智通财经网·2025-11-04 00:55Core Insights - The report from CITIC Securities indicates that fund advisory services are expected to become a new growth engine for brokerage wealth management, with more resilient income and reduced reliance on transaction volumes [1][5] - The wealth management brokerage income is projected to reach approximately 110 billion yuan, with net income from investment consulting expected to approach 60 billion yuan, becoming a key pillar of wealth management [1][5] Business Status - The scale of fund advisory services is anticipated to overcome bottlenecks, with investor satisfaction relatively high [2] - Since the pilot launch in 2019, 60 institutions have been included, with continuous growth in scale and clientele, although there was a noticeable slowdown from 2022 to 2023, with effective recovery expected by the first half of 2025 [2] - Fund advisory users have shown significantly better "sense of gain" compared to direct investment in single products, although issues such as fee sensitivity and drawdown management still need optimization [2] Overseas Market Trends - The U.S. advisory industry has maintained long-term growth, establishing a second growth curve for brokerage businesses [3] - From 2015 to 2024, investment consulting revenue from "fee-based advisory relationships" is projected to grow from 150 billion USD to 260 billion USD, with a compound annual growth rate of 6.4% [3] - Retail clients and international business are experiencing rapid growth, with retail client numbers and AUM growth rates leading the market [3] - The asset allocation capabilities are becoming more diversified, with increased use of stocks, bonds, and funds [3] Domestic Observations - The development of fund advisory services is driven by policies, demand, and supply factors [4] - Regulatory bodies are expected to introduce new management measures for investment consulting services by 2025, alongside reforms in personal pensions and public fund fee structures [4] - There is a shift in resident asset allocation from housing and deposits to diversified financial assets, driven by housing price adjustments and declining deposit rates [4] - The supply side is facing challenges with declining transaction commission rates and increased competition among financial institutions [4] Summary - Fund advisory services are poised to become a new growth engine for securities companies, supported by a combination of policy, demand, and supply factors [5][6] - Following a downturn in 2022-2023, the fund advisory sector is showing signs of recovery, aided by improved market sentiment and regulatory reforms [5][6] - The deployment of AI models is expected to enhance the overall capabilities of financial institutions, positioning those with comprehensive service offerings to benefit from this growth wave [6]