SEALAND SECURITIES(SZ:000750) Xin Lang Cai Jing·2026-01-16 09:18Core Viewpoint - The transformation of wealth management has become an industry consensus, with a shift from traditional brokerage and distribution services to differentiated services, primarily through the establishment and development of a buy-side advisory model [3][7]. Group 1: Buy-Side Advisory Model - The buy-side advisory model represents a fundamental change in the business model, distinguishing itself from the sell-side model, which charges product issuers, by directly providing professional services to clients and charging them accordingly [3][7]. - The buy-side advisory model is seen as a key direction for companies to create differentiated advantages in the wealth management industry [3][7]. Group 2: Rationale for Buy-Side Advisory - The buy-side advisory model addresses client pain points, focusing on providing tailored solutions that meet clients' actual needs rather than merely selling products [4][8]. - The long-term commercial value of the buy-side advisory model is significant, as traditional channel businesses are experiencing a decline, with recent trading volumes reaching over 30 trillion, reflecting a 3-4 times increase compared to the previous year, yet retail brokerage revenues have not grown at the same pace [4][9]. - The current financial asset ownership among the Chinese public is only 15%, comparable to the state of the U.S. market 20-30 years ago, indicating substantial future growth potential for wealth management services [4][9]. Group 3: Industry and Client Demand - There is a mutual drive between industry transformation and increasing client demand for professional advisory services, as market rules become more complex [5][9]. - The commitment to developing the buy-side advisory model aligns with deep client needs and presents significant commercial value and strategic opportunities for the wealth management industry [5][9].