财联社7月7日讯（记者 王晨）7月2日，由财联社携手华夏基金、腾势共同举办的第五届财富管理论坛暨第三届“财富管理・华尊奖”颁奖典礼在南京成功举办。中金公司管理委员会成员，中金财富总裁王建力发表题为《驭变K型周期：低利率与数智时代的财富管理新范式》的主题演讲。

Forum participants observed that Wang Jianli, in summarizing the era variables confronting the wealth management industry, distilled them into three keywords: K-shaped markets, low interest rates, and digitization. With the global macroeconomic environment and capital markets experiencing profound reconstruction and rising uncertainty, structural differentiation has intensified. These challenges have opened new windows for the business models of wealth management institutions.

这两年全球宏观经济和资本市场正处于一个深刻的重构期，不仅充满了不确定性，更呈现出一种结构性的、极致的分化。王建力在开场即点明，当市场进入K型周期，投资者一边担心错过，一边又害怕买在泡沫高点，财富管理机构也必须在不做错和不错过之间重新建立专业能力。

围绕这一判断，王建力从K型市场应对、低利率时代破局以及AI数智赋能三个维度展开，分享了中金财富的思考与实践。对中金财富而言，财富管理3.0不只是产品货架的升级，而是从客户需求出发，运用资产配置、买方投顾和智能服务重构客户全旅程。

K型分化下，财富管理机构既要防踏空也要防泡沫。

王建力首先将当前财富管理所处的市场环境概括为K型分化。

Macroscopically, geopolitical conflicts, trade frictions, inflation pressures and the global central bank's policy reversal have made the macro liquidity uncertainty faced by capital markets more complex. At the industry level, the technology revolution represented by AI is profoundly reshaping the global industrial pattern and has become a new engine driving economic growth. In his speech, Wang Jianli cited data showing that the proportion of added value in high-tech industries in total industrial added value has already risen from 13.3% in 2019 to 18.2% in 2026; in the first quarter of this year, profit growth in the AI industry chain year-on-year exceeded 70%, while the profit growth of all non-financial enterprises was approximately 12%.

社零总额在5月同比下降0.6%。新建商品房销售面积和金额的同比降幅分别扩大至-13.2%和-9.3%。新动能的崛起与传统需求的筑底并存，构成了当前经济的K型走势。

这种分化也映射到资本市场。2024年9月“924行情”以来，万得全A累计上涨79%，而约1300家公司构成的AI产业链相关行业指数累计上涨166%，最近两个月仍大幅上涨并创出新高。市场的极致分化让投资者体感差异显著：踏空者焦虑，“怕错过”的FOMO心理升温；持仓者又担心处于泡沫后期，面对大幅回撤风险。

摆在财富管理机构面前的专业考验因此更为严峻。王建力给出的方向十分明确，一方面需要借助丰富多元的投资工具与优质产品供给来助力居民财产性收入的提升，从而让投资者能够分享市场的红利，另一方面则必须摒弃冲规模、赚快钱的短视思维，强化逆向配置与尾部风险管控，坚决避免投资者沦为市场泡沫的买单者。

资产配置深耕二十年，中金财富买方投顾开启财富管理3.0时代

越是在分化时刻，财富管理机构越要回归本源。王建力认为，财富管理机构的使命应该落到四个字上，那就是以人为本。

王建力在分享中表示，从2010年开始建立产品研究体系以来，中金财富在产品研究和资产配置领域已深耕近20年；2019年开启买方投顾转型，在业内首次推出“中国50”私享专户旗舰服务；到2025年，以“中国50”为代表的买方投顾服务资产规模突破千亿元，中金财富正式迈入财富管理3.0时代。

在王建力的叙述中，财富管理3.0代表着服务逻辑的升级。在K型分化加剧的新局面下，真正的解法要从客户需求出发，利用资产之间的低相关性构建风险收益更优的投资组合，将客户利益置于中心。

这既是买方投顾的初心，也是穿越周期的根本路径。对财富管理机构而言，客户焦虑来自于市场分化，服务价值则来自于能否把焦虑转化为可执行的资产配置方案。

低利率时代，73万亿元存款搬家如何承接？

2025年以来，中国正式进入利率“1”时代，国有六大行一年期定存利率下行突破1%。传统银行理财打破刚兑，整体收益率逐步下行，2025年末也首次跌破2%。
作为财富管理必须面对的现实课题，王建力把问题说得非常直接。当居民庞大的稳健配置需求加速释放，如何稳妥承接，就成了财富管理机构绕不开的一道必答题。

低利率环境下，债券投资收益预期持续降低，传统固收产品难以满足投资者收益需求。与此同时，大量定期存款即将到期。王建力在演讲中提到，预计2026年到期存款主要包括2023年吸收的三年定期存款、2024年吸收的两年定期存款以及2025年吸收的一年定期存款，样本银行2026年存款合计到期规模约73万亿元，较2025年增加约12万亿元。

对财富管理机构而言，稳妥承接这部分庞大配置需求，不仅是做大钱包份额的需要，更是服务低风险偏好客户、守护居民财富的必然要求。

From single-product thinking to low-volatility allocation, CICC Wealth constructs a closed loop using the 5A model.

