国信证券王燕华：客户价值优先，是业务持续回报的前提

Core Insights - The forum on the outlook of global and Chinese capital markets in 2026 was held in Beijing, featuring insights from industry leaders on the evolution of wealth management in the context of AI and strategic differentiation [1][4]. Group 1: Key Capabilities for Sustainable Competitive Advantage - The industry must focus on three core capabilities to build sustainable competitive advantage in wealth management: - True buy-side advisory service capability is crucial, emphasizing a client-centric approach that integrates various resources to meet client needs for asset allocation and professional support. The importance of client profitability and experience is highlighted, as poor performance can lead to client attrition and unsustainable business returns [3][6]. - Digital operational capability is key to enhancing service efficiency and professionalism. Firms should integrate cross-platform resources and develop scenario-based, intelligent product operations and digital platforms to improve service efficiency and expertise, echoing the slogan "breaking information asymmetry" [3][6]. - The ability to coordinate online and offline services is essential. In the context of AI and digital empowerment, physical branches should focus on delivering specialized, precise services and emotional support, while online services should provide centralized, standardized outputs. A seamless integration of both is necessary to create a comprehensive service network [3][6].