【导读】国联民生证券总裁葛小波：当好"财富医生"，开好"资产药方" 【编者按 】 中央金融工作会议首次提出"金融强国"目标，明确要"培育一流投资银行和投资机构"。新"国九条"的出台绘制了更为清晰的 路线图——到2035年，"一流投资银行和投资机构建设取得明显进展"。 站在"十五五"新征程的起点，金融机构如何践行金融工作政治性、人民性，做实做透金融"五篇大文章"，服务实体经济高质量发展，为居 民财富保驾护航，成为市场关注焦点。为此，中国基金报 特 推出对话金融高管专栏，深度对话金融领域"话事人"，为行业发展建言献策。 中国基金报记者 闫晶滢 中国金融行业逐渐步入财富管理与资产管理深度融合的新时代。"证券业高质量发展28条"提出，引导券商规范开展资产管理业务，提升主 动管理能力，更好发挥财富管理与资产管理协同转型的合力，为券商践行金融人民性、做好社会财富"管理者"提供了新思路。 近期，中国基金报记者独家专访了国联民生证券党委副书记、执行董事、总裁葛小波，深入探讨券商财富管理转型与资产管理协同发展所 面临的机遇和挑战。 "财富管理面对的是人而不是策略，培养充分的信任感是很难的一件事。"在葛小波看来，这正是财富管理远 ...

Core Insights - The concept of "financial health" is becoming increasingly relevant for individuals and small businesses, emphasizing the importance of managing finances effectively rather than merely accumulating wealth [1][2] - The shift in focus for inclusive finance is moving from merely providing access to financial services to enhancing the quality and effectiveness of those services [2][6] Group 1: Financial Health Definition and Importance - Financial health is defined not by the amount of money one has, but by the ability to manage it, withstand risks, and plan for the future [2][6] - A survey of over 1,000 investors revealed that while 70% scored above 60 in financial health, many lacked adequate insurance, future planning, or effective money management strategies [2][3] Group 2: Investment Behavior and Financial Literacy - Individuals who invest in stocks tend to have better emergency funds and insurance coverage, indicating a higher understanding of risk management [3][4] - Financial literacy is not about becoming an expert but about avoiding common pitfalls; even those with higher education levels struggle with basic financial concepts [4][5] Group 3: Role of Financial Institutions and Policy - Financial institutions should focus on solving client problems rather than just increasing business volume, aligning their interests with those of their clients [6][7] - Policies should encourage investment and retirement savings, such as increasing tax benefits for personal pensions, to foster a culture of financial health [6][7] Group 4: Recommendations for Individuals and Businesses - Individuals are advised to learn basic financial knowledge, diversify their investments, and seek professional financial planning [7] - Small business owners should separate personal and business finances and establish sound financial practices to ensure stability [7]

陈莉认为，基金行业的数字化转型是一个漫长持续的过程，需要持续投入资源，不断创新迭代。目前头 部基金公司的数智化建设主要聚焦在平台建设和AI场景应用方面，未来既需要进一步提升平台的广度 和质量，也需要强化AI的全方位应用，力争做到覆盖业务更加全面、使用体验更加智能、场景融合更 有深度，实现更高层次的业务和科技融合。 陈莉认为，公募基金做好"投资于物"和"投资于人"的关键在于锻造系统性投研能力，建立基于国家重点 战略方向的长期投研框架，这不仅体现在资产配置的广度，更体现在对国家战略意图的深刻理解。陈莉 强调，基金公司需要不断加强平台化、一体化、多策略投研体系建设，聚焦前沿科技、新型消费、绿色 低碳、区域协调、民生保障等重点领域，形成更具深度的产业洞察力和对一线需求的感知力，更好识别 技术革新的爆发点。 陈莉表示，公募基金服务民生的关键在于全面围绕投资者最佳利益谋篇布局，融入公募基金行业全业务 链条，进一步彰显金融服务的适配性、可及性。比如，主动型产品需要具有鲜明的投资风格和提升客户 体验的创新设计；被动型产品需要注重高质量指数研发和高跟踪精度把控，提供丰富完善的指数产品 库；配置型产品需要注重产品的收益风险特征， ...

