Group 1 - E Fund's wholly-owned subsidiary, E Fund Wealth Management Fund Sales (Guangzhou) Co., Ltd., has received approval from the CSRC after nearly two years, with a registered capital of 100 million RMB [1] - The approval emphasizes the need for E Fund to establish effective risk isolation mechanisms and avoid conflicts of interest in its operations [1] - A total of nine public fund sales subsidiaries have been approved in the industry, including those from major firms like Harvest Fund and Huaxia Fund [1] Group 2 - The establishment of wealth management subsidiaries is seen as a forward-looking strategy for public fund companies, allowing them to diversify and enhance their business lines [2][6] - Wealth management subsidiaries can leverage their research capabilities to provide clients with investment portfolio recommendations, addressing challenges in fund selection and allocation [6] - The wealth management market presents significant growth potential, but public fund subsidiaries face challenges such as independence and competition with other sales institutions [7][8] Group 3 - Data shows that the fund holdings of wealth subsidiaries remain relatively small, with companies like China Europe Wealth and Harvest Wealth having equity fund holdings of 5.5 billion RMB and 4.8 billion RMB respectively [7] - The CSRC's recent action plan aims to optimize the industry structure and support the innovative development of leading fund companies, highlighting the importance of wealth subsidiaries in this context [8]

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].

每经记者｜任飞 每经编辑｜赵云 近日，中国证监会官网发布多则基金监管事项，其中包含关于核准易方达基金管理有限公司设立子公司 的批复。该批复于6月5日发布，核准易方达基金设立易方达财富管理基金销售有限公司并申请基金相关 业务资格。该公司注册地为广东省广州市，注册资本为1亿元人民币，业务范围为证券投资基金销售。 截至目前，公募基金行业已有多家机构拥有基金销售子公司，如嘉实基金旗下的嘉实财富管理有限公 司、万家基金旗下的万家财富基金销售(天津)有限公司、华夏基金旗下的上海华夏财富投资管理有限公 司等，有的是基金公司与其他股东一起出资，有的由基金公司全资控股。 易方达旗下基金销售子公司获核准 证监会官网6月5日发布批复，核准易方达基金设立易方达财富管理基金销售有限公司并申请基金相关业 务资格的申请。 据悉，该子公司注册地为广东省广州市，注册资本为1亿元人民币，业务范围为证券投资基金销售。 公开信息显示，易方达申请设立该销售子公司始于2023年，当年6月30日，基金公司向证监会提交申请 资料，7月21日获得证监会反馈。随着该子公司的设立申请获得批复，公募基金抢滩财富管理的大队伍 中又添加了新的成员。 Wind统计显示， ...

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 are expected to rise [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%. The U.S. wealth management market has matured over the past century, benefiting from a robust financial system and a client-centric approach [5][16]. 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. The high-net-worth population in China reached 3.16 million by the end of 2022, with an 18% CAGR from 2018 to 2022 [54][55]. 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. The asset management scale of these institutions reached ¥155 trillion by 2024, with a year-on-year growth of 9.9% [5][54]. 5. Public Fund Advisory Pilot as a Key Transformation - The public fund advisory pilot program is a crucial step in the transformation of China's wealth management market, with the potential to shift the focus from sales-driven models to client-centric advisory services [2][5].

Summary of China Merchants Bank Conference Call Company Overview - **Company**: China Merchants Bank (招商银行) - **Industry**: Banking and Financial Services Key Points Financial Performance - **ROA and Profitability**: China Merchants Bank has a significantly higher Return on Assets (ROA) compared to peers, showcasing stronger profitability driven by net interest income and fee-based income, particularly in low-cost funding and wealth management [2][4][5] - **Wealth Management Recovery**: In Q1 2025, wealth management income turned positive with a growth of 10%, ending a three-year decline, indicating potential for future growth [2][8] - **Credit Quality Improvement**: The bank's asset quality is improving, with a notable decrease in non-performing loans (NPLs) and generation rates, particularly in real estate-related corporate loans [2][13][14] Competitive Advantages - **Interest Income and Fee Income**: The bank's core advantages lie in its net interest income and fee income, benefiting from low funding costs rather than high loan yields [5][10] - **Deposit and Settlement Strength**: China Merchants Bank has a strong position in corporate deposits and settlement deposits, supported by a robust product system that attracts numerous corporate clients [11][12] - **Wealth Management Leadership**: The bank's extensive retail customer base and steady growth in client numbers enhance its competitive edge in wealth management [8][9] Market Position and Valuation - **Valuation Recovery**: A clear trend of valuation recovery is expected from H2 2024 to early 2025, with the bank positioned as a core asset due to its high dividend yield [3][20] - **Dividend Potential**: The bank's dividend yield is approximately 4.4%-4.6%, with potential to increase the payout ratio to 40%-45% in the coming years, enhancing its attractiveness to long-term investors [17][18] Risk Management - **Real Estate Risk Mitigation**: The bank has effectively managed real estate risks, with the NPL ratio for real estate corporate loans reduced to around 0.96% and a high provision coverage ratio exceeding 400% [14][15] - **Credit Risk Trends**: Improvement in credit quality is noted, particularly in retail loans, with a decrease in overdue rates for credit cards since 2023 [13] Strategic Outlook - **Investment Logic**: The investment logic is based on strong capital, low funding costs leading to high interest margins, and competitive wealth management capabilities, with stable profit growth expected despite macroeconomic pressures [16][22] - **Dividend Strategy**: In 2025, the bank initiated a mid-term dividend strategy, splitting dividends into two parts, which stabilizes shareholder returns and enhances investment appeal [21] Future Growth Drivers - **Economic Recovery Potential**: In a better-than-expected economic scenario, growth may arise from increased retail loan demand, improved wealth management, and better asset quality [19] Changes in Investment Strategy - **Evolution of Investment Logic**: Over the past decade, the bank has maintained a strong governance structure and aligned with cyclical trends, transitioning into a dividend era from 2024, focusing on net interest margin valuation [20][22]

