PING AN OF CHINA(HK:02318) Shang Hai Zheng Quan Bao·2025-12-29 19:06Core Insights - The core viewpoint of the article emphasizes that Ping An Securities is transforming to adapt to the evolving wealth management industry, focusing on a customer-centric approach that integrates technology and service to create lasting value [1]. Industry Evolution - The Chinese wealth management industry is progressing through distinct phases: from 1.0 (channel services + product sales) to 2.0 (investment advisory + asset allocation), and currently entering 3.0 (precise matching + full-cycle value creation) [2]. - The competition has shifted from scale expansion to value cultivation, focusing on customer demand adaptation, professional research services, and long-term value creation capabilities [2]. Customer Demand and Service Strategy - Current customer needs exhibit a dual demand for trading and asset allocation, with trading needs rising during market volatility and allocation needs becoming prominent in stable markets [2]. - Ping An Securities anticipates a 43% growth in its on-market stock advisory contracts by 2025, with both "Ping An 30" investment advisory and "Ping An 30" private fund of funds (FOF) experiencing over 100% growth [2]. Differentiation and Competitive Advantage - The company positions itself as a "warm" securities platform service provider, utilizing a comprehensive customer operation system that creates personalized profiles for over 25 million clients based on 1,300 behavioral and risk preference indicators [2]. - The strategic focus on "trading and wealth management" allows the company to cover a wide range of client needs, from on-market trading solutions to comprehensive wealth management for high-net-worth clients [2]. Product and Service Matrix - The product service matrix is continuously upgraded, featuring a "three funds" allocation system for different client segments, including stable income products and customized solutions for ultra-high-net-worth clients [3]. - The "Ping An 30" investment advisory has achieved profitability for 180,000 clients, while the "Ping An 30" private FOF has over 10 billion yuan in assets and a client repurchase rate of 53.73% [3]. Technology Empowerment - Financial technology plays a crucial role in supporting full-process services, with a suite of intelligent tools covering pre-investment, during-investment, and post-investment phases [3]. - The AI assistant operates 24/7 to address transactional issues and provide investment advice, achieving a 93% order execution rate [3]. Future Development Path - The company aims for high-quality development through a path of "intensification, intelligence, and ecological extension," focusing on efficient and valuable service standards to enhance client and employee effectiveness [4][5]. - The strategy includes deepening the application of AI and big data, fostering collaboration within the investment research, advisory, and product sectors, and guiding clients in long-term financial planning through initiatives like the "Wealth Academy" [5].