华金证券：以资产配置引领财富管理，科技赋能创新增长

Core Insights - The article emphasizes the transition of China's economy from traditional labor and resource-intensive industries to technology and knowledge-intensive sectors, highlighting the importance of innovation and industrial upgrading in achieving high-quality growth [2] - The wealth management industry is undergoing a profound transformation, shifting from a scale expansion model to a differentiated, high-quality growth path, driven by asset allocation strategies and technological empowerment [4][8] Economic Environment - By 2025, China's economic environment will face complex changes, including geopolitical shifts, financial cycle challenges, and an urgent need for accelerated economic transformation [2] - Despite these challenges, China's economic fundamentals remain strong, with a resilient and potential-rich foundation supporting long-term growth [2] Wealth Management Industry Trends - The wealth management sector is adapting to a low-interest-rate environment and increased market volatility, focusing on asset allocation as a core strategy [4] - Regulatory improvements and a clearer development line in the capital market are fostering a healthier investment ecosystem, enhancing market confidence and leading to significant index gains, such as the Shanghai Composite Index surpassing 4000 points [4][11] Digital Transformation - The company is enhancing its asset allocation toolbox and digital transformation, launching the "优+" APP to provide comprehensive coverage of off-market financial products [8] - The integration of online and offline services is being prioritized, with a focus on internet advisory services to reach a broader audience through platforms like Douyin and Xiaohongshu [8][9] Future Outlook - For 2026, the wealth management business is expected to face challenges but also significant growth opportunities due to global liquidity conditions and domestic policy support [11][12] - The demand for professional asset allocation services is increasing, driven by changes in residents' wealth structure and the implementation of personal pension systems [12][14] Strategic Focus - The company aims to capitalize on the demand for diversified asset allocation and the upgrade of wealth management needs, transitioning from product sales to asset allocation-driven models [14] - A comprehensive product system and professional advisory capabilities are being developed to navigate the evolving landscape of the wealth management industry [14]