首尾规模相差超百倍，券商如何破局养老金融？

Core Insights - The personal pension fund distribution by securities firms is facing significant challenges, with sales figures remaining low compared to banks, which can offer a wider range of products [1][3][4] - There is a stark disparity in the sales scale among securities firms, with the top firms achieving sales in the millions while others struggle to reach even ten thousand [3][4] - Despite difficulties, some securities firms are leveraging buy-side advisory services to provide tailored pension planning solutions, aiming to overcome business development bottlenecks [5][7][9] Distribution Scale - The sales scale of personal pension products among 18 disclosed securities firms ranges from over 20,000 to more than 2 million, indicating a disparity exceeding 100 times [3] - Only 6 firms have surpassed 10 million in sales, with the highest being CICC at 2,482.76 million [3] - Securities firms' sales account for only 1.5% of the total issuance scale of public pension funds, which stands at 9.143 billion [3] Competitive Landscape - Banks hold a significant advantage over securities firms in terms of customer base, channel functionality, account attributes, and product offerings [3][4] - The complexity of the personal pension account setup, which requires bank cooperation for securities firms, adds to the operational challenges [4][12] - The market is shifting from a focus on account opening to a comprehensive competition in product strength and ecosystem services [14] Service Innovation - Some firms, like CICC and China Galaxy Securities, are enhancing their service offerings by integrating asset allocation concepts and personalized services to improve customer satisfaction [8][9] - CICC employs a dual approach of investment education and advisory services to help clients navigate the pension fund landscape [7] - The introduction of independent third-party evaluation services for pension products is suggested to aid consumers in making informed choices [12][13] Regulatory Environment - The China Securities Association has indicated plans to facilitate more securities firms in obtaining licenses for selling bank wealth management and insurance products, which could enhance their service capabilities [11][13] - New regulations on financial product sales will take effect in February 2026, aiming to standardize the appropriateness of financial product offerings [11]