【观点】华夏基金总经理李一梅：把握行业代际机遇，发挥资管机构社会使命

华夏基金总经理李一梅个人简介：

2001年8月加入华夏基金管理有限公司，曾任华夏基金管理有限公司副总经理、基金营销部总经理、营销总监、市场总监等，并曾任上海华夏财富投资管理有限公司执行董事、总经理。

李一梅女士为美国哈佛大学公共政策硕士、中国人民大学经济学硕士，并具有特许金融分析师（CFA）资格。

麦肯锡：展望2030，您认为能为中国资管机构贡献显著净流入、或对行业商业模式带来根本转变的重大发展机遇有哪些？

华夏基金总经理李一梅：对于中国资管机构而言，向前看，有三个关键机遇：

一是中国资管市场高质量发展。

资管机构根植于资本市场，如果没有肥沃土壤，不管种什么，结出的果可能都不尽如人意。践行长期投资的基础是有长期投资价值的好企业，而好企业的诞生和成长离不开好的市场生态。从科创板推出、创业板注册制落地，到如今全面注册制改革正式实施，以及监管负向惩罚措施的到位、信息披露及中介机构责任制完善等等，境内资本市场正在良性发展轨道上前进，“土地”不断肥沃，这给资产管理及财富管理业务发展奠定了重要基础。

二是市场的融合和开放。

参考全球领先实践，海外真正有影响力的资管公司，不论是投资端还是财富端，都不可能只基于本土市场。从内地市场发展来看，无论是GDR的推出，ETF互联互通、港股通的持续深化，QFII制度的改革，都标志着内地市场和海外市场的融合度在稳步提升。从中长期来看，融入和开放还会体现在人民币国际化进程，随着海外人民币持有量的增多，势必会唤醒人民币投资需求，这也将是境内资管机构需要捕捉的机会。

三是个人养老金账户的落地。

2022年11月28日，基于个人账户和国家税收递延形式来倡导的个人养老金业务正式落地，这是全行业始终热盼的机遇，也将是改变资管和财富管理业务的核心动因。虽然个人养老业务的开闸不会立竿见影地转换为规模，但长期来看，对于中国资管机构而言将是代际机遇。以账户视角、而不仅是单一产品视角去看待养老，同时，不同金融工具都可应用于账户中进行配置，这样的新业务模式对于行业塑造具有深远影响。

Q1：您认为资管机构需要采取哪些关键行动以把握中国个人养老体系带来的机会？

华夏基金总经理李一梅：华夏基金始终在战略上高度重视养老业务，多年来为把握养老机遇做了诸多准备：

产品方面，全面布局养老目标基金产品线，包括目标日期及目标风险。

自2018年首批养老目标基金获批以来，公司已经成立多只产品。其中，目标日期基金可以适应不同年龄退休人群的不同风险收益要求和波动率要求。目标风险基金布局了“保守”、“稳健”、“均衡”等不同风险属性的产品，更全面适应不同投资人群的投资需要。

投资者教育方面，通过多元化手段培养和唤醒投资者养老投资意识。

用一切可能触达投资者的方式和渠道，持续深入开展养老投教，包括拍摄养老微电影、制作投教视频、推出养老计算器、养老科普长图、养老小程序等，并在互联网平台建立养老基地、发起养老规划。此外，华夏基金还通过邀请业内专家召开养老高峰论坛、邀请知名医生、多个领域的头部KOL担任养老唤醒官，通过行业专家向社会传递尽早进行养老规划的理念，希望让年轻人更多了解养老投资必要性，也让临近退休的老年客户了解退休并不是投资终点，退休后仍有财富增值空间。

客户服务方面，依靠养老第二支柱试水个人养老金融服务。

虽然目前暂无法实现养老二三支柱的灵活转换，华夏基金正积极发挥在养老金第二支柱年金业务上建立的客户服务经验和客户信任，进一步拓展终端客户的服务能力，并于某机构的企业APP上开发嵌入了企业版个人养老金服务专区。

养老生态方面，积极参与养老行业生态建设。

当前资管机构需要完成从养老金融产品管理者到养老金融账户管理者的转型。未来更需要担当起客户养老金融总规划师的角色，提供全生命周期养老金融解决方案，以“规划”为核心，基于客户养老金融规划来衍生辐射客户服务、个人养老金投资顾问、养老金投资管理等相关业务。所以，最终养老金业务是一个完整业务生态，各类养老金管理机构之间是双赢和多赢的，大家竞争的同时相互补位，通过优势互补，为客户提供全面可行的养老解决方案。

