站在2024年"9·24"一揽子政策落地一周年的新起点，中国财富管理市场下一步如何夯实制度根基、提升专业 能力、构建健康生态，成为证券行业共同的议题。 近日，券商中国记者采访了多家券商财富管理业务分管高管及业务负责人。他们普遍认为，需进一步加大制度 与产品供给，尤其针对投顾业务，要不断完善考核、激励等基础制度。同时，业内人士还呼吁，共建行业生 态，避免低水平价格竞争，将更多资源投入投教、投研及客户服务中。 加大制度供给及产品供给 券商财富管理业务良性发展，离不开顶层设计的指导。受访券商高管建议，进一步加大制度和产品供给，推动 行业良性发展。 在引导长期投资方面，山西证券副总经理韩丽萍谈到，建议针对长期投资行为，给予税收优惠政策，引导投资 者树立价值投资理念。兴业证券首席财务官许清春建议，进一步优化制度环境，鼓励长期投资和配置型服务， 例如可考虑扩大个人养老金投资范围、探索投顾服务费抵扣机制。 中泰证券首席财富官胡增永也建议，将场内ETF纳入基金投顾配置范围，这或有助于投顾更灵活地使用行业轮 动、风格轮动等策略。 同时，胡增永建议，尽快推动券商证券投顾业务转型、基金投顾业务试点转常规、建立顾问人才统一执业标准 ...

Core Viewpoint - The transformation of wealth management in China requires significant improvements in various areas, particularly in buyer investment advisory services, which are currently insufficiently developed [1] Group 1: Wealth Management Transformation - The depth of buyer investment advisory services is far from adequate [1] - The concept of "long money, long investment" has not been fully realized [1] - There is a relative lack of excellent client managers, leading to insufficient trust from clients [1] Group 2: Future of Wealth Management - Buyer investment advisory services are considered the foundation of wealth management transformation [1] - Buyer investment advisory, represented by "fund advisory," has established a new legal relationship similar to full discretionary management [1] - This new relationship is expected to become the cornerstone of future wealth management [1]

近日，证券时报记者采访了多家券商财富管理业务分管高管及业务负责人。他们普遍认为，需进一步加 大制度与产品供给，尤其针对投顾业务，要不断完善考核、激励等基础制度。同时，业内人士还呼吁， 共建行业生态，避免低水平价格竞争，将更多资源投入投教、投研及客户服务中。 加大制度供给及产品供给 券商财富管理业务良性发展，离不开顶层设计的指导。受访券商高管建议，进一步加大制度和产品供 给，推动行业良性发展。 在引导长期投资方面，山西证券副总经理韩丽萍谈到，建议针对长期投资行为，给予税收优惠政策，引 导投资者树立价值投资理念。兴业证券首席财务官许清春建议，进一步优化制度环境，鼓励长期投资和 配置型服务，例如可考虑扩大个人养老金投资范围、探索投顾服务费抵扣机制。 完善与买方投顾模式相适应的监管框架和评价体系，是行业共识。许清春认为，如此一来可推动行业 从"卖产品"向"管账户"转型，实现与投资者利益对齐。他还表示，持续丰富以投资者持有体验为核心的 评价维度，推动建立跨机构的统一度量标准，定期公开发布行业白皮书，将"客户盈利比率""平均持有 周期""调仓胜率"等指标纳入考评，形成"良币驱逐劣币"的正向激励，引导机构践行金融向善。 华 ...

