Core Insights - The wealth management business of brokerage firms has undergone significant changes over the past year, driven by a more rational investment approach from a new generation of investors and a shift from "scale expansion" to "value creation" [1][3][8] Group 1: Market Trends - The A-share market has seen a recovery since the implementation of the "9·24" financial policy, with daily trading volume stabilizing above 2 trillion yuan [1] - Investors are increasingly favoring ETFs (Exchange-Traded Funds) for their low costs and risk diversification, with a notable increase in participation among individual investors [3][4] - The proportion of new investors under 30 years old has risen by 10 percentage points to nearly 30%, with over 25% of new investors engaging in ETF trading, which is 10 percentage points higher than older investors [4] Group 2: Investor Behavior - Investors are transitioning from a "chasing gains" mentality to a more structured "asset allocation" approach, characterized by "indexing," "institutionalization," and "configuration" [3] - New investors exhibit a stronger awareness of financial planning, with a higher allocation to fixed-income products compared to older clients, indicating a focus on stability and diversification [4] Group 3: Service Model Challenges - The growth in investor numbers presents challenges for brokerage firms in terms of meeting diverse and evolving client needs, necessitating a shift towards more intelligent, personalized, and scenario-based services [6][7] - Social media has raised client expectations for service, requiring firms to balance online convenience with offline trust-building [6] Group 4: Business Transformation - Many brokerage firms are transitioning to a buyer advisory model, focusing on asset allocation and comprehensive wealth management throughout the client lifecycle [7][8] - The industry faces intense competition and service homogenization, leading to a reliance on price competition, which pressures profit margins [7][8] Group 5: Future Growth Opportunities - Future growth points for brokerage firms are expected to arise from five areas: scaling the buyer advisory model, refined client segmentation, comprehensive services for corporate finance and family trusts, ecological planning for retirement finance, and cross-border wealth services [9]

Core Viewpoint - The wealth management business of brokerages has undergone significant changes over the past year, driven by a shift in investor behavior towards more rational asset allocation and the increasing popularity of ETFs as investment tools [1][2]. Group 1: Changes in Investor Behavior - Investors have shown a marked increase in enthusiasm for equity asset allocation, transitioning from a "chasing gains" mentality to a more structured "asset allocation" approach [2]. - The proportion of new investors under 30 years old has increased by 10 percentage points compared to the previous year, with over 25% of new investors participating in ETF trading, which is 10 percentage points higher than older investors [3]. - New investors are more focused on financial planning, with a higher allocation to fixed-income products compared to older clients, indicating a preference for stability and diversification in asset structure [3]. Group 2: Evolving Service Models - The growth in investor numbers has posed challenges for brokerages in terms of meeting diverse and sophisticated service demands, necessitating a shift towards more intelligent, personalized, and scenario-based services [4]. - Social media has raised client expectations for service, leading to a demand for both convenient online services and deeper offline trust relationships [5]. - Brokerages are transitioning from merely providing product sales to offering comprehensive advisory services that include asset selection and long-term client engagement [5][6]. Group 3: New Growth Opportunities - Brokerages are exploring new profit growth points by focusing on client service and engagement, moving away from reliance on commission income [6][7]. - Future growth areas are identified as including the scaling of buy-side advisory models, refined client segmentation, comprehensive services for corporate finance and family trusts, ecological layouts for retirement finance, and cross-border wealth services [7].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 证券时报记者 谭楚丹 孙翔峰 2024年"9·24"一揽子金融政策落地以来，A股市场回暖，日均成交额明显增长，且已站稳2万亿元关口。 ETF投资崛起与配置觉醒 多位券商人士向证券时报记者表示，过去一年，伴随A股吸引力上升，投资者的投资习惯、配置需求、投资偏好发 生显著变化。 "投资者对权益资产的配置热情显著增强"是多名受访人士观察到的明显变化。中泰证券首席财富官胡增永谈到， 当前个人投资者的投资行为呈现"指数化""机构化""配置化"三条较为清晰的主线，"指数化"带来低成本的β（贝 塔）收益，"机构化"解决了产品选择与风险控制，"配置化"则实现收益增强与风险对冲，协同推动个人投资者 从"追涨杀跌"的1.0时代，迈入"资产配置"的2.0时代。 其中，ETF成为备受追捧的投资工具。"个人投资者对ETF等工具的认可度大幅提高，特别是宽基指数和行业主题 ETF。"兴业证券首席财务官许清春表示，这一变化主要源于投资者对指数产品分散风险、运作透明、成本低廉等 特点的认同。从数据上看，同一时期兴业证券非货ETF的参与客户数量提升了11倍。 多名受访券商 ...

