Core Viewpoint - The China Securities Regulatory Commission (CSRC) has introduced measures to enhance the inclusiveness of the Sci-Tech Innovation Board (STAR Market), allowing STAR Market ETFs to be included in fund advisory configurations, which is expected to attract more long-term capital towards innovative sectors [1][2]. Group 1: Impact of STAR Market ETFs on Fund Advisory - The inclusion of STAR Market ETFs is a specific initiative to promote a "virtuous interaction between financing and investment," bridging the gap between wealth management for residents and support for innovative enterprises [2]. - STAR Market represents a new quality of productive capacity that requires stable long-term funding, while fund advisory acts as a conduit for long-term capital, helping to mitigate market volatility impacts on financing for innovative companies [2]. Group 2: Strategic Adjustments for Fund Advisory Institutions - Fund advisory products can leverage STAR ETFs to implement strategies such as sector rotation and growth theme allocation, enhancing strategy diversity and performance elasticity [3]. - Institutions need to reassess clients' risk tolerance due to the higher volatility of STAR ETFs and refine allocation recommendations for medium to high-risk clients [3]. - A framework for analyzing STAR ETFs should be established, focusing on index representation, liquidity, valuation levels, and fundamental trends, along with position management and risk warning mechanisms [3]. Group 3: Future Optimization and Reform Areas - There is a need to enhance integrated account management, connecting funds, strategies, transactions, and advisory reports to improve client experience [4]. - A clear strategy classification system and standardized disclosure mechanisms should be established to enhance client trust by clarifying investment logic and rebalancing criteria [4]. - Institutions should shift from providing "product portfolios" to offering "investment process services," including regular educational content, strategy communication, risk alerts, and behavioral guidance to support long-term, rational investment [4]. - Exploration of evaluation systems based on long-term performance and client satisfaction is necessary to guide advisory institutions back to the core value of "service creating value" [4].

当前，中国财富管理行业机遇与挑战并存。国联民生证券董事长、总裁葛小波在演讲中表示，中国财富 管理行业仍处于变革初期，人口结构和经济环境的变化导致居民收入结构中的财产性收入增速快于经营 性收入增速。 放眼海外，野村中国首席经济学家陆挺表示，过去一段时间，全球债市、股市发生巨大变化。与此同 时，中国制造业在全球占比已超过30%，在多个关键领域实现快速发展。（下转A02版） ● 本报记者 张舒琳 魏昭宇 6月19日，中国证券报主办的"破局 谋变 共生——2025金牛财富管理论坛"在上海举办，来自公募基金、 证券公司、银行理财、保险资管、第三方投顾平台、信托公司的资深人士齐聚一堂。 在全球经济格局深刻重塑的背景下，中国财富管理行业机遇与挑战并存。与会嘉宾认为，中国财富管理 行业正加速向买方投顾时代转型，"以客户利益为中心"成为共识；同时，面对低利率、高波动的市场环 境，多元化、全球化、灵活化的资产配置策略被视作破局核心路径。 买方投顾推动财富管理行业转型 此次论坛的第二场圆桌对话聚焦"资产配置新策略"，面对低利率、高波动的市场环境，来自保险资管、 银行理财、公募基金的资产配置专家分享了在新形势下的策略思考。国联资管总 ...

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！ 智通财经6月18日讯（记者 王晨）"盛大的老朋友聚会啊！"面对即将召开的2025年智通财经第四届财富管理论坛，有券商财富管理人士如此赞叹。 是的，2025年智通财经第四届财富管理论坛已进入倒计时2天。 今年，智通财经再度携手华夏基金倾力打造2025年第四届财富管理论坛，以"望海笃行，财富致远"为主题，与行业掌舵者共探新形势下的发展路径。作为 论坛核心环节之一，今日正式解锁圆桌对话嘉宾阵容——由12位券商或财富管理业务掌舵者，围绕两大重磅议题展开思想碰撞。 从扬州到宁波，从苏州到珠海，智通财经与华夏基金连续携手打造财富管理交流平台，每一届都以强大的嘉宾阵容和前瞻议题设置引领行业风向，成为推 动财富管理大发展的重要力量。 今年珠海财富管理论坛，整体参会嘉宾近300位，与会高管近70位，超百位券商财富管理业务部门负责人及核心骨干出席，不仅仅因为强大的主讲与圆桌 嘉宾阵容，财富管理新老朋友的面对面交流，思想碰撞更是每届财富管理论坛的吸引所在。智通财经与华夏基金联手打造的财富管理论坛，已成为行业的 年度重磅盛会。 | | | ◆ 6月19日/星期 ...

