Non-bank institutions have already taken control of half of the global financial assets. What exactly is hidden behind this transformation? On a deeper level, at least five major driving forces are fundamentally changing the entire financial landscape.

The dominant position of traditional banking systems is loosening. The proportion of direct financing in capital markets is rising, with non-bank financial forces such as institutional investors, asset management companies, and hedge funds expanding. Meanwhile, technological empowerment has significantly lowered the barriers to financial services—from internet finance to digital asset platforms, capital flows are becoming increasingly diversified.

These five major trends involve market structure adjustments, changes in investor behavior, innovation in asset allocation, technological empowerment, and a new pattern of cross-border capital flows. Each trend is redefining the ways risk is priced, liquidity is supplied, and wealth is managed.

For traders and investors, this means opportunities and challenges coexist. Asset allocation logic needs to be upgraded, and risk management strategies must keep pace with the times.