The new journey of the "16th Five-Year Plan" has commenced. Amid the deepening advancement of national strategies such as financial services supporting the real economy, building a strong financial nation, and developing pension finance, China's asset management industry is entering a critical transition period from "scale expansion" to "structural optimization and quality improvement." On January 23, Ji'an Jinxin and Huatai Securities jointly hosted the China Asset Management Star Awards Ceremony and Private Fund High-Quality Development Forum in Beijing. The event invited elite asset management institutions—including top-performing bank wealth management subsidiaries, commercial banks, pension managers, and private funds from 2025—alongside leaders from mainstream media to explore development trends, share cutting-edge insights, and collaboratively build an open, cooperative, and mutually beneficial financial ecosystem. During the forum, the highly anticipated 2025 "Star Awards" rankings for various categories, including wealth management companies, commercial banks, and pension products/managers, were unveiled. While honoring outstanding asset managers, this grand ceremony also introduced a brand-new evaluation category specifically for private funds. The event was attended by senior executives from over 100 asset management institutions, including bank wealth management subsidiaries, commercial banks, and pension managers, alongside representatives from more than 100 private funds, over 10 securities firms, and leaders from more than 10 major media outlets.
As an independent third-party institution registered with the China Securities Regulatory Commission and possessing dual qualifications for public fund rating and awards, Ji'an Jinxin has always adhered to the principles of "fairness, impartiality, and openness." It leverages its scientific and innovative rating system to support the construction of a healthy industry ecosystem and is dedicated to the "Ji'an Star Awards" for asset management, promoting the sector's orderly and robust development. The selection process for the "Ji'an Star Awards" is a collaborative effort spearheaded by Ji'an Jinxin, utilizing the five research centers of the Ji'an Research Institute as its foundation, with the Financial Information Center of Renmin University of China providing academic guidance, and jointly developed with industry experts from authoritative research institutions such as the Shanghai Finance Institute, Longma College, and the Banking Research Center of the Central University of Finance and Economics.
Professor Yang Jian, Founder of Ji'an Jinxin and Director of the Financial Information Center at Renmin University of China, delivered an opening speech. He emphasized the symbiotic and mutually reinforcing relationship among banks, securities firms, private funds, and rating agencies. Within the asset management ecosystem, these entities are not isolated operators but form an interlinked, complementary, and value-symbiotic industrial closed loop. Each leverages its core competencies to occupy different segments of the value chain. Through resource sharing, functional coordination, and joint risk control, they achieve an ecosystem effect where the whole is greater than the sum of its parts. This synergy not only strengthens their individual competitive advantages but also collectively drives the high-quality development of the entire industry. The underlying logic of this mutual success is manifested across four dimensions: synergistic collaboration within a functionally complementary industrial chain, business empowerment through resource sharing, capability enhancement via professional exchange, and ecosystem resilience built on shared risk prevention, with specific practices and value realization detailed as follows.
Ms. Li Wanqing, Co-Head of Huatai Securities' Investment Advisory Development Department, addressed the forum. She stated that as a leading technology-driven comprehensive securities group, Huatai Securities remains steadfast in its client-centric philosophy. Relying on its strategic layout of "One Client, One Huatai, Integrated Operations," the company has built a platform-based, integrated, and international full-business-chain service ecosystem. Having achieved listings in Shanghai, Hong Kong, and London, Huatai has established a global service network covering Hong Kong stocks, US stocks, and Southeast Asia through platforms like Huatai Financial Holdings (Hong Kong) and Huatai Securities (USA), continuously enhancing its capabilities in cross-border asset allocation, risk hedging, and FICC pricing, with the aim of becoming a key hub serving the global wealth management needs of Chinese residents and institutional clients. In the realm of technology empowerment, Huatai Securities pioneered the launch of its standalone AI application terminal, "AI Zhangle," integrating AI capabilities throughout the entire process of stock selection, trading, and analysis; its Version 1.0 was officially released on January 26, leveraging technological power to enhance the quality and efficiency of its wealth management business. Facing structural industry challenges such as declining yields in the fixed-income sector during a low-interest-rate era, the rapid application of AI, and the insufficient proportion of residents' property income, Huatai Securities is driving the deep integration of technological prowess, professional expertise, and collaborative strength, striving to become a deep co-builder helping clients navigate market cycles and achieve long-term value growth.
