On July 18, China Merchants Bank held the "2024 Wealth Partner Forum· Co-building Capabilities, Creating Value, ·and Win-Win the Future" in Shanghai, with more than 80 funds, wealth management, insurance, and private equity institutions participating in the conference to discuss the new journey of high-quality development of wealth management.
At present, the mainland has entered a new stage of high-quality development, and as a connector to serve the real economy and meet the needs of the people for a better life, wealth management and asset management are also transforming in the direction of high-quality development. "A drop of water can't make a sea, and a single tree can't make a forest." Wang Liang, President of China Merchants Bank, said in his speech at the forum that as an important part of financial institutions, it is incumbent on wealth asset management institutions to help build a financial power, and only the benign interaction and coordinated development of various financial institutions such as commercial banks, investment banks, and wealth asset management can constitute a strong financial institution system. China Merchants Bank is willing to work with all partners to support each other and go hand in hand to jointly promote the high-quality development of wealth management.
Since its establishment 37 years ago, CMB has continued to grow and develop, and its comprehensive strength has been continuously enhanced, ranking 10th in the top 1000 global banks just released by The Banker in United Kingdom according to the ranking of Tier 1 capital. At present, China Merchants Bank serves more than 200 million retail customers, including more than 50 million personal wealth customers, and the total assets of retail management customers have exceeded 14 trillion yuan, and has carried out in-depth cooperation with 157 cooperative institutions on the wealth open platform, and the scale of consignment sales of public funds and wealth management ranks among the top in the industry, of which the scale of retail consignment wealth management has exceeded 3.8 trillion yuan.
In addition, in order to promote wealth inclusiveness, China Merchants Bank announced at the meeting that it will implement the preferential policy of a comprehensive discount on the purchase rate of retail consignment public funds, actively promote the healthy development of the wealth and asset management market, and benefit the people's livelihood.
Tackle the "four major capabilities" and accelerate the high-quality development and transformation of large wealth management
As China's economy enters a new stage of high-quality development, the transformation of high-quality development of large wealth management is accelerating, and four significant trends are emerging.
First of all, building a financial power requires building a strong wealth management institution. Only by expanding and strengthening wealth asset management institutions can we make the mainland's financial institution system more balanced, resilient and competitive, better serve the real economy, meet the financing needs of different types of enterprises and residents' wealth management needs, promote the healthy and coordinated development of the capital market, bond market and credit market, and better support the construction of a financial power.
Second, China's economic transformation from high-speed growth to high-quality development will promote the transformation of mainland wealth management and asset management from scale growth to quality improvement. With the transformation and upgrading of China's economic growth momentum to "technology + industry + finance", the organizational logic of asset allocation has also changed accordingly, and wealth management and asset management should adapt to this change, accelerate the transformation and upgrading in terms of asset organization, investment income logic, product and service concept, business model, etc., promote the "capital-capital-asset" cycle, and play a greater role in the development of the real economy, the construction of a modern industrial system, scientific and technological self-reliance and self-reliance, and Chinese-style modernization.
Third, wealth management and asset management is an important direction for the transformation of the mainland's financial industry, with huge room for development. The financial industry in mainland China has entered a new stage of high-quality development, and in the environment of low interest rates and low interest rate spreads, the traditional deposit and loan business is facing huge challenges, while the pension finance has broad prospects, and residents and enterprises have a huge demand for wealth preservation and appreciation. In 2023, the total scale of asset management products will exceed 142 trillion yuan, an increase of nearly 7% over the previous year, and is expected to reach 300 trillion yuan in 2030.
Fourth, the differentiation of financial institutions has intensified, showing a trend of oligopoly at the head and marginalization at the tail. The advent of the period of low interest rate spreads is a major test for all kinds of financial institutions. At the same time, the arrival of the digital and intelligent era of financial technology, especially artificial intelligence, big data, and cloud computing technology, is both an opportunity and a challenge for the financial industry. If financial institutions do not have sufficient strength to increase investment in science and technology and realize digital and intelligent transformation, they will be eliminated by technological progress.
