Zheng Quan Shi Bao·2025-09-24 01:29Core Insights - The wealth management business of brokerage firms has undergone significant changes over the past year, driven by a more rational investment approach from a new generation of investors and a shift from "scale expansion" to "value creation" [1][3][8] Group 1: Market Trends - The A-share market has seen a recovery since the implementation of the "9·24" financial policy, with daily trading volume stabilizing above 2 trillion yuan [1] - Investors are increasingly favoring ETFs (Exchange-Traded Funds) for their low costs and risk diversification, with a notable increase in participation among individual investors [3][4] - The proportion of new investors under 30 years old has risen by 10 percentage points to nearly 30%, with over 25% of new investors engaging in ETF trading, which is 10 percentage points higher than older investors [4] Group 2: Investor Behavior - Investors are transitioning from a "chasing gains" mentality to a more structured "asset allocation" approach, characterized by "indexing," "institutionalization," and "configuration" [3] - New investors exhibit a stronger awareness of financial planning, with a higher allocation to fixed-income products compared to older clients, indicating a focus on stability and diversification [4] Group 3: Service Model Challenges - The growth in investor numbers presents challenges for brokerage firms in terms of meeting diverse and evolving client needs, necessitating a shift towards more intelligent, personalized, and scenario-based services [6][7] - Social media has raised client expectations for service, requiring firms to balance online convenience with offline trust-building [6] Group 4: Business Transformation - Many brokerage firms are transitioning to a buyer advisory model, focusing on asset allocation and comprehensive wealth management throughout the client lifecycle [7][8] - The industry faces intense competition and service homogenization, leading to a reliance on price competition, which pressures profit margins [7][8] Group 5: Future Growth Opportunities - Future growth points for brokerage firms are expected to arise from five areas: scaling the buyer advisory model, refined client segmentation, comprehensive services for corporate finance and family trusts, ecological planning for retirement finance, and cross-border wealth services [9]