While deeply cultivating the wealth management track, Huatai Securities has also precisely grasped the development trends of the private fund industry. Addressing core industry needs, the company officially launched the "Private Fund Highland" initiative in August 2025, aiming to set industry benchmarks and lead ecosystem upgrades by providing comprehensive support for private fund development. Currently, Huatai Securities has achieved full coverage of quant private funds with assets under management exceeding ten billion yuan, and its market share of quant private fund assets continues to rise. To further enhance the efficiency and professionalism of its private fund services, Huatai Securities broke down internal departmental barriers, deeply integrating the group's full-spectrum professional capabilities with the efficient frontline responsiveness of its Beijing team by establishing the Beijing Private Fund Center. This move created a full closed-loop service system encompassing "demand response - solution customization - efficient implementation - continuous empowerment," enabling精细化 refined operations from initial需求对接 demand对接 to long-term service. Thanks to its professional service capabilities and efficient execution, sales of cooperative private fund products have repeatedly hit new highs, serving as strong validation of Huatai Securities' private fund service prowess. The collaboration with Ji'an Jinxin to host this forum and conduct in-depth cooperation is a firm实践 practice of Huatai's commitment to the ecological philosophy of "professional selection, value symbiosis." Looking ahead, Huatai Securities will continue to use the "Private Fund Highland" initiative as a key lever, further integrating core resources from capital providers and asset originators, continuously refining its private fund service system. Grounded in professional capability and following the path of ecosystem co-construction, Huatai will partner with industry pioneers who adhere to long-termism, delve into professionalism, embrace change and innovation, and excel in collaborative symbiosis, jointly propelling the wealth management industry into a new stage of high-quality development characterized by returning to its origins and maintaining integrity while innovating.
Wei Hongbo, Rotating Chairman of the Ji'an Cluster, delivered a speech titled "Preventing Private Funds from Losing at the Starting Line," introducing the Star Awards for private funds. He stated that against a backdrop of intensifying Matthew Effect and prominent pain points like information asymmetry in the private fund industry, Ji'an Jinxin, leveraging its professional expertise深耕 deeply cultivated in asset management, has pioneered the "Public Evaluation for Private Funds" system. In collaboration with Huatai Securities, they are building a full-dimensional empowerment matrix. This initiative aims to empower private fund managers across multiple facets including professional ratings, resource对接 matching, brand communication, and investment research/risk control,彻底打破彻底打破彻底打破彻底 breaking down development barriers for private funds, helping high-quality managers overcome the "starting line disadvantage," and achieving dual leaps in both scale and quality. The launch ceremony for the Star Awards private fund evaluation was held.
Zhang Jiqiang, Director of Huatai Securities Research Institute and Chief Fixed Income Analyst, delivered a speech titled "Consensus and Variables Under the New Beginning." He pointed out that the stock market in 2025 was primarily driven by sentiment, capital flows, and valuation, with shifts in market narrative steering price movements; however, the focus in the current year is expected to shift towards earnings verification. Regarding the bond market, 2025 was largely characterized by a correction following excessive gains early in the year; the current year will see a return to fundamental logic, necessitating close attention to factors such as nominal GDP, financing demand, and the stock-bond yield spread. Notably, this year marks a period when a significant volume of medium-to-long-term bank deposits are maturing, and the reinvestment behavior of these funds could potentially benefit the stock market.
