Core Insights - The article highlights the growth and effectiveness of the fund advisory service model in China, which has been in place for six years since its pilot launch in 2019, leading to increased asset scales and customer retention rates among qualified institutions [2][3][4] Industry Overview - The fund advisory service model has seen significant development, with 60 institutions obtaining pilot qualifications since its inception [2] - As of October 2025, the asset scale of CICC Wealth's advisory services is expected to exceed 120 billion yuan, while Guolian Minsheng Securities has signed 360,000 clients with an asset scale of 9.7 billion yuan, reflecting a year-on-year growth of 39.52% [2][3] Client Experience - Clients report improved investment understanding and habits due to the advisory services, with 88% of clients from E Fund's advisory service being profitable [3][4] - The average holding period for clients using the "Help You Invest" service is 688 days, with a profitability rate exceeding 90% [4] Performance Metrics - The advisory accounts have outperformed non-advisory accounts, with excess returns of 7.01%, 4.23%, and 1.33% over the past one, two, and three years, respectively [3] - The average service duration for clients at Shenwan Hongyuan is over 1,400 days, indicating strong client engagement [3] Strategic Development - Institutions are focusing on enhancing client experience and addressing emotional costs, optimizing investment strategies, and leveraging digital tools to expand advisory services [5][6] - E Fund has developed a comprehensive strategy system covering various investment needs, while other institutions are also diversifying their strategies to meet different client demands [6][7] Challenges in the Industry - Despite progress, the fund advisory industry faces challenges such as low user awareness and trust, with a need for better education on the benefits of advisory services [8][9] - The profitability model for advisory services remains thin, primarily based on management fees tied to signed asset scales, which poses a challenge for sustainable growth [9] Future Directions - The role of AI in enhancing client experience is becoming increasingly significant, with institutions exploring AI-driven personalized services [7][10] - The industry is at a critical juncture, transitioning from quantity accumulation to quality improvement, necessitating collaborative efforts to address existing shortcomings [9][10]

Core Insights - The public fund advisory business in China has transitioned from a "seller-driven" model to a "buyer-agent" model over the past six years, achieving significant growth from zero to nearly 200 billion yuan in assets under management [4] - The industry is at a pivotal moment, with a projected market penetration of less than 0.1% compared to 16.1% in the U.S., indicating substantial growth potential as household financial assets approach 400 trillion yuan [3][4] - The integration of AI technology is transforming the advisory landscape, shifting from being a useful tool to becoming a core driver of development, enhancing personalized service and operational efficiency [8][9] Industry Growth and Performance - The fund advisory business has seen steady growth, with major firms like Huatai Securities reporting a 16.36% increase in assets under management, reaching 21.037 billion yuan by mid-2025 [3] - The number of clients for major firms has surged, with CITIC Securities reporting over 16 million clients and a significant increase in customized business assets [3] - The overall assets under management for the fund advisory sector are expected to exceed 10 trillion yuan by 2030, showcasing immense growth potential [3] AI Empowerment in Fund Advisory - AI is expected to enable personalized strategies and interactions, allowing for tailored solutions based on clients' life stages and risk profiles [2] - The use of AI in advisory services has led to improved client engagement, with a reported 35.7% higher retention rate for clients using AI-driven services compared to those who do not [7] - Companies like Yingmi Fund are leveraging AI to enhance service efficiency and client understanding, moving towards a more personalized advisory experience [8][9] Client Experience and Investment Behavior - Fund advisory services have significantly improved clients' investment experiences, with a higher percentage of advisory accounts showing profitability compared to non-advisory accounts [5][6] - The implementation of systematic investment strategies has helped clients achieve better returns, with a reported 94.43% of clients in a specific program being profitable [6] - The overall profitability rate for clients using the "帮你投" service has exceeded 90%, indicating strong client satisfaction and effective investment strategies [6][7] Future Outlook and Industry Challenges - The industry recognizes the need for improved service depth and client trust, as current offerings do not fully meet client needs [11] - There is a call for enhanced investor education to raise awareness about fund advisory services and their benefits [11] - The competitive landscape is expected to evolve towards a model of "professional division and ecological win-win," with firms focusing on their unique strengths to build competitive advantages [11]

Core Insights - The event "2025 CICC Wealth 1018 Release Conference" highlighted the unique attractiveness of the Chinese market, driven by technological breakthroughs and resilient manufacturing upgrades, which are reshaping global capital flows [1] - CICC Wealth's buy-side advisory model has achieved significant growth, surpassing 1 trillion yuan in assets under management (AUM) in July and recently exceeding 1200 billion yuan [1] - The international asset management scale of CICC's wealth management division has reached 2.2 billion USD, covering various areas such as asset allocation and discretionary portfolio management [1] AI Empowerment - CICC Wealth is enhancing client investment decisions through AI tools that provide efficient access to information and knowledge, while also developing AI-powered "super advisors" to improve service efficiency [2] - The company is upgrading its digital platforms, including E-Space, RITAS, and the CICC Wealth APP, to deepen the application of AI in investment research, advisory services, and client interactions [2] - AI technology enables the customization of investment solutions within 30 seconds based on thousands of market products, tailored to current market conditions [2] Inclusive Finance - CICC Wealth is strengthening the supply of passive investment products and translating professional asset allocation logic into services that are easily understandable for the general public [2] - The establishment of a service center for specialized and innovative small and medium-sized enterprises (SMEs) aims to create an inclusive financial service system, integrating internal and external resources to support these businesses [2]

