{"id":9729,"date":"2023-11-01T18:44:50","date_gmt":"2023-11-01T10:44:50","guid":{"rendered":"http:\/\/cxounion.cn\/?p=9729"},"modified":"2023-11-01T18:44:59","modified_gmt":"2023-11-01T10:44:59","slug":"%e3%80%90%e8%a7%82%e7%82%b9%e3%80%91%e6%91%a9%e6%a0%b9%e8%b5%84%e4%ba%a7%e7%ae%a1%e7%90%86%e4%b8%ad%e5%9b%bd%e6%80%bb%e7%bb%8f%e7%90%86%e7%8e%8b%e5%a4%a7%e6%99%ba%ef%bc%9a%e5%a4%96%e8%b5%84%e5%8a%a0","status":"publish","type":"post","link":"http:\/\/cxounion.cn\/index.php\/2023\/11\/01\/%e3%80%90%e8%a7%82%e7%82%b9%e3%80%91%e6%91%a9%e6%a0%b9%e8%b5%84%e4%ba%a7%e7%ae%a1%e7%90%86%e4%b8%ad%e5%9b%bd%e6%80%bb%e7%bb%8f%e7%90%86%e7%8e%8b%e5%a4%a7%e6%99%ba%ef%bc%9a%e5%a4%96%e8%b5%84%e5%8a%a0\/","title":{"rendered":"\u3010\u89c2\u70b9\u3011\u6469\u6839\u8d44\u4ea7\u7ba1\u7406\u4e2d\u56fd\u603b\u7ecf\u7406\u738b\u5927\u667a\uff1a\u5916\u8d44\u52a0\u7801\u5e03\u5c40\uff0c\u672c\u571f\u878d\u5408\u63d0\u901f"},"content":{"rendered":"\n

\u62e5\u6709\u8d85\u8fc720\u5e74\u91d1\u878d\u670d\u52a1\u4e1a\u7ecf\u9a8c\uff0c\u66fe\u4efb\u804c\u4e8e\u591a\u5bb6\u9876\u5c16\u91d1\u878d\u673a\u6784\u3002\u5728\u52a0\u5165\u6469\u6839\u8d44\u4ea7\u7ba1\u7406\u4e2d\u56fd\u4e4b\u524d\uff0c\u4ed6\u66fe\u62c5\u4efb\u6469\u6839\u6295\u4fe1\u8463\u4e8b\u957f\u53ca\u53f0\u6e7e\u5730\u533a\u8d1f\u8d23\u4eba\uff0c\u4ee5\u53ca\u6469\u6839\u8d44\u4ea7\u7ba1\u7406\u9999\u6e2f\u5730\u533a\u53ca\u4e2d\u56fd\u57fa\u91d1\u4e1a\u52a1\u603b\u76d1\u3002<\/p>\n\n\n\n

\u738b\u5927\u667a\uff0c\u6469\u6839\u8d44\u4ea7\u7ba1\u7406\u4e2d\u56fd\u603b\u7ecf\u7406<\/figcaption><\/figure>\n\n\n\n
\u9ea6\u80af\u9521\uff1a\u5c55\u671b2030\uff0c\u60a8\u8ba4\u4e3a\u80fd\u4e3a\u4e2d\u56fd\u8d44\u7ba1\u673a\u6784\u8d21\u732e\u663e\u8457\u51c0\u6d41\u5165\u3001\u6216\u5bf9\u884c\u4e1a\u5546\u4e1a\u6a21\u5f0f\u5e26\u6765\u6839\u672c\u8f6c\u53d8\u7684\u91cd\u5927\u53d1\u5c55\u673a\u9047\u6709\u54ea\u4e9b\uff1f\u5176\u4e2d\uff0c\u54ea\u4e9b\u673a\u9047\u7279\u522b\u503c\u5f97\u5916\u8d44\u673a\u6784\u5173\u6ce8\uff1f<\/p>\n\n\n\n
\u738b\u5927\u667a\uff1a\u5168\u7403\u89c6\u89d2\u4e0b\u7684\u4e2d\u56fd\u8d44\u4ea7\u7ba1\u7406\u884c\u4e1a\u5927\u6709\u53ef\u4e3a\uff0c\u5728\u6211\u770b\u6765\uff0c\u6700\u5173\u952e\u7684\u673a\u9047\u5448\u73b0\u5728\u4ee5\u4e0b\u4e09\u5927\u65b9\u9762\uff1a<\/p>\n\n\n\n
**\u7b2c\u4e00\uff0c\u5c45\u6c11\u8d22\u5bcc\u4ece\u50a8\u84c4\u5411\u6295\u8d44\u7684\u7ed3\u6784\u6027\u8f6c\u578b\u3002<\/strong><\/p>\n\n\n\n**
\u968f\u7740\u201c\u51c0\u503c\u5316\u201d\u5168\u9762\u5b9e\u65bd\uff0c\u6295\u8d44\u8005\u7684\u6295\u8d44\u7406\u5ff5\u53ca\u6295\u8d44\u903b\u8f91\u8d8a\u6765\u8d8a\u6e05\u6670\uff0c\u5c24\u5176\u662f\u7ecf\u5386\u4e862022\u5e74\u5e02\u573a\u6ce2\u52a8\uff0c\u5ba2\u6237\u5bf9\u6295\u8d44\u7684\u8ba4\u77e5\u9010\u6e10\u6210\u719f\u3002\u672a\u6765\u4e2a\u4eba\u91d1\u878d\u8d44\u4ea7\u914d\u7f6e\u6216\u5c06\u53d1\u751f\u7ed3\u6784\u6027\u8f6c\u53d8\uff0c\u4ece\u73b0\u91d1\u3001\u5b58\u6b3e\u7b49\u50a8\u84c4\u578b\u914d\u7f6e\uff0c\u4e0d\u65ad\u5411\u6295\u8d44\u8f6c\u5316\uff0c\u8fdb\u800c\u6709\u671b\u4e3a\u516c\u52df\u57fa\u91d1\u521b\u9020\u663e\u8457\u51c0\u6d41\u5165\u673a\u4f1a\u3002\u4f46\u80fd\u5426\u771f\u6b63\u628a\u63e1\u673a\u9047\uff0c\u6700\u7ec8\u8fd8\u662f\u7531\u57fa\u91d1\u516c\u53f8\u6295\u7814\u80fd\u529b\u3001\u4ea7\u54c1\u7ebf\u3001\u670d\u52a1\u80fd\u529b\u7b49\u56e0\u7d20\u51b3\u5b9a\u3002<\/p>\n\n\n\n
**\u7b2c\u4e8c\uff0c\u517b\u8001\u91d1\u5e02\u573a\u524d\u666f\u5e7f\u9614\uff0c\u5f85\u7cfb\u7edf\u5316\u5e03\u5c40\u3002<\/strong><\/p>\n\n\n\n**
\u53bb\u5e7411\u6708\u5e95\u4e2a\u4eba\u517b\u8001\u91d1\u5236\u5ea6\u542f\u52a8\u6210\u4e3a\u4e00\u6869\u6807\u5fd7\u6027\u4e8b\u4ef6\uff0c\u4f46\u5b9e\u9645\u6765\u770b\u4e2d\u56fd\u517b\u8001\u4f53\u7cfb\u8fd8\u6709\u5f88\u957f\u4e00\u6bb5\u8def\u8981\u8d70\u3002\u6839\u636e\u300a\u4e2d\u56fd\u517b\u8001\u91d1\u7b2c\u4e09\u652f\u67f1\u7814\u7a76\u62a5\u544a\u300b\u9884\u6d4b\uff0c\u672a\u67655-10 \u5e74\uff0c\u4e2d\u56fd\u9884\u8ba1\u4f1a\u67098-10 \u4e07\u4ebf\u517b\u8001\u91d1\u7f3a\u53e3\u3002\u5982\u4f55\u4ee5\u5ba2\u6237\u9700\u6c42\u4e3a\u5bfc\u5411\u4e0d\u65ad\u4f18\u5316\u517b\u8001\u4ea7\u54c1\u4f53\u7cfb\u53ca\u670d\u52a1\uff0c\u4e0e\u6295\u8d44\u8005\u5efa\u7acb\u957f\u671f\u4fe1\u4efb\u4e0e\u966a\u4f34\u5173\u7cfb\uff0c\u5c06\u6210\u4e3a\u8d44\u7ba1\u673a\u6784\u91cd\u70b9\u63a2\u7d22\u65b9\u5411\u3002\u76ee\u524d\u6574\u4e2a\u884c\u4e1a\u6765\u770b\uff0c\u622a\u81f32023\u5e741\u6708\u5e95\uff0c\u517b\u8001\u76ee\u6807\u57fa\u91d1\u89c4\u6a21\u57281000\u4ebf\u5143\u5de6\u53f3\uff0c\u4e0e\u516c\u52df\u57fa\u91d1\u603b\u4f53\u8d8527\u4e07\u4ebf\u5143\u7684\u89c4\u6a21\u76f8\u6bd4\uff0c\u6240\u5360\u4efd\u989d\u5fae\u4e4e\u5176\u5fae\u3002\u5e76\u4e14\uff0c\u867d\u7136\u81f32022\u5e74\u5e95\u5168\u56fd\u6709\u8fd12000\u4e07\u4eba\u5f00\u901a\u4e2a\u4eba\u517b\u8001\u91d1\u8d26\u6237\uff0c\u4f46\u53c2\u4e0e\u4eba\u6570\u4ecd\u6709\u8f83\u5927\u63d0\u5347\u7a7a\u95f4\u3002\u516c\u52df\u57fa\u91d1\u4f5c\u4e3a\u517b\u8001\u4f53\u7cfb\u7684\u91cd\u8981\u53c2\u4e0e\u8005\uff0c\u9700\u5145\u5206\u53d1\u6325\u5728\u6295\u8d44\u7aef\u5efa\u7acb\u7684\u4f18\u52bf\uff0c\u56f4\u7ed5\u5ba2\u6237\u9700\u6c42\u8fdb\u884c\u66f4\u957f\u671f\u3001\u7cfb\u7edf\u5316\u90e8\u7f72\u3002<\/p>\n\n\n\n
**\u7b2c\u4e09\uff0c\u4ee5\u66f4\u591a\u5143\u7684\u8d44\u4ea7\u914d\u7f6e\u65b9\u6848\u6784\u5efa\u5dee\u5f02\u5316\u4f18\u52bf\u3002<\/strong><\/p>\n\n\n\n**
\u672c\u571f\u5e02\u573a\u8d44\u4ea7\u7c7b\u522b\u53ca\u7b56\u7565\u5c1a\u4e0d\u591f\u4e30\u5bcc\u591a\u5143\uff0c\u6574\u4f53\u5448\u73b0\u8f83\u4e3a\u5355\u4e00\u4e14\u62e5\u6324\u7684\u7279\u70b9\u3002\u672a\u6765\u5982\u679c\u80fd\u5728\u4e2d\u56fd\u66f4\u597d\u63a8\u884c\u591a\u8d44\u4ea7\u89e3\u51b3\u65b9\u6848\uff0c\u5c06\u5e2e\u52a9\u8d44\u7ba1\u673a\u6784\u6709\u6548\u5206\u6563\u98ce\u9669\u964d\u4f4e\u6ce2\u52a8\uff0c\u66f4\u597d\u670d\u52a1\u56fd\u5185\u6295\u8d44\u4eba\uff0c\u540c\u65f6\u8fd9\u4e5f\u662f\u5916\u8d44\u673a\u6784\u5177\u5907\u4e00\u5b9a\u4f18\u52bf\u53ca\u6210\u719f\u7ecf\u9a8c\u7684\u9886\u57df\u3002<\/p>\n\n\n\n
\u9ea6\u80af\u9521\uff1a\u6210\u719f\u517b\u8001\u5e02\u573a\u53d1\u5c55\u6709\u4e24\u5927\u63a8\u52a8\u56e0\u7d20\uff0c\u4e00\u662f\u4e70\u65b9\u6295\u987e\uff0c\u4e8c\u662f401K\u548cIRA\u7684\u4ea4\u4e92\u6a21\u5f0f\uff0c\u90fd\u662fB2B2C\uff0c\u4f46\u5728\u4e2d\u56fd\uff0c\u8fd9\u4e9b\u8981\u7d20\u5c1a\u672a\u6210\u719f\u3002\u60a8\u5bf9\u4e2d\u56fd\u517b\u8001\u5e02\u573a\u7684\u53d1\u5c55\uff0c\u4ee5\u53ca\u5982\u4f55\u63a8\u52a8\u517b\u8001\u6295\u6559\u6709\u4ec0\u4e48\u770b\u6cd5\uff1f<\/p>\n\n\n\n
\u738b\u5927\u667a\uff1a\u517b\u8001\u4e1a\u52a1\u662f\u516c\u53f8\u6218\u7565\u91cd\u70b9\u4e4b\u4e00\uff0c\u6211\u4eec\u4f1a\u4ece\u4ea7\u54c1\u3001\u7b56\u7565\u3001\u4eba\u624d\u7b49\u65b9\u9762\u505a\u5168\u9762\u90e8\u7f72\u3002\u4f46\u4ece\u5f53\u524d\u53d1\u5c55\u8fdb\u7a0b\u6765\u8bf4\uff0c\u6d77\u5916\u8d44\u7ba1\u673a\u6784\u5728\u4e2d\u56fd\u517b\u8001\u4e1a\u52a1\u7684\u5e03\u5c40\u6574\u4f53\u4e0a\u8fd8\u5904\u4e8e\u521a\u8d77\u6b65\u9636\u6bb5\u3002\u6469\u6839\u8d44\u4ea7\u7ba1\u7406\u5728\u517b\u8001\u677f\u5757\u4e0a\u867d\u4e0d\u7f3a\u56fd\u9645\u8d44\u6e90\u548c\u80fd\u529b\uff0c\u4f46\u82e5\u60f3\u5728\u4e2d\u56fd\u672c\u571f\u53d1\u5c55\u517b\u8001\u4e1a\u52a1\uff0c\u5c31\u5fc5\u987b\u57f9\u517b\u672c\u5730\u4eba\u624d\uff0c\u7406\u89e3\u673a\u6784\u548c\u4e2a\u4eba\u7684\u9700\u6c42\uff0c\u5c06\u6d77\u5916\u7ecf\u9a8c\u548c\u672c\u571f\u9002\u5408C\u7aef\u7684\u4ea7\u54c1\u6709\u673a\u7ed3\u5408\u8d77\u6765\u3002\u56e0\u6b64\uff0c\u76ee\u524d\u6211\u4eec\u5c06\u66f4\u591a\u5730\u81f4\u529b\u4e8e\u4e0d\u65ad\u5b8c\u5584\u81ea\u8eab\u5728\u517b\u8001\u76ee\u6807\u57fa\u91d1\u7684\u5e03\u5c40\uff0c\u79ef\u7d2f\u7ba1\u7406\u7ecf\u9a8c\uff0c\u540c\u65f6\u4e5f\u79ef\u6781\u4e3a\u4e0d\u540c\u98ce\u9669\u504f\u597d\u548c\u9000\u4f11\u573a\u666f\u7684\u6295\u8d44\u4eba\u63d0\u4f9b\u66f4\u52a0\u5b8c\u5584\u7684\u89e3\u51b3\u65b9\u6848\u3002\u6b64\u5916\uff0c\u56f4\u7ed5\u517b\u8001\u6295\u6559\uff0c\u6211\u4eec\u4e5f\u4f1a\u575a\u6301\u4e0d\u61c8\u5730\u4e0e\u6295\u8d44\u4eba\u6c9f\u901a\uff0c\u505a\u597d\u517b\u8001\u6295\u6559\u5728\u4e0d\u540c\u5e74\u9f84\u7fa4\u4f53\u6295\u8d44\u8005\u7684\u666e\u53ca\u3002<\/p>\n\n\n\n
\u9ea6\u80af\u9521\uff1a\u4e2d\u56fd\u8fc7\u53bb5\u5e74\u5728ETF\u65b9\u9762\u53d1\u5c55\u5341\u5206\u8fc5\u901f\uff0c\u5bf9\u6b64\uff0c\u60a8\u5982\u4f55\u770b\u5f85\u4e2d\u56fd\u7684\u88ab\u52a8\u6295\u8d44\u53d1\u5c55\u673a\u9047\uff1f<\/p>\n\n\n\n
\u738b\u5927\u667a\uff1a\u88ab\u52a8\u548c\u4e3b\u52a8\uff0c\u4e24\u79cd\u7b56\u7565\u5e76\u4e0d\u5b58\u5728\u51b2\u7a81\uff0c\u4e3b\u8981\u53d6\u51b3\u4e8e\u8d44\u7ba1\u673a\u6784\u6218\u7565\u8d44\u6e90\u7684\u805a\u7126\u4e0e\u6295\u5165\u3002\u4ece\u6211\u4eec\u81ea\u8eab\u89d2\u5ea6\uff0c\u8fd8\u662f\u4f1a\u628a\u4e3b\u52a8\u7b56\u7565\u4f5c\u4e3a\u91cd\u70b9\u53d1\u5c55\u65b9\u5411\uff0c\u539f\u56e0\u6709\u4e8c\uff1a<\/p>\n\n\n\n
**\u4e00\u662f\u6469\u6839\u8d44\u4ea7\u7ba1\u7406\u5728\u4e3b\u52a8\u7ba1\u7406\u65b9\u9762\u66f4\u5177\u4f18\u52bf\u3002<\/strong><\/p>\n\n\n\n**
\u5728\u6d77\u5916\u5e02\u573a\uff0c\u6469\u6839\u8d44\u4ea7\u7ba1\u7406\u5728\u88ab\u52a8\u65b9\u9762\u8d77\u6b65\u7a0d\u665a\uff0c\u4ecd\u5728\u8ffd\u8d76\u9636\u6bb5\uff0c\u4f46\u4e3b\u52a8\u7b56\u7565ETF\u5728\u884c\u4e1a\u5185\u6bd4\u8f83\u6709\u5f71\u54cd\u529b\u3002\u800c\u5728\u56fd\u5185\uff0cA\u80a1\u5e02\u573a\u8f83\u6d77\u5916\u5e02\u573a\u4ecd\u6709\u8d85\u989d\u6536\u76ca\u53ef\u4ee5\u6316\u6398\uff0c\u6211\u4eec\u4e5f\u5728\u8fd119\u5e74\u7684\u6df1\u8015\u4e2d\u79ef\u7d2f\u4e86\u4e30\u5bcc\u7684\u4e3b\u52a8\u7ba1\u7406\u7ecf\u9a8c\u3002\u56e0\u6b64\uff0c\u6211\u4eec\u76f8\u4fe1\u80fd\u591f\u4f9d\u6258\u6211\u4eec\u5728\u4e3b\u52a8\u7ba1\u7406\u4e0a\u957f\u5e74\u79ef\u7d2f\u7684\u7ecf\u9a8c\u548c\u5168\u7403\u8d44\u6e90\u66f4\u597d\u5e2e\u52a9\u5ba2\u6237\u521b\u9020\u4ef7\u503c\uff1b<\/p>\n\n\n\n
