SCS(SH:601555) 智通财经网·2025-11-14 01:50Core Viewpoint - The report from Dongwu Securities indicates that under the expectation of a long bull market, the development of equity wealth management is accelerating, with a significant shift in residents' asset allocation towards equities, highlighting the immense potential of the equity wealth management market [1][2]. Group 1: Market Conditions - The Chinese equity market is experiencing a recovery, with public equity funds reaching a record high in issuance, which is driving the acceleration of equity wealth management [2]. - As of September 2025, the total market capitalization and circulating market value of the stock market reached 105 trillion yuan and 96 trillion yuan, respectively, accounting for 78% and 71% of GDP, marking a high since 2022 [2]. - Daily average trading volumes for stock-based funds in Q4 2024 and Q1 2025 were 2 trillion yuan and 1.9 trillion yuan, respectively, with a peak daily trading volume of 3.6 trillion yuan, setting a historical record [2]. - The balance of margin financing and securities lending in A-shares has risen to 2.5 trillion yuan, the highest since June 2015, indicating active trading in the equity market [2]. Group 2: Future of Equity Wealth Management - The demand for wealth preservation and appreciation among residents has intensified, with a historical focus on real estate, leading to a low allocation in equities [3]. - Future trends suggest a shift in asset allocation towards equities due to structural upgrades in the economy, declining interest rates, supportive policies for institutional investment, and strong returns from equity assets [3]. Group 3: Role of Securities Firms - Securities firms are key players in equity wealth management and are expected to benefit significantly from its development [4]. - The transition to wealth management is essential for securities firms as traditional brokerage services face intense competition [4]. - Securities firms' advantages in equity wealth management include market investment capabilities, asset acquisition abilities, research capabilities, and a strong client base [4]. Group 4: Strategies for Growth - Securities firms are enhancing their internal product supply by improving active asset management capabilities and diversifying product offerings [5]. - Four main transformation models are being adopted: establishing asset management subsidiaries, holding stakes in public funds, enhancing research capabilities, and creating comprehensive platforms for business synergy [5]. - The establishment of online platforms and investment advisory teams is crucial for enhancing customer service and engagement, marking a shift from a sales-oriented model to a management-oriented approach [5].