Industrial Securities(SH:601377) 券商中国·2025-10-10 05:01Core Viewpoint - The implementation of the "9·24" financial policy package has created unprecedented development opportunities for brokerage and wealth management businesses in China, with personal investors showing more mature investment behaviors and increased confidence in the market [1][3]. Investor Behavior Changes - Investor confidence and risk appetite have steadily increased, with a notable shift from trading-focused clients to a broader base of investors as the market stabilized and regained momentum [2][4]. - The concept of index investing has gained widespread acceptance, with a significant rise in the popularity of passive products like ETFs, particularly broad-based and thematic ETFs, leading to an 11-fold increase in the number of clients participating in non-cash ETFs at the company [2][4]. - Investors are becoming more rational in their behaviors, focusing on sustainable asset allocation and the effects of product combinations rather than just individual asset performance [2][3]. Challenges for Brokerage Firms - Brokerage firms face three main challenges: managing investor confidence and expectations, balancing income and service quality amid a trend of lower fees, and meeting diverse and personalized client needs [4][5]. - The recent revision of the "Publicly Raised Securities Investment Fund Sales Fee Management Regulations" has imposed higher demands on wealth management businesses, necessitating a reevaluation of profitability and functionality [6]. Strategic Responses - To address these challenges, the company is focusing on immediate market opportunities through competitive activities and mobilization mechanisms while also emphasizing long-term capability building and transitioning to a buyer-centric model [5][6]. - The company is enhancing its advisory services by establishing a dedicated advisory team and optimizing its product pool structure to better meet clients' diverse asset allocation needs [5][6]. Industry Development Suggestions - The company suggests optimizing the regulatory environment to encourage long-term investment and service-oriented approaches, such as expanding the investment scope of personal pensions and exploring tax deduction mechanisms for advisory fees [7]. - It advocates for a unified evaluation framework that focuses on investor experience and encourages industry self-regulation to promote healthy competition and improve the overall professional image of advisory teams [7][8].