of customer needs, but also from the asset management institution's own endowment and capacity, the asset management industry will still show a differentiated development trend in the future. The asset management industry will gradually build a product system that covers the full life cycle and risk preferences of customers, and the supply of products in the asset management market will also be more three -dimensional and rich.

Professional investment and research escort development

Through professional forces, asset management institutions, while creating value for customers, share the value of economic growth. Investment and research capabilities are the core competitiveness of professional asset management institutions.

From the perspective of the entire asset management market structure, despite the increase in innovative products, there are still a large number of customers' needs that have not been met. Therefore, strengthening the construction of professional investment and research capabilities, further expanding investment channels, enriching asset management product systems, and improving the quality of asset management products are also an important direction for industry development.

In terms of banking financial management, on the one hand, the industry generally predicts. With the change of bank wealth management valuation methods, its net value fluctuations may be more obvious, which is increasingly testing the investment and research capabilities and asset allocation level of wealth management companies; on the other hand In the future, small and medium -sized banks that do not have independent asset management capabilities can only be transformed into agency sales. The growth of the management scale of wealth management companies will be a high probability event. With the lack of investment and research capabilities, the growth of scale can only be the "air tower", and the unsustainable sustainable cannot be sustainable. Essence

From the perspective of the industry, bank wealth management is still in the process of building an investment structure and improving research capabilities. For example, a wealth management company clarified its investment and research direction as "long interest rates, use of SMS, strong production and research, reuse, increase rights, increase transactions, expansion of investment, and expansion strategies." For another example, another executive of another wealth management company publicly stated that it will further strengthen the proportion of shares and hook index -type assets, and at the same time build an equity investment team, stimulate innovation internal drive by improving the internal organizational structure and optimizing the incentive mechanism.

In terms of brokerage asset management, although compared to bank financial management, its investment research capabilities, especially the investment research capabilities of equity assets, are relatively strong, but the head institutions are still further "forging" investment and research capabilities to seek grasp of great wealth management management The development of the times.

For example, a head brokerage asset management institution recently established a research center to build a platform -based investment research system that combines fundamentals and scientific investment and research. The construction of investment and research capabilities, creating an investment -research structure system with public fund -raising influence, and forming a competitive investment and research culture.

The construction of insurance asset management on investment and research capabilities has also continued to strengthen. In terms of investment and research, the unique attributes of insurance funds determine that it pays more attention to large -scale asset allocation and long -term value investment. According to industry insiders, with the increase in investment in insurance funds, insurance asset management institutions still have a certain gap with public funds and securities asset management in the market -oriented mechanism construction of equity investment.

Fintech empowerment industry chain

At present, my country's financial industry is in the wave of digital transformation that has evolved, and fintech has also become a "booster" for the development of the asset management industry. Some opinions believe that the full chain of the future asset management can be widely used in fintech. In recent years, intelligent investment advisors and intelligent investment research have been implemented. In the future, financial technology can be widely used in customer acquisition, marketing, asset allocation, risk prevention and control and other links.

Overall, the pace of financial technology in all asset management institutions is slightly different. As one of the most aggressive participants in the capital market, securities firms have formed a certain functional advantage in the investment in science and technology; although the wealth management company starts late, the investment and importance of financial technology is high. Considering the overall use of fintech and the top -level design; the digital transformation of the trust industry has gradually accelerated. According to the research data of the China Trust Industry Association, 42 of the 54 trust companies have the willingness to digitize the transformation, of which 25 trust companies have transformed digitization transformation It is determined to be the company's strategy or key plan, and has a clear digital transformation goal and route arrangement. In fact, the asset management industry can gradually explore the application of fintech to the upper, middle and lower reaches of the asset management industry. In terms of upstream, you can promote the development of big data analysis and modeling, digging effective, high -frequency, and more accurate new data to create big data -based investment research capabilities; in the midstream, technology empowerment operation transformation is the improvement of asset management institutions to improve efficiency efficiency. The key to reducing costs is to use technology on risk testing, stress testing and other aspects to help improve risk management capabilities; downstream, using fintech is conducive to developing new channels for digitalization, to achieve online and offline integration and full -scale integrity. Channel management.

In addition, the integration of asset management institutions and fintech will also bring positive effects and enhance the inclusiveness of the asset management industry. On the one hand, the investment threshold is reduced, so that the asset management products reach more customers, and on the other hand, it can also achieve more accurate matching of products and demand.

Ecological development becomes a trend

The current ecological development of the asset management industry has become an important trend, and the participants in the asset management industry are more open.

After the implementation of the "New Regulations for Asset Management", the division of labor of the asset management institutions will be refined, and more business opportunities will be derived in the future. Therefore, the cooperation of various asset management institutions is strengthening, and the market generally believes that asset management institutions should release the synergy effect between institutions, promote complementary advantages, channel sharing, and product cooperation.

Take insurance asset management as an example. Insiders in the insurance asset management industry believe that insurance asset management companies can learn the construction of investment and research systems and talent training systems from excellent head public offering funds. At the same time, the large -scale asset allocation and multi -variety investment capabilities of insurance asset management can be output to the outside world. The two have many opportunities for cooperation opportunities in asset support securities (ABS), real estate trust investment funds (REITS), funds in funds (FOF).

For another example, after the release of the new rules of asset management, the net worth transformation of bank wealth management subsidiaries is high, and products that need to fluctuate and absolute income characteristics are urgently needed. The investment management capabilities and risk control advantages of insurance asset management can meet the requirements of bank financial management, and can provide it with more diversified products and investment consulting services. Banks have customer resources and channel advantages and can cooperate with insurance asset management companies to complement each other.

(Coordinating: Ma Chunyuan)

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