知名 国际 投资机构毕盛资产的创始人、执行主席兼首席策略官王国辉在论坛上发表了题为《世界正重估中国——从不可投资到不可不投》 的主题演讲。 王国辉表示 ，全球资本对中国市场的认知正经历深刻转变，从过去的"犹豫观望"逐步转向"主动布局"。 王国辉 认为 ，从宏观基本面来看，中国拥有最勤劳高效的劳动群体、十四亿不懈奋斗的人民以及充满智慧、创造力的企业家。在此基础之 上，中国实现了高于欧美国家的GDP增速，年度贸易顺差持续突破1万亿美元，并有望在今年再创历史新高。"科技领域方面，中国在5G、 无人机、电动汽车、北斗导航等多个关键领域已处于全球领先地位。"王国辉强调，上述因素共同构成了中国独特且难以复制的产业与创新 生态系统，正持续吸引海外资本重新审视并积极配置中国资产。 【导读】"平安30"保有规模突破百亿元，知名国际投资大咖看多中国 中国基金报记者 江右 11月23日下午，平安证券在深圳成功举办"高净值人群投资论坛暨平安30解决方案升级发布会"。 会上，平安证券披露了三年前推出的平 安30的运作重要数据：保有规模突破百亿元、服务5482位客户、创造8.6亿元绝对收益。 会上，六位投资大咖发声，围绕中国资本市场的投 ...

新华财经广州11月23日电当基金投顾迈入"试点转常规"的关键期，当财富管理行业迎来"买方立场深 耕"的深度转型年，一场承载行业共识、定义未来方向的年度盛会即将重磅登场！由中国经济信息社主 办，中共广州市委金融委员会办公室、新华社广东分社支持的"2025广州投资顾问大会暨财富管理转型 发展会议"，定于11月26日至27日在广州南沙盛大启幕。 作为全国首个出台投顾业态地方政策性文件的城市，广州以"1+4+N"工作思路为引领，通过"投顾十 条"政策赋能，已构建起"培训—认证—投资—服务"的完整产业生态。今年5月，央行等五部门联合印 发"南沙金融30条"，明确提出大力发展公募基金投资顾问业务。未来，广州南沙将被建设成为我国金融 业对外开放试验示范窗口、金融创新功能的承载区、粤港澳大湾区国际金融枢纽重要节点。本届大会落 地广州南沙，也将进一步激活区域资源集聚效应，助力"投顾第一城"的成功经验向全国辐射。 议程深度领航：议题与嘉宾双突破，直击行业核心命题 大会的高关注度，核心源于"主会场定调+分会场深耕"的立体化设计，每个环节均紧扣行业痛点，精准 匹配不同群体需求。 （一）主会场：政策+报告+大咖，定调行业未来 政策创新 ...

11月18日，东方财富（300059）证券举办2026年度策略会。会议期间，东方财富证券研究所所长孟杰接 受了证券时报记者专访。 2024年8月，孟杰履新东方财富证券研究所所长。彼时，A股市场尚处"9·24"行情启动前的沉寂期，同时 公募基金费率改革刚刚落地，卖方研究业务面临着佣金压降的严峻挑战。从顶尖分析师转型研究所管理 者，这一年多以来有着怎样的成长与收获，未来又有什么目标和策略？在专访中，孟杰与证券时报记者 一一分享。 致力打造新一代研究机构 "这一年的转型让我深刻体会到，管理者的核心任务不再是成为最亮的星，而是去打造一片能让群星闪 耀的天空。这是一条从专业走向管理、从个人成功走向团队成功的修行之路。"孟杰如是说。 2024年8月，孟杰加入东方财富证券研究所后，迅速推动东财研究"2.0启航"战略落地。在他看来，公募 费率改革正推动行业进入以"投资者回报"为核心的新常态，彻底颠覆了过去"重规模、轻回报"的业务逻 辑。改革部署通过了建立健全基金公司收入报酬与投资者回报绑定、强化长周期考核等机制，驱动着证 券研究的商业模式从"卖方研究"向"买方投顾"转型。 孟杰认为，在此过程中，深度研究的价值进一步凸显，市场 ...

