论坛上，九方智投母公司九方智投控股有限公司（股票代码：9636.HK）荣膺2025中国上市公司英华奖 ——港股成长示范案例，成为全场关注的焦点之一。这一奖项不仅是对九方智投控股作为优质成长型港 股上市公司品牌价值与市场影响力的高度肯定，更彰显了市场对其成长价值与创新潜能的充分认可。 2025年，中国资本市场在深化改革中持续焕发活力，这种活力并非短暂躁动，而是价值回归、生态提质 与国家战略协同推动的必然结果。九方智投控股作为资本市场的重要参与者，不仅扎实履行经济责任， 更主动肩负起推动科技自强与创新转型的时代使命，用实际行动回应着市场对其可靠性的关切。 可靠性的根基，源于以客户为中心的经营理念和扎实的服务能力。九方智投控股上市以来，始终秉持理 性投资、价值投资和长期投资理念，精心打造了九方智投APP、九方AI学习机、九爻股、股道领航系列 等核心产品，构建起立体化的证券投顾服务矩阵，全方位满足不同投资者的需求。作为国内证券投教第 一股，公司坚定践行"买方投顾"模式，不断夯实九方智投的投研实力，为投资者提供多元、简洁且专业 的投教内容。值得一提的是，今年上半年，九方智投作为证券投顾行业首家机构加盟中国基金报投教联 ...

Group 1 - The "2025 Guangzhou Investment Advisory Conference and Wealth Management Transformation Development Meeting" was held in Guangzhou, focusing on the transition from product selling to client-focused advisory services [1] - Liang Huabin, Vice President of Guoyuan Securities, emphasized the need for a strategic consensus within the company to promote the transformation of the buy-side advisory model [1] Group 2 - The current client structure of securities firms is primarily transaction-based, with only about 10% being allocation-based clients, posing dual challenges for the buy-side advisory fee model [3] - Guoyuan Securities is shifting its compensation structure from "low base salary plus high commission" to "high base salary plus low commission" to align advisor incentives with client asset growth [3] - A comprehensive assessment system focusing on client satisfaction, strategy execution, and AUM growth has been established, incorporating mechanisms like virtual bonuses to balance advisor income during the transition [3] Group 3 - Guoyuan Securities is advancing its platform system construction by integrating consulting data, product information, and investment strategies through large model technology to create an intelligent investment research platform [4] - The investment advisory center is responsible for asset allocation research, while the financial products department translates research outcomes into specific selection standards [4] - The company aims to provide a fully digitalized service process for retail clients and personalized services for high-net-worth and institutional clients, enhancing service efficiency and aligning with diverse wealth management goals [4]

券商正加速推进买方投顾模式。 21世纪经济报道李域 深圳报道 同时，围绕资产、策略、基金三个维度动态优化，让组合保持竞争力。在服务层面，平安30同步升级全 周期专业陪伴体系。通过周度、月度运作报告，确保信息透明、投资逻辑清晰传递；季度频率复盘回顾 账户运作情况，解读市场；年度举办"平安30持有人大会"，邀请客户与投资团队、底层优质私募管理人 面对面交流。 平安证券资产管理事业部组合投资团队执行总经理李昭明表示："过去，客户是'拼积木'式地管理财 富；未来，平安30要成为那个稳固、安心、智慧的'财富之家'。我们不仅仅提供投资组合，更是为客户 守护一生的财富目标。" 据悉，此次升级标志着平安30从"产品组合提供者"向"客户主账户管家"的战略升级，将打造一个以客户 金融资产账户为中心、全市场选基、动态调优、服务闭环的智能化财富管理"家"。 发布会上，国际投资机构毕盛资产的创始人、执行主席兼首席策略官王国辉发表了题为《世界正重估中 国——从不可投资到不可不投》的主题演讲。 他指出，全球资本对中国市场的认知正经历深刻转变，从过去的"犹豫观望"逐步转向"主动布局"。王国 辉指出，从宏观基本面来看，中国拥有勤劳高效的劳动群 ...

Core Insights - The wealth management industry is transitioning from a traditional sales model to a more client-centric advisory model, termed Wealth Management 3.0, which emphasizes long-term relationships and stable income sources [1][3][5] Industry Challenges - The traditional brokerage business is facing significant challenges, with brokerage revenue share dropping from over 40% in 2014 to below 30% currently, while the concentration of profits among the top firms has increased, with CR10 rising from 52% to over 60% [2] - The stock trading commission rates are declining, putting pressure on brokerage income, and competition for institutional services is intensifying as institutional investors now hold over 70% of A-share market shares [2] Wealth Management Transformation - Wealth management has evolved through three stages: 1. Stage 1.0 focused on brokerage services and transaction volume 2. Stage 2.0 shifted to a sales model through product distribution 3. Stage 3.0 emphasizes advisory services and asset management, creating a deeper bond between advisors and clients [3][4] - The essence of asset allocation differs between asset management and wealth management, with the latter focusing on enhancing client experience and building trust [4] Key Challenges in Wealth Management 3.0 - Three main challenges identified in the transition to Wealth Management 3.0: 1. Client understanding of net worth transformation needs time to adjust 2. Insufficient effective supply of financial products 3. The advisory side faces challenges in enhancing diverse capabilities [5][6][7] Client Understanding and Product Supply - Clients are still focused on chasing high returns, necessitating a shift in mindset towards long-term holding and realistic expectations regarding product performance [6] - The domestic financial product supply is lacking, with a heavy reliance on real estate and stocks, leaving a gap in the middle ground for investment options [7] Advisory Capability Enhancement - The transition requires advisors to evolve from sales-oriented roles to consultative roles, necessitating skills in market analysis, wealth planning, and asset allocation [8] - The company is exploring AI-driven solutions to enhance advisory services, such as providing AI wealth advisors and digital assistants to improve service efficiency [8]

