券商客户管理及服务体系建设专题报告：打造一体化平台，服务综合化、个性化需求

Investment Rating - The industry investment rating is "Outperform the Market" [2] Core Insights - The securities industry is undergoing a transformation towards a customer-centric model, driven by changes in growth dynamics, diverse customer needs, and evolving competition and regulatory environments [11][12] - The comprehensive registration system has fundamentally altered the operational logic of investment banking, leading to increased competition and sensitivity in pricing [29][30] - Institutional investors are becoming the main incremental force in the market, with their share of A-share holdings rising from 10.2% in 2019 to 18.83% in Q1 2024 [32][33] Summary by Sections 1. Importance of Customer Management and Services - The shift towards a customer-centric service model is a consensus in the industry, influenced by changing growth dynamics, diverse customer needs, and increased competition [11] - A well-structured customer management system can enhance customer satisfaction, increase trading frequency, and improve brand image [11][12] 2. Analysis of Securities Firms' Customers 2.1 Investment Banking Clients - The financing structure is rapidly focusing on strategic emerging industries such as electronics and pharmaceuticals, with significant changes in regional financing amounts [12][14] - Investment banking clients are increasingly professional and diversified, with many companies engaging in refinancing activities within two years post-IPO [20][21] - The registration system has led to a fundamental change in investment banking operations, with a shift towards a fully competitive market [29] 2.2 Wealth Management Clients - Institutional investors, including public funds and private equity, are becoming the primary incremental force in the market, with their share of holdings significantly increasing [32][33] - The demand from institutional clients is evolving towards more comprehensive and personalized services, requiring securities firms to enhance their service offerings [35][36] 3. Development of Customer Service Models - Securities firms are establishing integrated service models focused on key institutional clients, adapting their organizational structures to enhance service delivery [11][12] - The digital transformation and technological empowerment are crucial for implementing customer service strategies effectively [5][6]