Professor Zeng Gang, Deputy Director of the National Institution for Finance & Development and Director of the Shanghai Finance Institute, delivered a speech titled "Bank Asset Allocation and Financial Market Development in a Low-Interest-Rate Environment." Professor Zeng stated that 2026 marks the inaugural year of the "16th Five-Year Plan," a period that will witness fundamental shifts in the strategies of many banks—transitioning from pursuing scale expansion to focusing on quality improvement, from relying on single-source interest income to building diversified revenue structures, and from extensive operations to精细化管理 refined management. The叠加 overlay of these changes could have profound implications for financial markets. In principle, institutions, particularly smaller and medium-sized ones, will gradually abandon their fixation on scale and cease attempting to compensate for price with volume. Once scale control is implemented, it implies that the source of incremental funds flowing into the bond market will change, which will have a sustained impact on both stock and bond markets. Simultaneously, as banks place greater emphasis on serving the real economy, more capital will be directed towards key sectors such as technological innovation, green development, inclusive finance, and pensions, thereby promoting economic restructuring and upgrading. From the perspective of financial market development, the low-interest-rate environment presents both challenges and opportunities. Challenges include pressure on traditional business models, declining profitability for financial institutions, and increased market volatility risks. Opportunities lie in the impetus it provides for financial institutions to transform and upgrade, promoting deeper reform of financial markets, fostering the development of direct financing, and optimizing the allocation of financial resources.
Ji'an Jinxin hosted a roundtable dialogue titled "2026 Asset Allocation Outlook Roundtable Forum." Moderator: Zhang Jiqiang | Director, Huatai Securities Research Institute Panelists: Jia Zhimin | Vice President, China Wealth Management (a subsidiary of Huaxia Bank) Wang Junning | Deputy General Manager, Yinhua Wealth Management (a subsidiary of Bank of China) Yao Qing | Assistant President, Qingyin Wealth Management (a subsidiary of Qingdao Bank) Shen Hua | Vice President, Ningbo Yinzhou Rural Commercial Bank Luo Qingzhong | General Manager, Entrusted Asset Management Department, Ping An Pension Following the roundtable, the "Star Awards" ceremony for bank wealth management subsidiaries was held.
Professor Yang Jian, Founder of Ji'an Jinxin, and Guo Hongchao, Deputy Editor-in-Chief of The Economic Observer, presented the "Star Award" to winning commercial bank institutions.
Wei Hongbo, Rotating Chairman of the Ji'an Cluster, and Jin Mingzheng, Editor-in-Chief of JRJ.com, presented the "Five-Star Award" to winning commercial bank institutions.
Xian Hongqing, General Manager of Ji'an Jinxin, and Liu Chen, General Manager of the Securities Business Department at Sina Finance, presented the "Constellation Award" to winning commercial bank institutions.
Wei Hongbo, Rotating Chairman of the Ji'an Cluster, and Professor Guo Tianyong, Vice Chairman of the Beijing Committee of the China National Democratic Construction Association and Professor at the Central University of Finance and Economics, presented the "Star Award" to winning wealth management company institutions.
Wei Hongbo, Rotating Chairman of the Ji'an Cluster, and Professor Zeng Gang, Deputy Director of the National Institution for Finance & Development and Director of the Shanghai Finance Institute, presented the "Five-Star Award" to winning wealth management company institutions.
Xian Hongqing, General Manager of Ji'an Jinxin, and Li Chungen, Vice President of Jiangxi University of Finance and Economics, presented the Ji'an Star Awards "Constellation Award" to winning commercial bank institutions.
Yan Huahai, Director of the Pension Research Center at Ji'an Jinxin, and Jin Mingzheng, Editor-in-Chief of JRJ.com, presented the Ji'an Star Awards "Equity Pension Manager Award" to Ping An Pension and Taikang Asset Management.
Yan Huahai, Director of the Pension Research Center at Ji'an Jinxin, presented the Ji'an Star Awards "General Fixed-Income Pension Manager Award" to CITIC Securities.
Vast information and precise interpretation available on the Sina Finance APP.