Core Insights - The recent financial policies introduced on September 24, 2024, present unprecedented development opportunities for brokerage and wealth management businesses [1] - The traditional wealth management model, which focuses on product configuration, faces challenges in the current market environment, necessitating a shift towards customer demand insight and long-term investment strategies [2][3] Investor Demand Evolution - There is a noticeable shift in investor demographics, with the proportion of investors under 30 years old increasing by 10 percentage points to nearly 40% [2] - New investors show a stronger preference for equity investments, with over 80% engaging in on-market equity transactions, surpassing older clients by five percentage points [2] - More than 25% of new investors have participated in ETF trading, indicating a significant structural difference in investment preferences compared to older investors [2] - New investors exhibit a clearer awareness of financial planning, with a higher proportion of their total assets allocated to financial products, particularly fixed-income products [2] Wealth Management Transformation - Brokerage firms face challenges from market competition and changing investor behaviors, leading to declining commission rates and reduced profit margins [3] - The rise of financial technology intensifies competition among institutional investors, increasing demand for specialized services [3] Strategic Adaptations by Brokerages - Brokerages, including Huafu Securities, are adapting by optimizing business models, shifting from transaction-based commission structures to asset-based and advisory service models [4] - There is a focus on expanding client bases to include institutional, high-net-worth, and corporate clients while enhancing digital capabilities [4] - The company is developing a client-centric investment advisory model, emphasizing independent advice and long-term wealth management [5] Revenue Growth through Client Engagement - As commission rates decline, brokerages must focus on developing client relationships and providing differentiated services to drive revenue growth [6] - Strategies include personalized services for high-net-worth clients and tailored investment solutions based on client needs [6] Future Wealth Management Focus - The future of wealth management should prioritize customer demand insight, scientific asset allocation, long-term investment support, and technological empowerment to achieve sustainable wealth growth [7]

Core Viewpoint - The Chinese wealth management market is focusing on solidifying institutional foundations, enhancing professional capabilities, and building a healthy ecosystem as it approaches the one-year mark of the "9·24" policy implementation in 2024 [1] Group 1: Institutional and Product Supply - Industry leaders 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][3] - There is a consensus on the need for a regulatory framework and evaluation system that aligns with the buyer advisory model, promoting a shift from "selling products" to "managing accounts" [2] 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 expanding the range of investable assets in fund advisory services, particularly incorporating ETFs to improve asset allocation efficiency [4] Group 3: Industry Competition and Collaboration - The industry is experiencing intense competition, with calls to avoid low-level price wars and instead focus on investor education and research [6] - Industry leaders advocate for self-regulation and collaboration to create a fair and orderly market environment [6] - There is a push for shared resources in investor education and risk management to enhance the overall quality and image of the wealth management industry [6]

Core Viewpoint - The article discusses the future of China's wealth management market, emphasizing the need to strengthen institutional foundations, enhance professional capabilities, and build a healthy ecosystem in the securities industry as it approaches the one-year anniversary of the "9·24" policy package implementation [1]. Institutional and Product Supply - Industry executives suggest increasing institutional and product supply to promote healthy development in wealth management, with a focus on long-term investment behaviors and tax incentives to encourage value investment [3]. - Recommendations include optimizing the regulatory environment to support long-term investment and expanding the investment scope of personal pensions [3]. - There is a consensus on the need for a regulatory framework and evaluation system that aligns with the buyer advisory model, promoting a shift from "selling products" to "managing accounts" [3]. - Suggestions for enhancing product supply include increasing the availability of REITs, target retirement funds, ESG products, and ETFs to meet residents' wealth allocation needs [4]. Enhancing Advisory Services - Securities advisory and fund advisory services are highlighted as key areas for future development, with a call for clearer regulatory guidance on service standards and responsibilities [5]. - The inclusion of ETFs in advisory portfolios is recommended to improve asset allocation efficiency for residents [6]. - Proposals include establishing unified professional certification and training systems for advisory personnel to enhance the overall professional image and service capabilities of the advisory workforce [6]. Industry Collaboration and Ecosystem Building - There is a strong call to stop low-level price competition and foster a collaborative industry ecosystem, focusing on investor education and risk prevention [7]. - Executives advocate for strengthening industry self-discipline and creating a fair market environment, emphasizing the importance of shared resources for investor education [7]. - The article encourages firms to differentiate their services and establish competitive advantages through unique positioning while maintaining market order and promoting high-quality development in the wealth management sector [7].

