安本集团全球行政总裁Jason Windsor:建设世界一流投资机构——长期尽责管理、机遇与合作

10月21日，2026金融街论坛年会证监会主论坛在北京举行。本次论坛以“建设一流投资机构 服务资本市场高质量发展 共享投资中国新机遇”为主题，由中国证券监督管理委员会主办、中国证券投资基金业协会承办。安本集团（Aberdeen Group plc）全球行政总裁杰森·温莎（Jason Windsor）出席并发表演讲。

Building World-Class Investment Institutions: 

Long-Term Stewardship, 

Opportunity and Collaboration

建设世界一流投资机构：

长期尽责管理、机遇与合作

Jason Windsor

安本集团全球行政总裁

Good morning everyone. It is a pleasure to be here with you in Beijing.

各位早上好。非常荣幸今天与大家相聚北京。

I am Jason Windsor, Chief Executive of Aberdeen Group plc. We are one of the UK's leading wealth and investments groups, helping millions of customers and clients turn their financial goals into reality. Together, we manage and administer nearly ￡580 billion of assets across our investment business, adviser technology platform and our personal wealth platform, interactive investor, which is one of the UK's leading digital investment platforms.

我是安本集团全球行政总裁杰森·温莎。我们是英国领先的财富管理与投资集团之一，致力于帮助数百万客户实践其财务目标。通过我们的资产管理业务、理财顾问平台以及旗下的个人财富平台 interactive investor——英国领先的数字投资平台之一——我们管理及提供行政管理服务的资产规模合计接近5,800亿英镑。

Today, I would like to offer three perspectives: long-term stewardship, China’s strategic importance to global investors, and the value of openness and international collaboration.

今天，我希望从三个方面分享一些观点：长期尽责管理、中国对于全球投资者的战略重要性，以及开放与国际合作的价值。

1. Long-term stewardship and trust: Building institutions that stand the test of time

一、长期尽责管理与信任：建构经得起时间考验的机构

Let me begin with the purpose of an investment institution. Its strength should not be judged only by the amount of assets it manages. Scale can help, but scale alone does not create trust, sustainable returns or better outcomes. A world-class institution is defined by its ability to act as a responsible steward of capital over many years and through many different market conditions.

首先，我想谈一谈投资机构的使命。

衡量一家投资机构的实力，不应仅仅看其管理的资产规模。规模固然有所助益，但仅凭规模本身并不能建立信任、创造可持续回报或取得更佳成果。世界一流的投资机构，取决于其能否在多年时间里，并在各种不同的市场环境中，始终以负责任的方式履行资本受托管理职责。

In Aberdeen, every dollar entrusted to us represents someone’s retirement, future income, family security or an institution’s long-term mission. This responsibility should shape every investment decision. It is why we believe in detailed research, rigorous risk management and active engagement with the companies in which we invest. It is also why stewardship is embedded in our investment approach globally.

在安本，客户托付给我们的每一笔资金，都关系到某个人的退休生活、未来收入、家庭保障，或某家机构的长期使命。这份责任应当贯穿于每一项投资决策之中。正因如此，我们重视深入细致的研究、严格的风险管理，以及与被投企业的积极沟通。也正因如此，尽责管理理念已贯穿于我们全球的投资实践之中。

Long-term stewardship matters even more during technological change, geopolitical uncertainty and market volatility. A trusted institution should provide perspective, maintain discipline and invest in research, to help clients achieve their goals.

在技术变革、地缘政治不确定性和市场波动的环境下，长期尽责管理显得尤为重要。一家值得信赖的机构，应当提供具有前瞻性的判断、恪守投资纪律并持续投入研究，助力客户实现其目标。

That role is becoming more important as populations age. By around 2035, China’s is expected to have more than 400 million people aged 60 or above, representing more than 30% of the population. This will increase the importance of retirement security, and long-term savings and investment solutions that can generate sustainable income over many years.

随着人口老龄化，这一角色正变得愈发重要。预计到2035年左右，中国60岁及以上人口将超过4亿，占总人口的30%以上[ 来源：中华人民共和国国务院，2025年1月。]。这将进一步凸显退休保障的重要性，也将使能够提供长期可持续收入的储蓄和投资解决方案变得愈发重要。

China’s third-pillar private pension system can widen participation in long-term investment and strengthen retirement saving. For investment institutions, this brings a responsibility to help households prepare for longer lives.

中国的第三支柱个人养老金制度能够扩大长期投资的参与范围，并加强养老储蓄。对于投资机构而言，这也意味着我们有责任帮助家庭更好地应对长寿时代的养老需求。

Recent research by Aberdeen has looked at how a number of countries across Asia have aimed to build a new generation of investors. It shows that stronger investment cultures are not built through one campaign or one tax incentive. Progress comes from sustained work to improve market quality, strengthen shareholder rights, lower barriers, build financial literacy and give people trusted, simple ways to invest for the long term. The results are already becoming visible. Japan, which only began actively promoting retail investing in the early 2010s, now has 9% of household wealth invested in equities and mutual funds, compared with 8% in the UK, while Singapore stands at 11%.