\u4e8c\u662f\u88ab\u52a8\u5728\u56fd\u5185\u53d1\u5c55\u4e0a\u9a6c\u592a\u6548\u5e94\u66f4\u52a0\u660e\u663e<\/strong>\uff08\u5934\u90e8\u673a\u6784\u53ef\u80fd\u8981\u5360\u5230\u5e02\u573a\u4efd\u989d\u768480%\uff09\u3002<\/p>\n\n\n\n
\u5728\u8fd9\u6837\u7684\u7ade\u4e89\u683c\u5c40\u4e0b\uff0c\u5982\u4f55\u7559\u4f4f\u8d44\u91d1\u662f\u8d44\u7ba1\u673a\u6784\u975e\u5e38\u5927\u7684\u6311\u6218\u3002\u5728\u7eaf\u88ab\u52a8\u8d5b\u9053\u4e4b\u5916\uff0c\u672a\u6765\u53ef\u80fd\u4f1a\u51fa\u73b0\u66f4\u591a\u589e\u5f3a\u578b\u6216\u662f\u521b\u65b0\u578b\u4ea7\u54c1\u3002\u5728\u8fd9\u4e9b\u9886\u57df\uff0c\u6211\u4eec\u4e5f\u5c06\u79ef\u6781\u5229\u7528\u597d\u6469\u6839\u8d44\u4ea7\u7ba1\u7406\u5728\u6d77\u5916\u7684\u8d44\u6e90\u548c\u5148\u8fdb\u7ecf\u9a8c\u4ee5\u4e89\u53d6\u53d1\u5c55\u3002CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n
\u9ea6\u80af\u9521\uff1a\u60a8\u5982\u4f55\u770b\u5f85\u4e2d\u56fd\u8d44\u7ba1\u5e02\u573a\u7684\u8de8\u5883\u6295\u8d44\u673a\u9047\uff1f\u5e94\u5982\u4f55\u8fdb\u4e00\u6b65\u53d1\u6325\u5916\u8d44\u673a\u6784\u7684\u4f18\u52bf\u4ee5\u6293\u4f4f\u673a\u9047\uff1f<\/p>\n\n\n\n
\u738b\u5927\u667a\uff1a\u8de8\u5883\u4e1a\u52a1\u5bf9\u5916\u8d44\u673a\u6784\u6765\u8bf4\u7279\u522b\u5173\u952e\uff0c\u4e5f\u662f\u5916\u8d44\u673a\u6784\u7684\u4f18\u52bf\u4e4b\u4e00\u3002\u8981\u6293\u4f4f\u8de8\u5883\u6295\u8d44\u673a\u9047\uff0c\u8d44\u7ba1\u673a\u6784\u6709\u4e09\u70b9\u6838\u5fc3\u5173\u6ce8\u4e8b\u9879\uff1a<\/p>\n\n\n\n
**\u4e00\u662f\u505a\u597d\u8de8\u5883\u548c\u672c\u571f\u8d44\u6e90\u95f4\u7684\u5e73\u8861\u3002<\/strong><\/p>\n\n\n\n**
\u4f5c\u4e3a\u5916\u8d44\u80cc\u666f\u7684\u672c\u5730\u673a\u6784\uff0c\u672c\u571f\u5e02\u573a\u4e5f\u662f\u91cd\u8981\u673a\u4f1a\uff0c\u9700\u8981\u6839\u636e\u5e02\u573a\u8868\u73b0\u5728\u8de8\u5883\u548c\u672c\u571f\u95f4\u8fdb\u884c\u7075\u6d3b\u5b89\u6392\uff0c\u4e3a\u5ba2\u6237\u63d0\u4f9b\u9002\u5e94\u5e02\u573a\u73af\u5883\u7684\u6295\u8d44\u89e3\u51b3\u65b9\u6848\u3002<\/p>\n\n\n\n
**\u4e8c\u662f\u628a\u63e1\u57fa\u91d1\u4e92\u8ba4\u673a\u4f1a\u3002<\/strong><\/p>\n\n\n\n**
QDII\u3001QDLP\u3001\u4e92\u8ba4\u57fa\u91d1\u7b49\u90fd\u662f\u6469\u6839\u8d44\u4ea7\u7ba1\u7406\u4e2d\u56fd\u5e38\u6001\u5316\u548c\u5177\u5907\u4f18\u52bf\u7684\u8de8\u5883\u4e1a\u52a1\uff0c\u5e76\u4e14\u672a\u6765\u5317\u4e0a\u548c\u5357\u4e0b\u5747\u4f1a\u6709\u66f4\u591a\u673a\u4f1a\u51fa\u73b0\u3002\u5317\u4e0a\u65b9\u9762\uff0c\u5141\u8bb8\u6469\u6839\u8d44\u4ea7\u7ba1\u7406\u5728\u9999\u6e2f\u6ce8\u518c\u7684\u57fa\u91d1\u5728\u5185\u5730\u9500\u552e\uff0c\u5c06\u6709\u52a9\u4e8e\u628a\u6469\u6839\u8d44\u4ea7\u7ba1\u7406\u6d77\u5916\u4e30\u5bcc\u7684\u4ea7\u54c1\u548c\u7b56\u7565\u5e26\u7ed9\u5185\u5730\u6295\u8d44\u4eba\uff0c\u8fdb\u800c\u66f4\u597d\u5730\u5b9e\u73b0\u591a\u5143\u5316\u7684\u8d44\u4ea7\u914d\u7f6e\uff1b\u5357\u4e0b\u65b9\u9762\uff0c\u5141\u8bb8\u6469\u6839\u8d44\u4ea7\u7ba1\u7406\u4e2d\u56fd\u5728\u5185\u5730\u6210\u7acb\u7684 A\u80a1\u57fa\u91d1\u5728\u9999\u6e2f\u9500\u552e\uff0c\u5c06\u80fd\u53d1\u6325\u6469\u6839\u8d44\u4ea7\u7ba1\u7406\u5728\u56fd\u9645\u4e0a\u7684\u54c1\u724c\u4f18\u52bf\u548c\u6295\u8d44\u4eba\u4fe1\u4efb\u5ea6\uff0c\u628a\u5185\u5730\u597d\u7684\u7b56\u7565\u548c\u4ea7\u54c1\u63a8\u5411\u5176\u5b83\u5730\u533a\uff0c\u5e2e\u52a9\u5176\u5b83\u5730\u533a\u6295\u8d44\u4eba\u66f4\u597d\u628a\u63e1A\u80a1\u6295\u8d44\u673a\u9047\u3002CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n
**\u4e09\u662f\u672c\u571f\u4eba\u624d\u57f9\u517b\u53ca\u6d77\u5916\u4ea4\u6d41\u3002<\/strong><\/p>\n\n\n\n**
\u5f3a\u5316\u672c\u571f\u4eba\u624d\u57f9\u517b\uff0c\u63a8\u52a8\u672c\u571f\u4e0e\u6d77\u5916\u673a\u6784\u7ecf\u9a8c\u4ea4\u6d41\uff08\u5305\u62ec\u6295\u8d44\u3001\u4ea7\u54c1\u3001\u8fd0\u8425\u3001IT\u7b49\u5404\u65b9\u9762\uff09\uff0c\u5c06\u672c\u5730\u5404\u7c7b\u6295\u8d44\u673a\u4f1a\u5f15\u8350\u81f3\u6d77\u5916\uff0c\u5b9e\u73b0\u201cChina for World\u201d\u7684\u5e03\u5c40\u3002<\/p>\n\n\n\n
\u9ea6\u80af\u9521\uff1a\u5bf9\u4e8e\u5916\u8d44\u673a\u6784\u5728\u534e\u53d1\u5c55\uff0c\u60a8\u770b\u5230\u5f53\u524d\u884c\u4e1a\u6b63\u9762\u4e34\u54ea\u4e9b\u7ed3\u6784\u6027\u6311\u6218\uff1f<\/p>\n\n\n\n
\u738b\u5927\u667a\uff1a\u65e0\u8bba\u662f\u5916\u8d44\u8fd8\u662f\u672c\u5730\u8d44\u7ba1\u673a\u6784\uff0c\u5f53\u524d\u90fd\u9762\u4e34\u4e00\u7cfb\u5217\u5171\u6027\u6311\u6218\uff0c\u6211\u8ba4\u4e3a\u6700\u7a81\u51fa\u7684\u95ee\u9898\u5728\u4e8e\u4ee5\u4e0b\u4e24\u4e2a\u65b9\u9762\uff1a<\/p>\n\n\n\n
**\u201c\u57fa\u91d1\u8d5a\u94b1\uff0c\u57fa\u6c11\u4e0d\u8d5a\u94b1\u201d\u73b0\u8c61\u5e26\u6765\u7684\u6295\u8d44\u8005\u83b7\u5f97\u611f\u4e0d\u8db3\u95ee\u9898\u3002<\/strong><\/p>\n\n\n\n**
\u5728\u6211\u770b\u6765\uff0c\u65e0\u8bba\u662f\u7406\u8d22\u8fd8\u662f\u6295\u8d44\uff0c\u5e2e\u52a9\u6295\u8d44\u8005\u8df5\u884c\u7406\u6027\u7684\u6295\u8d44\u884c\u4e3a\u662f\u8425\u9020\u826f\u597d\u7684\u6295\u8d44\u8005\u4f53\u9a8c\u548c\u63d0\u5347\u6295\u8d44\u6536\u76ca\u7684\u5173\u952e\u6240\u5728\u3002\u4ee5\u6211\u4eec\u516c\u53f8\u4e3a\u4f8b\uff0c\u6211\u4eec\u53bb\u5e74\u501f\u52a9\u7ebf\u4e0a\u7ebf\u4e0b\u5404\u7c7b\u5e73\u53f0\u53ca\u5a92\u4f53\u8fdb\u884c\u4e86\u5927\u91cf\u6295\u6559\u5de5\u4f5c\uff0c\u5305\u62ec\u5b9a\u671f\u6df1\u5ea6\u6c9f\u901a\uff08\u7279\u522b\u662f\u5728\u5e02\u573a\u5927\u5e45\u6ce2\u52a8\u53ca\u8c37\u5e95\u9636\u6bb5\uff09\u3001\u5e02\u573a\u8d44\u8baf\u63a8\u9001\u7b49\uff08\u5982\u5b8f\u89c2\/\u5fae\u89c2\u5e02\u573a\u5206\u6790\u3001\u7b56\u7565\u8c03\u6574\u7b49\uff09\u3002\u9664\u6b64\u4ee5\u5916\uff0c\u8d44\u7ba1\u673a\u6784\u9700\u6ce8\u91cd\u6295\u7814\u6846\u67b6\u7684\u4e13\u4e1a\u5316\u7ec6\u5206\uff0c\u4ee5\u6784\u5efa\u66f4\u52a0\u6e05\u6670\u3001\u7a33\u5b9a\u7684\u6295\u8d44\u98ce\u683c\uff0c\u7cfb\u7edf\u5316\u63d0\u5347\u6295\u8d44\u8005\u83b7\u5f97\u611f\u3002<\/p>\n\n\n\n
**\u667a\u80fd\u6280\u672f\u53ca\u4eba\u673a\u7ed3\u5408\u6a21\u5f0f\u5e26\u6765\u7684\u98a0\u8986\u5f0f\u53d8\u9769<\/strong>\u3002<\/p>\n\n\n\n**
\u968f\u7740\u79d1\u6280\u7684\u5feb\u901f\u8fed\u4ee3\u53d1\u5c55\uff0c\u4f8b\u5982\u6700\u8fd1\u63a8\u51fa\u7684ChatGPT\u7b49\u667a\u80fd\u6280\u672f\u6b63\u5728\u6539\u5199\u8fc7\u5f80\u8ba4\u77e5\u53ca\u5546\u4e1a\u6a21\u5f0f\u3002\u6211\u76f8\u4fe1\u672a\u6765\u8d44\u7ba1\u884c\u4e1a\u5c06\u5168\u9762\u6b65\u5165\u6570\u636e\u9a71\u52a8\u7684\u667a\u80fd\u5316\u65f6\u4ee3\u3002\u6570\u5b57\u6280\u672f\u7684\u5927\u89c4\u6a21\u5e94\u7528\u4e5f\u5c06\u5bf9\u884c\u4e1a\u4ea7\u751f\u98a0\u8986\u6027\u5f71\u54cd\uff0c\u4f8b\u5982\u5b9e\u65f6\u5e02\u573a\u4fe1\u606f\u7684\u5927\u6570\u636e\u5206\u6790\u3001\u673a\u5668\u5b66\u4e60\u7b97\u6cd5\u8d4b\u80fd\u6295\u8d44\u7ec4\u5408\u4f18\u5316\u7b49\u3002\u5728\u6211\u770b\u6765\uff0c\u6570\u5b57\u667a\u80fd\u6280\u672f\u6700\u5927\u7684\u7528\u9014\u5c06\u662f\u8d4b\u80fd\u6295\u8d44\u51b3\u7b56\uff0c\u6b63\u5982\u201cAI\u65e0\u6cd5\u66ff\u4ee3\u4eba\uff0c\u4f46\u4e0d\u5229\u7528AI\u7684\u4eba\u5c06\u88ab\u53d6\u4ee3\u201d\uff0c\u6700\u7ec8\u9700\u8981\u6784\u5efa\u7684\u662f\u4e00\u5957\u4eba\u673a\u7ed3\u5408\u3001\u4e14\u9002\u5e94\u81ea\u8eab\u53d1\u5c55\u7684\u6280\u672f\u4f53\u7cfb\u3002<\/p>\n\n\n\n
\u9ea6\u80af\u9521\uff1a\u4e3a\u76f4\u9762\u6311\u6218\u3001\u628a\u63e1\u673a\u9047\uff0c\u4ece\u6469\u6839\u8d44\u4ea7\u7ba1\u7406\u7684\u89d2\u5ea6\u6765\u8bf4\uff0c\u60a8\u8ba4\u4e3a\u9700\u8981\u5efa\u7acb\u54ea\u4e9b\u5173\u952e\u80fd\u529b\u6216\u91c7\u53d6\u54ea\u4e9b\u5173\u952e\u884c\u52a8\uff1f<\/p>\n\n\n\n
**\u738b\u5927\u667a\uff1a\u7acb\u8db3\u957f\u8fdc\uff0c\u6211\u5c06\u5176\u6982\u62ec\u4e3a\u4e09\u4e2a\u5173\u952e\u8bcd\uff1aCXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n**
**\u878d\u5408\u4e0e\u53d1\u5c55\u3002<\/strong><\/p>\n\n\n\n**
2023\u5e741\u6708\uff0c\u6211\u4eec\u6b63\u5f0f\u83b7\u6279\u7531\u5408\u8d44\u516c\u53f8\u8f6c\u4e3a\u5916\u5546\u72ec\u8d44\u516c\u52df\u57fa\u91d1\u516c\u53f8\uff0c\u4e3a\u6469\u6839\u8d44\u4ea7\u7ba1\u7406\u7ffb\u5f00\u65b0\u7bc7\u7ae0\uff0c\u878d\u5408\u4e0e\u53d1\u5c55\u5c06\u6210\u4e3a\u6211\u4eec\u672a\u6765\u4e00\u6bb5\u65f6\u95f4\u7684\u4e3b\u65cb\u5f8b\u3002\u201c\u878d\u5408\u201d\u4e0d\u4ec5\u662f\u5236\u5ea6\u7684\u7edf\u4e00\u8d2f\u5f7b\uff0c\u66f4\u662f\u5728\u4e1a\u52a1\u6d41\u7a0b\u3001\u5ba2\u6237\u6c9f\u901a\u3001\u98ce\u9669\u63a7\u5236\u7b49\u65b9\u9762\u8fdb\u884c\u5168\u65b9\u4f4d\u534f\u540c\u4e0e\u672c\u5730\u5316\u90e8\u7f72\uff1b\u201c\u53d1\u5c55\u201d\u610f\u5473\u7740\u7d27\u8ddf\u5e02\u573a\u6b65\u4f10\uff0c\u575a\u6301\u4e3a\u6295\u8d44\u4eba\u521b\u9020\u4ef7\u503c\u3002<\/p>\n\n\n\n
**\u5168\u7403\u4e0e\u672c\u571f\u3002<\/strong><\/p>\n\n\n\n**
\u5c55\u671b\u672a\u6765\u53d1\u5c55\uff0c\u5168\u7403\u5316\u4e0e\u672c\u571f\u5316\u7684\u5e73\u8861\u4ecd\u662f\u6211\u4eec\u9700\u8981\u5173\u6ce8\u7684\u91cd\u70b9\u8bae\u9898\uff0c\u4f8b\u5982\u5728\u6295\u7814\u6846\u67b6\u65b9\u9762\uff0c\u5f15\u8fdb\u6d77\u5916\u6295\u8d44\u903b\u8f91\u8fd8\u662f\u6cbf\u7528\u5f53\u524d\u6295\u8d44\u6846\u67b6\uff1b\u5728\u4ea7\u54c1\u65b9\u9762\uff0c\u5982\u4f55\u56f4\u7ed5\u672c\u5730\u6295\u8d44\u8005\u9700\u6c42\u4e0d\u65ad\u7cbe\u8fdb\u6743\u76ca\u3001\u56fa\u6536\u3001ETF\u3001\u517b\u8001\u7b49\u5404\u4e1a\u52a1\u6761\u7ebf\uff1b\u5728\u5236\u5ea6\u65b9\u9762\uff0c\u5982\u4f55\u6784\u5efa\u66f4\u9002\u7528\u56fd\u5185\u53d1\u5c55\u9636\u6bb5\u53ca\u73af\u5883\u7684\u7ba1\u7406\u6a21\u5f0f\u3002<\/p>\n\n\n\n
**\u51b3\u7b56\u4e0e\u5ba1\u614e\u3002<\/strong><\/p>\n\n\n\n**
\u76f8\u5bf9\u800c\u8a00\uff0c\u5916\u8d44\u673a\u6784\u66f4\u8ffd\u6c42\u6709\u5e8f\u3001\u7a33\u5065\u7684\u53d1\u5c55\u6a21\u5f0f\uff0c\u5bf9\u521b\u65b0\u673a\u9047\u7684\u7814\u7a76\u5206\u6790\u66f4\u4e3a\u8c28\u614e\u4e0e\u5168\u9762\u3002\u4f46\u56fd\u5185\u5728\u5f88\u591a\u65b9\u9762\u9700\u8981\u5728\u98ce\u9669\u53ef\u63a7\u7684\u57fa\u7840\u4e0a\u63d0\u5347\u51b3\u7b56\u6548\u7387\uff0c\u4ee5\u6709\u6548\u8ddf\u4e0a\u5e02\u573a\u3002CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n