Q2：您认为对中国资管机构正面临哪些需要行业共同解决的结构化、中长期挑战？

华夏基金总经理李一梅：挑战主要体现在客户、科技和人三个方面：

第一大挑战是客户，不管是零售客户还是机构客户这几年都有很大变化。

零售客户角度，资管新规带来的净值化改革影响目前看还没有真正传导到客户认知层面，大多数客户投资理财的期待还是 “保本”，但“保本”对于公募基金而言是不可能完成的任务。因此，净值化前行的道路上怎么能让客户的认知提升（特别是原来的银行理财客群）、向真正净值化转变，是零售客户层面的一大挑战。机构客户层面，零售客户对于刚兑打破的表现也会传导到机构投资者（例如银行理财的赎回），对行业和资管机构产生较大冲击。因此，未来作为资管公司如何和客户对齐，在配置、交易差异化道路上去满足客户需求、影响客户行为也是一大挑战。

第二大挑战是科技。

每一次科技创新都在创造巨大的可能，包括交易构建、分析方法、与客户交互的方式等。未来科技进步上，资管机构能不能跟随甚至驾驭科技创新浪潮，将是个挑战。

第三大挑战是人。CXO UNION-CXO联盟（cxounion.cn）

资产管理行业本质上讲是人力资源的竞争，每一波市场机会都会伴随着明星基金经理的起伏。因此，如何树立人才领域稳定的核心竞争力是资管机构的重要挑战。目前各类资管主体、以及外资机构都加入到人才争夺上，对于头部基金公司，人才竞争更为激烈。另一方面，资管机构不同业务需要差异化人才。例如，公募REITs业务，其人才需求结构和传统人才截然不同，如何将差异化人才包容并蓄也是一大挑战。

麦肯锡：针对您说的客户端挑战主要来源于客户成熟度问题，在中国市场，基金公司较难直接接触客户，您认为如何才能做到真正贴近客户，如何与渠道端合作？

李一梅：过去几年，互联网平台为基金公司提供了直接面向客户的界面；近来各家大型银行、券商也纷纷建立线上开放财富平台，使基金公司能在前端接触到客户，渠道生态循环是向好的。针对这一业态转变，华夏基金已经建立了数字营销中心，配合渠道共同优化服务，包括终端客户标签体系构建、营销话术定制化、服务专业度的提升等。

Q3：为在激烈的竞争格局中脱颖而出，您认为新一代资管机构需要具备哪些核心特质？

华夏基金总经理李一梅：一是专业化。CXO UNION-CXO联盟（cxounion.cn）

具体体现在4个平台上，一是多资产的全能平台，能够根据市场环境变化去发现大类资产，并通过细化精度、颗粒度来创设产品，挖掘收益；二是客户全生命周期的服务平台，包括了解客户不同人生阶段的需求并协助客户进行规划和配置；三是工业化投研平台，让体系不依赖某个特定人员，而是依赖于平台，集体智慧。四是人力资源平台，通过平台来开展人才的识别、培育和传承，使人才和公司共同成长。

二是数字化。

一方面是赋能，例如投研、营销服务、运营等方面通过数字化手段从纸面走向电子化、自动化；另一方面是创新，如利用AI、机器学习等技术，打破并延伸业务边界。

三是国际化。

资管机构需要树立全球视野，开展全球研究，实现全球配置，提供全球服务。作为一家中国资管公司，发展国际化的同时更要坚持立足中国，服务于中国客户投资全球市场以及全球客户投资中国市场的跨境需求。CXO UNION-CXO联盟（cxounion.cn）

四是ESG。

一是要参与标准制定：ESG的标准某种程度上和指数相似，一些变动便会对资金流向有巨大影响。中国作为全球第二大经济体，需要担负起参与和影响标准制定的过程，在通用语言上达成共识；二是国际标准和中国实践需要相结合，投资标的需要真的能创造长期价值，为中国人民创造更美好的未来，不能“坐而论道”，要把中国实践展现在世界舞台上；三是ESG投资的黄金领域在中国，我国在新能源利用和推动上是非常坚决的，未来在能源技术如光能、风能、核聚变能量等方面的大量投资机会都会在中国。

翻译：

In August 2001, he joined Huaxia Fund Management Co., LTD., and served as deputy general manager, general manager of Fund Marketing Department, marketing director and marketing Director of Huaxia Fund Management Co., LTD., and executive director and general manager of Shanghai Huaxia Wealth Investment Management Co., LTD.

Yimei Li holds a Master’s degree in Public Policy from Harvard University . And a Master’s degree in Economics from Renmin University of China. She is also a Chartered Financial Analyst (CFA).