Core Insights - The "Golden Cup" asset allocation competition has highlighted the performance of participants amid global asset price volatility caused by the US "reciprocal tariff" policy, with the top three contestants achieving net value growths of 8.65%, 6.89%, and 5.34% respectively [1][2]. Group 1: Performance of Contestants - The first-place contestant "Breeze" demonstrated strong risk management with a net value growth of 8.65% and a maximum drawdown of only 2.36%, showcasing a balanced allocation across stocks, bonds, and alternative assets [2]. - The second-place contestant "Big Wind Small Waves" achieved a net value growth of 6.89% with a maximum drawdown of 0.85%, utilizing a high-elasticity mixed asset strategy that effectively captured market rebounds [2][4]. - The third-place contestant "Golden Perpetuity" focused on alternative assets, achieving a net value growth of 5.34% but faced a maximum drawdown of 4.67%, indicating a reliance on single asset classes like gold [3][4]. Group 2: Investment Strategies - "Big Wind Small Waves" employed a "top-down" investment approach, considering economic impacts from tariffs on asset classes, while also favoring a "bottom-up" strategy by selecting funds with stable long-term performance [4][7]. - "Golden Perpetuity" indicated that their strategy was influenced by market risks, including the "reciprocal tariff" policy, which they viewed as beneficial for their asset allocation [4][8]. Group 3: Evolution of Wealth Management - The competition has emphasized the need for buy-side advisory services to focus on client-centric wealth management, transitioning from a "product-driven" to a "client demand-driven" model [7][8]. - The integration of investment philosophy and client service is crucial for attracting specific client demographics, highlighting the importance of a clear investment ideology for advisors [5][6].

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial industry [1]. Core Insights - The public fund advisory pilot program is expected to be a significant exploration in the transformation of China's wealth management market, with 60 institutions already qualified for the pilot. The transition from a "sell-side advisory" model to a "buy-side advisory" model is anticipated to enhance client engagement and asset appreciation [2]. - China's wealth management market is in a rapid development phase, akin to the U.S. in the 1980s, with a notable shift in asset allocation from cash and deposits to financial assets. The proportion of cash and deposits is projected to decline from 53% in 2012 to 44% by 2024, while investments in capital market products and overseas investments are increasing [5][54]. Summary by Sections 1. Wealth Management: Client-Centric and Diverse Financial Services - Wealth management focuses on comprehensive financial planning centered around client needs, offering services such as cash management, debt management, risk management, insurance planning, investment portfolio management, retirement planning, and estate planning [11]. 2. Global Wealth Management Market: Origin in Europe, Development in the U.S., Future in Asia - Global resident wealth has grown from $117 trillion in 2000 to $454 trillion by the end of 2022, with a compound annual growth rate (CAGR) of 6% [16]. - The U.S. wealth management market has matured over the past century, benefiting from a developed financial system and a client-centric approach to expanding product lines [47]. 3. China's Wealth Management Market: Continuous Growth in Resident Wealth - China's personal investable assets reached ¥278 trillion by the end of 2022, with projections to grow to ¥327 trillion by 2024, reflecting a CAGR of 14% from 2018 to 2024 [54]. - The high-net-worth population in China reached 3.16 million by the end of 2022, with an average CAGR of 18% from 2018 to 2022 [54]. 4. Competitive Landscape of China's Wealth Management - The wealth management sector in China is characterized by a diverse range of institutions, including banks, trusts, public and private funds, and internet wealth management platforms, with a total asset management scale of ¥155 trillion as of 2024, reflecting a year-on-year growth of 9.9% [5].