Core Viewpoint - The Chinese wealth management market is at a new starting point one year after the implementation of the "9·24" financial policy package, focusing on solidifying institutional foundations, enhancing professional capabilities, and building a healthy ecosystem in the securities industry [1] Group 1: Institutional and Product Supply - Industry executives suggest increasing institutional and product supply to promote healthy development in wealth management [2] - Recommendations include tax incentives for long-term investment behaviors and optimizing the regulatory environment to encourage long-term investment and advisory services [2] - There is a consensus on the need to improve the regulatory framework and evaluation system to align industry interests with those of investors [2][3] Group 2: Investment Advisory Services - Investment advisory and fund advisory services are seen as crucial for the future development of the industry, with a focus on enhancing these services [4] - There is a call for clearer regulatory guidance on advisory service standards, especially regarding digital and AI-assisted decision-making [4] - Suggestions include incorporating ETFs into advisory portfolios to enhance investment efficiency and flexibility [4] Group 3: Competition and Industry Ecology - The industry faces intense competition characterized by low-level price wars, prompting calls for a collaborative approach to build a healthier industry ecosystem [6] - Executives advocate for strengthening industry self-discipline and enhancing investor education to improve overall service quality and industry image [6] - There is a push for differentiated positioning and specialized services to establish competitive advantages during the wealth management transformation [6]

以公募费改为契机回归行业初心本源 刘冰开场就提到，9月5日，公募基金费率改革第三阶段工作全面落地。 【导读】中国银河（601881）证券执委会委员、业务总监、董事会秘书刘冰：借公募费改回归初心本 源，构建财富管理价值共同体 9月17日，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"在上海举办，中国银河证 券执委会委员、业务总监、董事会秘书刘冰发表了题为《回归初心 足够耐心 以精心服务与投资者相向 而行》的主旨演讲。 演讲中，刘冰提出"用生态替代业务、用场景替代营销"的财富管理转型理念，并通过解构银河证券的服 务体系、投顾体系、陪伴体系、考核体系以及人才体系阐释了"如何构建财富管理价值共同体"。 在他看来，这场改革不是简单的"降费"，从更长期而言，这是一次行业生态的"重塑"。对金融服务机构 而言，这既是挑战，也是引导渠道把精力放在个人客户身上——不再是简单卖产品，而是做强产品、做 精服务、做透陪伴，通过回归财富管理本源、构建核心竞争力的历史性机遇，这更是国有金融机构平衡 好功能性和营利性的必由之路和应有之义。 刘冰指出，在息费持续下行叠加"反内卷"的大背景下，单一的服务或者产品已经越来越难以成 ...

2、公司财富管理业务的发展情况？ 证券代码：000776 证券简称：广发证券 广发证券股份有限公司 2025 年 9 月 19 日投资者关系活动记录表 编号：2025091901 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 √其他 | | 参与单位名称及 | 2025广东上市公司投资者关系管理月活动——"向新提质 | | 人员姓名 | 价值领航"主题集体路演 | | 时间 | 2025年9月19日上午10:45-12:30 | | 地点及形式 | 广州珠江宾馆3楼多功能厅，现场会议 | | 上市公司接待人 | 董事会办公室 王强女士 | | 员姓名 | 董事会办公室 李经天先生 | | | 1、公司在业务方面有哪些重点布局及优势？ | | | 年初，公司系统部署了重点工作，目前均取 答：2025 | | | 得了良好的进展。一是传统业务转型提速，业务竞争力提 | | | 升。二是优化业务结构，国际化战略纵深推进。三是深化客 | | | 需驱动发展，提升综合服务能力。四 ...

9月17日，由《中国基金报》主办的"2025中国资本市场发展论坛暨证券业论坛"在上海举行。会上， 2025中国券商英华示范案例评选结果出炉，国海证券荣获"券商财富管理示范机构""优秀券商数字化展 业示范案例""券商资管优秀产品示范案例（三年期纯债）"三个奖项。 近年来，国海证券加快推进零售业务向财富管理转型，以为客户创造价值为引领，以专业与科技为引 擎，持续完善投研体系，不断丰富产品服务谱系，打造一站式投资理财解决方案，致力于为广大客户提 供高质量的专业、智能、贴心的服务。公司投资顾问业务服务客户规模和业务收入连续增长，本次荣 获"券商财富管理示范机构"，是外界对国海证券财富管理转型的认可。 在数字化转型的路上，国海证券也始终"以客户为中心"。为及时把握客户投资旅程上的潜在需求，国海 证券已完成自动化运营体系从工具探索到体系搭建，再到生态协同的进阶目标。基于智能运营引擎，实 现精准洞察客户需求自动多波次、多终端策略运营；线上策略实时智能触发，线下策略实时衔接；根据 效果监控迭代优化运营策略，完成数字化运营闭环。截至目前，公司已累计上线10余项场景30余项自动 化策略，客户覆盖面达百万级。 国海证券资管围绕"低 ...

