目錄

第1章 智能投顧的誕生

案例：Betterment的誕生 ·················2

1.1 金融科技的興盛 ·····················3

1.1.1 金融科技的概念 ················4

1.1.2 金融科技的全球發(fā)展態(tài)勢(shì) ·····5

1.1.3 金融科技在中國 ················9

1.2 人工智能的崛起 ···················13

1.2.1 人工智能的概念 ···············14

1.2.2 人工智能的全球發(fā)展態(tài)勢(shì) ····14

1.2.3 人工智能在中國 ···············18

1.2.4 人工智能投融資狀況 ··········19

1.3 智能投顧應(yīng)運(yùn)而生 ················20

1.4 本書概覽····························21

本章小結(jié) ··································22

參考文獻(xiàn) ··································22

第2章 智能投顧的歷史與發(fā)展現(xiàn)狀

案例：中美智能投顧發(fā)展比較 ········25

2.1 智能投顧的發(fā)展歷史 ·············27

2.1.1 標(biāo)簽過濾階段 ··················29

2.1.2 用戶風(fēng)險(xiǎn)承受能力測(cè)試階段···29

2.1.3 個(gè)性化投資組合推薦階段 ····30

2.1.4 全自動(dòng)智能投顧階段 ··········31

2.2 智能投顧產(chǎn)業(yè)全球的發(fā)展現(xiàn)狀 ··31

2.2.1 全球智能投顧發(fā)展數(shù)據(jù)總覽···31

2.2.2 美洲 ······························33

2.2.3 歐洲 ······························37

2.2.4 亞洲 ······························39

2.3 智能投顧在中國 ···················40

2.3.1 中國的智能投顧平臺(tái)現(xiàn)狀 ····40

2.3.2 中國智能投顧行業(yè)發(fā)展現(xiàn)狀···42

2.3.3 中國智能投顧的發(fā)展機(jī)遇 ····47

本章小結(jié) ··································49

參考文獻(xiàn) ··································50

第3章 智能投顧的概念與投資流程

案例：Betterment的投資流程 ·········53

3.1 智能投顧的概念 ···················54

3.1.1 傳統(tǒng)的投資顧問 ···············54

3.1.2 智能投資顧問 ··················55

3.1.3 智能投顧的作用 ···············58

3.2 智能投顧的投資流程 ·············60

3.2.1 客戶分析 ························61

3.2.2 大類資產(chǎn)配置 ··················63

3.2.3 投資組合選擇 ··················65

3.2.4 交易執(zhí)行 ························66

3.2.5 投資組合再選擇 ···············67

3.2.6 稅負(fù)管理 ························69

3.2.7 組合分析 ························70

本章小結(jié) ··································70

參考文獻(xiàn) ··································71

第4章 智能投顧的商業(yè)模式

案例：Betterment的商業(yè)模式 ·········73

4.1 智能投顧的目標(biāo)客戶 ·············74

4.1.1 中產(chǎn)及中產(chǎn)以下收入人群 ····75

4.1.2 金融專業(yè)人士 ··················77

4.2 智能投顧的投資標(biāo)的 ·············78

4.2.1 常見的投資標(biāo)的 ···············78

4.2.2 新興的投資標(biāo)的 ···············81

4.3 智能投顧的業(yè)務(wù)模式 ·············82

4.3.1 全自動(dòng)與半自動(dòng)投顧 ··········83

4.3.2 投資平臺(tái)與相關(guān)智能服務(wù) ····87

4.3.3 大類資產(chǎn)配置、投資策略與社交跟投等 ··················88

4.4 智能投顧的營銷模式 ·············89

4.4.1 打造明星產(chǎn)品 ··················90

4.4.2 分級(jí)客戶群匹配服務(wù)，提高服務(wù)水平 ··················91

4.4.3 利用大數(shù)據(jù)進(jìn)行精準(zhǔn)營銷 ····91

4.5 智能投顧的盈利模式 ·············92

4.5.1 前端收費(fèi)模式 ··················93

4.5.2 后端盈利模式 ··················94

本章小結(jié) ··································94

參考文獻(xiàn) ··································95

第5章 智能投顧理論入門

案例：馬科維茨理論的產(chǎn)生 ···········98

5.1 馬科維茨投資組合理論 ··········99

5.1.1 現(xiàn)代投資組合理論概述 ·······99

5.1.2 投資組合的可行集和有效集 ·························100

5.1.3 均值方差分析方法···········101

5.2 資本資產(chǎn)定價(jià)模型 ···············102

5.2.1 CAPM假設(shè)條件 ·············103

5.2.2 分離定理 ······················104

5.2.3 資本市場(chǎng)線與證券市場(chǎng)線 ··106

5.3 套利定價(jià)理論 ·····················107

5.3.1 APT概述······················107

5.3.2 因素模型 ······················108

5.3.3 套利定價(jià)理論 ················110

5.4 行為金融學(xué) ························111

5.4.1 行為金融學(xué)的概念···········112

5.4.2 行為金融學(xué)的應(yīng)用實(shí)例 ·····114

5.5 投資過程評(píng)價(jià) ·····················115

5.5.1 收益類指標(biāo) ···················115

5.5.2 風(fēng)險(xiǎn)類指標(biāo) ···················116

本章小結(jié) ·································118

參考文獻(xiàn) ·································118

第6章 智能投顧中的人工智能技術(shù)