Group 1 - The competition among brokerage firms in the ETF market is intensifying as ETFs become a crucial tool for wealth management and long-term capital allocation [2] - As of April 2025, the total asset management scale of ETFs in the Shanghai and Shenzhen markets has exceeded 4 trillion yuan, with Shanghai's fund products totaling 846 and an asset management scale of 31,034.1 billion yuan [5] - Major brokerage firms are adopting a "strategy factory" model to enhance collaboration with external institutions, focusing on index products as a foundational component [4][6] Group 2 - Galaxy Securities leads the market with a 24.57% share of the Shanghai ETF holdings, followed by Shenwan Hongyuan with 17.87% [2] - Huatai Securities holds the highest transaction volume in Shanghai ETFs at 10.94%, with Galaxy Securities increasing from 5.16% to 8.52% [3] - In the Shenzhen market, although specific market share percentages are not disclosed, Dongfang Wealth, Dongfang Securities, and Founder Securities rank among the top five in both holdings and transaction volume [4] Group 3 - Brokerage firms are increasingly focusing on multi-asset allocation strategies, with products designed around low-interest rate environments and diversified investment approaches [4][6] - The industry faces challenges such as mismatches between product features and client needs, and insufficient post-investment support services [6] - Several brokerage firms are enhancing their wealth management strategies through financial technology and a focus on client-centered service models [6]

Group 1 - The issuance of equity funds is experiencing a surge, with 16 new floating management fee funds set to launch on May 27, indicating a potential influx of capital into the market [1] - The total scale of ETFs in the Shanghai and Shenzhen markets has exceeded 4 trillion yuan, with a steady increase noted, suggesting a robust growth trajectory for the ETF market [1] - Traditional brokerage firms like Huatai Securities and CITIC Securities are maintaining their leading positions in the ETF business, highlighting the competitive landscape [1] Group 2 - The private equity fund management scale has rebounded to 20.22 trillion yuan, with 14.16 million funds managed, indicating a recovery in the private equity sector [2] - The average return for private equity institutions this year stands at 4.19%, with 72.85% of firms achieving positive returns, reflecting improved performance [2] - Five insurance companies have been flagged for inadequate solvency, although the overall solvency of the insurance sector remains strong [2] Group 3 - The price of tungsten has reached historical highs, with black tungsten concentrate prices rising by 18.2% to 165,500 yuan per ton, driven by supply-demand dynamics [3] - The demand for tungsten in sectors like PCB cutting tools is expected to grow, suggesting a positive outlook for the tungsten industry [3] Group 4 - The 618 shopping festival is set to be a significant event for e-commerce platforms, with new promotional strategies being adopted to enhance consumer engagement [4] - The integration of national subsidies is expected to further stimulate consumer spending during the shopping festival [4] Group 5 - The establishment of the Taiping New M&A Private Equity Fund in Shanghai, with a capital contribution of approximately 9 billion yuan, indicates a strategic move towards private equity investment [8] - The recent asset disposal by Wanda Group, involving the sale of 48 companies for around 50 billion yuan, reflects efforts to alleviate debt pressure [7] Group 6 - Meituan's CEO Wang Xing emphasized the company's commitment to winning competition in the food delivery market, despite aggressive subsidies from competitors like JD [8] - The ongoing competition in the food delivery sector is characterized by irrational subsidies, which may impact service quality and pricing [8] Group 7 - The recent auction failure of a painting by Wang Zhongjun, head of Huayi Brothers, highlights the financial struggles faced by the film industry, with the company reporting cumulative losses of 8.247 billion yuan from 2018 to 2024 [8] - The stock price of Zhongyida has surged threefold in two and a half months, raising concerns about potential market overheating and speculative trading risks [9]

点击视频查看峰会现场精彩回顾 5月22日，晨星（中国）2025年度投资峰会在上海成功举办。 本届峰会围绕 "智汇全球·共见未来——推动基金行业高质量发展，探索买方投顾新生态" 这一主 题，汇聚了40余位海内外行业领袖，通过5场主旨演讲、7场圆桌对话，构建起横跨理论洞察与实战 经验的思想交流平台，为中国资产管理和财富管理行业的高质量转型升级提供战略性参考。 峰会由晨星（中国）主办 ，并得到了广州投资顾问学院、嘉信理财、易方达基金、鹏华基金、基煜 基金、盈米基金、广州投资顾问产业链投资有限公司的赞助支持。峰会吸引超600人现场参会，线上 累计观看量近100万人次。 01 锚定行业发展新坐标 峰会开幕式上，晨星全球CEO Kunal Kapoor与首席财务官Michael Holt率先通过视频发表致辞。 Kunal Kapoor表示，晨星将继续以透明度、独立性与长期主义为核心，携手中国市场共建更加专 业、创新、以投资者为中心的资产管理和财富管理生态。 Michael Holt则强调，在中国资产管理和财富管理行业迈向高质量发展的背景下，晨星将持续加大对 中国市场的投入，以聚焦本土的研究、定制化的工具和专业的内容全面支 ...