Group 1: Company Overview - COFCO Capital is a holding company involved in various sectors including life insurance, futures, trust, and banking, providing comprehensive financial support to its parent company COFCO Group and a diverse client base [1] - In 2024, COFCO Capital achieved total operating revenue of CNY 25.25 billion, a year-on-year increase of 13.32%, and net profit attributable to shareholders of CNY 1.21 billion, up 18.55% [1] - In Q1 2025, COFCO Capital reported operating revenue of CNY 2.35 billion and net profit of CNY 392 million, maintaining healthy cash assets [1] Group 2: Trust Business Development - COFCO Trust is focusing on the core of trust services, adhering to the service of the real economy and the main responsibilities of the group [3] - The company is advancing structural optimization and risk management to ensure steady growth in its main business [3] - COFCO Trust has developed a comprehensive asset management product system, including cash management, pure debt, and yield-enhancing products [3] Group 3: Futures Business Development - COFCO Futures aims to be a leading domestic provider of industry-specific derivative financial services, focusing on market-oriented, professional, and product-driven principles [4] - The company is enhancing its integrated operational capabilities and providing tailored services to clients in the agricultural sector [5] - COFCO Futures is also expanding its international business and risk management services, adapting to market fluctuations and competitive pressures [5]

Core Insights - Futu Holdings reported a total revenue of HK$46.95 billion (approximately US$6.03 billion) for Q1 2025, representing a year-on-year growth of 81.1% [1][7] - Net profit increased by 97.7% year-on-year to HK$22.17 billion [1][7] - The platform's total trading volume reached a record high of HK$3.22 trillion, with Hong Kong stock trading volume surging by 227% to HK$916 billion [1][5][8] Financial Performance - Revenue breakdown: - Trading commissions and fees amounted to HK$23.1 billion (approximately US$2.97 billion), up 113.5% year-on-year - Interest income was HK$20.71 billion (approximately US$2.66 billion), a 52.9% increase - Other income, including wealth management and corporate services, reached HK$3.14 billion (approximately US$40.3 million), growing by 101% [4][7] - Gross margin improved from 81.9% to 84.0%, and operating profit margin rose from 46.0% to 57.2% [7] User and Asset Growth - Registered users of Futu's platforms, Futu NiuNiu and moomoo, reached 26.25 million, with account numbers increasing to 4.96 million, reflecting year-on-year growth of 17% and 30% respectively [4][8] - The number of asset-holding clients rose by 42% year-on-year to 2.67 million, with total client assets surpassing HK$829.8 billion (approximately US$106.7 billion), a 60% year-on-year increase [4][8] - Wealth management total assets reached HK$1.392 trillion, doubling year-on-year [6] Trading Activity - The trading volume for U.S. stocks increased by 116% year-on-year, exceeding HK$2.25 trillion, while Hong Kong stock trading volume saw a 227% increase [5][8] - The cryptocurrency market, despite volatility, maintained double-digit growth in both trading participants and asset scale [5]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was HKD 4.7 billion, an increase of 81% from HKD 2.6 billion in Q1 2024 [15] - Net income increased by 107% year over year and 15% quarter over quarter to HKD 2.1 billion, with a net income margin of 45.6% [23] - Total client assets reached HKD 830 billion, marking a 60% increase year over year and a 12% increase quarter over quarter [10] Business Line Data and Key Metrics Changes - Brokerage commission and handling charge income was HKD 2.3 billion, up 113% year over year and 12% quarter over quarter [16] - Interest income was HKD 2.1 billion, a 53% year over year increase and a 2% quarter over quarter increase [17] - Wealth management client assets reached HKD 139.2 billion, up 18% year over year and 26% quarter over quarter [12] Market Data and Key Metrics Changes - Approximately 262,000 new funded accounts were added in Q1 2025, up 48% year over year and 22% quarter over quarter [5] - The US market saw a pickup in funded account growth, while Malaysia delivered the fastest sequential growth in new funded accounts [6] - Total trading volume reached HKD 3.22 trillion in Q1 2025, up 40% year over year and 11% quarter over quarter [11] Company Strategy and Development Direction - The company aims to expand market share through product localization and brand investment, with a focus on enhancing user experience and execution capabilities [6] - The launch of AI-powered tools, such as Futu BOL AI, is part of the strategy to improve client engagement and satisfaction [9] - The company is committed to building brand equity and maintaining a competitive edge in the market despite increasing competition [68] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the target of 800,000 new funded accounts for 2025, despite expected sequential decreases in new funded accounts in Q2 [28] - The company noted that client trading activity remains high amid market volatility, with expectations for continued strong net asset inflows [29] - Management remains optimistic about the potential of the crypto trading business and plans to enhance product capabilities in this area [36] Other Important Information - The effective tax rate for Q1 2025 was 18.6%, influenced by the profitability of overseas markets and changes in international tax regulations [58] - The company has launched membership programs aimed at wealth management clients, although the current penetration is still low [30] - The company is actively pursuing a VATP license, with ongoing validations required for final approval [74] Q&A Session Summary Question: Trading velocity and margin financing balance in Q2 - Management expects a double-digit sequential decrease in new funded accounts but maintains strong client acquisition momentum and high trading activity [28] Question: Business model for membership programs - The membership program targets wealth management clients with higher assets and trading velocity, with current penetration being small [30] Question: Timeline for crypto trading business and implications of stablecoin regulations - Management noted a rebound in crypto trading interest and plans to enhance product offerings, including crypto deposit and withdrawal functionalities [34][36] Question: Impact of HIBOR on net interest income and client behavior - The company has seen continued growth in interest income despite HIBOR declines, with increased trading activity benefiting commission revenues [42] Question: Client asset inflows by region and engagement metrics for AI tools - Strong inflow momentum was observed across markets, with Hong Kong and Singapore being major contributors [46] - Preliminary feedback on AI tools indicates increased engagement and activity on the platform [48] Question: Customer acquisition cost and New Zealand market entry - The average customer acquisition cost decreased due to strong market conditions, and the New Zealand expansion is expected to have favorable ROI [51][54] Question: Effective tax rate and blended commission fee rate trends - The effective tax rate is expected to remain between 17% and 18%, while the blended commission rate has stabilized due to changes in product mix [58][59]