**\u9ea6\u80af\u9521\uff1a\u5e94\u5bf92023\u5e74\u7ecf\u6d4e\u548c\u5e02\u573a\u590d\u82cf\uff0c\u60a8\u6700\u5173\u6ce8\u54ea\u4e9b\u6838\u5fc3\u53d1\u5c55\u4e8b\u9879\uff1f<\/p>\n\n\n\n**
**\u738b\u5927\u667a\uff1a2023\u7684\u53d1\u5c55\u4e0a\uff0c\u6709\u56db\u70b9\u6838\u5fc3\u5173\u6ce8\u4e8b\u9879\uff1a<\/p>\n\n\n\n**
**\u4e00\u662f\u8981\u7a33\u3002<\/strong><\/p>\n\n\n\n**
\u4e00\u76f4\u4ee5\u6765\uff0c\u8ffd\u6c42\u56e2\u961f\u7a33\u5b9a\u6027\u548c\u5efa\u7acb\u7a33\u5065\u4e14\u5bcc\u6709\u97e7\u6027\u7684\u5185\u63a7\u6846\u67b6\u662f\u6211\u4eec\u7684\u76ee\u6807\u3002\u6b64\u5916\uff0c\u5728\u4ea7\u54c1\u4e1a\u7ee9\u548c\u98ce\u683c\u4e0a\uff0c\u6211\u4eec\u4e5f\u9700\u8981\u529b\u4e89\u4fdd\u6301\u7a33\u5b9a\uff1b<\/p>\n\n\n\n
**\u4e8c\u662f\u8981\u6709\u589e\u957f\u3002<\/strong><\/p>\n\n\n\n**
\u516c\u53f8\u9700\u8981\u627e\u5230\u5bf9\u7684\u8d5b\u9053\u4ee5\u53ca\u64c5\u957f\u7684\u9886\u57df\uff0c\u7ee7\u7eed\u4fdd\u6301\u6d3b\u529b\u548c\u589e\u957f\uff0c\u4f7f\u5ba2\u6237\u4e86\u89e3\u6211\u4eec\u5728\u6295\u7814\u3001\u98ce\u63a7\u3001\u4ea7\u54c1\u7b49\u5404\u65b9\u9762\u7684\u5b9e\u529b\uff1b<\/p>\n\n\n\n
**\u4e09\u662f\u8981\u6709\u4e1a\u7ee9\u3002<\/strong><\/p>\n\n\n\n**
\u4e1a\u7ee9\u662f\u6295\u8d44\u4eba\u6700\u7ec8\u611f\u77e5\u5230\u7684\u7ed3\u679c\uff0c\u5982\u4f55\u628a\u4e1a\u7ee9\u505a\u5f97\u6bd4\u540c\u7c7b\u66f4\u4f18\u3001\u66f4\u7b26\u5408\u6295\u8d44\u4eba\u7684\u9700\u6c42\u662f\u6211\u4eec\u53d1\u5c55\u91cd\u70b9\u4e4b\u4e00\uff1b<\/p>\n\n\n\n
**\u56db\u662f\u54c1\u724c\u63a8\u5e7f\u3002<\/strong><\/p>\n\n\n\n**
\u5229\u7528\u6469\u6839\u8d44\u4ea7\u7ba1\u7406\u5168\u7403\u54c1\u724c\u58f0\u8a89\uff0c\u5728\u6295\u8d44\u4eba\u4e2d\u6811\u7acb\u66f4\u4e13\u4e1a\u5316\u548c\u56fd\u9645\u5316\u7684\u5f62\u8c61\uff0c\u4f7f\u516c\u53f8\u4ea7\u54c1\u548c\u80fd\u529b\uff0c\u89c2\u70b9\u548c\u60f3\u6cd5\u66f4\u597d\u89e6\u8fbe\u5230\u6295\u8d44\u4eba\uff0c\u4e5f\u662f\u516c\u53f8\u80fd\u66f4\u597d\u53d1\u5c55\u7684\u5173\u952e\u56e0\u7d20\u3002CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n
$\"\"\/$ <\/figure>\n\n\n\n
\u7ffb\u8bd1\uff1a<\/h2>\n\n\n\n
He has more than 20 years of experience in the financial services industry and has worked for several leading financial institutions. Prior to joining Morgan Asset Management China. He was Chairman and Head of Taiwan for Morgan Investment Trust and head of Hong Kong. And China fund business for Morgan Asset Management.<\/p>\n\n\n\n
Wang Dazhi is managing director of Morgan Asset Management China<\/h3>\n\n\n\n
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? Which of these opportunities are particularly worthy of the attention of foreign institutions?<\/p>\n\n\n\n
Wang Dazhi: From a global perspective, China’s asset management industry has great potential. In my opinion, the most critical opportunities are presented in the following three aspects:CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n
First, the structural transformation of household wealth from savings to investment.<\/h3>\n\n\n\n
With the full implementation of “net worth”, investors’ investment philosophy and investment logic are becoming clearer, especially after experiencing market fluctuations in 2022, customers’ cognition of investment is gradually maturing. <\/p>\n\n\n\n
In the future, the allocation of personal financial assets may undergo structural changes, from the allocation of cash, deposits and other savings to investment, which is expected to create significant net inflow opportunities for public funds. <\/p>\n\n\n\n
However, whether we can truly grasp the opportunity is ultimately determined by the fund company’s investment research ability. Product line, service ability and other factors.<\/p>\n\n\n\n
Second, the pension market has broad prospects and needs to be systematically distributed.<\/h3>\n\n\n\n
The launch of the personal pension system at the end of November last year became a landmark event. But in reality, China’s pension system still has a long way to go. According to the Third Pillar of China’s Pension Research Report. China is expected to have a pension gap of 8-10 trillion yuan in the next 5-10 years.<\/p>\n\n\n\n
How to continuously optimize the pension product system and services guided by customer needs. And establish long-term trust and companionship with investors will become the key exploration direction of asset management institutions. At present, as of the end of January 2023, the size of the pension target fund is about 100 billion yuan, which is very small compared with the overall size of the public fund of more than 27 trillion yuan. CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n
And, although nearly 20 million people nationwide will have opened personal pension accounts by the end of 2022, there is still much room for improvement in the number of participants. As an important participant in the pension system, public funds need to give full play to the advantages established in the investment side, and carry out more long-term and systematic deployment around customer needs.<\/p>\n\n\n\n
Third, build differentiated advantages with more diversified asset allocation schemes.<\/h3>\n\n\n\n
The asset classes and strategies of the local market are not rich and diversified, and the overall characteristics are relatively simple and crowded. In the future, if multi-asset solutions can be better implemented in China, it will help asset management institutions effectively disperse risks and reduce volatility, and better serve domestic investors, and this is also an area where foreign institutions have certain advantages and mature experience.<\/p>\n\n\n\n
McKinsey: There are two major driving factors for the development of mature pension market, one is buyer investment, and the other is the interaction mode of 401K and IRA, both B2B2C, but in China, these factors are not yet mature. What is your opinion on the development of China’s pension market and how to promote pension investment and education?<\/p>\n\n\n\n
Wang Dazhi: The elderly care business is one of the strategic priorities of the company. And we will make a comprehensive deployment from the aspects of products, strategies, talents and so on. However, from the perspective of the current development process, the overall layout of overseas foreign investment management institutions in China’s elderly care business is still in its infancy. <\/p>\n\n\n\n
Although Morgan Asset Management does not lack international resources and capabilities in the elderly care sector. <\/h3>\n\n\n\n
If it wants to develop its elderly care business in China, it must cultivate local talents, understand the needs of institutions and individuals. And organically combine overseas experience with local products suitable for C-end. <\/p>\n\n\n\n
Therefore, at present, we will devote more efforts to continuously improve our layout in pension target funds, accumulate management experience, and actively provide more perfect solutions for investors with different risk preferences and retirement scenarios. <\/p>\n\n\n\n
In addition, around pension investment and education, we will continue to communicate with investors. And do a good job in the popularization of pension investment and education in different age groups of investors.<\/p>\n\n\n\n
McKinsey: China has developed very rapidly in the past five years in terms of ETFs. How do you see the opportunity for passive investment in China?CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n
Wang Dazhi: There is no conflict between passive and active strategies, which mainly depend on the focus and investment of strategic resources of asset management institutions. From our own point of view, we will still focus on the active strategy as the development direction, for two reasons:<\/p>\n\n\n\n
One is that Morgan Asset Management has an advantage in active management.<\/h3>\n\n\n\n
In overseas markets, Morgan Asset Management started a little late in the passive side and is still catching up, but active strategy ETFs are more influential in the industry. In China, the A-share market still has excess returns to tap compared with overseas markets, and we have accumulated rich active management experience in nearly 19 years of deep cultivation. <\/p>\n\n\n\n
Therefore, we believe that we can rely on our years of experience in active management and global resources to better help customers create value;CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n
Second, the passive Matthew effect is more obvious in domestic development (head institutions may account for 80% of the market share).<\/h3>\n\n\n\n
In such a competitive landscape, how to retain funds is a very big challenge for asset management institutions. Beyond the purely passive track, there may be more enhanced or innovative products in the future. In these areas, we will also actively utilize Morgan Asset Management’s overseas resources and advanced experience to strive for development.<\/p>\n\n\n\n
McKinsey: How do you see the cross-border investment opportunities in China’s asset management market? How to further leverage the advantages of foreign institutions to seize opportunities?<\/p>\n\n\n\n
Wang Dazhi: Cross-border business is particularly critical and one of the strengths of foreign institutions. To seize cross-border investment opportunities, EMAs have three core concerns:<\/p>\n\n\n\n
First, strike a balance between cross-border and local resources.<\/h3>\n\n\n\n
As a local institution with foreign background, the local market is also an important opportunity, and it is necessary to make flexible arrangements between cross-border and domestic according to the market performance, and provide clients with investment solutions that adapt to the market environment.<\/p>\n\n\n\n
Second, seize opportunities for mutual recognition of funds.<\/h3>\n\n\n\n