安本近期开展的一项研究探讨亚洲多个国家如何着力培育新一代投资者。研究表明，强健的投资文化并非通过一项宣传活动或一项税务激励措施便能建立。真正的进步来自持续的工作，包括提升市场质量、强化股东权利、降低参与门槛、提高金融素养，并为公众提供值得信赖且简便易行的长期投资方式。相关成效已经开始显现。日本直到2010年代初才开始积极推动个人投资，目前其家庭财富中已有9%投资于股票和公募基金；英国的这一比例为8%，而新加坡则为11%。

It also shows why participation must be matched by resilience. In China, around 60% of household wealth is held in property and a further 25% in cash and deposits, while only around 5% is invested in equities and mutual funds. A more balanced approach can help households participate in the long-term growth of companies, supported by diversification, suitable products and investor education. The goal is not simply more trading. It is stronger long-term financial outcomes.

这项研究也表明，在扩大参与度的同时，必须相应增强金融韧性。在中国，约60%的家庭财富配置于房地产，另有25%以现金和存款形式持有，而投资于股票和基金的比例仅约为5%。更加均衡的资产配置方式，能够帮助家庭分享企业长期经济增长所带来的成果，同时辅以多元化投资、适当的产品和投资者教育。达到这些目标并非单纯追求更活跃的交易，而是实现更稳健的长期财务成果。

Over recent years, important steps have been taken in the country to broaden participation in the capital markets. These include pension reforms, stronger investor protections, and a range of measures aimed at improving market accessibility and building investor confidence. These measures are positive, but lasting change takes time. We need to combine financial education, sound products and trusted institutions if short-term participation is to become long-term ownership.

近年来，中国已经采取了一系列重要措施，以扩大资本市场参与度，其中包括养老金改革、加强投资者保护，以及一系列旨在提升市场参与便利性、增强投资者信心的举措。这些举措具有积极意义，但持久的转变需要时间。要推动投资者从短期参与走向长期持有，需要金融教育、稳健的产品和可信赖的投资机构共同发挥作用。

At Aberdeen, we see this as a shared responsibility and are committed to helping investors build long-term financial resilience through disciplined investing and a focus on outcomes.

在安本，我们认为这是一项共同的责任。我们始终坚持投资纪律、着眼长期成果，致力于帮助投资者提升长期财务韧性。

2. China as a strategic investment opportunity

二、中国：全球投资者的战略性投资机遇

My second perspective concerns China’s place in global portfolios. China is not simply another allocation within an emerging-market benchmark. It is a critical part of how global investors think about the future.

我的第二点看法，是中国在全球投资组合中的战略地位。

中国并非只是新兴市场基准中的一项配置，更是全球投资者布局未来的重要组成部分。

China is central to several forces transforming the global economy, including advanced manufacturing, artificial intelligence, digitalisation, the energy transition and healthcare. It has become a leader in areas such as electric vehicles, industrial automation and solar energy. Other companies are demonstrating fast-growing capabilities in artificial intelligence and humanoid robotics.

中国处于推动全球经济转型的多股力量的核心，包括先进的制造业、人工智能、数字化、能源转型和健康医疗。中国已在电动汽车、工业自动化和太阳能等领域处于领先地位，同时，其他企业也在人工智能和人形机器人等领域展现出快速发展的能力。

As active investors, our role is to identify businesses and sectors capable of creating value over the next five, ten and twenty years. China’s transformation presents many opportunities, but it requires selectivity.

作为主动投资者，我们的职责是识别那些能够在未来五年、十年乃至二十年创造价值的企业和行业。中国的转型带来了丰富的投资机遇，但把握这些机遇需要审慎甄选。

Business quality, governance, competitive advantage, capital discipline and valuation remain critical. That requires detailed research, local understanding and engagement with management teams.

企业质量、公司治理、竞争优势、资本配置纪律和估值仍然至关重要。这需要我们作为投资者坚持深入研究，深刻理解本地市场，并与企业管理层保持积极沟通。

China’s capital markets can also offer diversification. Domestic assets may be influenced by economic, policy and monetary drivers that differ from those affecting other global markets. Volatility will remain part of investing in China, as it is in every major market. The discipline is to separate temporary changes in sentiment from lasting changes in fundamentals.

中国资本市场也能够为投资组合带来多元化价值。中国境内资产受到经济、政策和货币等因素的影响，而这些驱动因素往往不同于其他全球市场。诚然，与其他主要市场一样，波动是投资中国市场不可避免的一部分。但重要的是保持投资纪律，区分市场情绪的短期波动与基本面的长期变化。

At Aberdeen, we have been investing in Chinese assets for more than 30 years and today manage over US$20 billion in Chinese investments across Greater China region.

安本投资中国资产已有30余年。目前，我们在大中华地区管理的中国投资资产规模已超过200亿美元。

Our role is not only to invest in China, but also to help global clients navigate and access the opportunities it offers. As China's markets continue to develop and open, we see significant potential for both domestic and international investors to participate in the country's next stage of growth, while benefiting from the diversification and opportunities that Chinese assets can bring to their portfolios.

