Amid the industry-wide shift away from rigid guarantees and toward net-value transformation, the new normal of global low interest rates coupled with market volatility is pushing asset management firms to transition from "going it alone" to "ecosystem collaboration."

On December 18, a year-end outlook program titled "Long-Term Value Growth and Ecosystem Synergy in the Era of Mega Asset Management" aired. The in-depth discussion featured insights from Guo Jinlu, Vice President and Chief Investment Officer of ICBC-AXA Life Insurance; Yuan Jianjun, Deputy General Manager of China Universal Asset Management; and Jin Qianjing, Chief Asset Allocation Strategist at Shenwan Hongyuan Securities. The panel explored balancing strategies under low interest rates, anticipated core variables and investment opportunities for 2026, and mapped pathways for value co-creation in the mega asset management ecosystem.

**Navigating Low Interest Rates** Guo Jinlu shared that ICBC-AXA is actively expanding into new investment arenas—such as public REITs, convertible bonds, and preferred shares—while also venturing into overseas markets to diversify portfolios and deliver stable returns with upside potential.

Yuan Jianjun emphasized China Universal’s "four-in-one" approach—aligning client needs, product positioning, investment strategies, and fund manager expertise—to manage risk while targeting multidimensional returns. He noted that extending duration is effective during rate declines, but when rates hit critically low levels, "fixed income+" strategies and alternative assets like REITs become essential.

Jin Qianjing highlighted shifting risk-return profiles across assets, cautioning against linear extrapolations of past high returns and stressing the need to identify quality assets amid rising equity valuations and emerging opportunities in REITs and gold.

**2026 Outlook: Core Variables and Opportunities** Globally, Jin expects a moderate U.S. recovery with manageable recession risks, while domestically, China’s nominal GDP stabilization hinges on PPI-driven profit recovery. Guo outlined ICBC-AXA’s "stability-first" 2026 strategy: - **Rates**: Locking in ultra-long-term bonds at peaks to match insurance liabilities. - **Credit**: Maintaining zero-risk records by avoiding yield-chasing via downgrades. - **Equities**: Balancing high-dividend and growth stocks, supplemented by multi-strategies (active, quant, ETFs). - **Private Markets**: Ramping up PE/VC investments in tech innovation via partnerships like ICBC Capital.

Yuan noted insurers’ influence on capital markets, particularly in high-dividend stocks, and pledged to leverage mutual funds’ growth-asset expertise for collaborative products offering controlled volatility.

**Ecosystem Synergy** The trio underscored complementary roles: - **Insurers (ICBC-AXA)**: Lead in strategic asset allocation (SAA) and long-term capital. - **Mutual Funds (China Universal)**: Excel in tactical shifts (TAA) and security selection. - **Brokers (Shenwan Hongyuan)**: Provide research bridges—customizing equity picks for insurers and offering macro-to-micro insights to funds.

Future collaboration will focus on pension finance, green finance (ESG products), and shared research platforms, transforming traditional silos into interconnected value chains.