Core Viewpoint - The article emphasizes that Guangfa Securities has successfully transformed its wealth management approach by prioritizing client interests over sales-driven strategies, leading to significant market recognition and growth in revenue and product performance [1][3][5]. Group 1: Transformation Strategy - Guangfa Securities initiated a transformation in 2016, shifting from a sales-oriented model to a client-centric approach, with the motto "making money for clients" embedded in its corporate culture [3][5]. - The company has established a tiered training system for its advisory team, resulting in over 4,700 advisors by Q3 2025, ranking second in the industry [3][5]. - In 2018, Guangfa introduced a three-tier product screening mechanism to ensure high asset quality, and in 2023, it launched the "Qiji" series of asset allocation solutions [3][4]. Group 2: Three-Pronged Strategy - The transformation is guided by the "Three-Pronged" strategy: Solution-oriented, Buy-side Advisory, and Asset Allocation [4][5]. - "Solution-oriented" focuses on providing tailored strategies based on client life-cycle needs, while "Buy-side Advisory" shifts the focus from sales volume to client account performance and satisfaction [4][5]. - "Asset Allocation" emphasizes diversified investment across various assets and markets, utilizing macroeconomic analysis and quantitative models to optimize returns [4][5]. Group 3: Market Performance and Recognition - By the end of Q3 2025, Guangfa's financial product distribution scale exceeded 3.5 trillion yuan, reflecting a 30% increase from the previous year, demonstrating simultaneous growth in scale and efficiency [5]. - The "Qiji" series solutions have shown a profitability rate exceeding 95% for clients holding positions for over three months [5]. - Guangfa Securities has consistently ranked first in product returns among major platforms, with a long-term success rate exceeding 70% in selecting outperforming products [5]. Group 4: Client-Centric Approach - The company has significantly improved client satisfaction with its advisory services, showcasing the effectiveness of its client-centered model [6]. - Guangfa Securities views wealth management as a "trust project," continuously optimizing its service offerings to act as a "private wealth manager" for families [8]. - The firm aims to leverage buy-side advisory and asset allocation to support long-term wealth growth for Chinese families, setting a replicable standard for high-quality industry development [8].

Group 1 - The core viewpoint of the news is that Yingmi Fund has been recognized for its excellence in investment advisory services, winning multiple awards for its innovative practices and contributions to the industry [1][2][3] - Yingmi Fund has won the 2025 Xinhua Finance Fund Advisory "Golden Advisory Institution" award and the "Advisory Star" award for outstanding contributions to the construction of the advisory ecosystem in Guangzhou, marking its fourth consecutive year of recognition [1] - The company has established itself as a leader in the buy-side advisory sector, demonstrating significant achievements in the innovation of advisory service models and the development of the TAMP platform [1][2] Group 2 - Yingmi Fund launched the first fund combination platform in China in 2016, initiating the buy-side advisory 1.0 era, and has since evolved to introduce the advisory service 2.0 model, which integrates various solutions centered around account management [2] - As of September 2025, the average holding period for clients on the Qieman platform is 772 days, with a profit ratio of 96%, indicating strong client trust and satisfaction compared to self-trading clients [2] - The new "Fellow Traveler Rights System" introduced by Qieman is the first in the industry to use "investment duration" as a core dimension for client rights classification, aiming to encourage long-term holding through positive value incentives [2] Group 3 - Yingmi Fund's TAMP platform has served over 200 institutions, providing essential capabilities for teams and institutions to conduct fund advisory business [3][4] - The TAMP platform is designed to support advisory teams and financial institutions with backend services, including strategy management, portfolio trading, and operational support, thereby enhancing efficiency and professionalism in serving investors [3][4] - Strategic partnerships have been established with institutions such as Yuekai Securities and AVIC Securities to provide comprehensive support in advisory strategy output, product research, and client management [4] Group 4 - Yingmi Fund has launched the "Investment Advisor TAMP Platform Anhui Empowerment Base" project, aiming to set a benchmark for wealth management transformation and buy-side advisory practices in East China and nationwide [5] - The company is actively exploring institutional advisory solutions across six dimensions, including advisory strategy, asset allocation, and technology support, to address the transformation needs of financial institutions [7] - The introduction of AI technology in the advisory service system aims to enhance operational efficiency and compliance management, with the launch of the Yingmi Fund Compliance Review System [8]