Core Insights - The report reveals the investment sentiment and strategies of family offices in the context of trade policy uncertainty, geopolitical tensions, and technological changes [1][2]. Group 1: Key Findings - Asset allocation among family offices remains stable, with half of the respondents maintaining fixed income holdings and two-thirds keeping real estate allocations unchanged. Private equity shows the most optimistic trend, with a net increase of 26% in allocations [5][6]. - Despite uncertainties surrounding tariffs, family offices express a positive outlook for portfolio returns over the next twelve months, with 30% expecting returns between 10%-15% and 8% anticipating returns exceeding 15% [8][9]. - Nearly two-thirds of family offices took action to enhance portfolio resilience following the U.S. tariff announcement, with 39% opting for active management [10][11]. Group 2: Investment Strategies and Sentiment - 70% of respondents are engaged in direct investments, with 40% increasing their activities in the past year, reflecting confidence in selecting profitable transactions [13][14]. - Trade tensions have become the primary concern for family offices this year, with 60% citing it as their top worry, while interest rates have dropped to fourth place [15][16]. - Family offices report effective management of investment risks, with 83% believing their investment risks are well managed, although confidence in managing cybersecurity and geopolitical risks is lacking [18][19]. Group 3: Asset Allocation and Market Outlook - Family offices' asset allocation for 2025 remains consistent with 2024, with public equities averaging 27%, fixed income at 15%, and alternative assets at 40% [30][31]. - The sentiment towards asset classes is predominantly neutral, with developed market equities showing the highest net positive sentiment at +17% [44][45]. - Regional sentiment varies, with the Americas showing net bullish sentiment for private equity direct investments at +21%, while the Asia-Pacific region shows a much lower sentiment at +1% [48][49].

Group 1 - The event "Investment has Young" aims to bridge the gap between public funds and young investors, promoting financial literacy and rational investment among university students [1][9] - The activity featured interactive sessions where fund managers shared their investment experiences and explained complex financial concepts in relatable terms, enhancing students' understanding of public fund operations and A-share market risks [3][5] - A financial literacy interactive experience was included, allowing students to reflect on their risk preferences through scenario-based questions, with fund managers providing real-time feedback to encourage rational investment thinking [7] Group 2 - The event was organized by Jiashi Fund in collaboration with several other funds, emphasizing the importance of high-quality development in public funds as part of a broader initiative [1][9] - The initiative is part of a larger action plan to promote the high-quality development of public funds, aligning with the goals of the "New Era, New Fund, New Value" campaign [1] - Jiashi Fund plans to continue engaging with universities and industry partners to spread the message of rational investment and support young individuals in their wealth management and career planning journeys [9]

Core Viewpoint - The recent surge in gold prices, driven by global economic uncertainties and geopolitical risks, has attracted significant investor interest in gold as a safe-haven asset [4]. Group 1: Market Dynamics - Gold prices increased by 2.03% in the night trading session on September 22, 2025, breaking key resistance levels, leading to a strong opening for gold-related stocks, with many rising over 7% [1]. - The decline of the US dollar, which has fallen approximately 5% in recent months, has made gold cheaper for investors using other currencies, further boosting demand [4]. - Central banks globally have significantly increased gold purchases, with net purchases exceeding 800 tons in 2024, marking a historical high, primarily driven by emerging market central banks [4]. Group 2: Investment Strategies - Various methods for investing in gold exist, each with unique advantages and risks, including physical gold, gold ETFs, paper gold, and gold mining stocks [4]. - Convertible bonds linked to gold stocks are highlighted as a favorable option, allowing investors to benefit from stock price increases while enjoying T+0 trading mechanisms [5]. - Gold ETFs, such as the one tracking Shanghai gold spot prices, have shown a cumulative increase of 34.61% since the beginning of the year, with low management fees [5]. Group 3: Risk Management - The market is currently showing overbought signals, indicating potential for price corrections, and investors are advised to remain cautious and avoid chasing prices [6]. - A survey indicates that 71% of central banks plan to maintain or reduce their gold holdings, which could weaken demand and impact gold prices [6]. - Investors are encouraged to set clear stop-loss points and target profit levels, maintaining discipline in their investment strategies [7]. Group 4: Market Sentiment - The early trading session showed a strong market sentiment with gold-related stocks initially rising over 7% but later retracting to around 4%, signaling caution against blind chasing of prices [8]. - The market is experiencing increased differentiation, and investors are advised to focus on high liquidity products while controlling their positions [8].

