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Jingdong book

资产管理蓝皮书:中国资产管理行业发展报告(2015)

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2014年度“资产管理蓝皮书”热卖之后,2015年我们希望更加贴合市场变化,更进一步站在资产管理人的角度思考,寻找资管机构生存的突围路径,寻找资产投向的价值洼地。在本书中,银行理财、信托、保险、基金、券商资管等各类型资管子行业2013-2014年大类资产配置变迁路线一览无余。
《资产管理蓝皮书:中国资产管理行业发展报告(2015)》勾勒了丛林时代的产业链重构图景,2014年,我国资产管理行业呈现跨界忙、资产为王、增资潮等特征,并且有望步入投行资管+跨界投资、通道升级+产业链重塑、拼机制+拼系统、互联网贯穿全流程的新阶段。
《资产管理蓝皮书:中国资产管理行业发展报告(2015)》旨在全视角、多维度地剖析资产管理行业的机构行为模式、客户需求变迁、资产配置思路,甚至法律制度、IT系统、资产托管等基础设施的架构与建设情况。

Content Description

《资产管理蓝皮书:资产管理行业发展报告(2015)》以“跨界联动资产重构的丛林时代”为主题,从多个角度分析了2014年度资产管理行业的发展状况、监管形势、业务规模、存在的问题等,并对2015年及未来几年资产管理行业的发展等做出了展望,预计未来资产管理行业将引领我国间接融资向直接融资过渡,助力产业结构调整,并持续做好居民财富的守夜人。

Author Description

智信资产管理研究院,成立于2013年,是顺应大资产管理时代的需求而诞生的独立民间智库机构。智信资产管理研究院以推动资产管理行业的制度建设、投资者保护和市场繁荣为己任,被誉为资产管理行业民间智库。智信资产管理研究院现有研究员10余名,另有来自银行理财、信托、基金、券商资产管理、保险资产管理等领域的30余名高管和业务骨干担任特约研究员。智信资产管理研究院主要为的金融监管部门提供公共政策支持,为的资产管理机构提供战略规划、业务咨询和产品设计服务。


郑智,男,智信资产管理研究院首席研究员、执行院长、信托业协会专家理事。


张胜男,男,智信资产管理研究院高级研究员。

Catalogue

Ⅰ总报告

1跨界联动资产重构的丛林时代

——2014年资管行业发展分析与2015年展望【张胜男沈修远】/001

一2014年资产管理行业所处的外部环境/002

二2014年资管行业成长回顾/004

三行业前景展望/013

专栏1商业银行资管业务的新特征与新投向【谢伟】/016


Ⅱ资管机构篇

2银行理财:最大金主的成长与转型【郭新忠】/024

专栏2关于银行理财产品转型方向与路径的一些思考【苏薪茗】/036

专栏3结构性理财产品的中国式发展路径【忻娟娟】/046

3信托公司:繁华过后,转型升级“去信托”【白云陈文】/053

4保险资管:市场化、产品化时代开启【孙威吴易轩】/066

5券商资管:投研能力护航,主动管理远比通道赚得多【刘旭卢强】/080

6公募基金:牛市中创新提速,非公募业务受机构青睐【张弢田熠】/091

7基金子公司:在奔跑中调整姿态【周迅】/103

8私募股权投资基金:站在主升浪上回归本源【朱黎杰王郧】/115

9私募证券投资基金:阳光私募终成正规军,喜迎“奔私潮”【王郧张丽华王晓艳】/125


Ⅲ资产配置篇

10大类资产配置:从债权资产向股权资产的转移【胡立刘旋】/135

11货币市场:央行灵活调节,全年利率波澜不兴【张蕴】/145

12固定收益市场:宽松预期下的牛市有望延续【姚源】/154

13类固定收益市场:经济下行时需谨慎配置【张华郦明】/162

14权益市场:“牛市”的逻辑,资管的拥抱【公晓晖邢涛】/170

15海外金融市场:2015年配置“蓝海”,在分化中寻找机会【仇沛沅钟鑫陈府申】/178


Ⅳ新投向篇

16资产证券化:后利率市场化时代的重要投资标的【赖嘉凌】/188

17与资本市场相关的新投向和新形式【李瑞敏】/202

18政府负债融资的新模式:更加透明化、市场化【田鹏张坤】/213

19混合所有制改革:批量化复制仍待时日【吕想】/224

专栏4银行理财正在成为我国场外衍生品市场的主力玩家【杨德行】/235


Ⅴ渠道客户篇

20机构理财时代开启,比拼专业投资能力【沈修远】/249

21零售客户:兑付风波动摇“收益率至上”,牛市刺激多元化配置需求【张立研】/257

22私人银行:从大零售到事业部,高净值客户争夺白热化【周瑾】/266

23“互联网+资管”的跨界与创新【范杰杨帆成蕾】/277

24养老金委托投资:超3万亿的财富蛋糕【孙博】/287


Ⅵ制度建设与基础设施篇

25资产管理行业法规政策评析及展望【赵梦西于春露白峰】/298

专栏5设计并建立财富管理账户体系,刻不容缓【李琦】/311

26IT系统:资管IT大变局时代开启【冯键潘雷】/319

专栏660万亿资产管理行业需要什么样的IT系统?【郭新忠】/327

27托管:银行仍占大半江山,互联网金融推动托管模式创新【孟杨】/331

专栏72014年资管行业信用风险事件梳理【纪少锋】/339

专栏8未来五年的大资管时代变革【张旭阳】/347


28后记/353

Book Abstract

2014年,中国资产管理行业格局可以套用《三国演义》开卷名言:“天下大势,分久必合,合久必分。”投行与资管、资管与财富管理、债权与股权、商业银行与投资银行、金融与互联网、买方与卖方,都在从各安其位的分业格局向边界模糊的混业格局过渡。“跨界”成为中国经济“新常态”下与时俱进的资管人必须具备的一种能力。

回顾2014年,我国经济增速持续放缓,地方财政明显收紧,货币政策渐趋宽松。随着实体经济层面信用风险的集聚,银行惜贷导致表外非标业务动力不足,传统的表内外信贷为经济“输血”的链条式微。与此同时,资本市场崛起,成为财富管理主战场,起步于2014年7月的A股牛市让我国股票市场成为全球第二大股市,全年50%的涨幅让不少资管机构和投资人赚得盆满钵满。

从债权到股权,在大类资产配置风格完成快速转换的背后,是经济欲振乏力与资金“水漫金山”的两难,是以“互联网+”和“万众创业”为特征的新型产业的崛起,是利率、汇率市场化及监管、市场主体市场化等多项改革齐头并进的步伐。

提高投资能力,拥抱资本市场,创新投资方式,不仅是资管行业支持实体经济发展、培育新经济引擎的必由之路,而且将成为资管行业在利率下行周期为投资人创造超额回报的潜力金矿。

基于此,资管机构间需要更多地跨界联动,重构资管产业链,发挥各自资源禀赋的比较优势,实现更加高效和市场化的资源配置。然而,跨界并不意味着什么都能做,“专业的人做专业的事”是金融行业不变的信条。

展望未来,在资管产业链重构、市场格局重塑的过程中,物竞天择的丛林法则要求新时代的资管人在挖掘资产、风险定价、精准营销等方面练就一身好本领,同时要求监管部门真正做到功能监管、对症下药,让有约束的金融创新伴随我国经济与资本市场的崛起而走得更远。

……

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