Core Insights - The "2025 Guangzhou Investment Advisory Conference and Wealth Management Transformation Development Meeting" was held in Guangzhou, focusing on wealth management and investment advisory practices [1] - Thomas Pickles, General Manager of Charles Schwab (Shanghai), emphasized the importance of a client-centered approach in investment advisory, highlighting that clients with advisors have significantly better satisfaction and financial goal achievement [1][2] - The conference discussed the need for comprehensive wealth management services beyond just investment selection, including retirement planning, credit management, estate planning, and risk management [2] Group 1: Investment Advisory Practices - Investment advisors should focus on understanding client needs and goals, using open-ended questions to uncover deeper requirements before providing tailored advice [2][3] - Yang Jun from Century Insurance Asset Management stressed the importance of life planning as the first step in advisory services, advocating for a four-step approach: life planning, financial planning, asset allocation, and product selection [2][3] Group 2: Institutional Investment Advisory - Chen Bingyang from Jiyu Fund highlighted the necessity for collaboration among various types of institutions in providing advisory services, emphasizing the importance of understanding client needs and maintaining a professional approach [3] - The institutional investment process requires a clear division of roles and adherence to strict internal procedures, necessitating specialized teams for different aspects of investment management [3] Group 3: Training and Development - The Guangzhou Investment Advisory Academy aims to empower both investors and advisors, focusing on helping investors clarify their financial goals and equipping advisors with the necessary skills and knowledge [4] - The industry needs to establish a robust ecosystem for training and development, ensuring that advisors are well-versed in professional knowledge and can effectively communicate with clients [4] Group 4: Information and Resource Integration - Xinhua Finance is positioning itself as a key player in the investment advisory field by creating a platform for information resources and services, aiming to integrate data and tools to support investment research and advisory scenarios [5][6] - The organization plans to enhance investor education and promote long-term and value investment philosophies through expert insights and market outreach [6]

Core Viewpoint - The wealth management industry is currently facing challenges related to clients' sense of fulfillment, which can be addressed through a structured advisory service that aligns with clients' life goals [2][3]. Group 1: Wealth Management Challenges - The main pain points in the wealth management industry include insufficient client satisfaction, unclear relationships between wealth and life goals, and difficulties in overcoming human weaknesses such as greed and fear [2]. - The lack of professional knowledge and investment discipline among clients further exacerbates these issues [2]. Group 2: Advisory Service Framework - The advisory service can be divided into four essential components: life planning, financial planning, asset allocation, and product selection, all of which are interdependent [2][3]. - The first step, life planning, involves helping clients define their life goals and clarify their true aspirations [3]. - Financial planning translates these life goals into specific financial figures, determining the necessary funds and cash flow required to achieve them [3]. - Asset allocation is then designed based on financial goals, focusing on stability and reliability to achieve calculated returns rather than chasing market peaks [3]. - Finally, product selection is based on the asset allocation strategy, ensuring that clients feel more secure and clear about their investments [3]. Group 3: Role of AI in Wealth Management - While AI can effectively handle the latter parts of the advisory process, the first step of life planning requires human involvement to build deep trust with clients [3]. - The value of discussing life planning emerges from the dialogue and interaction between the advisor and the client, highlighting the importance of human connection in the advisory process [3].