Core Viewpoint - The "2025 China Securities Industry Wealth Management Leadership Award" was announced at the annual summit, highlighting significant opportunities in the wealth management sector due to the implementation of new policies and the active performance of the A-share market [2]. Group 1: Event Overview - The "2025 China Securities Industry Wealth Management Leadership Summit" took place on September 24 in Beijing, organized by Securities Times and Southern Fund [2]. - The event gathered elites from various fields, including securities firms and public funds, to discuss industry insights and honor outstanding individuals in wealth management [2]. Group 2: Industry Performance - In the first half of 2025, 42 listed securities firms achieved a net income of 78.95 billion yuan from brokerage fees, a significant increase from 60.36 billion yuan in the same period last year [2]. - The income from the distribution of financial products by these firms totaled 5.57 billion yuan, representing a year-on-year increase of over 30% [2]. Group 3: Award Winners - Six leaders from securities firms were awarded the "2025 China Securities Industry Wealth Management Leadership Award" for their exceptional leadership, innovative business models, and sustained performance growth [2][4]. - The award winners include: - Wu Yuemin, Assistant General Manager of GF Securities - Hu Yu, Vice President of China International Capital Corporation Wealth Management - Liu Bing, Business Director of China Galaxy Securities - Hu Zengyong, Chief Wealth Officer of Zhongtai Securities - Luo Guohua, General Manager of Shanghai Securities - Gu Wen, Vice President of China Post Securities [7][4]. Group 4: Award Acceptance Remarks - Wu Yuemin emphasized the importance of wealth management in serving the real economy and promoting common prosperity, committing to high-quality industry development [8]. - Hu Yu highlighted the focus on customer-centric services and the commitment to high-quality development in wealth management [11]. - Liu Bing reflected on the 25th anniversary of China Galaxy Securities, reiterating the company's dedication to serving the public and enhancing investor value [14]. - Hu Zengyong expressed gratitude for the opportunities provided by the industry and the commitment to high-quality wealth management [17]. - Luo Guohua acknowledged the recognition of Shanghai Securities' transformation in wealth management and the focus on professional service [22]. - Gu Wen stated the mission of enhancing customer wealth and the commitment to a collaborative development model in wealth management [26].

Core Viewpoint - The Chinese wealth management market is focusing on strengthening institutional foundations, enhancing professional capabilities, and building a healthy ecosystem following the one-year anniversary of the "9·24" financial policy package 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 service-oriented offerings [2][3] - There is a consensus on the need to improve the regulatory framework and evaluation systems to align industry practices with investor interests [2][3] Group 2: Investment Advisory Services - Investment advisory and fund advisory services are seen as key areas for future development, with a focus on enhancing service standards and regulatory clarity [4][5] - Suggestions include incorporating ETFs into advisory portfolios to improve asset allocation efficiency for residents [4][5] - The establishment of unified professional standards and training systems for advisory personnel is recommended to enhance the overall professional image and service capabilities of the advisory workforce [5] Group 3: Industry Competition and Collaboration - There is a call to stop "involution-style" competition, which has led to detrimental price wars in the industry [7] - Executives emphasize the importance of building a collaborative industry ecosystem, focusing on investor education and risk management [7] - The need for differentiated positioning and specialized services among firms is highlighted to establish competitive advantages in the wealth management sector [7]

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]

Group 1: Industry Transformation - The public fund sales industry is undergoing a transformation to rebuild trust with investors by focusing on long-term value and customer profitability rather than short-term sales metrics [1][2][8] - The competition landscape is shifting from product promotion to investment solution provision, emphasizing long-term customer value over short-term performance [1][9] - Regulatory changes, such as the CSRC's action plan for high-quality development, are prompting firms to adjust their assessment mechanisms to prioritize customer retention and satisfaction [8][9] Group 2: Sales and Service Model - The traditional sales model, which relied on transaction commissions, is being replaced by a model that aligns the income of institutions with the long-term interests of clients [2][9] - Firms are adopting a "three parts investment, seven parts advisory" service model to enhance client engagement and prevent impulsive trading behaviors [3][6] - Technology is being leveraged to provide personalized services and improve client understanding of their investment behaviors, fostering more rational investment habits [3][7] Group 3: Collaborative Ecosystem - The collaboration between fund managers and sales institutions is essential for enhancing investor service capabilities and creating a comprehensive financial service ecosystem [9][10] - Both parties are encouraged to develop a shared understanding of client needs and to provide proactive, tailored services using advanced technologies [11] - The focus is on creating a healthy ecosystem where investor profitability and institutional growth coexist, ensuring high-quality development in the industry [10][11]