【导读】多位券商专家热议买方财富时代的变革与转型 中国基金报记者 孙越 买方财富时代浪潮已至，传统以"卖产品"为核心的财富管理模式正加速迭代，券商行业如何找准转型方向、破解实践难题？ 9月17日上午，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行。在大会的圆桌论坛环节，东吴证券首席战略官、研究所联席 所长孙婷，平安证券执行委员会委员、副总经理姜学红，国元证券执行委员会委员、副总裁梁化彬，国联民生证券资产配置部总经理程棵、中泰证券资管 副总经理姜诚等重磅嘉宾，围绕《买方财富时代的变革与转型》这一主题展开探讨，用一线实践经验为行业转型提供关键参考。 买方思维的核心评价标准是什么？ 作为本次圆桌论坛的主持人，东吴证券首席战略官、研究所联席所长孙婷率先抛出核心议题："当前买方财富时代已正式到来，但从市场实践来看，不少 机构和从业者仍停留在卖产品的传统模式中。若要精准评价一家机构或一位投顾是否真正具备买方思维，其核心评价标准应如何界定？" 平安证券执行委员会委员、副总经理姜学红认为，"挣什么钱"是检验买方投顾与传统模式的核心标准。过往财富管理行业的主流路径，多以"挣销售的 钱"为导向：将产品销售 ...

旗下集合产品荣获 日年期权益券商资管优秀产品示范索例 三年期固收+券商资管优秀产品示范素別 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上市公司论坛、证券行业论坛、私募基 金论坛"在上海举行。论坛上揭晓了新一期英华奖示范案例评选结果，中泰证券资管获评"权益类券商资管 示范机构"， 这也是公司第七次在英华奖中荣获权益团队奖项。 此外，公司旗下两款集合产品分别荣获"五年期权益券商资管优秀产品示范案例"、"三年期固收+券商资管 优秀产品示范案例"奖项，公司投资经理张亨嘉荣获五年期权益券商资管优秀投资经理。 泰证券资产管理 | 投资路上的好朋友 中航资管第七次示达 权益券商资管示范机构 中泰证券资管副总经理、基金经理姜诚应邀担任本次论坛的圆桌分享嘉宾。在谈及如何践行买方思维、真 正为客户创造出长期有效的价值时，姜诚提到，信息不对称是财富管理业务发展中的一大痛点，对于不同 需求的客户而言，没有最好的产品，只有适合的产品。因此，基金经理和资产管理机构要通过准确地刻 画、表达自己，客观、如实地展现投资理念与能力，帮助投资者完成适配。 "我们的目标不是做最好看的朋友、而是要诚实、不怕露怯，做投资路上的好 ...

Group 1: Core Insights - Securities firms are focusing on continuous innovation and entrepreneurship as a key strategy for the second half of the year, reflecting a need to break through existing market competition [1][3] - The shift towards a "buy-side thinking" approach is emphasized, with firms aiming to enhance their wealth management capabilities and adapt to client needs [6][7] - The industry is experiencing a transformation driven by cost pressures, regulatory upgrades, and digital transformation, leading to a focus on operational efficiency and refined management practices [5][6] Group 2: Strategic Directions - Many securities firms are restructuring their organizational frameworks and incentive mechanisms to foster a more innovative and agile environment [3][5] - The emphasis on fine-tuning operational efficiency includes reducing costs and enhancing management effectiveness, which is seen as essential for transitioning to high-quality growth [5][6] - Firms are increasingly investing in digital transformation and financial technology to improve service quality and operational efficiency, with AI playing a crucial role in reshaping the industry [7][8] Group 3: Market Positioning - Smaller securities firms are adopting a strategy of deepening their presence in regional markets to differentiate themselves from larger competitors [10] - The overall attractiveness of the securities sector is rising, with expectations of stable economic growth and favorable policies potentially boosting market activity and investor confidence [11] - Firms with unique business advantages and growth potential are likely to outperform the average industry performance in the upcoming period [11]

