财富管理2024年中期策略报告：AIGC助力券商财富业务管理转型

Industry Rating - The report gives an "Overweight" rating to the wealth management industry [1] Core Views - The wealth management industry faces a mismatch between huge demand and actual revenue generation, with the current business model being a key reason for the slowdown in revenue growth [2] - The overseas client-centric wealth management model is more effective in meeting customer needs [2] - The transformation to an investment advisory model faces three major challenges: insufficient understanding of customer needs, lack of professional asset allocation capabilities, and inadequate support from management platforms [3] - AIGC (Artificial Intelligence Generated Content) is expected to help securities firms upgrade their models, with wealth management becoming a key driver of future performance growth [4] - Under a neutral assumption, the investment advisory business model is expected to account for 50% of the securities industry's total revenue in 2023 [4] Summary by Sections Demand Upgrade, Model Needs Change - The wealth management industry is experiencing a significant mismatch between demand and revenue generation, with the current model being product-centric rather than customer-centric [2] - The revenue growth rate of distribution business dropped from 181% in 2020 to -11% in 2023 [8] - The current distribution model is centered around asset management products, while customer needs are shifting towards education, lifestyle experiences, and personal development [10] - Overseas models, such as Charles Schwab's investment advisory model, are more effective in meeting customer needs and achieving stable growth in wealth management revenue [13][14] Challenges in Model Upgrade - Securities firms face internal and external pressures in transitioning to an investment advisory model, including a lack of customer asset allocation awareness, incomplete asset allocation systems, and unclear advisory responsibilities [17] - The top five issues in the transformation to wealth management include customers not forming asset allocation concepts (59.34%), lack of a true asset allocation system (54.07%), and unclear advisory responsibilities (45.93%) [18] - The rise in internet penetration and changes in lifestyle are enhancing financial awareness among the population [19] - Regulatory policies are also improving the external environment for investment advisory services [21] AIGC to Drive Model Upgrade - AIGC can help securities firms better understand customer needs, improve asset allocation capabilities, and enhance the support capabilities of management platforms [4] - AIGC can provide personalized training for investment advisors, updating training content in real-time to improve their professional capabilities [38] - AIGC is expected to empower TAMP (Turnkey Asset Management Platform) platforms, covering front, middle, and back-end processes to meet the needs of investment advisors [40] - Securities firms leveraging AIGC can achieve business model upgrades by better understanding customer needs, improving asset allocation capabilities, and enhancing platform support [42] Investment Recommendations - The report recommends increasing holdings in securities firms with stronger investment advisory capabilities, as the new regulations will accelerate the transformation from distribution to advisory models [48] - Top securities firms in terms of investment advisor numbers include CITIC Securities (6,033), GF Securities (4,422), and China Galaxy Securities (3,797) [49] - Recommended stocks include China International Capital Corporation (CICC), Huatai Securities, and CITIC Securities, with "Overweight" ratings [51] Revenue Projections - Under a neutral assumption, the investment advisory business model is expected to account for 50% of the securities industry's total revenue in 2023 [45][46]