The report of the 20th National Congress of the Communist Party of China emphasized that "insisting on focusing on the real economy for economic development", serving the real economy is the vocation and purpose of finance, and the asset management industry, as an important part of the mainland financial market, needs to better serve the real economy, serve the national strategy, and support industrial transformation and upgrading.
On January 5, the "2022 Global Asset Management and Quantitative Investment Forum" with the theme of "Return to the Origin and Service Entity" was successfully held online, and a number of authoritative experts from academia and industry conducted in-depth exchanges and discussions around the theme. At the same time, the "2022 China Fund List" and "2022 Global Securities Investment Fund Industry Annual Review" were officially released at the forum. The forum was broadcast simultaneously on Tsinghua Wudaokou Cloud Classroom, Tsinghua Financial Review Financial Micro Classroom, Xueshuo, Phoenix Net Finance, Hexun.com, Financial Circle, Panorama.com, Sohu Finance, Flush, Wande 3C, Sina Finance, China Securities Taurus and other platforms.
Zhang Wei: To achieve the high-quality development of the asset management industry, we must always be guided by serving the real economy and the healthy development of the industry
Zhang Wei, Deputy Dean of the National Institute of Financial Research of Tsinghua University, Member of the Party Committee and Associate Researcher of the PBC School of Finance of Tsinghua University, Deputy Director of the Financial Development and Regulatory Technology Research Center, and Executive Editor of Tsinghua Financial Review, delivered a speech on behalf of the organizers, believing that the overall situation of the mainland economy in 2023 will still be that the long-term good fundamentals will remain unchanged, and the economic growth will be resilient and has large space. In the complex internal and external environment, the future of the asset management industry is still a combination of opportunities and challenges, such as the uncertainty brought about by the century-old changes superimposed on the epidemic of the century, the shift of the Fed's monetary policy has intensified global market volatility, and the new round of technological and industrial revolution is reconstructing the economic model and industry form. He mentioned that international experience shows that economic development will drive the development of the asset management market, and the asset management industry needs to always be guided by serving the healthy development of the real economy and the industry in order to achieve high-quality development, and put forward three suggestions: First, we must make up for the shortcomings of the system and improve the asset management system; Second, we should increase investment in science and technology and improve the level of asset management technology; Third, we must consolidate the investment and research system and continue to improve the level of investment and research.
Keynote Speech: High-quality Development of Asset Management Industry
Wang Zhongmin: We should actively use financial methods to solve the current tasks of asset management and real economic development
Wang Zhongmin, former vice chairman of the National Council of Social Security Fund, said in his keynote speech that finance should not only provide liquidity and financial services for the real economy, but also provide strong financial services and financial support for new assets and high-tech assets in the future. He believes that the financial system design of the carbon emission trading market uses financial methods to solve the market mechanism from no assets to assets, to price discovery, behavioral rewards and punishments and distribution, and finally to the formation of social industrial structure and social income distribution. The financial model of VC angel investment allows the real connection between high risk and high return, which is not only responsible for investors but also bears the costs that may arise from innovation failure, and also brings new opportunities and new assets, which is one of the fundamental institutional innovations in the financial investment process; The biggest influence of financial logic in equity is the registration system, the logic of the registration system is to break the previous rules of the same share, the same share, the same right and different rights, with the development and progress of the times, the depth of its financial services will be further improved. These three financial logics are typical embodiments of actively using financial methods to solve the important tasks of asset management and real asset development.
Zhang Xiaoyan: The prospects for green zero-carbon investment are considerable, and private equity and venture capital funds are exciting
Zhang Xiaoyan, Deputy Dean of Wudaokou School of Finance and Xinyuan Chair Professor of Finance, Tsinghua University, Deputy Dean of National Institute of Financial Research of Tsinghua University, Deputy Dean of Tsinghua University Fintech Research Institute, and Director of Xinyuan Real Estate Fintech Research Center, shared the theme of "2022 Annual Review of Securities Investment Fund Industry" in his keynote speech. She reviewed the macroeconomic trends and capital market development at home and abroad in 2022, and used a large number of charts and data to focus on the mainland fund industry for a review, and summarized the development highlights of the fund industry: first, the sustainable development of ESG investment, second, the rapid growth of quantitative investment, and third, the release of vitality by infrastructure public REITs. Looking forward to the development of the fund industry in 2023, she believes that, first, under the background of the global vigorous advocacy of green finance and the enthusiasm for green investment in the fund industry, the development prospects of green zero-carbon investment in the fund industry are considerable; Second, the development of the fund industry should serve the development of the real economy, and under the trend of capital market helping innovation-driven development and strengthening long-term investment forces, the prospects of private equity and venture capital funds in 2023 are exciting.
Theme Forum 1: New Trends in Global Investment
Li Chao: The process of superimposed resonance between risk events and policies may reverse in 2023
Li Chao, chief economist of Zheshang Securities, said in his keynote speech that looking back on 2022, there are two very significant changes in the international market, one is that the development of the Russia-Ukraine conflict has exceeded market expectations, which has led to the further aggravation of the global stagflation problem, but its impact on the investment market is small, and the spillover characteristics of the macroeconomy itself still exist; The other is that the Fed continues to raise interest rates, which brings spillover risks to interest rate hikes, whether for the United States itself or many emerging market economies. He believes that unexpected events in the international market in 2022 will make risk events and policies superimposed resonance process, this resonance process in 2023 or there will be some definite reversal, when these reversals appear, it is necessary to mainly grasp the main line of the decline in real interest rates, the international market focuses on gold, US stock indexes, US bonds and US dollar indexes and other changes and trends, to explore more asset investment opportunities.