Economic Overview - In 2024, China's GDP is projected to exceed 130 trillion yuan, reaching 134.9 trillion yuan, with a year-on-year growth of 5.0% at constant prices [2] - The insurance industry is experiencing a significant recovery, with original insurance premium income expected to be approximately 5.7 trillion yuan, reflecting a year-on-year increase of 5.7% [2] Consumer Insights - A report indicates that nearly 60% of consumers have an annual family insurance premium exceeding 8,000 yuan, and 76% plan to adjust their insurance configurations in the next two years, increasing their premium budgets [2] - Approximately 30% of consumers have increased their investments in savings insurance due to changes in the investment environment, making insurance the second most favored wealth management tool after bank wealth management [2][6] Young Consumers' Behavior - The 95 post-90s generation has become the most concerned about mental health issues, with nearly half expressing worries, significantly higher than other age groups [3] - The online insurance purchase rate among the 95 post-90s generation reached 84% in 2024, surpassing the 85 post-90s generation, indicating a shift in consumer habits [4] Insurance Product Trends - The demand for savings-type insurance is increasing, with 29% of consumers planning to invest more in these products, contrasting with only 2% increasing real estate investments [6] - The insurance industry is evolving from a risk management tool to a combination of "protection + wealth management," becoming a crucial part of asset allocation for consumers [7] Regulatory and Market Dynamics - The "National Ten Articles 3.0" policy emphasizes the need for the insurance industry to meet growing insurance protection and wealth management demands, highlighting the importance of wealth preservation and inheritance planning [7] - The introduction of innovative products like annuities and increasing competition in wealth management are enhancing the attractiveness of insurance as a defensive financial tool [8]

定存跌破1%的低利率时代如期而至。 低利率时代短期不可逆。虽然短期内，货币进一步通过宽松来实现稳增长的必要性下降，但长期来看， 随着外部冲击显现，国内经济下行压力仍大，国内降准、降息也只是时间问题。而贷款利率调降的同 时，为保持商业银行净息差的稳定，存款利率仍将大概率同步调降。 在低利率时代，想要管理好自己的钱袋子，固守旧思维，拒绝变化恐怕不行。唯有持续学习、理性配 置、动态调整，才能让财富在不确定性中扎根生长。 虽然投资策略无"标准答案"。但不管是经济周期的轮动，还是监管风向的调整，以及个人财务目标的变 化，都是动态调整资产配置的重要因素。 无论是主动配置，还是被动理财，掌握基础金融知识都是必须做的事。当了解复利计算、资产配置等原 理后，被"高收益陷阱"误导的概率自然也将下降。 理性配置还在于对投资者自身财务目标的清醒认知与持续规划。它并非一时应对低利率的权宜之策，而 是应该贯穿于财富生命周期。 近日，随着贷款市场报价利率（LPR）的调降，部分商业银行也相应下调存款利率，其中，六大国有银 行一年期定期存款利率首次跌破1%至0.95%。 这是时代抛给每个人的财富管理考题。它宣告着"躺赚利息"的终结，却也开启了 ...