Core Insights - The transformation towards buy-side advisory services has become a core pathway for the development of wealth management in the securities industry, driven by market recovery and industry changes [1][2][3] - Firms must return to a client-centric approach, focusing on systematic capability building, ecological platform layout, and deep organizational change to transition from "selling products" to "managing assets" [1][2] Buy-Side Advisory Transformation - The mission of the Chinese securities industry is shifting from "zero-sum games" to growing together with clients, emphasizing the importance of a systematic capability in advisory services [2][3] - The buy-side advisory transformation is a necessary response to declining commission rates and interest margins, requiring firms to focus on service fundamentals for sustainable growth [2][3] ETF Business Development - The ETF market is expanding rapidly, becoming a focal point for wealth management strategies, although growth may lag behind insurance and bank wealth management products [4][5] - Firms should leverage ETFs not just as products but as business vehicles, enhancing core capabilities in client segmentation, intent insight, and asset allocation [4][5] Organizational Change and Assessment Reforms - Organizational transformation is crucial for the buy-side advisory shift, requiring firms to balance short-term profits with long-term value [6][7] - Assessment mechanisms should move away from sales metrics to focus on AUM growth, client profitability, and service activity, aligning closely with client interests [6][7] Localized Practices - Firms like Dongguan Securities emphasize localized practices, retaining strong client relationships at the branch level while empowering advisors through tools and incentives from headquarters [7]

Core Insights - The traditional brokerage offline outlets are undergoing significant structural adjustments due to the deepening of digital transformation, with over 100 branches closed by more than 20 brokerages this year [1][3] - Brokerages are consolidating branches and focusing resources on core areas and high-potential businesses, transitioning from "extensive expansion" to "refined operations" [1][3] Summary by Sections Current Trends - As of this year, 25 brokerages have closed a total of 116 branches, with a noticeable acceleration in consolidation since September [3] - Notably, some brokerages are closing branches in major cities, breaking the previous trend of focusing on lower-tier cities [3] Challenges Faced - Brokerages face three main challenges: high customer acquisition costs, outdated service models, and homogenized services that weaken customer loyalty [4] - Traditional branches struggle to meet the growing demand for personalized services and wealth management, leading to a need for redefined value propositions and operational efficiency [4] Shift to Centralized Operations - A growing number of brokerages are adopting a centralized strategy for branch operations, emphasizing platform empowerment and resource integration [6] - The industry is shifting from a scale-driven model to a quality-driven approach, with a focus on enhancing customer service through technology and data [6][7] Future Outlook - In the next 3 to 5 years, brokerages are expected to see three major trends: an upgrade in service models, a shift towards centralized operations, and an expansion of branch functions to include diversified services [6] - The transition from traditional brokerage to wealth management is accelerating, with brokerages enhancing service efficiency and customer experience through the closure of inefficient branches and a focus on high-value businesses [7]

【导读】 年内关闭超百家，券商线下网点何去何从？ 中国基金报记者 孙越 曾如 "毛细血管"般遍布城市核心区域的券商线下网点，是传统经纪业务的重要支撑。而今，伴随数字化转型的深入推进，这些网点正经历 一场深刻的结构性调整。 据不完全统计，已有 20余家券商在全国范围内公告撤销营业部和分公司，合计裁撤网点超百家。通过整合营业部、裁撤低效网点，券商正 将资源向核心区域与高潜力业务集中，推动行业从"粗放扩张"迈入"精细化运营"新阶段。 券商线下网点优化 "进行时" 据不完全统计，今年以来，已有 25家券商合计撤销116家分支机构。仅9月份以来，就有7家券商宣布裁撤旗下营业部，整合优化明显提 速。从单家机构来看，国信证券一次性集中撤销12家营业部，创年内单次裁撤数量新高。 从地域分布来看，有券商打破了以往集中收缩三、四线城市的惯例，撤掉了一线城市核心区域的分公司或营业部。例如，山西证券撤销北 京国贸证券营业部；国信证券裁撤了深圳罗湖宝安北路营业部，该营业部成立于 1992年，素有"深圳大户摇篮"之称，一度与红岭中路营业 部、泰然九路营业部齐名。 业内人士普遍认为，券商持续整合线下网点，主要出于提升运营效率与控制成本的考 ...

