Ⅰ　General Report
1　Review of China’s Asset Management Industry in 2013 and the Industry
　　Outlook【Zhang Shengnan, Shen Xiuyuan】／001
　　1. Definition of the Asset Management Industry／002
　　2. Industry Development in 2013／008
　　3. Industry Outlook／021
　　Column 1  Clarification of Shadow Banking System and Ways to Address Its
　　　　　　　Drawbacks【Zhang Xuyang】／024
　　Column 2  Overview of Oversea Asset Management Industry【Shen Xiuyuan】／034

Ⅱ　Reports on Asset Management Companies
2　Commercial Banks’Financial Products Business for Wealth Management:
　　The Largest Asset Manager and Provider of Direct Financing
　　【Li Fang, Xing Tao】／ 053
3　Trust Companies: It’s Time to Make Changes and Carry out Diversified
　　Development【Bai Yun】／ 069
4　Insurance Asset Management Companies: New to the Market but Great
　　in Scale【Ling Xiuli, Wu Hao】／086
5　Asset Management of Security Firms: Carrying the Hope of Innovation,
　　They Will Strengthen the Active Management【Yu Haiyang, Cui Jipei】／105
6　Mutual Funds: Money Market Funds Gained Extreme Popularity
　　【Tian Yi, Ma Yongjing】／117
7　Subsidiaries of Fund Companies: Business Model Analysis of the Fast
　　Growing Sub-industry【Wan Yun, Peng Xianbo】／ 128
　　Column 3　How to Run Asset Management Business in a Commercial Bank
　　　　　　　　【Ma Xutian】／138
　　Column 4　Model Due Diligence Questionnaire for Hedge Fund Investors
　　　　　　　　【Cheng Lin, Wang Zexian】／147

Ⅲ　Reports on Assets Allocation
8　Assets Allocation: A Big Test for Asset Management Companies
　　【Guo Xinzhong, Meng Yue】／153
9　Money Market: The Beneficiary of China’s On-going Interest Rate Reform
　　【Guo Jingchuan】／162
10　Fixed Income Market: Beware of the Credit Risk【Hu Li】／169
11　Quasi-fixed Income Market: The Chinese Style OTC Financial Products
　　Still Has Great Potential【Zhang Hua, Sun Yan】／178
12　Equity Market: Seeking Opportunities in the Age of Economic Reform
　　and Institutional Changes【Li Wei, Gong Xiaohui】／188
13　Securitization: New Venture for Investment Managers in 2014
　　【Xia Yang, Liu Wei】／203
　　Column 5　Arbitrage Using Quantitative Tools【Yang Jianbo】／215

Ⅳ　Reports on Client and Distribution
14　Demand Analysis for Asset Management Industry
　　【Liu Lanxiang, Shen Xiuyuan and Zhang Lu】／221
15　Boom in Online Selling Platform and Industry Outlook
　　【Yan Zheng, Bai Yun】／231
16　Private Banks: Shifting Business Model from Commission Based to Real
　　Wealth Management【Zhao Qi, Li Jieru and Shen Xiuyuan】／241
17　Independent Financial Advisors: On the Road of Combining Product
　　Development and Distribution【Zhou Fei】／252

Ⅴ　Reports on Risk Management
18　The Whole Picture of Risk Management in China’s Asset Management
　　Industry【Yuan Xianzhi, Huang Rongbing and Fan Wei】／261
19　Risk Management Framework of Commercial Banks’Financial Products
　　Business for Wealth Management【Liu Liang, Dong Shen】／276
20　Case Study on 23 Trust Risk Events【Liao Shi, Bai Yun and Luo Zhangyue】／288
21　Addressing the Issue of the “Nigid payment”【Ni Shoubin】／323

Ⅵ　Reports on Infrastructure
22　Custodian Service: Race Under the Development of Asset Management
　　Industry【Meng Yang】／330
23　Construction of the Registration and Clearing System for Asset
　　Management Products【Liu Yue】／341
24　IT System Construction: Large-scale Investment is Coming
　　【Xie Yebo, Shen Xiuyuan】／354
25　Rating System Gained Perfection, but Still Immature【Yang Qinyu】／366
26　Think-tank and Information Service for Asset Management Industry
　　in China: Just Unfolding【Cheng Lin, Shen Xiuyuan】／378

Ⅶ　Reports on Regulations
27　Review of the Regulatory Policies Issued in 2013 and the Outlook
　　in 2014【Ni Shoubin】／386
28　Law System Construction of the Asset Management Industry
　　【Ni Shoubin】／398
29　Financial Consumers’Interest and Investor Protection【Ni Shoubin】／407

30　Postscript／414