In response to these trends and changes, CMB attaches great importance to wealth management and asset management business, and strives to improve the "four major capabilities" of wealth management, and has made significant progress.
The ability to create value continues to improve. China Merchants Bank continued to promote the transformation from a "product-centric" sales model to a "customer-centric" asset allocation model, continuously upgraded the "TREE Asset Allocation Service System", improved the accuracy of customer demand matching, and formed a service paradigm with asset allocation and continuous rebalancing as the core to help customers go through the cycle. Strengthen strategy-driven, build a new model of "investment research-strategy-product-customer", continuously enrich product shelves, and meet the diversified configuration needs of customers; Through the innovation of user products such as "Duobao Wealth Management", 24-hour wealth management, 24-hour purchase of physical gold and other functional optimizations, we continue to improve the investment experience of customers.
The "people + digital" service capability continues to deepen. Build a digital and intensive customer management system, build and continuously optimize the online and offline omni-channel service collaboration system, and the intelligent identification and strategy reach system of thousands of people, and continue to expand the breadth and depth of customer service; Actively explore cutting-edge technologies such as large language models, and launch a new intelligent wealth assistant "Xiaozhao" to further improve the intelligent and professional service level of CMB's wealth management.
Risk management capabilities have been significantly strengthened. On the institutional side, we continued to optimize the management process and hierarchical management mechanism of cooperative institutions, and strengthened the risk management of cooperative institutions throughout their life cycle; On the product side, we optimize the risk management measures of the product at all points of the whole life cycle, such as pre-investment, investment, and post-investment, and use "post-investment management" to feed back and guide the "pre-investment creation" work.
The co-prosperity and symbiosis capacity of the ecosystem has expanded rapidly. China Merchants Bank and its partners have worked hand in hand to make the leap from "channel sharing, product consignment", "information sharing, and common accompaniment" to a deeper level of "operation sharing, joint service", "investment and research sharing, and joint research and development". At present, 157 institutions have settled in the "Zhaocaihao" wealth open platform, serving a total of 164 million customers. China Merchants Bank will continue to upgrade the wealth open platform, take data as the core production factor and technology as the core production tool, and export the products, systems and service capabilities of China Merchants Bank through the method of "componentization, interface and standardization", so as to help cooperative institutions improve operational efficiency and iterate operation strategies in a timely manner. Build a collaborative platform for wealth products, and work with asset management institutions to provide customers with better solutions to returns and risks in a "1+N" manner. In addition, CMB will continue to deepen the branding operation of public funds and promote the evolution of the fund distribution format from "product customization" to "product management".
Put forward the "five major initiatives" to jointly build capabilities, create value and win the future
Wang Liang believes that taking the road of high-quality development of wealth management should not only follow the objective laws of modern financial development, but also conform to the reality of financial development with Chinese characteristics, and need to gather the wisdom of all people and gather the strength of all directions.
In order to jointly promote the high-quality development of wealth management, Wang Liang put forward five major initiatives in his speech:
First, adhere to customer first and continue to create value for customers. Serving the needs of customers for asset allocation and wealth preservation and appreciation, and creating value for customers is the duty of large wealth management, and it is also the primary criterion for measuring the excellence of wealth asset management institutions. China Merchants Bank hopes to work with its partners to adhere to the concept of "customer-centric", put the interests of customers first, and continuously improve and optimize the quality and efficiency of all aspects such as return on investment, demand matching, information notification, transaction efficiency, etc., so that customers can truly experience a sense of security and gain, so as to gain the trust of customers and build a solid foundation for development.
Second, adhere to professional success and continue to improve professional service capabilities. Professional ability is the core competitiveness of wealth asset management institutions, and the world's outstanding wealth asset management institutions are all institutions with outstanding professional capabilities. China Merchants Bank hopes to work with its partners to uphold the spirit of professionalism and dedication, conduct in-depth research on the market, gain insight into customer needs, strengthen cooperation in investment research, product creation, risk management, technology application and other fields, and continuously improve the refinement of research and selection of assets, targets, strategies and products, so as to create value with professionalism and serve customers with professionalism.
