首尾规模相差超百倍，券商如何破局养老金融？

Core Viewpoint - The personal pension fund distribution by securities firms is facing significant challenges, with sales figures remaining low compared to banks, which offer a wider range of products and services [1][3][4]. Group 1: Current Market Situation - In the first half of this year, personal pension fund sales through securities firms were less than 5000 yuan, a stark contrast to zero sales last year [1]. - The sales scale of personal pension products among 18 securities firms varies dramatically, with a difference of over 100 times between the largest and smallest firms [3]. - Only six securities firms have surpassed 10 million yuan in sales, with the largest being CICC at 24.83 million yuan [3]. Group 2: Challenges Faced - Securities firms are limited in their ability to sell a full range of personal pension products compared to banks, which can offer savings, insurance, and various investment products [1][4]. - The requirement for securities firms to rely on banks for personal pension trading accounts complicates the business process [4]. - The average return of FOF products over two years is only 2.92%, which, combined with declining interest rates on savings and insurance products, has dampened public interest in personal pension products [5]. Group 3: Strategies for Improvement - Some securities firms are adopting a buy-side advisory approach to provide tailored pension planning solutions to clients [6][8]. - CICC and China Galaxy Securities are leveraging their strengths in wealth management and insurance sales to enhance their personal pension services [9][12]. - The introduction of independent third-party evaluation services for personal pension products is suggested to help clients navigate the complex product landscape [11]. Group 4: Future Outlook - The industry is shifting from a focus on account opening to a comprehensive competition in product strength and ecosystem services [12]. - The recent regulatory changes may allow securities firms to sell bank wealth management and insurance products, potentially addressing the current challenges in the personal pension market [11][12]. - The emphasis on transforming complex professional capabilities into simple solutions for clients is seen as crucial for the future of personal pension services [13].