中国非银行金融行业：中外券商比较：结束自营、回归服务；代客引流、代持变现——建不如兼、埋不如卖；授人以渔不是鱼

Investment Rating - The report does not explicitly state an investment rating for the industry but discusses the evolution of brokerage services and the importance of transitioning from proprietary trading to service-oriented models [1][4]. Core Insights - The report emphasizes the shift from proprietary trading to service-oriented brokerage, highlighting that foreign brokers have moved away from proprietary trading to focus on client services, which has led to the development of comprehensive asset management and wealth management services [1][4]. - It contrasts the operational models of Chinese and US brokers, noting that US brokers like Goldman Sachs have a balanced revenue structure, while Chinese brokers heavily rely on proprietary trading, which creates conflicts and hinders the development of core brokerage services [2][3]. - The report suggests that mergers and acquisitions will become increasingly important for growth, as building new platforms from scratch is less efficient than acquiring existing businesses [9][12]. Summary by Sections Section: Brokerage Evolution - The evolution from "Brokerage 1.0" to "Prime Brokerage 2.0" and then to "Wealth Management 3.0" is outlined, indicating a trend towards integrated services that include asset custody and product distribution [1][4]. - The report highlights that the revenue structure of leading firms like Goldman Sachs is evenly distributed across various services, while Chinese firms like CITIC Securities derive a significant portion of their income from proprietary trading [2][3]. Section: Revenue Structure - The revenue contribution of different business lines is detailed, with Goldman Sachs having a balanced structure (25% each from brokerage, investment banking, asset management, and wealth management) compared to CITIC Securities, which relies 50% on proprietary trading [2][3]. - The report notes that the reliance on proprietary trading in China creates significant organizational and financial challenges, impacting the stability and focus on core brokerage services [2][3]. Section: Future Trends - The report predicts that the importance of mergers and acquisitions will increase, as firms seek to enhance their capabilities and market presence through strategic acquisitions rather than organic growth [9][12]. - It also discusses the need for better integration between sales, research, and prime brokerage functions to improve efficiency and service delivery [6][7].