Core 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].

Group 1 - The core viewpoint of the article highlights the significant growth in the number of investors in the A-share market following the "9·24" policy announcement, with new account openings expected to exceed 30 million within a year [2] - The transformation of brokerage wealth management is accelerating to match the increasing number of investors and their evolving needs, shifting from a channel-based model to a customer-centric, diversified income approach [2][5] - The capital market is transitioning from a "financing priority" model to a "balanced investment and financing" cycle, with a notable increase in net profits for listed companies and a growing awareness of shareholder returns [3][4] Group 2 - Individual investors are increasingly moving from "trading speculation" to "asset allocation," showing a preference for stable products and index-based tools like ETFs [3][4] - The investor demographic is becoming younger, with new investors primarily using the internet and social media for information, leading to a rise in online channels for customer engagement [4] - Brokerages are facing challenges in customer acquisition and retention due to the shift in investor needs from single transaction services to comprehensive financial planning [5][6] Group 3 - Brokerages are adapting to the online customer acquisition model, collaborating with major internet companies and leveraging digital platforms to attract new clients [6][8] - The demand for comprehensive financial planning services, including retirement and insurance, is exceeding expectations, prompting brokerages to enhance their advisory capabilities [8][9] - To differentiate themselves in a competitive market, brokerages are focusing on tailored services and innovative pricing strategies to avoid price wars [10]

Core Insights - The "2025 China Securities Industry Wealth Management Summit Forum" was held on September 24, showcasing significant achievements in the wealth management sector and announcing the winners of the "2025 China Securities Industry Wealth Management Leader Jun Ding Award" [1] - The implementation of the new "National Nine Articles" policy has accelerated the entry of medium- and long-term funds into the capital market, leading to a vibrant A-share market with increased trading activity and a higher allocation of equity assets by investors [1] - In the first half of 2025, 42 listed securities firms achieved a net income of 78.95 billion yuan from brokerage business, a substantial increase from 60.36 billion yuan in the same period last year [1] - The award winners represent leaders in the wealth management business who have made significant contributions to the transformation of the industry through innovative business models and strong performance [2] Industry Performance - The brokerage business of 42 listed securities firms generated a net income of 78.95 billion yuan in the first half of 2025, marking a year-on-year increase of 30.83% [1] - The income from the distribution of financial products by these firms reached 5.57 billion yuan, reflecting a growth of over 30% compared to the previous year [1] Award Winners - The winners of the "2025 China Securities Industry Wealth Management Leader Jun Ding Award" include: - Wu Yuemin from GF Securities - Hu Yu from China International Capital Corporation Wealth Securities - Liu Bing from China Galaxy Securities - Hu Zengyong from Zhongtai Securities - Luo Guohua from Shanghai Securities - Gu Wen from China Post Securities [2] Award Acceptance Remarks - Award recipients expressed gratitude for the recognition and emphasized their commitment to serving the public and enhancing wealth management services [3][6][9][12][15][18][22] - The focus on customer-centric approaches and the importance of innovation in wealth management were highlighted by multiple award winners [9][12][15][22]

（原标题：湘财证券总裁周乐峰：买方投顾转型势在必行，是一个系统性工程） 人民财讯9月24日电，9月24日，在由证券时报与南方基金联合主办的2025中国证券业财富经纪高峰论坛 上，湘财证券总裁周乐峰表示，在行业佣金率、两融息差及销售费用普遍下滑的背景下，买方投顾转型 势在必行，是一个体系性工程。其核心是打破零和博弈，实现金融机构与客户共同成长。这要求券商全 面提升投教、投顾、投研及投资能力，具备与国际一流机构竞争的实力。 ...