Core Viewpoint - Zhongtai Securities has launched its wealth management brand "Zhongtai Wealth 30," which aims to transform complex wealth management needs into clear and trustworthy pathways, emphasizing an investor-centric approach [1] Group 1: Brand Overview - "Zhongtai Wealth 30" consists of three sub-brands: Quantitative 30, Myfund 30, and ETF 30, which serve as the core pillars of Zhongtai Securities' buy-side advisory model [1] Group 2: Strategic Goals - The initiative is designed to enhance ecological synergy in wealth management, aligning with the company's commitment to prioritize investors' interests [1]

Core Insights - The public fund industry is approaching a total scale of 37 trillion yuan, highlighting the need for high-quality development and effective service to the real economy [1][4][6] - The forum emphasized the importance of collaboration among various stakeholders, including regulators, fund companies, and financial institutions, to address industry challenges and promote sustainable growth [1][2][3] Group 1: Forum Highlights - The forum gathered over 80 executives from fund companies and financial institutions, facilitating direct dialogue between policymakers and company decision-makers [1][2] - Key industry pain points discussed included unreasonable performance benchmarks, fund fee reductions, lack of long-term incentive mechanisms, talent retention issues, and compliance shortcomings [1][2] - The forum provided actionable insights on building governance structures that align with new regulations and embedding long-term investment principles within organizations [1][2] Group 2: Regulatory Perspectives - Regulatory representatives expressed expectations for the healthy development of the public fund industry, emphasizing the need for proactive actions within the entire ecosystem [2][3] - The ETF market in China has seen significant growth, with a market size exceeding 5.62 trillion yuan, positioning it as the largest in Asia [2][3] Group 3: Industry Trends - The global ETF market has surpassed 18 trillion USD, with a notable shift towards actively managed ETFs, which are becoming a new growth engine [9][10][12] - China's ETF market has grown approximately sevenfold since 2019, yet it still represents only 5% of the total stock market capitalization, indicating substantial growth potential [10][12] Group 4: Strategic Initiatives - The establishment of the "Evergreen Think Tank" aims to create an open research platform to provide strategic support for the industry [2][31] - The forum highlighted the necessity for the public fund industry to enhance its research capabilities and focus on long-term value investment to align with national economic goals [31][32]

Core Insights - The conference theme "Resilience and Breakthrough: A New Chapter in Intelligence" reflects the current challenges and opportunities in the financial sector [1] - Key discussions focused on the transformation of financial institutions, particularly in value creation and differentiated competitiveness [1][4] - The release of the "2025 China Wealth Management Market Report" indicates a shift in market confidence and risk appetite, highlighting the evolving landscape of wealth management in China [2][5] Group 1: Keynote Speeches - Wang Zhongmin emphasized the importance of "risk wisdom" in asset management amidst a low-interest-rate environment, advocating for a shift towards high-risk assets for better returns [3] - Liu Xinyi discussed the application of transaction credit in digital finance, while Huang Jinlao presented the resilience of private banks, using SuShang Bank as a case study for successful market positioning [4] - Huang Jinlao noted that the narrowing interest margin has reduced the funding cost gap between small and large banks, presenting both challenges and opportunities [4] Group 2: Wealth Management Market Insights - Zhai Lihong highlighted the ongoing transformation in China's wealth management market, with increasing market confidence and a shift towards diversified asset allocation [5] - The report suggests that the end of public fund fee reforms and the normalization of advisory trials will lead to a buyer-centric advisory model becoming a standard practice [5][6] - Zhai Lihong expressed optimism about the long-term potential of the market, predicting continued inflow of funds into sectors like pension services and infrastructure [5] Group 3: Small Institutions' Transformation - The roundtable discussion on "Small Institutions' Transformation" featured insights from various industry leaders on navigating the current financial landscape [7] - Gao Zhan emphasized the role of financial institutions as advocates for social value, particularly in serving underrepresented communities [8] - Jiang Rinna pointed out the unprecedented challenges faced by the life insurance industry due to rapidly declining interest rates, urging a return to fundamental industry principles [8] - He Xiaolei stressed the need for small banks to adopt a customer-centric approach and leverage digital transformation for sustainable growth [8][9] - Sun Junjie identified the low-interest environment as an opportunity for diversified asset allocation, recommending proactive strategies in various markets [9] - Zhang Sicheng discussed the challenges faced by insurance intermediaries and the need for differentiated strategies to achieve high-quality growth [10] - Liu Yaqi advised small financial institutions to focus on digitalization and efficiency improvements to adapt to the evolving market demands [10]

