Cheng Fei, General Manager of Oriental Red Asset Management: The intense competition in public funds has raised higher requirements for the comprehensive strength of securities companies' asset management.

On November 19th, the 19th Shenzhen International Financial Expo opened, and the "2025 China Financial Institutions Annual Meeting and China Securities Industry Asset Management Summit Forum" was held simultaneously. Cheng Fei, General Manager of Oriental Red Asset Management, stated in his keynote speech that in the context of the growth in the scale of the asset management industry and the continuous enrichment of business formats, various types of asset management institutions have ushered in new opportunities for high-quality development, but at the same time, they also face some new challenges. This year, the overall scale of the large asset management industry has exceeded 164 trillion yuan, but the structural differentiation in specific sectors is becoming more pronounced. Among them, the overall scale of public funds, insurance asset management, bank wealth management, and trust funds exceeds 30 trillion yuan, with a worsening Matthew effect, while private equity funds, securities asset management, futures asset management, and other institutions still face a tough competitive landscape. Specifically regarding securities asset management, Cheng Fei mentioned that, on one hand, although the entrusted scale of 7 trillion yuan has stabilized in the short term, with the end of the large-scale rectification and the decline in fixed income asset yields, the industry urgently needs new breakthroughs in growth. On the other hand, there are only 14 securities firms and asset management subsidiaries with qualifications to manage public funds currently, accounting for only 2% of market share in the public fund sector, with an incremental share of 2% within the year. The intense competition in the public fund sector also raises higher requirements for the comprehensive strength of securities asset management.