胡昱指出，买方投顾转型是一个体系化工程，而非单一业务。其核心在于三大能力建设：在资产端，超 越单纯产品筛选，构建涵盖产品交易、企划、运营和财富规划的综合能力；在投顾端，关键在于考核机 制改革，借助数字化赋能投顾提升能力，必须将员工长期利益、公司商业价值与客户长期利益紧密结 合；在客户端，难点在于如何将宏大叙事转化为对个体投资者具体诉求的深刻理解与陪伴，并推动中后 台专业力量深入一线服务客户。他强调，万变不离其宗的是将专业能力、客户服务刻入公司基因与文化 信仰，并最终体现在组织变革中。 （原标题：中金财富证券副总裁胡昱：买方投顾转型需要三大能力建设） 人民财讯9月24日电，9月24日，在由证券时报与南方基金联合主办的2025中国证券业财富经纪高峰论坛 上，中金财富证券执委会委员、副总裁胡昱认为，证券行业的核心矛盾在于如何从红海竞争走向蓝海市 场，探索新盈利模式。 ...

2025 Wind财富管理论坛暨星选理财师年度颁奖盛典将于9月25日在上海盛大启幕！本届活动以"深耕· 立信·致远"为主题， 汇聚银行、券商、资管及金融科技等领域专家 ，共探买方投顾转型与AI技术融 合下的财富管理新未来。 12:30 · 奖金 到 开幕致辞 13:00 主旨演讲 一 13:10 · 财富管理高质量发展:从规模竞赛到价值深耕 王 颖 汇丰银行财富管理及个人银行业务 投资及财富管理部总经理 主旨演讲 二 13:40 · 探索买方投顾在中国的长期价值实现路径 峻 百年保险资管党委书记、董事长 杨 = # 英语 = 14:10 资管机构核心能力再造: 构建"Alpha+Beta"战略双引擎 何卫海 浦银理财董事长 主旨演讲 四 14:40 · 金融科技革命: AI重塑财富管理价值链 简梦雯 万得集团高级副总裁、万得基金总裁 歇 15:10 茶 圆桌论坛 一 15:20 费率下行趋势下,如何保障高质量财富管理服务? 谭慧慧 / 六禾致谦副总经理 H 强 北京银行零售业务总监 杨诚信 私人银行家 建 中金财富产品与解决方案总部财富规划部负责人 眉 上海区管执行负责人 周乐峰 湘财证券总裁 圆桌论坛 二 ...

【导读】多位券商专家热议买方财富时代的变革与转型 中国基金报记者 孙越 买方财富时代浪潮已至，传统以"卖产品"为核心的财富管理模式正加速迭代，券商行业如何找准转型方向、破解实践难题？ 9月17日上午，由中国基金报主办的2025中国资本市场发展论坛暨证券行业论坛在上海举行。在大会的圆桌论坛环节，东吴证券首席战略官、研究所联席 所长孙婷，平安证券执行委员会委员、副总经理姜学红，国元证券执行委员会委员、副总裁梁化彬，国联民生证券资产配置部总经理程棵、中泰证券资管 副总经理姜诚等重磅嘉宾，围绕《买方财富时代的变革与转型》这一主题展开探讨，用一线实践经验为行业转型提供关键参考。 买方思维的核心评价标准是什么？ 作为本次圆桌论坛的主持人，东吴证券首席战略官、研究所联席所长孙婷率先抛出核心议题："当前买方财富时代已正式到来，但从市场实践来看，不少 机构和从业者仍停留在卖产品的传统模式中。若要精准评价一家机构或一位投顾是否真正具备买方思维，其核心评价标准应如何界定？" 平安证券执行委员会委员、副总经理姜学红认为，"挣什么钱"是检验买方投顾与传统模式的核心标准。过往财富管理行业的主流路径，多以"挣销售的 钱"为导向：将产品销售 ...