Core Insights - The annual conference focused on how the Chinese financial industry can reshape its development logic in a low-interest-rate environment, emphasizing the need for transformation and innovation [1][2][3] Group 1: Key Themes from the Conference - The theme of the conference was "Resilience and Breakthrough: A New Chapter in Intelligence," highlighting the challenges and opportunities in the current financial landscape [1] - Keynote speakers discussed the importance of risk management and the shift towards high-risk asset allocation due to narrowing interest margins [2][3] - The conference featured a roundtable discussion on the transformation of small and medium-sized financial institutions, emphasizing the need for precise strategies and customer-centric services [8][9] Group 2: Insights on Wealth Management - The "2025 Wealth Management Market Report" was released, indicating a recovery in market confidence and risk appetite, leading to increased demand for diversified and professional asset allocation [5][6] - The report highlighted a shift from limited product offerings to comprehensive, customized solutions, and from single-channel approaches to ecosystem-based service models [6][7] - AI technology is expected to play a crucial role in upgrading advisory services, enhancing personalization and service quality [7] Group 3: Challenges and Strategies for Financial Institutions - The narrowing interest margin has reduced the funding cost gap between small and medium banks and larger banks, providing more competitive pricing opportunities [3] - Institutions are focusing on digital transformation and innovative service models to adapt to the low-interest-rate environment and increasing competition [9][11] - Emphasis on leveraging AI and data intelligence to improve customer acquisition and operational efficiency, moving away from traditional mass marketing strategies [11]

Core Insights - The article highlights the significant progress and challenges in the development of the public fund investment advisory business in China over the past six years since its pilot launch [1][2][3] Group 1: Business Development - The pilot program for public fund investment advisory services was officially launched by the China Securities Regulatory Commission (CSRC) on October 25, 2019, with 60 institutions obtaining pilot qualifications [2] - As of October 2025, the asset scale of buyer advisory services has exceeded 120 billion yuan, with some institutions reporting a high profitability ratio among their advisory accounts [2][3] - The overall profitability of advisory accounts has been significantly higher than non-advisory accounts, with reported excess returns of 7.01%, 4.23%, and 1.33% over one, two, and three years respectively [2] Group 2: User Experience and Strategy - Institutions have developed diverse strategies to cater to different investor needs, including liquidity management, conservative investments, and aggressive investments [3] - Feedback from clients indicates a generally positive experience with advisory services, although challenges remain in user awareness and service content alignment with client needs [3][4] Group 3: Fee Structure and Optimization - Suggestions for optimizing the fee structure include diversifying the charging model and linking advisory fees to product performance to align the interests of advisors and investors [4] Group 4: Investment Variety and Regulatory Support - There is a call for a broader range of investment products, including overseas markets and various asset classes, to meet diverse investor demands [5][6] - The CSRC is actively working to transition the advisory business from pilot to regular status, with plans to include more investment options such as Sci-Tech Innovation Board ETFs [6][7]

Core Insights - The launch of the "Leading·Smart Talk" project under the "Leading 30" wealth management brand by Guosen Securities aims to create a high-end communication platform for clients, gathering industry experts and leaders for in-depth discussions on investment strategies and market trends [1][2] Group 1: Project Overview - The "Leading·Smart Talk" project is a key component of the high-end service system under the "Leading 30" brand, focusing on closed-door seminars and deep dialogues [1] - The inaugural event took place on October 16 at Guosen Financial Building, featuring award-winning private fund managers discussing investment insights on various assets [1] - The project will be held regularly, inviting top investment institutions to share market outlooks, helping clients better understand market dynamics [2] Group 2: Brand Philosophy - The "Leading 30" brand is designed to provide comprehensive wealth management solutions throughout the entire lifecycle, moving away from single product sales to a more holistic approach [2] - The brand aims to respond to the historical transformation of China's capital market and the evolving wealth management needs of residents [2] Group 3: Competitive Advantages - The brand emphasizes three main advantages: leading concepts, professional expertise, and superior service [3] - It categorizes wealth management into three levels: product research, strategy production, and client service, adhering to the principle of "client interests first" [3] - A systematic research framework is established, combining quantitative and qualitative analysis to create tailored strategy solutions for clients [3] Group 4: Future Outlook - Guosen Securities plans to enhance its wealth management services by integrating professional research, innovative services, and a closed-loop system of "research-driven strategies and strategy-empowered services" [3] - The company aims to support investors on their wealth progression journey, ensuring a stable and prosperous future in wealth management [3]