On January 23, 2024, under the guidance of CITIC Financial Holdings, 12 companies, including CITIC Bank, CITIC Securities, CITIC Construction Investment Securities, CITIC Trust, CITIC Prudential Life Insurance, CITIC Consumer Finance, CNCBI Wealth Management, Baixin Bank, China Asset Management, CITIC Prudential Fund, CITIC Publishing, and CITIC Technology, jointly held the "Finance for the People - CITIC Wealth Festival Annual Ceremony" for the first time, and broadcast it live on Xinhuanet, Sina Finance, the APP of CITIC Financial Holdings, and CITIC Fortune Plaza.
The annual ceremony of the CITIC Wealth Festival
This annual ceremony invited a number of domestic and foreign economists such as Russ Tweed, Kevin Kelly, Guan Qingyou, etc., and joined forces with CITIC research experts in various fields to discuss the topic of wealth management in the new era, put forward forward-looking views on the market in 2024, create an audio-visual feast with the collision of ideas, and help people live a better life with professional services.
Fang Heying, Deputy General Manager of CITIC Group and Chairman of CITIC Bank, said that CITIC Group resolutely implements the spirit of the Central Financial Work Conference, actively practices the political and people's nature of financial services, and takes the realization of the people's yearning for a better life as the starting point and end point of its work.
Cao Guoqiang, general manager of CITIC Financial Holdings, said that CITIC Financial Holdings brings together multiple financial formats such as banking, securities, insurance, trusts, and funds, gives full play to the advantages of full licenses, full chains, full products, and full services, integrates think tank experts and financial technology capabilities, and builds an open ecological platform for Fortune Plaza, so as to provide every investor with digital, online, and inclusive high-quality wealth management services.
As one of the hosts of the annual ceremony, Xiaoxin, the financial advisor of CITIC Digital Human Wealth Advisor, introduced the functional positioning of "CITIC Fortune Plaza" and the background of the "CITIC Wealth Festival" activity. "CITIC Fortune Plaza" is a digital and intelligent wealth management sharing platform created by CITIC Financial Holding based on the concept of "one CITIC, one customer", aggregating the technological capabilities of its financial companies and creating a digital and intelligent wealth management sharing platform for hundreds of millions of individual customers. The "CITIC Wealth Festival" is a way for CITIC Financial Holding to fully implement the spirit of the 2023 Central Financial Work Conference, practice "Finance for the People", and guide companies to jointly provide customers with financial solutions for all-round wealth management.
CITIC Digital Human Wealth Advisor "Xiaoxin"
Macro: Technological innovation drives economic growth
At the annual ceremony, Russ Tweed, author of "The Inescapable Economic Cycle" and "Financial Psychology" and international investor, and Guan Qingyou, president of the Institute of Financial Research, discussed the global and China's economic development trends.
Historically, innovation has driven sustained GDP per capita growth in economies around the world, according to Russ Tweed. In the next few years, we're going to see quantum computing come in through the cloud, and it's millions of times more computationally efficient. The entire system includes data processing and computing power, physical and Internet, Internet of Things and big data. This system will also be a source of power for the development of wealth. China is one of the most innovative countries in the world, and with price indices trending not much different, Chinese tech stocks are likely to stand out from the rest in 2024. Russ Tweed believes that the long-term trend of China's economy is positive.
Guan Qingyou believes that China's future development trend is improving, and investors should have long-term expectations, correct mentality and reasonable plans, and will also obtain positive returns on investment in the investment market.
Kevin Kelly, the founder and editor-in-chief of Wired magazine and known as the "father of Internet trends", also gave life advice through the "CITIC Wealth Festival", to keep learning and keep dreaming, to pay attention to important things, and to seize the opportunity to achieve the success goals set by yourself.
Capital Markets: Structural opportunities are expected in the market in 2024
In 2023, the full registration system will be officially implemented, ushering in a new era for A-shares. "Activating the capital market and boosting investor confidence" has become a consensus. At the annual ceremony, Yang Fan, Chief Analyst of Macro and Policy of CITIC Securities, Wang Rui, Director of Equity Investment of CITIC Prudential Fund, and Jing Jing, Co-Chief Investment Officer of Fidelity Fund, three experts from the securities and fund industries, respectively expressed their forward-looking views on the capital market in 2024.
Yang Fan believes that the A-share market is going through a "three-stage allocation" process. In the first stage, the policy of stabilizing growth will be the mainstay, and the pro-cyclical varieties will be repaired and rebounded first. In the second stage, growth sectors such as technology and medicine will usher in recovery. In the third stage, it is expected that after the new stimulus policy is implemented in 2024, investors may turn to leading white horse stocks, such as consumption, Internet, new energy, etc. She judged that after the establishment of the Central Science and Technology Commission through institutional reform, technology-related industrial policies are worth looking forward to, and stressed that fiscal efforts to drive investment and service-oriented consumption may become the key point of China's economic growth in 2024.
Wang Rui said that 2024 may be a transition year for the capital market to turn from bears to bulls. He believes that the current market is close to a long-term bottom, and the downside risk is not expected to be large, and the upside is more resilient. He is optimistic about the fields of science and technology, medicine and health, and believes that the leading enterprises in the field of new energy will reflect greater advantages.
Tranquility highlighted the attractiveness of China's equity market and predicted that the probability of positive returns in the A-share market will be higher in the second half of 2024 as the global monetary policy cycle changes. She also mentioned that capital expenditure and infrastructure investment by Chinese companies will be expected growth points in 2024.
CITIC financial institutions: Actively practice the concept of finance for the people and help individual customers allocate assets
The heads of the member institutions of the "CITIC United Fleet", CITIC Securities, CITIC Construction Investment Securities, CITIC Trust, CITIC Prudential Life Insurance, CITIC Consumer Gold, CNCBI Wealth Management, Baixin Bank, China Asset Management and CITIC Prudential Fund, sent a message at the annual ceremony in 2024, saying that they will adhere to the concept of "one CITIC, one customer", integrate the resources of various companies, and provide customers with wealth management services throughout the life cycle and all scenarios.
Wang Hongdong, General Manager of the Wealth Management Department of China CITIC Bank, put forward the value proposition of "being the CFO of your own life in the era of longevity" and the allocation method of full life cycle wealth planning, helping young customers to have "a healthy balance sheet", focusing on balance between income and expenditure, avoiding excessive debt, and laying the foundation for pension and children's education reserves; Money to spend a lifetime" and have "a happy old age".
Jiang Hongwei, assistant general manager of CITIC Prudential Life Insurance, pointed out that insurance can play the role of a gatekeeper in each of our families and guard the last line of defense of family wealth at the annual ceremony of the "CITIC Wealth Festival". CITIC Prudential Life will continue to establish a risk protection system for each family, allocate professional insurance products and services that are more in line with customer needs, and provide comprehensive protection solutions of "insurance + service".
Yuan Dongning, Deputy General Manager of the Wealth Management Department of China CITIC Bank, said that through the upgrading and optimization of China CITIC Bank's mobile banking 10.0 and "CITIC Wealth Plaza", it is not only necessary to improve the supply of wealth management services for public customers, but also to consolidate the service depth of inclusive wealth management, broaden the service breadth of inclusive wealth management, extend the service length of inclusive wealth management, and enhance the sense of wealth acquisition of public customers through artificial intelligence, big data and AI technology.
As the lifeblood of the real economy, finance shoulders the mission and responsibility of promoting high-quality economic development. In 2024, the "CITIC United Fleet" will further contribute CITIC strength and wisdom to serving the real economy, preventing and controlling financial risks, and deepening financial reform.
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