Third, adhere to innovation-driven and continue to improve service quality and efficiency. Innovation is the first driving force, and technology is the key element of innovation, which is the winning rule to solve the impossible triangle of "massive customer group - ultimate experience - limited cost" in large wealth management. With the rise of a new round of scientific and technological revolution, digitalization and intelligence will reshape the future form of wealth management. China Merchants Bank hopes to work with its partners to be guided by customer needs and use technology application as a means to actively explore "AI + Finance" and "People + Digitalization", strengthen product innovation, management innovation and model innovation, and achieve better benefits and create better service experience for customers.
Fourth, we will continue to build a strong security guarantee based on risk. The radius of risk management determines the radius of development, and CMB hopes to work with partners to improve the risk identification and risk pricing capabilities of the underlying assets in the asset organization. In the creation of products, jointly thicken the safety mat to improve transparency and standardization; In product sales, we jointly adhere to the principle of matching risk-return preference and do a good job in suitability management; In post-investment management, we will jointly strengthen the review and management of the whole cycle, and improve the ability to look forward to risks and respond dynamically.
Fifth, adhere to win-win cooperation and continue to build a large wealth management ecosystem. Different types of wealth management institutions have different industry attributes and customer attributes, and will inevitably move towards the road of characteristic and characteristic development in the future, and the large wealth management industry will be more abundant, and the competition and cooperation between ecology and ecology will be closer. In the past, China Merchants Bank has made many beneficial explorations with its partners from product introduction, to product customization to product management, from channel distribution to wealth open platform cooperation. In the future, China Merchants Bank is willing to work with partners to jointly explore the wealth management needs of residents and enterprises, deepen channel sharing, information sharing, operation sharing, investment and research sharing, symbiosis and common prosperity, and work together to expand and strengthen wealth management with Chinese characteristics.
Those who do often succeed, and those who do often come. The high-quality development of great wealth management is not only in the grand narrative of transformation and change, but also in the persistence of creating extraordinary bits and pieces. Wang Liang said that CMB is willing to work with partners to adhere to its original mission, anchor itself to the world-class, jointly build capabilities, create value and win-win future, jointly explore the path of high-quality development of large wealth management with Chinese characteristics, and make greater contributions to Chinese-style modernization and common prosperity of the people.
Wisdom and sincerity accompany each other, hand in hand
This time, Huaan Fund was invited to participate in the "2024 China Merchants Bank Wealth Partner Forum", which is a great honor. As one of the first five public fund companies established in the industry, Huaan Fund has been conscientious and conscientious for a long time, and has always been accompanied by investors with wisdom and sincerity, actively serving inclusive finance. As of the end of the second quarter of 2024, the company's public assets under management exceeded 660 billion yuan, and its fund products exceeded 260, serving more than 100 million customers in total, with a total dividend of more than 100 billion yuan. (Data source: wind, official website of the fund company)
Customer-centric, enhance investors' sense of gain. In recent years, Huaan Fund has focused on building a "centralized research platform + diversified investment team", always taking creating long-term stable returns for fund holders as an important mission, and making every effort to provide services and accompaniment to investors, especially small and medium-sized investors. The company integrates the values of "people-oriented, integrity, professional focus, and pursuit of excellence" into all aspects of operation and management such as investment research, customer service, compliance and risk control, and is committed to becoming a first-class asset management company trusted by investors with global asset allocation capabilities.
Looking forward to the future, Huaan Fund will continue to practice the concept of investment for the people, help the construction of science and technology finance, green finance, inclusive finance, pension finance and digital finance, take professional investment and research capabilities as the cornerstone, take diversified product lines as the carrier, explore new directions along the wealth management value chain, and provide more professional services for the majority of investors.