From the low-interest-rate environment, robust product supply must transition from single-product fixed-income offerings to multi-asset, low-volatility allocations. Wang Jianli presented the portfolio spectrum for robust asset configurations by CICC Wealth on site:

纯债类产品提供相对稳健的打底收益，包括货币基金、短债及中长债基金。

创新“固收+”在纯债基础上叠加20%转债、红利或REITs以增厚收益。

海外资产方面，在QDII/QDLP代销以及互认基金等业务中引入相关产品，提供相对更有弹性的稳健标的。

另类投资策略包括市场中性策略、股票多空策略、套利策略以及低波动CTA等低相关策略。这些策略通过追求绝对回报的方式，为组合配置提供了多样化收益来源。

In this framework, achieving robust investment in stable categories can no longer rely solely on bond foundations. The investment logic needs to transition from a single-product mindset to an allocation mindset, from a single fixed-income offering to a low-volatility allocation.

王建力将核心护城河指向跨市场多资产的配置能力。

中金财富在资产配置领域形成的5A配置模型，正是这一思路的工具化表达。5A分别代表Appetite客户偏好、Asset资产配置、Attribution策略归因、Alpha深挖超额以及Assessment风险评估。其中，五大支柱环环相扣，构成了从“读懂客户”到“守护资产”的完整闭环。

This set of models underscores the industry significance that wealth management is no longer simply seeking a product with higher returns but rather continuous management around customer preferences, asset portfolios, risk attribution, and excess returns. For individual and institutional clients, the value of a one-stop low-volatility product solution lies precisely in the low-interest-rate era, traversing cycles to achieve long-term stable growth in property income.

数智化则决定财富管理服务能否实现规模化与精准化落地。

王建力将人工智能对财富管理行业的影响拆分为两个方面的力量，一方面是马太效应的加剧，大模型研发与应用需要资金预算和技术能力支撑，天然有利于资源充沛的头部机构，另一方面是乘数效应带来的重新洗牌，数字能力与金融专长深度融合后，部分中小机构也可能实现弯道超车。

王建力表示，很多人在谈论AI与业务结合，但AI对业务的赋能不只是简单叠加，而是乘数效应，因为AI不是孤立的技术模块，而是深度嵌入客户服务、投顾研判以及内部运营的每一个环节。

基于这一判断，中金财富将人工智能定位为公司级核心战略，对公司级核心战略进行系统构建，进而构筑出对客智能体、投顾助手智能体以及财富数字员工三大智能体群。

为每一位客户配备一名AI财富顾问，让专业陪伴不再有门槛；为每位员工配备一名数字孪生助手，让重复劳动交给机器，让创造性的工作回归人；为公司打造一支人机融合的员工队伍，让人的温度与机器的精度相得益彰。

财富管理的未来，不只是通过智能化与高效化实现进步，更要借助温暖的情感连接来塑造其发展路径。

三大智能体群，财富管理服务正在被重构。

中金财富正在推进的三大AI智能体群，分别对应客户服务、投顾赋能和内部运营。

在客户服务端，中金财富聚焦于面向客户的AI服务工具体系，将被动问答工具升级为主动陪伴式智能伙伴。借助第三方平台与中金公司自研的中金点睛大模型的结合，支撑对客场景。目前，AI诊股通和AI账户诊断功能已经上线，为客户提供投资参考和基金账户深度洞察体验。

中金财富于2025年自主打造投顾助手智能体，覆盖服务准备、服务触达、服务复盘等环节，其中投顾渗透率已达到73%。今年，这一智能体还将全面升级，构建服销一体、人机协同的新范式，覆盖售前客户洞察、售中销售策略、售后陪伴关怀以及投研智库等功能，从而支持投顾产能的进一步提升。

在内部赋能方面，中金财富自主研发客服智能体，推送应对话术与解决方案，辅助客服快速响应客户问题。 上线以来，这一智能体累计服务客户超过84万次，客服知识检索效率显著提升30%。未来，运营智能体还将覆盖投后报告专家、线下交易簿记专家等重点场景，进一步提升运营承载能力上限。

AI is permeating every link in wealth management from client services to advisory empowerment and on to internal operations. Yet Wang Jianli places the ultimate focus back on people. The value of technology lies not in making services cold but in enabling them to respond more promptly, deliver more precise investment suggestions, and provide customers with a warmer experience. This is precisely what CICC Wealth repeatedly emphasizes as it advances its AI strategy: technology for good.

Financial services serve the people, and the new paradigm of wealth management must return to the sense of acquisition experienced by clients.

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来源：中金财富总裁王建力：驾驭K型周期，乘AI之势，重塑财富管理新范式 | 财联社