Soochow Securities·2026-01-06 10:13Investment Rating - The report maintains a rating of "Buy" for the non-bank financial industry [1]. Core Insights - The report emphasizes that the wealth management industry is evolving from a seller-driven sales model to a buyer-driven advisory model, with significant growth potential in Asia as national wealth increases and household savings shift towards financial assets [2]. - It highlights the importance of learning from overseas wealth management experiences, particularly from Europe and the United States, to enhance the development of wealth management in China [2]. Summary by Sections UBS Group - European Banking System - UBS is the only international bank that has made wealth management its core strategic focus, with a total investment asset scale reaching $6.8 trillion by Q3 2025, of which the wealth management department accounts for $4.7 trillion, or 70% [2][11]. - The wealth management strategy is centered around a "One-firm" model, integrating investment banking, asset management, and commercial banking to provide comprehensive solutions [22]. - UBS targets high-net-worth and ultra-high-net-worth clients, with specific asset thresholds for different regions, ensuring a focus on affluent clientele [24][27]. Morgan Stanley - American Banking System - Morgan Stanley has a long history and is recognized as a leading financial services company, with a total asset management scale of $3 trillion, ranking 6th globally in wealth management [38]. - The company has shifted its focus towards wealth management, which has shown stable growth over the years, particularly after the 2008 financial crisis [39]. - Morgan Stanley employs a strategy of cost control, business synergy, and compensation incentives to enhance productivity and client service [41]. Charles Schwab - American Discount Brokerage - Charles Schwab has transitioned from a discount brokerage to a leading wealth management institution, offering a full suite of financial services [2]. - The company targets retail clients with a low-cost model, rapidly increasing its asset management scale through client retention and product innovation [2]. - Schwab's revenue is primarily driven by assets under management (AUM), having moved away from reliance on trading commissions [2]. BlackRock - American Fund Management - BlackRock is the largest asset management company globally, with an asset scale of $11.6 trillion by the end of 2024, focusing on passive investment strategies [2]. - The company has diversified its product offerings from fixed income to equity investments, with a significant emphasis on its iShares ETF as a growth driver [2]. - BlackRock's revenue model is based on AUM management fees, supplemented by performance fees and consulting services [2].