商业银行理财业务的实质是资产管理业务，即商业银行为投资者提供个性化的综合 理财服务方案，拓宽投资者的投资渠道，以及实现资产保值增值。就银行资管产品而言， 主要就是理财产品，根据2018年9月26日颁布的《商业银行理财业务监督管理办法》 （即“理财新规”），理财产品指的是商业银行按照约定条件和实际投资收益情况向投资 者支付收益、不保证本金支付和收益水平的非保本理财产品。2004年，光大银行发行了 国内银行第一支理财产品，开启了国内银行理财业务的发展历程，2004年也因此被视作 国内理财业务的“元年”。近年来，随着资管业务的快速发展，其在推动经济发展发挥 积极作用的同时，也由于分业监管体制下监管标准不统一的缘故，催生出隐性“刚性兑 付”、资管产品之间监管套利、资金脱实向虚等业务发展不规范的现象。同时，随着经 济环境的改变，大资管时代的逐渐深化以及行业监管的进一步加强，银行理财开始面临 “资产荒”，封闭式理财收益逐渐走低的问题。在此背景下，2018年4月27日，人民银 行、证监会及银保监会等单位联合发布了《关于规范金融机构资产管理业务的指导意见》 (简称“资管新规”或“新规”),对资管业务相关产品和服务等进行了监管政策和口径的 统一，同时也开启了资管行业的新篇章。 本文梳理了商业银行资产管理业务的发展历程和现实情况，通过对资管新规下商业 银行理财业务转型发展的理论研究，结合中国银行业理财市场年度报告发布的数据进行 分析，并以中国建设银行H省分行为研究对象，从商业银行理财业务的发展背景、发展 现状、所面临的问题以及下一步转型方向等方面开展研究，以问题为导向，利用SWOT 分析法，得出在新监管形势下，中国建设银行理财产品品牌价值高，渠道多样化，但也 存在产品同质化、研发能力不足、理财业务体系尚不完善以及应对理财市场激烈竞争、 打破刚兑潜存信任危机等仍有待解决的诸多问题。相较于其他资管业务机构，中国建设 银行在发挥金融服务职能方面、在支持实体经济发展方面都承担着重要角色，因此更应 高度重视资管新规对其产生的影响，更应着重关注其当前发展所面临的问题，并重点研 究下一步发展方向。 党的十九大报告精神及中央经济会议要求深化金融体制改革，同时要求增强金融对 II 实体经济的服务能力，提升直接融资的占比，实现资本市场健康发展成为我国金融发展 的主基调和改革的主旋律。一直以来，中国建设银行资管业务始终牢牢把握国家产业政 策，创造客户价值，重点支持产业结构调整和企业技术升级改造，积极引导社会资金投 向国民经济的重要领域，贯彻落实国家宏观调控政策，紧跟国家经济发展战略部署，践 行实体经济服务器的直接融资职能。基于以上背景，在当前面临的新形势下，为更好地 发挥大行的担当和示范作用，本文提出了理财业务转型发展的相应对策和建议：首先应 结合外部环境的新变化、监管政策的新要求，发挥创新动能，实现产品多元化发展；其 次通过加大债券类产品的发行力度，专业化人才队伍的建设以及盈利模式的优化，提升 专业投研能力，再者通过集团成立理财子公司的方式实现理财转型的跨越式发展，辅之 以风险管理体系的优化作为保障，同时还要不断提升综合服务水平；最后是积极开展投 资者教育，引导树立“收益与风险共担”理念，多个方面共同促进商业银行理财业务的 转型发展。通过以上相关建议的提出，由点及面，以小见大，以期能够给商业银行的经 营者和相关问题的研究者提供参考和帮助。 关键词：银行理财业务，资管新规，SWOT分析，转型 III ABSTRACT The essence of commercial Banks' financial services is asset management, that is, commercial Banks provide investors with personalized comprehensive financial services, broaden investors' investment channels, and realize the maintenance and appreciation of assets. In terms of bank information technology products, the major is financial management products, according to September 26, 2018 promulgated the "measures for the financial supervision and management of commercial Banks (that is, the" financial management new rules "), the financial product refers to the commercial Banks in accordance with the contract conditions and the actual investment earnings paid to investors earnings, is no guarantee that the principal payments and income level of capital preservation products. In 2004, China everbright bank issued the first wealth management product of a domestic bank, which started the development process of financial management services of domestic Banks. Therefore, 2004 is regarded as the "first year" of domestic financial management services. In recent years, with the rapid development of capital management business, it plays a positive role in promoting economic development. At the same time, it also gives rise to hidden "rigid payment", regulatory arbitrage between capital management products, and non-standard development of capital management business from real to virtual due to the non-uniform regulatory standards under the separate supervision system. At the same time, with the change of economic environment, the gradual deepening of the era of big capital management and the further strengthening of industry supervision, bank financing began to face the problem of "asset shortage" and gradually lower returns from closed financing. In this background, on April 27, 2018, the pedestrian, the CSRC, silver circ jointly issued the "on a standard financial institutions in the asset management business guidance, in accordance with the unified the type of asset management products and services the whole of the information technology industry regulatory policy and caliber, opened a new era of information technology industry. In this paper, development of the commercial bank asset management business and the reality, based on information technology under the new rules on the study of the theory of the commercial bank financing business transformation development, combined with China's banking sector financial market annual report IV data is analyzed, and with China construction bank branch in H province as the research object, from the commercial bank financing business development background, development present situation, the facing problem and the transformation direction of research, problem oriented, using SWOT analysis method, it is concluded that under the new regulatory situation, China construction bank financial products with high brand value, channel diversification, However, there are also many problems such as outstanding product homogeneity, insufficient research and development ability, imperfect financial service system, fierce competition in the financial management market, and breaking the crisis of trust between the firm and the latent deposit.China construction bank plays an important role in playing the function of financial services and supporting the development of real economy. Therefore, China construction bank should pay more attention to the impact of new capital management rules on it, pay more attention to the problems it faces in its current development, and focus on the next development direction. According to the spirit of the report of the 19th national congress and the instructions of the central economic conference, "deepening the reform of the financial system, strengthening the capacity of the financial sector to serve the real economy, increasing the proportion of direct financing, and promoting the healthy development of the multi-tiered capital market" has become the main keynote of China's financial development and the theme of reform. For a long time, China construction bank information has always been firmly grasp the national industrial policy, to create customer value, the key support of the industrial structure adjustment and technology upgrade and actively guide social capital to the important areas of the national economy, the implementation of the national macroeconomic regulation and control policy, following the country's economic development strategy, realizes the direct financing of the real economy server functions. Based on the above background, facing the new situation, to better play to the big bear and exemplary role, this paper puts forward the corresponding countermeasures and Suggestions on the development of financial business transformation: first of all should be combined with the external environment, the new changes and new requirements, regulatory policies determine financial business transformation scientific path of development, guide the financing business return to the origin of valet financial management, clear ne