Group 1: Asset Allocation Insights - The first principle of asset allocation is that all returns are compensation for risk [4] - Investors' funding goals determine the types and levels of risk exposure needed [5] - The purpose of allocation is to optimize the risk-adjusted returns of individual asset classes, focusing on the correlation between different assets [5][6] Group 2: Stock Selection Strategies - Understanding macro variables and overall asset structure can help gauge stock volatility not driven by fundamentals [6] - The gold-to-copper ratio can indicate economic cycles, with a declining ratio suggesting stagflation and an increasing ratio indicating recession [7] - The Merrill Lynch Clock illustrates that different economic growth and inflation levels correspond to optimal asset performance in various stages [10] Group 3: Investment Strategies for Cyclical Stocks - Three strategies for investing in cyclical stocks include speculative trading based on futures prices, top-down allocation considering demand expansion, and value trading focusing on low valuations of high-quality companies [10][11] - Key indicators for assessing demand expansion include capital expenditure ratios, PE and PB ratios, and observing macroeconomic leading indicators [11] Group 4: Views on Major Asset Classes - Short-term prospects for the US dollar show potential for a rebound due to interest rate cuts and fiscal stimulus, while long-term attractiveness may be diminished by rising credit risks [12] - The Chinese yuan faces short-term appreciation pressure due to improving growth momentum and foreign capital inflows, with long-term appreciation trends expected [12] - US Treasury yields are influenced by Fed policies, with long-term rates affected by economic conditions and rising deficits [13] - Oil prices are expected to fluctuate within a certain range, while gold serves as a good tool for hedging portfolio risks due to its low correlation with the dollar [13][14] - Copper demand is positively influenced by sectors like renewable energy and AI, positioning it favorably among cyclical commodities [14]

CreditSights表示，本月初投资者向美国市政债券基金投入的现金达到至少2007年以来的最高水平。 CreditSights的数据显示，截至9月10日当周，市政债券共同基金吸引了约24亿美元的资金，创下137周以 来的最高水平;而交易所交易基金(ETF)则录得20亿美元的资金流入，为四周以来的最高水平。根据美国 投资公司协会(ICI)的数据，同一周投资者从美国股票基金中撤出了约200亿美元。 受美联储重启降息的预期推动，投资者追逐美国州和地方政府债券的涨势，并且随着股价上涨至历史最 高水平，他们重新平衡了投资组合。 CreditSights高级市政策略师Patrick Luby表示："在我看来，这表明资产配置正在发生调整。我认为并没 有太多新的资金自发流入共同基金。" 标普500指数已创下历史新高，科技股因利率下调而上涨。通常情况下，降息会刺激消费者支出并提高 企业利润。 美国市政债券在9月强势上涨 9月份市政债券回报率为2.6%，超过了美国投资级债券和美国国债。而今年大部分时间里，市政债券的 表现都逊于这两类资产。创纪录的州和地方政府债券发行，以及美国总统唐纳德.特朗普税收和支出法 案中免税债券的状况 ...

Group 1 - The article discusses the importance of financial education and the role of the fund industry in promoting financial rights and improving quality of life [1] - It emphasizes the need for professional and in-depth research when heavily investing in a single industry to withstand market fluctuations [6] - The article highlights the distinction between core assets and satellite assets in investment strategies, where core assets provide stability and satellite assets aim for higher returns [12][14] Group 2 - Core assets typically constitute a larger portion of an investment portfolio, serving as a stabilizer to provide relatively stable returns [12] - Satellite assets, which occupy a smaller share, are used to enhance portfolio returns and diversify risk, especially during market opportunities [14][16] - The article suggests that the allocation of core and satellite assets should be adjusted based on individual risk tolerance and market conditions [19][25]

两类配置思路：保守防御与均衡进攻 在"金鼎杯"买方投顾资产配置大赛（以下简称"大赛"）8月上榜参赛者复盘直播的尾声，8月榜第二 名"投基论道（梁山）"（参赛组合名）与8月榜第四名 "多资产轮动"（参赛组合名）两位优秀参赛者， 结合宏观环境与市场信号，分享了9-10月的市场展望与配置思路。 市场核心变量：美联储政策与热点轮动 两位参赛者均认为，9-10 月市场的核心影响因素集中在两点，需重点跟踪： 一，美联储降息节奏：9 月 17 日美联储议息会议是关键节点。"投基论道（梁山）"指出，"若降息幅度 符合或超预期，将利好港股流动性（港币与美元挂钩）及贵金属价格（美元走弱支撑）"；"多资产轮 动"补充道，"美联储降息周期开启后，全球风险资产的估值中枢有望上移，但需警惕 ' 预期兑现后的回 调 '"。 二，A 股热点高低切：8 月科技等高位板块已出现波动，9 月大概率延续 "高低切" 趋势。"投基论道 （梁山）"观察到，"前期高标板块回调明显，资金开始流向低位的恒生科技、创新药等领域"；"多资产 轮动"则认为，"A 股整体需偏保守，结构性机会集中在低估值的防御性板块"。 核心逻辑是 "A 股为主战场，港股抓补涨"，具 ...