我们的职责不仅是在中国开展投资，也在于帮助全球客户更好地了解并把握中国市场的投资机遇。随着中国市场持续发展和开放，我们看到，无论是境内还是国际投资者，都拥有参与中国下一阶段增长的巨大潜力，同时也能够受益于中国资产为其投资组合带来的多元化价值和投资机遇。

3. Openness and international collaboration

三、开放与国际合作：构建更加强健的资本市场

My third perspective is that openness and international collaboration create stronger capital markets. Earlier this year, I had the opportunity to visit China as part of the UK Prime Minister’s delegation, where our Group met Premier Li Qiang and engaged with several of the country's leading financial institutions. What struck me most was the strong commitment from both policymakers and businesses to deepen dialogue and strengthen cooperation.

我的第三点看法是，开放与国际合作能够构建更加强健的资本市场。

今年早些时候，本集团有幸随英国首相代表团访问中国。访问期间，我有幸与李强总理会面，并与中国多家领先金融机构进行了交流。此行令我印象尤为深刻的是，中国的政策制定者和企业界均展现出深化对话、加强合作的坚定意愿。

Indeed, the most successful financial centers are those that combine domestic strengths with international capital, expertise and participation. When governments, businesses and investors work together, they create deeper, more resilient markets that are better equipped to support innovation, investment and sustainable growth.

事实上，最成功的金融中心，往往能够将自身优势与国际资本、专业经验和广泛的市场参与有机结合。当政府、企业和投资者携手合作时，就能够建立更有深度、更具韧性的市场，从而更好地支持创新、投资和可持续增长。

China’s opening has expanded opportunities for international investors, while Chinese institutions are playing a greater role in global capital allocation. This two-way movement matters.

中国持续扩大开放，为国际投资者带来了更多机遇；与此同时，中国机构在全球资本配置中也正发挥着越来越重要的作用。这种双向流动至关重要。

International investors can provide patient capital and support deeper markets, stronger disclosure and better governance. Chinese institutions bring valuable local knowledge and investment expertise to international markets.

国际投资者能够提供耐心资本，助力提升市场深度、信息披露质量和治理水平；中国机构则能够为国际市场带来宝贵的本地市场洞察和专业投资能力。

When capital, knowledge and ideas can move responsibly across borders, investors gain a broader opportunity set, companies gain new sources of financing, and markets become deeper and more resilient. Our experience across Europe, Asia, the Middle East and the Americas has shown that investment works best when local insight and international perspectives come together.

当资本、知识和理念能够以负责任的方式跨境流动时，投资者将获得更为广泛的投资机会，企业将获得新的融资来源，市场也将更具深度和韧性。我们在欧洲、亚洲、中东和美洲的实践经验表明，将本地洞察与国际视野相结合，能够更好地发挥投资的作用。

As China develops its capital markets, cooperation can support innovation and broaden investment choice. Aberdeen wants to be a constructive participant, combining our experience in active, insurance and pension investing with humility, partnership and respect for local knowledge.

随着中国资本市场不断发展，合作能够促进创新并拓宽投资选择。安本希望成为具有建设性的参与者，将我们在主动投资、保险投资和养老金投资领域的经验，与谦逊的态度、合作精神以及对本地专业知识的尊重相结合。

Conclusion

结语

Let me conclude by returning to stewardship. Our industry ultimately rests on trust. Investors trust us to protect and grow their savings. Institutions trust us to support their long-term goals. Society trusts financial markets to direct capital towards productive investment and future prosperity.

最后，我想再次回到尽责管理这一主题。

我们的行业归根结底建立在信任之上。投资者信任我们能够保护其储蓄并实现增值；机构信任我们能够支持其长期目标；社会则信任金融市场能够引导资本投向生产性投资，促进未来繁荣。

That trust must be earned through strong governance, disciplined investing, responsible risk management and a clear commitment to long-term outcomes.

这份信任需要以健全的治理、严谨的投资纪律、负责任的风险管理，以及对长期成果的明确承诺来赢得。

World-class investment institutions are not built in a year or measured only by their size. They are built over generations, through the decisions they make, the standards they uphold and the trust they earn.

世界一流的投资机构并非一朝一夕能够建成，也不能仅以规模来衡量。它们历经世代积淀而成，建立在所作出的每一项决策、所坚守的每一项标准，以及所赢得的信任之上。

At Aberdeen, we recognise that the capital we manage is more than a number. It represents people’s futures and institutions’ long-term ambitions. World-class investment institutions are built by treating that responsibility with care, purpose, and maintaining a detailed understanding on the effects of geopolitics, technology developments, and the changes to demographics.

在安本，我们深知，所管理的资本远不只是一个数字，它承载着人们的未来和机构的长远愿景。世界一流的投资机构，是通过审慎而有使命感地履行这份责任，并持续深入了解地缘政治、技术发展和人口结构变化等因素所带来的影响而建立起来的。

Thank you.

谢谢大家。