Core Viewpoint - The article emphasizes the importance of wealth management in the context of global economic changes, highlighting the role of securities firms in enhancing wealth management services to support consumer recovery and meet diverse investment needs [1][2]. Group 1: Wealth Management Strategy - The Chinese government aims to boost domestic demand and consumption, making wealth management a key focus for securities firms [1]. - CICC Wealth Management has pioneered the "buy-side advisory" concept since 2019, focusing on customer needs and providing comprehensive advisory services throughout the investment lifecycle [1][2]. - By the end of 2024, CICC's wealth management product scale is projected to reach nearly 370 billion, marking five consecutive years of growth [2]. Group 2: Product Innovation - CICC has continuously iterated its buy-side advisory model, introducing various product series such as "China 50," "Micro 50," and "ETF 50," which cater to different investment strategies [2][5]. - The recent upgrade of "ETF 50-Hengxiang" introduces an AUM-based fee model, shifting focus from short-term gains to long-term asset appreciation and improved client experience [3][4]. Group 3: Service Enhancement - The "ETF 50-Hengxiang" upgrade includes features like personalized consultations, tailored investment solutions, and advanced trading tools, aiming to provide a more professional and customized advisory service [3][4]. - CICC emphasizes the need to align interests with clients, moving beyond mere sales to offer comprehensive lifecycle advisory services [4][8]. Group 4: Digitalization and Internationalization - CICC is committed to digital transformation, enhancing its app and digital platforms to support buy-side advisory services and improve user experience [10][11]. - The company is also focusing on internationalization, collaborating with global asset managers to offer a diverse range of cross-border financial products and services [12]. Group 5: Future Directions - CICC aims to address the challenges of asset allocation and risk management in wealth management, leveraging its expertise to help clients optimize their investment strategies [13][14]. - The company plans to enhance its buy-side advisory services, focusing on long-term asset allocation and aligning with clients' interests to improve their investment returns [15].

Core Viewpoint - The "Investment Advisory Community Stock Pool" is a service product provided by Shenwan Hongyuan Securities, focusing on customer-centric investment advisory through simulated stock selection, offering recommendations for adding or removing investment targets [2]. Group 1: Unique Advantages of the Stock Pool - The stock pool is available for free subscription, allowing users to enjoy professional investment advisory services [3]. - Recommendations for stocks are tracked throughout the investment process, ensuring a complete buy-sell cycle [4]. - A professional team is dedicated to providing high-end services and creating value for clients [4]. - The service operates on a backend fee model, charging a transaction service fee only when specific conditions are met [4]. Group 2: Service Content - The service includes market trend analysis, utilizing macro/micro research to interpret economic data and analyze capital movements, along with timely market opinions and trading strategies [4]. - It involves careful selection of individual stocks by analyzing the fundamentals of listed companies and tracking technical trends, providing timely trading recommendations [4]. - The service also includes real-time tracking of industry developments and capturing market rotation opportunities in conjunction with current events [5]. Group 3: Subscription Conditions and Service Reception - Clients with a net asset of over 10,000 yuan on the previous trading day can subscribe for free, provided they meet the relevant suitability requirements [7]. - Services can be received through various platforms, including the Dawangjia APP, Shen Cai You Dao APP, and the official WeChat account of Shenwan Hongyuan Wealth Management [8]. Group 4: Fee Structure - No service fee is charged when subscribing to the stock pool or receiving information about stock adjustments [9]. - A service fee is applicable when a recommended stock is successfully removed from the pool with a profit margin of 2% or more, and other specific conditions are met [10]. - The fee structure will be updated and effective from April 15, 2025 [11].