Core Insights - The futures market has shown continuous growth in 2023, with total funds exceeding 1.9 trillion yuan, marking a historical high [1][3] - The market's ability to serve the real economy and enhance risk management has improved significantly, indicating a new stage of industry development [2] Market Size and Growth - The total funds in the futures market have rapidly increased since 2020, surpassing 1.9 trillion yuan in August 2023, with an expected year-end target of over 2 trillion yuan [3][4] - The cumulative trading volume reached 5.97 billion contracts and a trading value of 47.61 trillion yuan from January to August 2023, reflecting year-on-year growth of 21.7% and 22.9% respectively [4] Trading and Positioning - The market's trading-to-position ratio has remained stable at 0.77, indicating a balanced trading environment without excessive speculation [5] - The increase in both fund inflow and positions suggests a more rational market participation, effectively utilizing the risk management functions of the futures market [5] Asset Management Growth - The scale of futures asset management has also seen rapid growth, reaching 383.97 billion yuan by July 2025, a 22% increase from the previous year [6][7] - The demand for diversified investment strategies among high-net-worth individuals and institutional investors is driving the expansion of futures asset management [7] Future Prospects - The continuous expansion of fund size indicates increased participation from industrial clients and financial institutions, enhancing the pricing and risk management functions of the futures market [7] - Regulatory improvements and product innovations are expected to further stabilize market operations and enhance competitiveness in the futures sector [7]

Core Viewpoint - The company aims to enhance its services for high-quality economic and social development in the second half of 2025, focusing on the implementation of the "long board" strategy and creating first-class products and services in niche markets [1] Group 1: Strategic Initiatives - The company will deepen its wealth management transformation, establishing a comprehensive buy-side advisory service system centered on asset allocation to ensure the preservation and appreciation of client assets [1] - There will be a continuous improvement in research and investment capabilities, optimizing strategies and channel layouts to develop high-quality and distinctive investment banking projects [1] - The company plans to actively apply for new licenses in niche business areas to enhance the diversification of its financial market operations and improve its counter-cyclical capabilities [1] Group 2: Integration and Development - The company will proceed steadily and orderly with the integration work with Minsheng Securities [1]

中国银河（601881）证券发布研报称，国家"稳增长、稳股市"、"提振资本市场"的政策目标仍将持续定 调板块未来走向，流动性适度宽松环境延续、资本市场环境持续优化、投资者信心重塑等多方面因素共 同推动证券板块景气度上行，中长期资金扩容预期进一步增强基本面改善预期。截至2025年9月12日， 证券板块PB估值1.49x，处于2010以来30.1%分位，仍然具备较高安全边际，板块配置正当时。 中国银河证券主要观点如下： 市场集中度进一步提升，行业马太效应加剧。2025H1，行业净利润CR5达到45.88%，同比提升6.81pct; 净利润CR10达到67.44%，同比提升9.04pct，行业利润向头部集中。头部券商通过综合化经营扩大竞争 优势，并在衍生品、跨境业务等领域建立壁垒;中小券商聚焦区域特色或细分赛道，通过高弹性业务实 现突围。此外，外资券商加速布局中国市场。凭借在财富管理、跨境展业等领域具备先进的国际视野和 竞争优势，倒逼中资机构提升专业能力与服务效率。 盈利能力步入上行通道，资本管理持续优化 市场边际向好推动行业盈利能力显著改善。2025H1，行业年化ROE为7.07%，同比提升1.63个百分点;杠 ...