QDII, QDLP, mutual recognition funds, etc., are the normal and advantageous cross-border businesses of Morgan Asset Management in China, and there will be more opportunities to go north and south in the future. In terms of going north, allowing Morgan Asset Management’s Hong Kong-registered funds to be sold in the mainland will help bring Morgan Asset Management’s rich overseas products and strategies to mainland investors, so as to better achieve diversified asset allocation.CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n
In terms of going south, allowing Morgan Asset Management China’s A-share funds established in the mainland to be sold in Hong Kong will give full play to Morgan Asset Management’s international brand advantages and investor trust, promote the mainland’s good strategies and products to other regions, and help investors in other regions better grasp the A-share investment opportunities.<\/p>\n\n\n\n
Third, local personnel training and overseas exchanges.<\/h3>\n\n\n\n
Strengthen the training of local talents, promote the exchange of experience between local and overseas institutions (including investment, product, operation, IT, etc.), introduce various local investment opportunities to overseas countries, and realize the layout of “China for World”.<\/p>\n\n\n\n
McKinsey: What structural challenges do you see foreign companies facing in China?<\/p>\n\n\n\n
Wang Dazhi: Both foreign and local asset management institutions are facing a series of common challenges. I think the most prominent problems lie in the following two aspects:CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n
The lack of investors’ sense of gain caused by the phenomenon of “fund makes money, base people do not make money”.<\/p>\n\n\n\n
In my opinion, whether it is financial management or investment, helping investors to practice rational investment behavior is the key to creating a good investor experience and improving investment returns. Take our company as an example, we have carried out a lot of investment and education work last year with the help of online and offline platforms and media. <\/p>\n\n\n\n
Including regular in-depth communication (especially in the market fluctuations and the bottom stage), market information push (such as macro\/micro market analysis, strategy adjustment, etc.).<\/h3>\n\n\n\n
In addition, asset management institutions need to pay attention to the professional segmentation of investment research frameworks, in order to build a clearer and more stable investment style, and systematically enhance investors’ sense of gain.<\/p>\n\n\n\n
The subversive change brought by intelligent technology and man-machine combination mode.<\/p>\n\n\n\n
With the rapid iteration of technology, smart technologies such as the recently launched ChatGPT are rewriting past cognitive and business models. I believe that the future asset management industry will fully enter the era of data-driven intelligence. The large-scale application of digital technologies will also have a disruptive impact on the industry, such as big data analysis of real-time market information. And machine learning algorithms enabling portfolio optimization. <\/p>\n\n\n\n
In my opinion, the biggest use of digital intelligence technology will be to empower investment decisions, as “AI cannot replace people. <\/h3>\n\n\n\n
But people who do not use AI will be replaced”, and ultimately need to build a set of human-computer integration, and adapt to their own development of the technology system.CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n
McKinsey: From a Morgan Asset Management perspective, what key capabilities or actions do you think need to be built to meet the challenges and opportunities?<\/p>\n\n\n\n
Wang Dazhi: Based on the long-term, I will summarize it into three key words:<\/p>\n\n\n\n
Integration and development.<\/h4>\n\n\n\n
In January 2023, we were officially approved to change from a joint venture company to a wholly foreign-owned public fund company, opening a new chapter for Morgan Asset Management, and integration and development will become our main theme for some time in the future. “Integration” is not only the unified implementation of the system, but also in the business process, customer communication, risk control and other aspects of all-round coordination and localized deployment; “Development” means keeping up with the pace of the market and insisting on creating value for investors.CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n
Global and local.<\/h4>\n\n\n\n
Looking forward to the future development, the balance between globalization and localization is still a key issue that we need to pay attention to. For example, in terms of investment and research framework, the logic of introducing overseas investment or keeping the current investment framework.<\/p>\n\n\n\n
In terms of products, how to focus on the needs of local investors to continuously improve the equity, fixed income, ETF, pension and other business lines; In terms of system, how to build a management model that is more suitable for domestic development stage and environment?<\/p>\n\n\n\n
Decision-making and prudence.<\/h4>\n\n\n\n
Relatively speaking, foreign institutions are more in pursuit of orderly and stable development mode, and their research and analysis of innovation opportunities are more cautious and comprehensive. However, in many aspects, China needs to improve decision-making efficiency on the basis of controllable risks to effectively keep up with the market.<\/p>\n\n\n\n
McKinsey: What are the core developments you are most concerned about in response to the economic and market recovery in 2023?<\/p>\n\n\n\n
Wang Dazhi: In the development of 2023, there are four core concerns:<\/p>\n\n\n\n
One is stability.<\/h4>\n\n\n\n
The pursuit of team stability and the establishment of a robust and resilient internal control framework has always been our goal. In addition, in the product performance and style, we also need to strive to maintain stability;CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n
Second, we need growth.<\/h4>\n\n\n\n
The company needs to find the right track and areas of excellence, continue to maintain vitality and growth, so that customers understand our strength in investment research, risk control, products and other aspects;<\/p>\n\n\n\n
The third is to have performance.<\/h4>\n\n\n\n
Performance is the final perceived result of investors, how to make performance better than similar, more in line with the needs of investors is one of our development priorities;<\/p>\n\n\n\n
Fourth, brand promotion.<\/h4>\n\n\n\n
Using the global brand reputation of Morgan Asset Management to establish a more professional and international image among investors, so that the company’s products, capabilities, views and ideas can better reach investors, which is also a key factor for better development of the company.<\/p>\n\n\n\n
\u672c\u6587\u7531CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/a>\u8f6c\u8f7d\u800c\u6210\uff0c\u6765\u6e90\u4e8eCEO\u8a2a\u8ac7\u7f51\uff1b\u7f16\u8f91\/\u7ffb\u8bd1\uff1aCXO UNIONCXO\u8054\u76df\u5c0fU\u3002<\/p>\n\n\n\n
\u5982\u9700\u52a0\u5165 CXO UNION\uff08CXO\u8054\u76df\uff09<\/a>\u9ad8\u7ba1\u793e\u7fa4\uff0c\u8bf7\u8054\u7cfb\u793e\u7fa4\u5c0f\u4f19\u4f34\u54e6~<\/p>\n\n\n\n
$\"\"\/$ <\/figure>\n\n\n\n
\u514d\u8d23\u58f0\u660e: \u672c\u7f51\u7ad9(http:\/\/www.cxounion.cn\/<\/a>)\u5185\u5bb9\u4e3b\u8981\u6765\u81ea\u539f\u521b\u3001\u5408\u4f5c\u5a92\u4f53\u4f9b\u7a3f\u548c\u7b2c\u4e09\u65b9\u6295\u7a3f\uff0c\u51e1\u5728\u672c\u7f51\u7ad9\u51fa\u73b0\u7684\u4fe1\u606f\uff0c\u5747\u4ec5\u4f9b\u53c2\u8003\u3002\u672c\u7f51\u7ad9\u5c06\u5c3d\u529b\u786e\u4fdd\u6240\u63d0\u4f9b\u4fe1\u606f\u7684\u51c6\u786e\u6027\u53ca\u53ef\u9760\u6027\uff0c\u4f46\u4e0d\u4fdd\u8bc1\u6709\u5173\u8d44\u6599\u7684\u51c6\u786e\u6027\u53ca\u53ef\u9760\u6027\uff0c\u8bfb\u8005\u5728\u4f7f\u7528\u524d\u8bf7\u8fdb\u4e00\u6b65\u6838\u5b9e\uff0c\u5e76\u5bf9\u4efb\u4f55\u81ea\u4e3b\u51b3\u5b9a\u7684\u884c\u4e3a\u8d1f\u8d23\u3002\u672c\u7f51\u7ad9\u5bf9\u6709\u5173\u8d44\u6599\u6240\u5f15\u81f4\u7684\u9519\u8bef\u3001\u4e0d\u786e\u6216\u9057\u6f0f\uff0c\u6982\u4e0d\u8d1f\u4efb\u4f55\u6cd5\u5f8b\u8d23\u4efb\u3002<\/p>\n\n\n\n
\u672c\u7f51\u7ad9\u520a\u8f7d\u7684\u6240\u6709\u5185\u5bb9(\u5305\u62ec\u4f46\u4e0d\u4ec5\u9650\u6587\u5b57\u3001\u56fe\u7247\u3001LOGO\u3001\u97f3\u9891\u3001\u89c6\u9891\u3001\u8f6f\u4ef6\u3001\u7a0b\u5e8f\u7b49) \u7248\u6743\u5f52\u539f\u4f5c\u8005\u6240\u6709\u3002\u4efb\u4f55\u5355\u4f4d\u6216\u4e2a\u4eba\u8ba4\u4e3a\u672c\u7f51\u7ad9\u4e2d\u7684\u5185\u5bb9\u53ef\u80fd\u6d89\u5acc\u4fb5\u72af\u5176\u77e5\u8bc6\u4ea7\u6743\u6216\u5b58\u5728\u4e0d\u5b9e\u5185\u5bb9\u65f6\uff0c\u8bf7\u53ca\u65f6\u901a\u77e5\u672c\u7ad9\uff0c\u4e88\u4ee5\u5220\u9664\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"
\u5229\u7528\u6469\u6839\u8d44\u4ea7\u7ba1\u7406\u5168\u7403\u54c1\u724c\u58f0\u8a89\uff0c\u5728\u6295\u8d44\u4eba\u4e2d\u6811\u7acb\u66f4\u4e13\u4e1a\u5316\u548c\u56fd\u9645\u5316\u7684\u5f62\u8c61\uff0c\u4f7f\u516c\u53f8\u4ea7\u54c1\u548c\u80fd\u529b\uff0c\u89c2\u70b9\u548c\u60f3\u6cd5\u66f4\u597d\u89e6\u8fbe\u5230\u6295\u8d44\u4eba\uff0c\u4e5f\u662f\u516c\u53f8\u80fd\u66f4\u597d\u53d1\u5c55\u7684\u5173\u952e\u56e0\u7d20\u3002<\/p>\n","protected":false},"author":1,"featured_media":9731,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,13],"tags":[391],"class_list":["post-9729","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ceo","category-viewpoint","tag-391"],"_links":{"self":[{"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/posts\/9729","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/comments?post=9729"}],"version-history":[{"count":2,"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/posts\/9729\/revisions"}],"predecessor-version":[{"id":10943,"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/posts\/9729\/revisions\/10943"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/media\/9731"}],"wp:attachment":[{"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/media?parent=9729"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/categories?post=9729"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/tags?post=9729"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}