案例：嘉信智能理財(cái) ···················121

6.1 大數(shù)據(jù)融合技術(shù) ··················121

6.1.1 大數(shù)據(jù)融合的背景···········122

6.1.2 多源數(shù)據(jù)融合技術(shù)···········123

6.2 投資客戶偏好畫像 ···············125

6.2.1 用戶畫像的定義 ·············126

6.2.2 用戶畫像的生成流程 ········128

6.2.3 客戶畫像的核心工作——打標(biāo)簽 ·························129

6.3 量化投資技術(shù) ·····················130

6.3.1 量化投資的概念 ·············130

6.3.2 機(jī)器學(xué)習(xí)應(yīng)用到量化投資中 ·························131

6.3.3 深度學(xué)習(xí)應(yīng)用到量化投資中 ·························135

6.4 投資組合配置技術(shù) ···············138

6.4.1 問題定義 ······················138

6.4.2 二次規(guī)劃 ······················140

6.4.3 強(qiáng)化學(xué)習(xí) ······················142

6.5 投資風(fēng)險(xiǎn)控制技術(shù) ···············144

6.5.1 風(fēng)險(xiǎn)的定義 ···················145

6.5.2 風(fēng)險(xiǎn)測(cè)量—方差···········145

6.5.3 風(fēng)險(xiǎn)測(cè)量—VaR ···········146

6.6 NLP在智能金融領(lǐng)域中的應(yīng)用 ································147

6.6.1 智能金融領(lǐng)域現(xiàn)有需求 ·····148

6.6.2 NLP的金融應(yīng)用場(chǎng)景 ·······149

6.6.3 NLP在金融領(lǐng)域應(yīng)用案例 ····························153

本章小結(jié) ·································155

參考文獻(xiàn) ·································156

第7章 智能投顧的風(fēng)險(xiǎn)、監(jiān)管和政策支持

案例：真假智能投顧 ···················160

7.1 中國智能投顧的風(fēng)險(xiǎn) ············161

7.1.1 智能投顧的風(fēng)險(xiǎn)構(gòu)成 ········161

7.1.2 智能投顧的風(fēng)險(xiǎn)預(yù)警 ········163

7.1.3 智能投顧平臺(tái)的風(fēng)險(xiǎn)指數(shù)體系 ······················164

7.2 智能投顧的監(jiān)管難點(diǎn) ············167

7.2.1 賬戶實(shí)際控制人認(rèn)定困難 ··168

7.2.2 一致行動(dòng)人 ···················168

7.2.3 監(jiān)管法律體系不完善 ········168

7.2.4 智能投顧行為邊界判定 ·····169

7.3 海外智能投顧的監(jiān)管經(jīng)驗(yàn) ······170

7.3.1 美國的智能投顧監(jiān)管 ········170

7.3.2 英國的智能投顧監(jiān)管：監(jiān)管沙盒 ······················171

7.3.3 澳洲的智能投顧監(jiān)管 ········177

7.3.4 新加坡的智能投顧監(jiān)管 ·····180

7.3.5 不同國家智能投顧的監(jiān)管體系比較 ······················183

7.4 中國智能投顧的監(jiān)管體系 ······185

7.4.1 智能投顧監(jiān)管框架···········185

7.4.2 智能投顧的監(jiān)管路徑 ········187

7.5 中國智能投顧的政府支持 ······192

7.5.1 智能投顧發(fā)展過程中的政府政策 ······················192

7.5.2 《資管新規(guī)》對(duì)智能投顧的影響 ···················193

7.5.3 學(xué)界對(duì)智能投顧的支持 ·····195

本章小結(jié) ·································196

參考文獻(xiàn) ·································196

第8章 智能投顧的生態(tài)系統(tǒng)

案例：新加坡的金融科技生態(tài)系統(tǒng) ···199

8.1 金融科技生態(tài)系統(tǒng) ···············200

8.2 智能投顧生態(tài)系統(tǒng)的概念與構(gòu)成 ································203

8.2.1 智能投顧生態(tài)系統(tǒng)的概念 ··203

8.2.2 智能投顧生態(tài)系統(tǒng)的生態(tài)主體 ······················206

8.2.3 智能投顧生態(tài)系統(tǒng)中的產(chǎn)業(yè)鏈關(guān)系 ···················213

8.3 智能投顧生態(tài)系統(tǒng)的維護(hù)和優(yōu)化 ································217

8.3.1 國內(nèi)智能投顧生態(tài)系統(tǒng)存在的缺陷 ···················217

8.3.2 智能投顧生態(tài)系統(tǒng)的優(yōu)化辦法 ······················218

本章小結(jié) ·································220

參考文獻(xiàn) ·································220

第9章 智能投顧的未來

案例：螞蟻集團(tuán)—從FinTech到TechFin，BASIC科技戰(zhàn)略打造折疊式生態(tài)體系 ························223

9.1 人工智能的發(fā)展新階段 ·········223

9.2 智能投顧大腦 ·····················225

9.3 AI驅(qū)動(dòng)的理性機(jī)器經(jīng)濟(jì)人 ······227

9.4 智能投顧的未來發(fā)展趨勢(shì) ······229

9.4.1 商業(yè)模式發(fā)展趨勢(shì)···········229

9.4.2 智能投顧技術(shù)發(fā)展趨勢(shì) ·····230

9.4.3 智能投顧監(jiān)管發(fā)展趨勢(shì) ·····231

9.5 開放銀行與虛擬銀行 ············232

9.5.1 開放銀行 ······················232

9.5.2 虛擬銀行 ······················233

本章小結(jié) ·································234

參考文獻(xiàn) ·································234