McKinsey: Looking ahead to 2030, what do you think are the major development opportunities that could contribute to significant net inflows to Chinese asset management institutions or bring about a fundamental shift in the industry’s business model?

Li Yimei: Looking ahead, there are three key opportunities for Chinese asset management institutions:

First, the high-quality development of China’s asset management market.CXO UNION-CXO联盟（cxounion.cn）

Asset management institutions are rooted in the capital market, and if there is no fertile soil, no matter what is planted, the fruit may not be satisfactory. The basis for practicing long-term investment is a good enterprise with long-term investment value, and the birth and growth of a good enterprise cannot be separated from a good market ecology. From the launch of the science and technology innovation board.

The landing of the GEM registration system, to the formal implementation of the comprehensive registration system reform, as well as the place of regulatory penalties, information disclosure and the improvement of the accountability system of intermediaries, etc., the domestic capital market is moving forward on the track of sound development, and the “land” is constantly fertile, which has laid an important foundation for the development of asset management and wealth management business.

Second, market integration and opening up.

Referring to the world’s leading practice, the truly influential overseas asset management companies, whether it is the investment side or the wealth side, can not only based on the local market. From the perspective of the development of the mainland market, whether it is the launch of GDR, the continuous deepening of ETF connectivity, Hong Kong stock Connect.

And the reform of the QFII system. All mark the steady improvement of the integration of the mainland market and overseas market. In the medium and long term, integration and opening-up will also be reflected in the process of RMB internationalization. With the increase of overseas RMB holdings, it is bound to awaken the demand for RMB investment, which will also be an opportunity for domestic asset management institutions to seize.

The third is the implementation of personal pension accounts.CXO UNION-CXO联盟（cxounion.cn）

On November 28, 2022, the personal pension business based on personal accounts and national tax deferral was officially launched, which is an opportunity that the whole industry has been eagerly looking forward to, and will also be the core driver for changing the asset management and wealth management business.

Although the opening of the personal pension business will not be converted into scale immediately, in the long run. It will be an intergenerational opportunity for Chinese asset management institutions. From the perspective of accounts, rather than just a single product perspective to look at the elderly, at the same time, different financial instruments can be applied to the account configuration, such a new business model has a profound impact on the shape of the industry.

What do you think are the key actions that asset management institutions need to take to capture the opportunities presented by China’s personal pension system?

Li Yimei: China AMC has always attached great importance to the pension business strategically, and has made many preparations for seizing the pension opportunities over the years:

In terms of products, the comprehensive layout of pension target fund product line, including target date and target risk.CXO UNION-CXO联盟（cxounion.cn）

Since the first pension target fund was approved in 2018, the company has established a number of products. Among them, the target date fund can adapt to the different risk-return requirements and volatility requirements of the retirement population of different ages. Target risk fund layout of “conservative”, “stable”, “balanced” and other different risk attributes of the product, more fully adapt to the investment needs of different investors.

In terms of investor education, it cultivates and awakens investors’ awareness of pension investment through diversified means.

Continue to carry out pension investment and education in all possible ways and channels to reach investors, including shooting pension micro films, making investment and education videos, launching pension calculators, pension science popularization long maps, pension mini programs, etc., and establishing pension bases and initiating pension planning on Internet platforms.

In addition, China AMC also invited industry experts to hold a pension summit forum, invited well-known doctors and head Kols in many fields to serve as pension awakening officers, and passed on the concept of pension planning as early as possible to the society through industry experts, hoping to let young people know more about the necessity of pension investment, and let elderly customers near retirement understand that retirement is not the end of investment. There is still room for wealth growth after retirement.CXO UNION-CXO联盟（cxounion.cn）

In terms of customer service. We rely on the second pillar of pension to test the water of personal pension financial services.

Although it is currently unable to realize the flexible conversion of the second and third pillars of pension, China AMC is actively leveraging the customer service experience and customer trust established in the second pillar of pension annuity business, further expanding the service capability of end customers, and developing and embedding the enterprise version of personal pension service area in the enterprise APP of an institution.

In terms of elderly care ecology, we actively participate in the ecological construction of the elderly care industry.

At present, asset management institutions need to complete the transformation from pension financial product manager to pension financial account manager. In the future, it is more necessary to play the role of chief planner of customers’ pension finance. Provide full-life pension financial solutions. Take “planning” as the core.

And derive and radiate customer service, personal pension investment consultant, pension investment management and other related businesses based on customers’ pension financial planning. Therefore, the final pension business is a complete business ecology, and all kinds of pension management institutions are win-win and all-win, and they complement each other while competing, and provide customers with comprehensive and feasible pension solutions through complementary advantages.CXO UNION-CXO联盟（cxounion.cn）

What structural, medium . And long-term challenges do you see facing Chinese asset management institutions that need to be addressed collectively by the industry?