\u738b\u5927\u667a\uff0c\u6469\u6839\u8d44\u4ea7\u7ba1\u7406\u4e2d\u56fd\u603b\u7ecf\u7406<\/figcaption><\/figure>\n\n\n\n
\u9ea6\u80af\u9521\uff1a\u5c55\u671b2030\uff0c\u60a8\u8ba4\u4e3a\u80fd\u4e3a\u4e2d\u56fd\u8d44\u7ba1\u673a\u6784\u8d21\u732e\u663e\u8457\u51c0\u6d41\u5165\u3001\u6216\u5bf9\u884c\u4e1a\u5546\u4e1a\u6a21\u5f0f\u5e26\u6765\u6839\u672c\u8f6c\u53d8\u7684\u91cd\u5927\u53d1\u5c55\u673a\u9047\u6709\u54ea\u4e9b\uff1f\u5176\u4e2d\uff0c\u54ea\u4e9b\u673a\u9047\u7279\u522b\u503c\u5f97\u5916\u8d44\u673a\u6784\u5173\u6ce8\uff1f<\/p>\n\n\n\n
\u738b\u5927\u667a\uff1a\u5168\u7403\u89c6\u89d2\u4e0b\u7684\u4e2d\u56fd\u8d44\u4ea7\u7ba1\u7406\u884c\u4e1a\u5927\u6709\u53ef\u4e3a\uff0c\u5728\u6211\u770b\u6765\uff0c\u6700\u5173\u952e\u7684\u673a\u9047\u5448\u73b0\u5728\u4ee5\u4e0b\u4e09\u5927\u65b9\u9762\uff1a<\/p>\n\n\n\n
**\u7b2c\u4e00\uff0c\u5c45\u6c11\u8d22\u5bcc\u4ece\u50a8\u84c4\u5411\u6295\u8d44\u7684\u7ed3\u6784\u6027\u8f6c\u578b\u3002<\/strong><\/p>\n\n\n\n**
\u968f\u7740\u201c\u51c0\u503c\u5316\u201d\u5168\u9762\u5b9e\u65bd\uff0c\u6295\u8d44\u8005\u7684\u6295\u8d44\u7406\u5ff5\u53ca\u6295\u8d44\u903b\u8f91\u8d8a\u6765\u8d8a\u6e05\u6670\uff0c\u5c24\u5176\u662f\u7ecf\u5386\u4e862022\u5e74\u5e02\u573a\u6ce2\u52a8\uff0c\u5ba2\u6237\u5bf9\u6295\u8d44\u7684\u8ba4\u77e5\u9010\u6e10\u6210\u719f\u3002\u672a\u6765\u4e2a\u4eba\u91d1\u878d\u8d44\u4ea7\u914d\u7f6e\u6216\u5c06\u53d1\u751f\u7ed3\u6784\u6027\u8f6c\u53d8\uff0c\u4ece\u73b0\u91d1\u3001\u5b58\u6b3e\u7b49\u50a8\u84c4\u578b\u914d\u7f6e\uff0c\u4e0d\u65ad\u5411\u6295\u8d44\u8f6c\u5316\uff0c\u8fdb\u800c\u6709\u671b\u4e3a\u516c\u52df\u57fa\u91d1\u521b\u9020\u663e\u8457\u51c0\u6d41\u5165\u673a\u4f1a\u3002\u4f46\u80fd\u5426\u771f\u6b63\u628a\u63e1\u673a\u9047\uff0c\u6700\u7ec8\u8fd8\u662f\u7531\u57fa\u91d1\u516c\u53f8\u6295\u7814\u80fd\u529b\u3001\u4ea7\u54c1\u7ebf\u3001\u670d\u52a1\u80fd\u529b\u7b49\u56e0\u7d20\u51b3\u5b9a\u3002<\/p>\n\n\n\n
**\u7b2c\u4e8c\uff0c\u517b\u8001\u91d1\u5e02\u573a\u524d\u666f\u5e7f\u9614\uff0c\u5f85\u7cfb\u7edf\u5316\u5e03\u5c40\u3002<\/strong><\/p>\n\n\n\n**
\u53bb\u5e7411\u6708\u5e95\u4e2a\u4eba\u517b\u8001\u91d1\u5236\u5ea6\u542f\u52a8\u6210\u4e3a\u4e00\u6869\u6807\u5fd7\u6027\u4e8b\u4ef6\uff0c\u4f46\u5b9e\u9645\u6765\u770b\u4e2d\u56fd\u517b\u8001\u4f53\u7cfb\u8fd8\u6709\u5f88\u957f\u4e00\u6bb5\u8def\u8981\u8d70\u3002\u6839\u636e\u300a\u4e2d\u56fd\u517b\u8001\u91d1\u7b2c\u4e09\u652f\u67f1\u7814\u7a76\u62a5\u544a\u300b\u9884\u6d4b\uff0c\u672a\u67655-10 \u5e74\uff0c\u4e2d\u56fd\u9884\u8ba1\u4f1a\u67098-10 \u4e07\u4ebf\u517b\u8001\u91d1\u7f3a\u53e3\u3002\u5982\u4f55\u4ee5\u5ba2\u6237\u9700\u6c42\u4e3a\u5bfc\u5411\u4e0d\u65ad\u4f18\u5316\u517b\u8001\u4ea7\u54c1\u4f53\u7cfb\u53ca\u670d\u52a1\uff0c\u4e0e\u6295\u8d44\u8005\u5efa\u7acb\u957f\u671f\u4fe1\u4efb\u4e0e\u966a\u4f34\u5173\u7cfb\uff0c\u5c06\u6210\u4e3a\u8d44\u7ba1\u673a\u6784\u91cd\u70b9\u63a2\u7d22\u65b9\u5411\u3002\u76ee\u524d\u6574\u4e2a\u884c\u4e1a\u6765\u770b\uff0c\u622a\u81f32023\u5e741\u6708\u5e95\uff0c\u517b\u8001\u76ee\u6807\u57fa\u91d1\u89c4\u6a21\u57281000\u4ebf\u5143\u5de6\u53f3\uff0c\u4e0e\u516c\u52df\u57fa\u91d1\u603b\u4f53\u8d8527\u4e07\u4ebf\u5143\u7684\u89c4\u6a21\u76f8\u6bd4\uff0c\u6240\u5360\u4efd\u989d\u5fae\u4e4e\u5176\u5fae\u3002\u5e76\u4e14\uff0c\u867d\u7136\u81f32022\u5e74\u5e95\u5168\u56fd\u6709\u8fd12000\u4e07\u4eba\u5f00\u901a\u4e2a\u4eba\u517b\u8001\u91d1\u8d26\u6237\uff0c\u4f46\u53c2\u4e0e\u4eba\u6570\u4ecd\u6709\u8f83\u5927\u63d0\u5347\u7a7a\u95f4\u3002\u516c\u52df\u57fa\u91d1\u4f5c\u4e3a\u517b\u8001\u4f53\u7cfb\u7684\u91cd\u8981\u53c2\u4e0e\u8005\uff0c\u9700\u5145\u5206\u53d1\u6325\u5728\u6295\u8d44\u7aef\u5efa\u7acb\u7684\u4f18\u52bf\uff0c\u56f4\u7ed5\u5ba2\u6237\u9700\u6c42\u8fdb\u884c\u66f4\u957f\u671f\u3001\u7cfb\u7edf\u5316\u90e8\u7f72\u3002<\/p>\n\n\n\n
**\u7b2c\u4e09\uff0c\u4ee5\u66f4\u591a\u5143\u7684\u8d44\u4ea7\u914d\u7f6e\u65b9\u6848\u6784\u5efa\u5dee\u5f02\u5316\u4f18\u52bf\u3002<\/strong><\/p>\n\n\n\n**
\u672c\u571f\u5e02\u573a\u8d44\u4ea7\u7c7b\u522b\u53ca\u7b56\u7565\u5c1a\u4e0d\u591f\u4e30\u5bcc\u591a\u5143\uff0c\u6574\u4f53\u5448\u73b0\u8f83\u4e3a\u5355\u4e00\u4e14\u62e5\u6324\u7684\u7279\u70b9\u3002\u672a\u6765\u5982\u679c\u80fd\u5728\u4e2d\u56fd\u66f4\u597d\u63a8\u884c\u591a\u8d44\u4ea7\u89e3\u51b3\u65b9\u6848\uff0c\u5c06\u5e2e\u52a9\u8d44\u7ba1\u673a\u6784\u6709\u6548\u5206\u6563\u98ce\u9669\u964d\u4f4e\u6ce2\u52a8\uff0c\u66f4\u597d\u670d\u52a1\u56fd\u5185\u6295\u8d44\u4eba\uff0c\u540c\u65f6\u8fd9\u4e5f\u662f\u5916\u8d44\u673a\u6784\u5177\u5907\u4e00\u5b9a\u4f18\u52bf\u53ca\u6210\u719f\u7ecf\u9a8c\u7684\u9886\u57df\u3002<\/p>\n\n\n\n
\u9ea6\u80af\u9521\uff1a\u6210\u719f\u517b\u8001\u5e02\u573a\u53d1\u5c55\u6709\u4e24\u5927\u63a8\u52a8\u56e0\u7d20\uff0c\u4e00\u662f\u4e70\u65b9\u6295\u987e\uff0c\u4e8c\u662f401K\u548cIRA\u7684\u4ea4\u4e92\u6a21\u5f0f\uff0c\u90fd\u662fB2B2C\uff0c\u4f46\u5728\u4e2d\u56fd\uff0c\u8fd9\u4e9b\u8981\u7d20\u5c1a\u672a\u6210\u719f\u3002\u60a8\u5bf9\u4e2d\u56fd\u517b\u8001\u5e02\u573a\u7684\u53d1\u5c55\uff0c\u4ee5\u53ca\u5982\u4f55\u63a8\u52a8\u517b\u8001\u6295\u6559\u6709\u4ec0\u4e48\u770b\u6cd5\uff1f<\/p>\n\n\n\n
\u738b\u5927\u667a\uff1a\u517b\u8001\u4e1a\u52a1\u662f\u516c\u53f8\u6218\u7565\u91cd\u70b9\u4e4b\u4e00\uff0c\u6211\u4eec\u4f1a\u4ece\u4ea7\u54c1\u3001\u7b56\u7565\u3001\u4eba\u624d\u7b49\u65b9\u9762\u505a\u5168\u9762\u90e8\u7f72\u3002\u4f46\u4ece\u5f53\u524d\u53d1\u5c55\u8fdb\u7a0b\u6765\u8bf4\uff0c\u6d77\u5916\u8d44\u7ba1\u673a\u6784\u5728\u4e2d\u56fd\u517b\u8001\u4e1a\u52a1\u7684\u5e03\u5c40\u6574\u4f53\u4e0a\u8fd8\u5904\u4e8e\u521a\u8d77\u6b65\u9636\u6bb5\u3002\u6469\u6839\u8d44\u4ea7\u7ba1\u7406\u5728\u517b\u8001\u677f\u5757\u4e0a\u867d\u4e0d\u7f3a\u56fd\u9645\u8d44\u6e90\u548c\u80fd\u529b\uff0c\u4f46\u82e5\u60f3\u5728\u4e2d\u56fd\u672c\u571f\u53d1\u5c55\u517b\u8001\u4e1a\u52a1\uff0c\u5c31\u5fc5\u987b\u57f9\u517b\u672c\u5730\u4eba\u624d\uff0c\u7406\u89e3\u673a\u6784\u548c\u4e2a\u4eba\u7684\u9700\u6c42\uff0c\u5c06\u6d77\u5916\u7ecf\u9a8c\u548c\u672c\u571f\u9002\u5408C\u7aef\u7684\u4ea7\u54c1\u6709\u673a\u7ed3\u5408\u8d77\u6765\u3002\u56e0\u6b64\uff0c\u76ee\u524d\u6211\u4eec\u5c06\u66f4\u591a\u5730\u81f4\u529b\u4e8e\u4e0d\u65ad\u5b8c\u5584\u81ea\u8eab\u5728\u517b\u8001\u76ee\u6807\u57fa\u91d1\u7684\u5e03\u5c40\uff0c\u79ef\u7d2f\u7ba1\u7406\u7ecf\u9a8c\uff0c\u540c\u65f6\u4e5f\u79ef\u6781\u4e3a\u4e0d\u540c\u98ce\u9669\u504f\u597d\u548c\u9000\u4f11\u573a\u666f\u7684\u6295\u8d44\u4eba\u63d0\u4f9b\u66f4\u52a0\u5b8c\u5584\u7684\u89e3\u51b3\u65b9\u6848\u3002\u6b64\u5916\uff0c\u56f4\u7ed5\u517b\u8001\u6295\u6559\uff0c\u6211\u4eec\u4e5f\u4f1a\u575a\u6301\u4e0d\u61c8\u5730\u4e0e\u6295\u8d44\u4eba\u6c9f\u901a\uff0c\u505a\u597d\u517b\u8001\u6295\u6559\u5728\u4e0d\u540c\u5e74\u9f84\u7fa4\u4f53\u6295\u8d44\u8005\u7684\u666e\u53ca\u3002<\/p>\n\n\n\n
\u9ea6\u80af\u9521\uff1a\u4e2d\u56fd\u8fc7\u53bb5\u5e74\u5728ETF\u65b9\u9762\u53d1\u5c55\u5341\u5206\u8fc5\u901f\uff0c\u5bf9\u6b64\uff0c\u60a8\u5982\u4f55\u770b\u5f85\u4e2d\u56fd\u7684\u88ab\u52a8\u6295\u8d44\u53d1\u5c55\u673a\u9047\uff1f<\/p>\n\n\n\n
\u738b\u5927\u667a\uff1a\u88ab\u52a8\u548c\u4e3b\u52a8\uff0c\u4e24\u79cd\u7b56\u7565\u5e76\u4e0d\u5b58\u5728\u51b2\u7a81\uff0c\u4e3b\u8981\u53d6\u51b3\u4e8e\u8d44\u7ba1\u673a\u6784\u6218\u7565\u8d44\u6e90\u7684\u805a\u7126\u4e0e\u6295\u5165\u3002\u4ece\u6211\u4eec\u81ea\u8eab\u89d2\u5ea6\uff0c\u8fd8\u662f\u4f1a\u628a\u4e3b\u52a8\u7b56\u7565\u4f5c\u4e3a\u91cd\u70b9\u53d1\u5c55\u65b9\u5411\uff0c\u539f\u56e0\u6709\u4e8c\uff1a<\/p>\n\n\n\n
**\u4e00\u662f\u6469\u6839\u8d44\u4ea7\u7ba1\u7406\u5728\u4e3b\u52a8\u7ba1\u7406\u65b9\u9762\u66f4\u5177\u4f18\u52bf\u3002<\/strong><\/p>\n\n\n\n**
\u5728\u6d77\u5916\u5e02\u573a\uff0c\u6469\u6839\u8d44\u4ea7\u7ba1\u7406\u5728\u88ab\u52a8\u65b9\u9762\u8d77\u6b65\u7a0d\u665a\uff0c\u4ecd\u5728\u8ffd\u8d76\u9636\u6bb5\uff0c\u4f46\u4e3b\u52a8\u7b56\u7565ETF\u5728\u884c\u4e1a\u5185\u6bd4\u8f83\u6709\u5f71\u54cd\u529b\u3002\u800c\u5728\u56fd\u5185\uff0cA\u80a1\u5e02\u573a\u8f83\u6d77\u5916\u5e02\u573a\u4ecd\u6709\u8d85\u989d\u6536\u76ca\u53ef\u4ee5\u6316\u6398\uff0c\u6211\u4eec\u4e5f\u5728\u8fd119\u5e74\u7684\u6df1\u8015\u4e2d\u79ef\u7d2f\u4e86\u4e30\u5bcc\u7684\u4e3b\u52a8\u7ba1\u7406\u7ecf\u9a8c\u3002\u56e0\u6b64\uff0c\u6211\u4eec\u76f8\u4fe1\u80fd\u591f\u4f9d\u6258\u6211\u4eec\u5728\u4e3b\u52a8\u7ba1\u7406\u4e0a\u957f\u5e74\u79ef\u7d2f\u7684\u7ecf\u9a8c\u548c\u5168\u7403\u8d44\u6e90\u66f4\u597d\u5e2e\u52a9\u5ba2\u6237\u521b\u9020\u4ef7\u503c\uff1b<\/p>\n\n\n\n
\u4e8c\u662f\u88ab\u52a8\u5728\u56fd\u5185\u53d1\u5c55\u4e0a\u9a6c\u592a\u6548\u5e94\u66f4\u52a0\u660e\u663e<\/strong>\uff08\u5934\u90e8\u673a\u6784\u53ef\u80fd\u8981\u5360\u5230\u5e02\u573a\u4efd\u989d\u768480%\uff09\u3002<\/p>\n\n\n\n
\u5728\u8fd9\u6837\u7684\u7ade\u4e89\u683c\u5c40\u4e0b\uff0c\u5982\u4f55\u7559\u4f4f\u8d44\u91d1\u662f\u8d44\u7ba1\u673a\u6784\u975e\u5e38\u5927\u7684\u6311\u6218\u3002\u5728\u7eaf\u88ab\u52a8\u8d5b\u9053\u4e4b\u5916\uff0c\u672a\u6765\u53ef\u80fd\u4f1a\u51fa\u73b0\u66f4\u591a\u589e\u5f3a\u578b\u6216\u662f\u521b\u65b0\u578b\u4ea7\u54c1\u3002\u5728\u8fd9\u4e9b\u9886\u57df\uff0c\u6211\u4eec\u4e5f\u5c06\u79ef\u6781\u5229\u7528\u597d\u6469\u6839\u8d44\u4ea7\u7ba1\u7406\u5728\u6d77\u5916\u7684\u8d44\u6e90\u548c\u5148\u8fdb\u7ecf\u9a8c\u4ee5\u4e89\u53d6\u53d1\u5c55\u3002CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n
\u9ea6\u80af\u9521\uff1a\u60a8\u5982\u4f55\u770b\u5f85\u4e2d\u56fd\u8d44\u7ba1\u5e02\u573a\u7684\u8de8\u5883\u6295\u8d44\u673a\u9047\uff1f\u5e94\u5982\u4f55\u8fdb\u4e00\u6b65\u53d1\u6325\u5916\u8d44\u673a\u6784\u7684\u4f18\u52bf\u4ee5\u6293\u4f4f\u673a\u9047\uff1f<\/p>\n\n\n\n
\u738b\u5927\u667a\uff1a\u8de8\u5883\u4e1a\u52a1\u5bf9\u5916\u8d44\u673a\u6784\u6765\u8bf4\u7279\u522b\u5173\u952e\uff0c\u4e5f\u662f\u5916\u8d44\u673a\u6784\u7684\u4f18\u52bf\u4e4b\u4e00\u3002\u8981\u6293\u4f4f\u8de8\u5883\u6295\u8d44\u673a\u9047\uff0c\u8d44\u7ba1\u673a\u6784\u6709\u4e09\u70b9\u6838\u5fc3\u5173\u6ce8\u4e8b\u9879\uff1a<\/p>\n\n\n\n