Core Viewpoint - The conference emphasized the shift in the role of investment advisors from "selling products" to "creating sustainable returns for clients," necessitating a restructuring of the investment advisory system focusing on assessment, service, and profitability [1] Group 1: Investment Advisory Trends - In Europe, the wealth management industry has seen investment advisory services become a core pillar, with a significant increase in demand from institutional clients over the past decade due to low interest rates and the complexity of emerging market assets [2][4] - The need for differentiated service models and product solutions tailored to retail, high-net-worth, and institutional clients is essential for achieving scalable and professional development in the investment advisory sector [4][18] Group 2: Challenges and Solutions in Investment Advisory - The investment advisory industry faces a talent gap, necessitating increased training and development of advisory personnel to meet evolving client needs [14] - A robust platform is crucial for efficient service delivery to a large client base, with a focus on standardized, online services for mass clients and personalized services for high-net-worth individuals [12][18] Group 3: Client-Centric Approaches - The essence of investment advisory lies in establishing long-term trust with clients rather than pursuing short-term transactions, with metrics such as client asset growth and loyalty being critical for performance assessment [18] - Investment advisory services should prioritize the investor's sense of gain, with companies like 招商基金 focusing on optimizing assessment systems to adapt to market changes [20]

Core Insights - The "Ping An 30" program has surpassed a management scale of 10 billion yuan, serving 5,482 clients and generating an absolute return of 860 million yuan over three years, marking a significant milestone in client trust [2][3][7] - The program's upgrade signifies a strategic shift from being a "product provider" to a "client main account manager," focusing on intelligent wealth management centered around clients' financial asset accounts [3][4] Group 1: Performance Metrics - "Ping An 30" has achieved a client retention rate of 81.15% and a repurchase rate of 53.73% [3] - The program's absolute return of 860 million yuan reflects its effective asset allocation capabilities and ongoing client support [2][3] Group 2: Market Perspectives - Global capital is increasingly viewing Chinese assets favorably, transitioning from hesitation to proactive investment, as highlighted by prominent investment figures [5] - China boasts a highly efficient labor force and a creative entrepreneurial ecosystem, contributing to GDP growth rates surpassing those of Western countries, alongside a trade surplus expected to exceed 1 trillion USD this year [5] - The A-share market's shareholder return has grown from 41 billion yuan in 2001 to an estimated 2 trillion yuan in 2023-2024, indicating an improved market ecology [6] Group 3: Investment Strategies - Discussions at the forum emphasized the importance of long-term investment strategies in a complex market environment, with insights shared by various investment leaders [8]

Core Insights - The 2025 Guangzhou Investment Advisory Conference is set to take place on November 26-27, focusing on the theme "Deepening the Bay Area, Building an Ecological Community, and Coexisting Value" [1][2] - The event has seen significant interest, with over 800 participants registered, marking a 60% increase from the previous year, reflecting the industry's recognition of the value of investment advisory services [2] Industry Overview - The conference is supported by key financial institutions and aims to establish Guangzhou as a leading hub for investment advisory services, leveraging local policies that promote the sector [2] - Guangzhou has implemented a comprehensive policy framework, including the "Investment Advisory Ten Measures," to enhance the investment advisory ecosystem [2] Conference Agenda - The main conference will feature the release of the "AI Investment Advisory Ten Measures," providing policy support for AI-driven advisory services [4] - A report titled "China Fund Investment Advisory Customer Behavior Insight Report (2025)" will be launched, offering data on user experience and satisfaction [4] - The Guangzhou Investment Advisory Academy will present the "China Buy-side Investment Advisory Blue Book 2025," summarizing industry trends and best practices [4] Key Speakers and Discussions - Notable industry leaders will discuss critical topics such as account management upgrades and the implementation of buy-side thinking [5] - Roundtable discussions will address challenges in transitioning from product sales to advisory services and fostering collaboration across institutions [5] Specialized Sessions - The conference will include specialized sessions focusing on various aspects of the investment advisory industry, such as pension finance, talent development, product configuration, and AI transformation [6] - Experts will share insights on how investment advisory can support pension management and address the talent gap in the industry [6] Future Outlook - The evolution of the conference themes from "Buy-side Positioning" to "Deepening the Bay Area" reflects the industry's shift towards practical implementation and high-quality development [7] - The event aims to facilitate collaboration among over 800 industry professionals to address transformation challenges and promote the development of Guangzhou as a leading investment advisory city [7]