Core Insights - The brokerage industry has reported significant performance improvements in the first half of 2025, with many firms exceeding their operational targets and achieving record results [1][2] - Key focus areas for the second half of the year include entrepreneurship, operational efficiency, and a shift towards a "buy-side" mentality in wealth management [1][5] Group 1: Performance Highlights - Many brokerages have reported substantial growth in their performance, with over 20 listed brokerages indicating either profit increases or turnaround from losses in the first half of the year [2] - For instance, Open Source Securities achieved a revenue of 1.736 billion yuan, a year-on-year increase of 32.68%, and a profit of 647 million yuan, up 27.29%, marking historical highs for the company [2][4] - Non-listed brokerages also reported significant achievements, with firms like Huayuan Securities and Huabao Securities noting key progress despite intense competition [2] Group 2: Strategic Focus for the Second Half - Brokerages are emphasizing the need for a "buy-side" approach in wealth management, aiming to enhance investor satisfaction and expand asset management scale [5][6] - Innovation is seen as a critical driver for improving business efficiency, service optimization, and risk management, with firms like Zhongtai Securities focusing on technological advancements [6] - Enhancing operational efficiency and fine-tuning management practices are also priorities, with companies aiming to reduce costs and improve overall performance [6] Group 3: Market Outlook - The brokerage sector is gaining attention in the market, with 17 brokerage stocks rising over 10% since July, indicating a positive sentiment towards the sector [7] - Analysts are optimistic about the future performance of brokerage stocks, citing active market trading and favorable mid-term results as key factors [7][8] - The narrowing of the A-H premium is also highlighted, suggesting potential for A-share brokerage stocks to catch up in performance [7]

Core Viewpoint - The article discusses the outlook for the second half of 2025 for securities firms, highlighting a focus on innovation, operational efficiency, and wealth management transformation towards a "buy-side" mentality [3][8]. Group 1: Performance and Growth - Securities firms have reported strong performance in the first half of 2025, with many exceeding their operational targets and achieving record results [3][5]. - As of July 24, 2025, 27 listed securities firms have projected significant earnings growth, with two firms reporting over a tenfold increase [5]. - Open-source Securities achieved a revenue of 1.736 billion yuan, a year-on-year increase of 32.68%, and a profit of 647 million yuan, up 27.29%, marking historical highs for the company [5][6]. Group 2: Strategic Focus for the Second Half - Securities firms are prioritizing four main areas for development in the second half of 2025: 1. Wealth management with a focus on "buy-side" thinking, enhancing investor experience and expanding client base [9]. 2. Innovation as a key driver for improving business efficiency, service optimization, and risk management [9][10]. 3. Enhancing operational efficiency and detailed management practices to improve overall performance [10]. 4. Emphasizing talent development to support higher quality growth and effective team building [10]. Group 3: Market Outlook for Securities Stocks - Securities stocks have gained significant attention, with 17 stocks rising over 10% since July 2025, including notable increases of 38% for Zhongyin Securities and 23% for Guosen Securities [12][13]. - Analysts are optimistic about the future performance of securities stocks, citing increased market activity and favorable mid-term earnings as positive indicators [13]. - The narrowing of the AH premium ratio suggests a potential for A-share securities to catch up, driven by institutional investments returning to A-shares [13][14].

Core Insights - The public fund industry in China has surpassed a total scale of 33 trillion yuan, with over 700 million fund investors, yet many remain in a "self-service" investment state [1] - The approval of E Fund Management to establish a sales subsidiary focused on buy-side advisory services reflects a strategic shift in the wealth management industry from "scale competition" to "service deepening" [1][2] - The fund advisory business, which provides investment advice and decision-making assistance to clients, has shown remarkable growth since its pilot launch in 2019, but faces challenges such as low penetration rates and limited service scope [1][2] Industry Development - The fund advisory business is poised for significant growth opportunities, driven by the need for professional services that align with investor demands, creating a virtuous cycle of "increased returns - inflow of funds - market stability" [2] - Continuous policy support, such as the implementation of guidelines for the regularization of public fund advisory services, is crucial for the development of this sector [1][2] Key Strategies for Wealth Management Institutions - Wealth management institutions should prioritize investor interests and focus on three dimensions: building a professional advisory capability system, creating comprehensive investor support services, and developing a high-quality advisory talent pool [2][3] - Establishing a multi-dimensional research framework is essential for wealth management institutions to provide tailored solutions for investors with varying risk preferences [2] Importance of Accompanying Services - Effective fund advisory services should extend beyond simple fund recommendations to include a full-process support system, helping investors manage expectations and anxiety during market fluctuations [3] - Regular investment health reports can help investors maintain composure and avoid impulsive trading behaviors [3] Talent Development and Technology Integration - A high-quality, large-scale advisory team is vital for the success of fund advisory services, requiring professionals who understand both market dynamics and client needs [3] - The integration of intelligent advisory tools can enhance service reach while maintaining professional depth, creating a "human-machine collaboration" model [3] Vision for the Future - The transition of fund advisory services from pilot to regularization represents a critical turning point, necessitating a shift towards a service ecosystem centered on the best interests of investors [3] - This approach aims to foster a positive interaction between capital markets and household wealth, contributing to the financial empowerment of China's modernization efforts [3]