**\u4e00\u662f\u505a\u597d\u8de8\u5883\u548c\u672c\u571f\u8d44\u6e90\u95f4\u7684\u5e73\u8861\u3002<\/strong><\/p>\n\n\n\n**
\u4f5c\u4e3a\u5916\u8d44\u80cc\u666f\u7684\u672c\u5730\u673a\u6784\uff0c\u672c\u571f\u5e02\u573a\u4e5f\u662f\u91cd\u8981\u673a\u4f1a\uff0c\u9700\u8981\u6839\u636e\u5e02\u573a\u8868\u73b0\u5728\u8de8\u5883\u548c\u672c\u571f\u95f4\u8fdb\u884c\u7075\u6d3b\u5b89\u6392\uff0c\u4e3a\u5ba2\u6237\u63d0\u4f9b\u9002\u5e94\u5e02\u573a\u73af\u5883\u7684\u6295\u8d44\u89e3\u51b3\u65b9\u6848\u3002<\/p>\n\n\n\n
**\u4e8c\u662f\u628a\u63e1\u57fa\u91d1\u4e92\u8ba4\u673a\u4f1a\u3002<\/strong><\/p>\n\n\n\n**
QDII\u3001QDLP\u3001\u4e92\u8ba4\u57fa\u91d1\u7b49\u90fd\u662f\u6469\u6839\u8d44\u4ea7\u7ba1\u7406\u4e2d\u56fd\u5e38\u6001\u5316\u548c\u5177\u5907\u4f18\u52bf\u7684\u8de8\u5883\u4e1a\u52a1\uff0c\u5e76\u4e14\u672a\u6765\u5317\u4e0a\u548c\u5357\u4e0b\u5747\u4f1a\u6709\u66f4\u591a\u673a\u4f1a\u51fa\u73b0\u3002\u5317\u4e0a\u65b9\u9762\uff0c\u5141\u8bb8\u6469\u6839\u8d44\u4ea7\u7ba1\u7406\u5728\u9999\u6e2f\u6ce8\u518c\u7684\u57fa\u91d1\u5728\u5185\u5730\u9500\u552e\uff0c\u5c06\u6709\u52a9\u4e8e\u628a\u6469\u6839\u8d44\u4ea7\u7ba1\u7406\u6d77\u5916\u4e30\u5bcc\u7684\u4ea7\u54c1\u548c\u7b56\u7565\u5e26\u7ed9\u5185\u5730\u6295\u8d44\u4eba\uff0c\u8fdb\u800c\u66f4\u597d\u5730\u5b9e\u73b0\u591a\u5143\u5316\u7684\u8d44\u4ea7\u914d\u7f6e\uff1b\u5357\u4e0b\u65b9\u9762\uff0c\u5141\u8bb8\u6469\u6839\u8d44\u4ea7\u7ba1\u7406\u4e2d\u56fd\u5728\u5185\u5730\u6210\u7acb\u7684 A\u80a1\u57fa\u91d1\u5728\u9999\u6e2f\u9500\u552e\uff0c\u5c06\u80fd\u53d1\u6325\u6469\u6839\u8d44\u4ea7\u7ba1\u7406\u5728\u56fd\u9645\u4e0a\u7684\u54c1\u724c\u4f18\u52bf\u548c\u6295\u8d44\u4eba\u4fe1\u4efb\u5ea6\uff0c\u628a\u5185\u5730\u597d\u7684\u7b56\u7565\u548c\u4ea7\u54c1\u63a8\u5411\u5176\u5b83\u5730\u533a\uff0c\u5e2e\u52a9\u5176\u5b83\u5730\u533a\u6295\u8d44\u4eba\u66f4\u597d\u628a\u63e1A\u80a1\u6295\u8d44\u673a\u9047\u3002CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n
**\u4e09\u662f\u672c\u571f\u4eba\u624d\u57f9\u517b\u53ca\u6d77\u5916\u4ea4\u6d41\u3002<\/strong><\/p>\n\n\n\n**
\u5f3a\u5316\u672c\u571f\u4eba\u624d\u57f9\u517b\uff0c\u63a8\u52a8\u672c\u571f\u4e0e\u6d77\u5916\u673a\u6784\u7ecf\u9a8c\u4ea4\u6d41\uff08\u5305\u62ec\u6295\u8d44\u3001\u4ea7\u54c1\u3001\u8fd0\u8425\u3001IT\u7b49\u5404\u65b9\u9762\uff09\uff0c\u5c06\u672c\u5730\u5404\u7c7b\u6295\u8d44\u673a\u4f1a\u5f15\u8350\u81f3\u6d77\u5916\uff0c\u5b9e\u73b0\u201cChina for World\u201d\u7684\u5e03\u5c40\u3002<\/p>\n\n\n\n
\u9ea6\u80af\u9521\uff1a\u5bf9\u4e8e\u5916\u8d44\u673a\u6784\u5728\u534e\u53d1\u5c55\uff0c\u60a8\u770b\u5230\u5f53\u524d\u884c\u4e1a\u6b63\u9762\u4e34\u54ea\u4e9b\u7ed3\u6784\u6027\u6311\u6218\uff1f<\/p>\n\n\n\n
\u738b\u5927\u667a\uff1a\u65e0\u8bba\u662f\u5916\u8d44\u8fd8\u662f\u672c\u5730\u8d44\u7ba1\u673a\u6784\uff0c\u5f53\u524d\u90fd\u9762\u4e34\u4e00\u7cfb\u5217\u5171\u6027\u6311\u6218\uff0c\u6211\u8ba4\u4e3a\u6700\u7a81\u51fa\u7684\u95ee\u9898\u5728\u4e8e\u4ee5\u4e0b\u4e24\u4e2a\u65b9\u9762\uff1a<\/p>\n\n\n\n
**\u201c\u57fa\u91d1\u8d5a\u94b1\uff0c\u57fa\u6c11\u4e0d\u8d5a\u94b1\u201d\u73b0\u8c61\u5e26\u6765\u7684\u6295\u8d44\u8005\u83b7\u5f97\u611f\u4e0d\u8db3\u95ee\u9898\u3002<\/strong><\/p>\n\n\n\n**
\u5728\u6211\u770b\u6765\uff0c\u65e0\u8bba\u662f\u7406\u8d22\u8fd8\u662f\u6295\u8d44\uff0c\u5e2e\u52a9\u6295\u8d44\u8005\u8df5\u884c\u7406\u6027\u7684\u6295\u8d44\u884c\u4e3a\u662f\u8425\u9020\u826f\u597d\u7684\u6295\u8d44\u8005\u4f53\u9a8c\u548c\u63d0\u5347\u6295\u8d44\u6536\u76ca\u7684\u5173\u952e\u6240\u5728\u3002\u4ee5\u6211\u4eec\u516c\u53f8\u4e3a\u4f8b\uff0c\u6211\u4eec\u53bb\u5e74\u501f\u52a9\u7ebf\u4e0a\u7ebf\u4e0b\u5404\u7c7b\u5e73\u53f0\u53ca\u5a92\u4f53\u8fdb\u884c\u4e86\u5927\u91cf\u6295\u6559\u5de5\u4f5c\uff0c\u5305\u62ec\u5b9a\u671f\u6df1\u5ea6\u6c9f\u901a\uff08\u7279\u522b\u662f\u5728\u5e02\u573a\u5927\u5e45\u6ce2\u52a8\u53ca\u8c37\u5e95\u9636\u6bb5\uff09\u3001\u5e02\u573a\u8d44\u8baf\u63a8\u9001\u7b49\uff08\u5982\u5b8f\u89c2\/\u5fae\u89c2\u5e02\u573a\u5206\u6790\u3001\u7b56\u7565\u8c03\u6574\u7b49\uff09\u3002\u9664\u6b64\u4ee5\u5916\uff0c\u8d44\u7ba1\u673a\u6784\u9700\u6ce8\u91cd\u6295\u7814\u6846\u67b6\u7684\u4e13\u4e1a\u5316\u7ec6\u5206\uff0c\u4ee5\u6784\u5efa\u66f4\u52a0\u6e05\u6670\u3001\u7a33\u5b9a\u7684\u6295\u8d44\u98ce\u683c\uff0c\u7cfb\u7edf\u5316\u63d0\u5347\u6295\u8d44\u8005\u83b7\u5f97\u611f\u3002<\/p>\n\n\n\n
**\u667a\u80fd\u6280\u672f\u53ca\u4eba\u673a\u7ed3\u5408\u6a21\u5f0f\u5e26\u6765\u7684\u98a0\u8986\u5f0f\u53d8\u9769<\/strong>\u3002<\/p>\n\n\n\n**
\u968f\u7740\u79d1\u6280\u7684\u5feb\u901f\u8fed\u4ee3\u53d1\u5c55\uff0c\u4f8b\u5982\u6700\u8fd1\u63a8\u51fa\u7684ChatGPT\u7b49\u667a\u80fd\u6280\u672f\u6b63\u5728\u6539\u5199\u8fc7\u5f80\u8ba4\u77e5\u53ca\u5546\u4e1a\u6a21\u5f0f\u3002\u6211\u76f8\u4fe1\u672a\u6765\u8d44\u7ba1\u884c\u4e1a\u5c06\u5168\u9762\u6b65\u5165\u6570\u636e\u9a71\u52a8\u7684\u667a\u80fd\u5316\u65f6\u4ee3\u3002\u6570\u5b57\u6280\u672f\u7684\u5927\u89c4\u6a21\u5e94\u7528\u4e5f\u5c06\u5bf9\u884c\u4e1a\u4ea7\u751f\u98a0\u8986\u6027\u5f71\u54cd\uff0c\u4f8b\u5982\u5b9e\u65f6\u5e02\u573a\u4fe1\u606f\u7684\u5927\u6570\u636e\u5206\u6790\u3001\u673a\u5668\u5b66\u4e60\u7b97\u6cd5\u8d4b\u80fd\u6295\u8d44\u7ec4\u5408\u4f18\u5316\u7b49\u3002\u5728\u6211\u770b\u6765\uff0c\u6570\u5b57\u667a\u80fd\u6280\u672f\u6700\u5927\u7684\u7528\u9014\u5c06\u662f\u8d4b\u80fd\u6295\u8d44\u51b3\u7b56\uff0c\u6b63\u5982\u201cAI\u65e0\u6cd5\u66ff\u4ee3\u4eba\uff0c\u4f46\u4e0d\u5229\u7528AI\u7684\u4eba\u5c06\u88ab\u53d6\u4ee3\u201d\uff0c\u6700\u7ec8\u9700\u8981\u6784\u5efa\u7684\u662f\u4e00\u5957\u4eba\u673a\u7ed3\u5408\u3001\u4e14\u9002\u5e94\u81ea\u8eab\u53d1\u5c55\u7684\u6280\u672f\u4f53\u7cfb\u3002<\/p>\n\n\n\n
\u9ea6\u80af\u9521\uff1a\u4e3a\u76f4\u9762\u6311\u6218\u3001\u628a\u63e1\u673a\u9047\uff0c\u4ece\u6469\u6839\u8d44\u4ea7\u7ba1\u7406\u7684\u89d2\u5ea6\u6765\u8bf4\uff0c\u60a8\u8ba4\u4e3a\u9700\u8981\u5efa\u7acb\u54ea\u4e9b\u5173\u952e\u80fd\u529b\u6216\u91c7\u53d6\u54ea\u4e9b\u5173\u952e\u884c\u52a8\uff1f<\/p>\n\n\n\n
**\u738b\u5927\u667a\uff1a\u7acb\u8db3\u957f\u8fdc\uff0c\u6211\u5c06\u5176\u6982\u62ec\u4e3a\u4e09\u4e2a\u5173\u952e\u8bcd\uff1aCXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n**
**\u878d\u5408\u4e0e\u53d1\u5c55\u3002<\/strong><\/p>\n\n\n\n**
2023\u5e741\u6708\uff0c\u6211\u4eec\u6b63\u5f0f\u83b7\u6279\u7531\u5408\u8d44\u516c\u53f8\u8f6c\u4e3a\u5916\u5546\u72ec\u8d44\u516c\u52df\u57fa\u91d1\u516c\u53f8\uff0c\u4e3a\u6469\u6839\u8d44\u4ea7\u7ba1\u7406\u7ffb\u5f00\u65b0\u7bc7\u7ae0\uff0c\u878d\u5408\u4e0e\u53d1\u5c55\u5c06\u6210\u4e3a\u6211\u4eec\u672a\u6765\u4e00\u6bb5\u65f6\u95f4\u7684\u4e3b\u65cb\u5f8b\u3002\u201c\u878d\u5408\u201d\u4e0d\u4ec5\u662f\u5236\u5ea6\u7684\u7edf\u4e00\u8d2f\u5f7b\uff0c\u66f4\u662f\u5728\u4e1a\u52a1\u6d41\u7a0b\u3001\u5ba2\u6237\u6c9f\u901a\u3001\u98ce\u9669\u63a7\u5236\u7b49\u65b9\u9762\u8fdb\u884c\u5168\u65b9\u4f4d\u534f\u540c\u4e0e\u672c\u5730\u5316\u90e8\u7f72\uff1b\u201c\u53d1\u5c55\u201d\u610f\u5473\u7740\u7d27\u8ddf\u5e02\u573a\u6b65\u4f10\uff0c\u575a\u6301\u4e3a\u6295\u8d44\u4eba\u521b\u9020\u4ef7\u503c\u3002<\/p>\n\n\n\n
**\u5168\u7403\u4e0e\u672c\u571f\u3002<\/strong><\/p>\n\n\n\n**
\u5c55\u671b\u672a\u6765\u53d1\u5c55\uff0c\u5168\u7403\u5316\u4e0e\u672c\u571f\u5316\u7684\u5e73\u8861\u4ecd\u662f\u6211\u4eec\u9700\u8981\u5173\u6ce8\u7684\u91cd\u70b9\u8bae\u9898\uff0c\u4f8b\u5982\u5728\u6295\u7814\u6846\u67b6\u65b9\u9762\uff0c\u5f15\u8fdb\u6d77\u5916\u6295\u8d44\u903b\u8f91\u8fd8\u662f\u6cbf\u7528\u5f53\u524d\u6295\u8d44\u6846\u67b6\uff1b\u5728\u4ea7\u54c1\u65b9\u9762\uff0c\u5982\u4f55\u56f4\u7ed5\u672c\u5730\u6295\u8d44\u8005\u9700\u6c42\u4e0d\u65ad\u7cbe\u8fdb\u6743\u76ca\u3001\u56fa\u6536\u3001ETF\u3001\u517b\u8001\u7b49\u5404\u4e1a\u52a1\u6761\u7ebf\uff1b\u5728\u5236\u5ea6\u65b9\u9762\uff0c\u5982\u4f55\u6784\u5efa\u66f4\u9002\u7528\u56fd\u5185\u53d1\u5c55\u9636\u6bb5\u53ca\u73af\u5883\u7684\u7ba1\u7406\u6a21\u5f0f\u3002<\/p>\n\n\n\n
**\u51b3\u7b56\u4e0e\u5ba1\u614e\u3002<\/strong><\/p>\n\n\n\n**
\u76f8\u5bf9\u800c\u8a00\uff0c\u5916\u8d44\u673a\u6784\u66f4\u8ffd\u6c42\u6709\u5e8f\u3001\u7a33\u5065\u7684\u53d1\u5c55\u6a21\u5f0f\uff0c\u5bf9\u521b\u65b0\u673a\u9047\u7684\u7814\u7a76\u5206\u6790\u66f4\u4e3a\u8c28\u614e\u4e0e\u5168\u9762\u3002\u4f46\u56fd\u5185\u5728\u5f88\u591a\u65b9\u9762\u9700\u8981\u5728\u98ce\u9669\u53ef\u63a7\u7684\u57fa\u7840\u4e0a\u63d0\u5347\u51b3\u7b56\u6548\u7387\uff0c\u4ee5\u6709\u6548\u8ddf\u4e0a\u5e02\u573a\u3002CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n
**\u9ea6\u80af\u9521\uff1a\u5e94\u5bf92023\u5e74\u7ecf\u6d4e\u548c\u5e02\u573a\u590d\u82cf\uff0c\u60a8\u6700\u5173\u6ce8\u54ea\u4e9b\u6838\u5fc3\u53d1\u5c55\u4e8b\u9879\uff1f<\/p>\n\n\n\n**
**\u738b\u5927\u667a\uff1a2023\u7684\u53d1\u5c55\u4e0a\uff0c\u6709\u56db\u70b9\u6838\u5fc3\u5173\u6ce8\u4e8b\u9879\uff1a<\/p>\n\n\n\n**
**\u4e00\u662f\u8981\u7a33\u3002<\/strong><\/p>\n\n\n\n**
\u4e00\u76f4\u4ee5\u6765\uff0c\u8ffd\u6c42\u56e2\u961f\u7a33\u5b9a\u6027\u548c\u5efa\u7acb\u7a33\u5065\u4e14\u5bcc\u6709\u97e7\u6027\u7684\u5185\u63a7\u6846\u67b6\u662f\u6211\u4eec\u7684\u76ee\u6807\u3002\u6b64\u5916\uff0c\u5728\u4ea7\u54c1\u4e1a\u7ee9\u548c\u98ce\u683c\u4e0a\uff0c\u6211\u4eec\u4e5f\u9700\u8981\u529b\u4e89\u4fdd\u6301\u7a33\u5b9a\uff1b<\/p>\n\n\n\n
**\u4e8c\u662f\u8981\u6709\u589e\u957f\u3002<\/strong><\/p>\n\n\n\n**
\u516c\u53f8\u9700\u8981\u627e\u5230\u5bf9\u7684\u8d5b\u9053\u4ee5\u53ca\u64c5\u957f\u7684\u9886\u57df\uff0c\u7ee7\u7eed\u4fdd\u6301\u6d3b\u529b\u548c\u589e\u957f\uff0c\u4f7f\u5ba2\u6237\u4e86\u89e3\u6211\u4eec\u5728\u6295\u7814\u3001\u98ce\u63a7\u3001\u4ea7\u54c1\u7b49\u5404\u65b9\u9762\u7684\u5b9e\u529b\uff1b<\/p>\n\n\n\n