Zeng Jie: The liberalization of policies will stimulate the vitality of Chinese REITs and effectively enhance their long-term strategic value
Zeng Jie, General Manager of China Overseas Fund Company, elaborated on the meaning of REITs in his keynote speech, believing that REITs can meet the financing needs of the real economy and the investment needs of social capital. In recent years, the scale of global REITs has developed rapidly, and they have become mainstream investment products and an important part of mature capital markets. Chinese REITs have been developing for 17 years, and they are entering a period of accelerated development after the policy support and becoming an important financial asset to increase residents' property income, whether in terms of the frequency of policy issuance or the scope of product coverage. The asset appreciation potential of Chinese REITs has gained traction from the market, and their development is in line with the current trend of economic transformation and financial market reform, and more types of products may be launched in the future to revitalize high-quality existing assets in various real estate sectors. Looking ahead, further liberalization of the organizational structure, management model, asset expansion channels, tax incentives and other systems will stimulate the vitality of Chinese REITs and effectively enhance their long-term strategic value.
Theme Forum 2: Technology Empowers the Digital Transformation of Asset Management
He Yang: The scope of asset management empowered by the intelligent Internet of Things has been further extended
He Yang, director of the financial technology department of the Cloud Institute of the China Academy of Information and Communications Technology, said in his keynote speech that the intelligent Internet of Things has become the mainstream trend of the development of the Internet of Things, and the application value in various industries is obvious, and the financial industry has begun to explore the application of intelligent Internet of Things at this stage. In the asset management industry, the wide application of intelligent Internet of Things will empower asset management, making it more efficient and penetrating, able to penetrate deeper into the underlying underlying assets, and promoting the expansion of asset management from traditional financial asset classes to more fields. He introduced in detail typical cases of the application scenarios of intelligent Internet of Things in the asset management industry, such as movable property supervision of warehousing receipts, inventory of live biological assets, futures commodity delivery supervision, and due diligence management of non-performing assets. Finally, he introduced the first 5G+Alot financial application standard in China, through the implementation of this standard scheme, it will gradually guide the management of collateral to real-time, dynamic and intelligent direction.
Fan Hua: The unique environment of the Chinese market is suitable for quantitative investment, and it also provides rich research and practice opportunities for systematic investment
Fan Hua, General Manager (proposed) of BlackRock CCB Finance, said in his keynote speech that the application of fintech has been integrated into the overall business cycle of the asset management industry, and has brought end-to-end empowerment in the asset management value chain, helping to improve quality and efficiency, and expand business capabilities. Mainland quantitative investment has been in the process of nearly 20 years, the industry has developed vigorously, and has gradually become one of the typical cases of digitalization and technology in investment applications, resulting in top-down decision-based macro allocation strategy, bottom-up decision-based micro stock selection strategy and stock index futures-based arbitrage strategy. She believes that the unique environment of the Chinese market is suitable for quantitative investment, and also provides rich research and practice opportunities for systematic investment. Systematic investment is enabled by technology to track and correct the risk return and expectations of a large number of investment targets in real time, and carry out quantitative performance attribution in daily management, scientifically analyze and evaluate investment performance, and timely stress tests and make plans when major risk events occur.
Zhang Chenying: The application of AI in domestic quantification has unique advantages, and the "new relationship" between data is mined through cutting-edge data and alternative algorithms
Zhang Chenying, Investment Director of Bailu Asset Management, shared the application of AI technology in the domestic quantitative industry and its future development direction in the keynote speech. She said that the domestic quantitative market has unique advantages, first, the trading volume of A-shares is very large, and the proportion of institutional investors is small, which gives a lot of space for programmatic trading; Second, the domestic quantitative market has advanced theoretical knowledge and experience to learn from; Third, in conjunction with the development of breakthrough big data mining algorithms and hardware, many breakthroughs can be achieved.
She believes that today, with the widespread use of machine learning and deep learning, an important research and development direction is to further explore the new relationship between data, such as using distributed clusters, promoting the application of innovative algorithms in the field of deep learning in research, and giving full play to the advantages of machine learning in the mining and use of alternative data. She also proposed that in this regard, we should also pay attention to avoiding some pitfalls, such as overfitting caused by insufficient data length and insufficient effectiveness under brute force mining.
The forum was hosted by the editorial department of Tsinghua Financial Review of Tsinghua PBC School of Finance and Beijing Qingkong Financial Media Culture Technology Co., Ltd. Jointly sponsored by Asset Management Research Center of National Institute of Financial Research of Tsinghua University, Xinyuan Real Estate Fintech Research Center of Tsinghua University Fintech Research Institute, Global Fund of Funds Research Center of Wudaokou School of Finance of Tsinghua University, and Capital Market and Asset Management Research Center of Hong Kong Chinese University (Shenzhen) Institute of Advanced Financial Research.
The "Global Big Asset Management and Quantitative Investment Forum" aims to focus on capital market policies and innovation trends, showcase outstanding institutions and products in China's asset management and quantitative industry, share their advanced investment concepts, and create a high-end interactive exchange platform for the global asset management and quantitative investment community to help the healthy and orderly development of the industry. Since the launch of the first forum in 2015, it has successfully held 8 consecutive sessions of 15 forum activities, with more than 300 guests attending the forum, more than 8,000 on-site audiences, more than 1 million remote online interactive guests, and more than 350 participating media.