Li Yimei: The challenges are mainly reflected in three aspects: customer, technology and people:

The first challenge is customers, both retail and institutional, who have changed a lot over the years.

From the perspective of retail customers, the impact of the net worth reform brought about by the new asset management regulations has not yet been truly transmitted to the level of customer cognition, and the expectation of most customers to invest and finance is still “capital preservation”, but “capital preservation” is an impossible task for public funds. Therefore, on the way forward, how to improve the cognition of customers (especially the original bank financial customers) . And transform to true net worth is a big challenge at the retail customer level.

At the institutional customer level, the performance of retail customers for the just-broken cash will also be transmitted to institutional investors (such as the redemption of bank finance), which will have a greater impact on the industry and asset management institutions. Therefore, in the future, as an asset management company, how to align with customers. Meet customer needs in the way of configuration and transaction differentiation. And influence customer behavior is also a big challenge.

The second challenge is technology.CXO UNION-CXO联盟（cxounion.cn）

Every technological innovation creates huge possibilities, including the way transactions are structured, the way they are analyzed, and the way they interact with customers. In terms of future scientific and technological progress, it will be a challenge for asset management institutions to follow or even ride the wave of scientific and technological innovation.

The third challenge is people.

The asset management industry is essentially a competition for human resources. And each wave of market opportunities is accompanied by the ups and downs of star fund managers. Therefore, how to establish a stable core competitiveness in the field of talent is an important challenge for asset management institutions.

At present, all kinds of asset management subjects, as well as foreign institutions have joined the talent competition, and the talent competition is more fierce for head fund companies. On the other hand, asset management institutions need differentiated talents for different businesses. For example, the talent demand structure of public REITs business is completely different from that of traditional talents, and how to accommodate and store differentiated talents is also a big challenge.

McKinsey: The client-side challenge you mentioned is mainly due to the maturity of clients. In the Chinese market, it is difficult for fund companies to reach clients directly. How do you think you can really get close to customers and cooperate with the channel side?

Li Yimei: In the past few years, Internet platforms have provided fund companies with a direct-to-client interface; Recently, various large banks and brokerages have also established online open wealth platforms, so that fund companies can reach customers at the front end.

And the channel ecological cycle is good. In response to this change in business format, China AMC has established a digital marketing center to cooperate with channels to jointly optimize services, including the construction of end customer label system, marketing language customization, and service professionalism improvement.CXO UNION-CXO联盟（cxounion.cn）

In order to stand out in the competitive landscape, what core characteristics do you think the next generation of managers need to have?

Li Yimei: One is specialization.

It is specifically reflected in four platforms. First, it is a versatile platform with multiple assets, which can discover major types of assets according to changes in the market environment, and create products by refining the precision and granularity to dig profits. The second is the service platform for the whole life cycle of customers, including understanding the needs of customers in different life stages and assisting customers in planning and configuration.

The third is the industrial investment and research platform, so that the system does not rely on a specific person, but depends on the platform, collective intelligence. Fourth, the human resources platform, through the platform to carry out talent identification, cultivation and inheritance, so that talents and the company grow together.

The second is digitalization.

On the one hand, it is empowering, such as investment research, marketing services, operations and other aspects through digital means from paper to electronic, automated; On the other side is innovation, such as the use of AI, machine learning and other technologies to break and extend business boundaries.

Third, internationalization.CXO UNION-CXO联盟（cxounion.cn）

Asset management institutions need to establish a global vision, conduct global research, achieve global allocation, and provide global services. As a Chinese asset management company, while developing internationalization, it should adhere to China and serve the cross-border needs of Chinese customers to invest in the global market and global customers to invest in the Chinese market.

The fourth is ESG.

The first is to participate in standard setting: ESG standards are somewhat similar to indices, and some changes can have a big impact on capital flows. China, as the world’s second largest economy, needs to take responsibility for participating in and influencing the standard-setting process to reach consensus on a common language; Second, the combination of international standards and China’s practice needs, investment targets need to really create long-term value for the Chinese people to create a better future, not “sit on the road”, to show China’s practice on the world stage; Third, the gold field of ESG investment is in China, and China is very determined in the use and promotion of new energy, and a large number of investment opportunities in energy technologies such as light energy, wind energy, and nuclear fusion energy will be in China in the future.

本文由CXO UNION-CXO联盟（cxounion.cn）转载而成，来源于CEO訪談网；编辑/翻译：CXO UNIONCXO联盟小汤圆。

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