**\u4e09\u662f\u8981\u6709\u4e1a\u7ee9\u3002<\/strong><\/p>\n\n\n\n**
\u4e1a\u7ee9\u662f\u6295\u8d44\u4eba\u6700\u7ec8\u611f\u77e5\u5230\u7684\u7ed3\u679c\uff0c\u5982\u4f55\u628a\u4e1a\u7ee9\u505a\u5f97\u6bd4\u540c\u7c7b\u66f4\u4f18\u3001\u66f4\u7b26\u5408\u6295\u8d44\u4eba\u7684\u9700\u6c42\u662f\u6211\u4eec\u53d1\u5c55\u91cd\u70b9\u4e4b\u4e00\uff1b<\/p>\n\n\n\n
**\u56db\u662f\u54c1\u724c\u63a8\u5e7f\u3002<\/strong><\/p>\n\n\n\n**
\u5229\u7528\u6469\u6839\u8d44\u4ea7\u7ba1\u7406\u5168\u7403\u54c1\u724c\u58f0\u8a89\uff0c\u5728\u6295\u8d44\u4eba\u4e2d\u6811\u7acb\u66f4\u4e13\u4e1a\u5316\u548c\u56fd\u9645\u5316\u7684\u5f62\u8c61\uff0c\u4f7f\u516c\u53f8\u4ea7\u54c1\u548c\u80fd\u529b\uff0c\u89c2\u70b9\u548c\u60f3\u6cd5\u66f4\u597d\u89e6\u8fbe\u5230\u6295\u8d44\u4eba\uff0c\u4e5f\u662f\u516c\u53f8\u80fd\u66f4\u597d\u53d1\u5c55\u7684\u5173\u952e\u56e0\u7d20\u3002CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n
$\"\"\/$ <\/figure>\n\n\n\n
\u7ffb\u8bd1\uff1a<\/h2>\n\n\n\n
He has more than 20 years of experience in the financial services industry and has worked for several leading financial institutions. Prior to joining Morgan Asset Management China. He was Chairman and Head of Taiwan for Morgan Investment Trust and head of Hong Kong. And China fund business for Morgan Asset Management.<\/p>\n\n\n\n
Wang Dazhi is managing director of Morgan Asset Management China<\/h3>\n\n\n\n
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? Which of these opportunities are particularly worthy of the attention of foreign institutions?<\/p>\n\n\n\n
Wang Dazhi: From a global perspective, China’s asset management industry has great potential. In my opinion, the most critical opportunities are presented in the following three aspects:CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n
First, the structural transformation of household wealth from savings to investment.<\/h3>\n\n\n\n
With the full implementation of “net worth”, investors’ investment philosophy and investment logic are becoming clearer, especially after experiencing market fluctuations in 2022, customers’ cognition of investment is gradually maturing. <\/p>\n\n\n\n
In the future, the allocation of personal financial assets may undergo structural changes, from the allocation of cash, deposits and other savings to investment, which is expected to create significant net inflow opportunities for public funds. <\/p>\n\n\n\n
However, whether we can truly grasp the opportunity is ultimately determined by the fund company’s investment research ability. Product line, service ability and other factors.<\/p>\n\n\n\n
Second, the pension market has broad prospects and needs to be systematically distributed.<\/h3>\n\n\n\n
The launch of the personal pension system at the end of November last year became a landmark event. But in reality, China’s pension system still has a long way to go. According to the Third Pillar of China’s Pension Research Report. China is expected to have a pension gap of 8-10 trillion yuan in the next 5-10 years.<\/p>\n\n\n\n
How to continuously optimize the pension product system and services guided by customer needs. And establish long-term trust and companionship with investors will become the key exploration direction of asset management institutions. At present, as of the end of January 2023, the size of the pension target fund is about 100 billion yuan, which is very small compared with the overall size of the public fund of more than 27 trillion yuan. CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n
And, although nearly 20 million people nationwide will have opened personal pension accounts by the end of 2022, there is still much room for improvement in the number of participants. As an important participant in the pension system, public funds need to give full play to the advantages established in the investment side, and carry out more long-term and systematic deployment around customer needs.<\/p>\n\n\n\n
Third, build differentiated advantages with more diversified asset allocation schemes.<\/h3>\n\n\n\n
The asset classes and strategies of the local market are not rich and diversified, and the overall characteristics are relatively simple and crowded. In the future, if multi-asset solutions can be better implemented in China, it will help asset management institutions effectively disperse risks and reduce volatility, and better serve domestic investors, and this is also an area where foreign institutions have certain advantages and mature experience.<\/p>\n\n\n\n
McKinsey: There are two major driving factors for the development of mature pension market, one is buyer investment, and the other is the interaction mode of 401K and IRA, both B2B2C, but in China, these factors are not yet mature. What is your opinion on the development of China’s pension market and how to promote pension investment and education?<\/p>\n\n\n\n
Wang Dazhi: The elderly care business is one of the strategic priorities of the company. And we will make a comprehensive deployment from the aspects of products, strategies, talents and so on. However, from the perspective of the current development process, the overall layout of overseas foreign investment management institutions in China’s elderly care business is still in its infancy. <\/p>\n\n\n\n
Although Morgan Asset Management does not lack international resources and capabilities in the elderly care sector. <\/h3>\n\n\n\n
If it wants to develop its elderly care business in China, it must cultivate local talents, understand the needs of institutions and individuals. And organically combine overseas experience with local products suitable for C-end. <\/p>\n\n\n\n
Therefore, at present, we will devote more efforts to continuously improve our layout in pension target funds, accumulate management experience, and actively provide more perfect solutions for investors with different risk preferences and retirement scenarios. <\/p>\n\n\n\n
In addition, around pension investment and education, we will continue to communicate with investors. And do a good job in the popularization of pension investment and education in different age groups of investors.<\/p>\n\n\n\n
McKinsey: China has developed very rapidly in the past five years in terms of ETFs. How do you see the opportunity for passive investment in China?CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n
Wang Dazhi: There is no conflict between passive and active strategies, which mainly depend on the focus and investment of strategic resources of asset management institutions. From our own point of view, we will still focus on the active strategy as the development direction, for two reasons:<\/p>\n\n\n\n
One is that Morgan Asset Management has an advantage in active management.<\/h3>\n\n\n\n
In overseas markets, Morgan Asset Management started a little late in the passive side and is still catching up, but active strategy ETFs are more influential in the industry. In China, the A-share market still has excess returns to tap compared with overseas markets, and we have accumulated rich active management experience in nearly 19 years of deep cultivation. <\/p>\n\n\n\n
Therefore, we believe that we can rely on our years of experience in active management and global resources to better help customers create value;CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n
Second, the passive Matthew effect is more obvious in domestic development (head institutions may account for 80% of the market share).<\/h3>\n\n\n\n
In such a competitive landscape, how to retain funds is a very big challenge for asset management institutions. Beyond the purely passive track, there may be more enhanced or innovative products in the future. In these areas, we will also actively utilize Morgan Asset Management’s overseas resources and advanced experience to strive for development.<\/p>\n\n\n\n
McKinsey: How do you see the cross-border investment opportunities in China’s asset management market? How to further leverage the advantages of foreign institutions to seize opportunities?<\/p>\n\n\n\n
Wang Dazhi: Cross-border business is particularly critical and one of the strengths of foreign institutions. To seize cross-border investment opportunities, EMAs have three core concerns:<\/p>\n\n\n\n
First, strike a balance between cross-border and local resources.<\/h3>\n\n\n\n
As a local institution with foreign background, the local market is also an important opportunity, and it is necessary to make flexible arrangements between cross-border and domestic according to the market performance, and provide clients with investment solutions that adapt to the market environment.<\/p>\n\n\n\n
Second, seize opportunities for mutual recognition of funds.<\/h3>\n\n\n\n
QDII, QDLP, mutual recognition funds, etc., are the normal and advantageous cross-border businesses of Morgan Asset Management in China, and there will be more opportunities to go north and south in the future. In terms of going north, allowing Morgan Asset Management’s Hong Kong-registered funds to be sold in the mainland will help bring Morgan Asset Management’s rich overseas products and strategies to mainland investors, so as to better achieve diversified asset allocation.CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n
In terms of going south, allowing Morgan Asset Management China’s A-share funds established in the mainland to be sold in Hong Kong will give full play to Morgan Asset Management’s international brand advantages and investor trust, promote the mainland’s good strategies and products to other regions, and help investors in other regions better grasp the A-share investment opportunities.<\/p>\n\n\n\n
Third, local personnel training and overseas exchanges.<\/h3>\n\n\n\n
Strengthen the training of local talents, promote the exchange of experience between local and overseas institutions (including investment, product, operation, IT, etc.), introduce various local investment opportunities to overseas countries, and realize the layout of “China for World”.<\/p>\n\n\n\n
McKinsey: What structural challenges do you see foreign companies facing in China?<\/p>\n\n\n\n
Wang Dazhi: Both foreign and local asset management institutions are facing a series of common challenges. I think the most prominent problems lie in the following two aspects:CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n
The lack of investors’ sense of gain caused by the phenomenon of “fund makes money, base people do not make money”.<\/p>\n\n\n\n
In my opinion, whether it is financial management or investment, helping investors to practice rational investment behavior is the key to creating a good investor experience and improving investment returns. Take our company as an example, we have carried out a lot of investment and education work last year with the help of online and offline platforms and media. <\/p>\n\n\n\n
Including regular in-depth communication (especially in the market fluctuations and the bottom stage), market information push (such as macro\/micro market analysis, strategy adjustment, etc.).<\/h3>\n\n\n\n
In addition, asset management institutions need to pay attention to the professional segmentation of investment research frameworks, in order to build a clearer and more stable investment style, and systematically enhance investors’ sense of gain.<\/p>\n\n\n\n
The subversive change brought by intelligent technology and man-machine combination mode.<\/p>\n\n\n\n
With the rapid iteration of technology, smart technologies such as the recently launched ChatGPT are rewriting past cognitive and business models. I believe that the future asset management industry will fully enter the era of data-driven intelligence. The large-scale application of digital technologies will also have a disruptive impact on the industry, such as big data analysis of real-time market information. And machine learning algorithms enabling portfolio optimization. <\/p>\n\n\n\n
In my opinion, the biggest use of digital intelligence technology will be to empower investment decisions, as “AI cannot replace people. <\/h3>\n\n\n\n
But people who do not use AI will be replaced”, and ultimately need to build a set of human-computer integration, and adapt to their own development of the technology system.CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n
McKinsey: From a Morgan Asset Management perspective, what key capabilities or actions do you think need to be built to meet the challenges and opportunities?<\/p>\n\n\n\n
Wang Dazhi: Based on the long-term, I will summarize it into three key words:<\/p>\n\n\n\n
Integration and development.<\/h4>\n\n\n\n
In January 2023, we were officially approved to change from a joint venture company to a wholly foreign-owned public fund company, opening a new chapter for Morgan Asset Management, and integration and development will become our main theme for some time in the future. “Integration” is not only the unified implementation of the system, but also in the business process, customer communication, risk control and other aspects of all-round coordination and localized deployment; “Development” means keeping up with the pace of the market and insisting on creating value for investors.CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n
Global and local.<\/h4>\n\n\n\n
Looking forward to the future development, the balance between globalization and localization is still a key issue that we need to pay attention to. For example, in terms of investment and research framework, the logic of introducing overseas investment or keeping the current investment framework.<\/p>\n\n\n\n
In terms of products, how to focus on the needs of local investors to continuously improve the equity, fixed income, ETF, pension and other business lines; In terms of system, how to build a management model that is more suitable for domestic development stage and environment?<\/p>\n\n\n\n
Decision-making and prudence.<\/h4>\n\n\n\n
Relatively speaking, foreign institutions are more in pursuit of orderly and stable development mode, and their research and analysis of innovation opportunities are more cautious and comprehensive. However, in many aspects, China needs to improve decision-making efficiency on the basis of controllable risks to effectively keep up with the market.<\/p>\n\n\n\n
McKinsey: What are the core developments you are most concerned about in response to the economic and market recovery in 2023?<\/p>\n\n\n\n
Wang Dazhi: In the development of 2023, there are four core concerns:<\/p>\n\n\n\n
One is stability.<\/h4>\n\n\n\n
The pursuit of team stability and the establishment of a robust and resilient internal control framework has always been our goal. In addition, in the product performance and style, we also need to strive to maintain stability;CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n
Second, we need growth.<\/h4>\n\n\n\n
The company needs to find the right track and areas of excellence, continue to maintain vitality and growth, so that customers understand our strength in investment research, risk control, products and other aspects;<\/p>\n\n\n\n
The third is to have performance.<\/h4>\n\n\n\n
Performance is the final perceived result of investors, how to make performance better than similar, more in line with the needs of investors is one of our development priorities;<\/p>\n\n\n\n
Fourth, brand promotion.<\/h4>\n\n\n\n
Using the global brand reputation of Morgan Asset Management to establish a more professional and international image among investors, so that the company’s products, capabilities, views and ideas can better reach investors, which is also a key factor for better development of the company.<\/p>\n\n\n\n
\u672c\u6587\u7531CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/a>\u8f6c\u8f7d\u800c\u6210\uff0c\u6765\u6e90\u4e8eCEO\u8a2a\u8ac7\u7f51\uff1b\u7f16\u8f91\/\u7ffb\u8bd1\uff1aCXO UNIONCXO\u8054\u76df\u5c0fU\u3002<\/p>\n\n\n\n
\u5982\u9700\u52a0\u5165 CXO UNION\uff08CXO\u8054\u76df\uff09<\/a>\u9ad8\u7ba1\u793e\u7fa4\uff0c\u8bf7\u8054\u7cfb\u793e\u7fa4\u5c0f\u4f19\u4f34\u54e6~<\/p>\n\n\n\n
$\"\"\/$ <\/figure>\n\n\n\n
\u514d\u8d23\u58f0\u660e: \u672c\u7f51\u7ad9(http:\/\/www.cxounion.cn\/<\/a>)\u5185\u5bb9\u4e3b\u8981\u6765\u81ea\u539f\u521b\u3001\u5408\u4f5c\u5a92\u4f53\u4f9b\u7a3f\u548c\u7b2c\u4e09\u65b9\u6295\u7a3f\uff0c\u51e1\u5728\u672c\u7f51\u7ad9\u51fa\u73b0\u7684\u4fe1\u606f\uff0c\u5747\u4ec5\u4f9b\u53c2\u8003\u3002\u672c\u7f51\u7ad9\u5c06\u5c3d\u529b\u786e\u4fdd\u6240\u63d0\u4f9b\u4fe1\u606f\u7684\u51c6\u786e\u6027\u53ca\u53ef\u9760\u6027\uff0c\u4f46\u4e0d\u4fdd\u8bc1\u6709\u5173\u8d44\u6599\u7684\u51c6\u786e\u6027\u53ca\u53ef\u9760\u6027\uff0c\u8bfb\u8005\u5728\u4f7f\u7528\u524d\u8bf7\u8fdb\u4e00\u6b65\u6838\u5b9e\uff0c\u5e76\u5bf9\u4efb\u4f55\u81ea\u4e3b\u51b3\u5b9a\u7684\u884c\u4e3a\u8d1f\u8d23\u3002\u672c\u7f51\u7ad9\u5bf9\u6709\u5173\u8d44\u6599\u6240\u5f15\u81f4\u7684\u9519\u8bef\u3001\u4e0d\u786e\u6216\u9057\u6f0f\uff0c\u6982\u4e0d\u8d1f\u4efb\u4f55\u6cd5\u5f8b\u8d23\u4efb\u3002<\/p>\n\n\n\n
\u672c\u7f51\u7ad9\u520a\u8f7d\u7684\u6240\u6709\u5185\u5bb9(\u5305\u62ec\u4f46\u4e0d\u4ec5\u9650\u6587\u5b57\u3001\u56fe\u7247\u3001LOGO\u3001\u97f3\u9891\u3001\u89c6\u9891\u3001\u8f6f\u4ef6\u3001\u7a0b\u5e8f\u7b49) \u7248\u6743\u5f52\u539f\u4f5c\u8005\u6240\u6709\u3002\u4efb\u4f55\u5355\u4f4d\u6216\u4e2a\u4eba\u8ba4\u4e3a\u672c\u7f51\u7ad9\u4e2d\u7684\u5185\u5bb9\u53ef\u80fd\u6d89\u5acc\u4fb5\u72af\u5176\u77e5\u8bc6\u4ea7\u6743\u6216\u5b58\u5728\u4e0d\u5b9e\u5185\u5bb9\u65f6\uff0c\u8bf7\u53ca\u65f6\u901a\u77e5\u672c\u7ad9\uff0c\u4e88\u4ee5\u5220\u9664\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"
\u5229\u7528\u6469\u6839\u8d44\u4ea7\u7ba1\u7406\u5168\u7403\u54c1\u724c\u58f0\u8a89\uff0c\u5728\u6295\u8d44\u4eba\u4e2d\u6811\u7acb\u66f4\u4e13\u4e1a\u5316\u548c\u56fd\u9645\u5316\u7684\u5f62\u8c61\uff0c\u4f7f\u516c\u53f8\u4ea7\u54c1\u548c\u80fd\u529b\uff0c\u89c2\u70b9\u548c\u60f3\u6cd5\u66f4\u597d\u89e6\u8fbe\u5230\u6295\u8d44\u4eba\uff0c\u4e5f\u662f\u516c\u53f8\u80fd\u66f4\u597d\u53d1\u5c55\u7684\u5173\u952e\u56e0\u7d20\u3002<\/p>\n","protected":false},"author":1,"featured_media":9731,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,13],"tags":[391],"class_list":["post-9729","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ceo","category-viewpoint","tag-391"],"_links":{"self":[{"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/posts\/9729","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/comments?post=9729"}],"version-history":[{"count":2,"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/posts\/9729\/revisions"}],"predecessor-version":[{"id":10943,"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/posts\/9729\/revisions\/10943"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/media\/9731"}],"wp:attachment":[{"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/media?parent=9729"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/categories?post=9729"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/tags?post=9729"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}

Second, we need growth.<\/h4>\n\n\n\nThe company needs to find the right track and areas of excellence, continue to maintain vitality and growth, so that customers understand our strength in investment research, risk control, products and other aspects;<\/p>\n\n\n\n

The third is to have performance.<\/h4>\n\n\n\nPerformance is the final perceived result of investors, how to make performance better than similar, more in line with the needs of investors is one of our development priorities;<\/p>\n\n\n\n

Second, we need growth.<\/h4>\n\n\n\n
The company needs to find the right track and areas of excellence, continue to maintain vitality and growth, so that customers understand our strength in investment research, risk control, products and other aspects;<\/p>\n\n\n\n

The third is to have performance.<\/h4>\n\n\n\n
Performance is the final perceived result of investors, how to make performance better than similar, more in line with the needs of investors is one of our development priorities;<\/p>\n\n\n\n