Core Viewpoint - The launch of the "Second 21st Century Gold Medal Investment Advisor" case collection activity reflects the profound restructuring of China's capital market ecosystem, driven by multiple policy incentives and the growing importance of buy-side investment advisory as a competitive arena [1][2]. Group 1: Event Overview - The event aims to highlight professional and warm investment advisory teams and excellent fund advisory cases, with a new category for "AI Investment Advisory" introduced to enhance industry development [1][2]. - The project has received submissions from leading institutions such as CITIC Securities, ICBC Credit Suisse Asset Management, Ant Group, and Dongwu Securities, covering key areas of funds, securities, and third-party advisory [1][4]. Group 2: Evaluation Criteria - The evaluation system for the "Fund Advisory Excellent Cases" focuses on the completeness of business structure, professionalism in team building, effectiveness in guiding investor behavior, and depth of customer service [2]. - The "21st Century Gold Medal Investment Advisor" series maintains an evaluation logic of "30% investment, 70% advisory," ensuring objectivity and authority in the selection process [2]. Group 3: AI Investment Advisory - The addition of the "AI Investment Advisory" category responds to the trend of deep integration between financial technology and asset management, encouraging institutions that successfully apply AI in advisory practices to enhance service efficiency and user experience [3]. Group 4: Industry Participation - Numerous leading institutions are actively participating in the case collection, contributing high-quality case resources and showcasing the forefront trends in buy-side advisory development [4]. Group 5: Project Impact and Reporting - The project team is conducting a thorough review of the submitted materials, with the involvement of guiding units to ensure fairness and authority in the evaluation process [5]. - The event will leverage the media group's extensive platform for maximum outreach and impact, including in-depth reports, exclusive interviews, and data analysis to enhance understanding of the advisory industry's current state and future trends [5].

● 光大证券党委书记、董事长 赵陵 金融是国民经济的血脉，是国家核心竞争力的重要组成部分。2023年10月，中央金融工作会议明确提 出，"要做好科技金融、绿色金融、普惠金融、养老金融、数字金融五篇大文章"。证券金融机构作为资 本市场的核心参与者，在普惠金融发展中担负着重要责任，通过加快财富管理转型，为居民增加财产性 收入提供有效途径，从而更好服务于人民美好生活向往的金融需求。 作为资本市场的专业服务机构，光大证券深入贯彻落实党中央关于金融工作的决策部署，自觉将企业发 展融入国家发展大局。近年来，公司以中央巡视整改为契机，坚决摒弃"重规模、轻质量""重销售、轻 服务"的短视思维，牢固树立把功能性放在首位的发展理念，将投资顾问服务作为转型抓手，推动财富 管理业务从以产品为中心向以客户为中心深度转变，努力构建让广大投资者可信赖、可感知、可持续的 专业财富管理服务体系。 公司着力打造"金阳光"系列服务品牌，以投资顾问为关键支点，系统性重构产品遴选、策略输出、客户 服务和科技支撑机制，推动形成覆盖"普惠金融-私人财富"的全维度投顾服务，让优质金融服务真正惠 及千家万户。 深化机制改革 推动从卖方逻辑向买方投顾转型 要实 ...

中证报中证网讯(记者万宇)近日，买方投顾领域的代表平台——盈米基金旗下且慢推出了全新的同路人 权益体系。且慢同路人权益体系以投顾服务为基础，创新性地将客户的"日均资产情况"和"同行时间"作 为核心的权益分级维度，该体系通过正向的价值激励机制，引导客户长期持有，以资金规划和资产配置 的投顾2.0服务方式重塑客户获得感，帮助客户实现具体的财富目标，实现"以客户为中心"的长期主义 买方投顾服务。 此次且慢推出的同路人权益体系共分为5个等级，由"日均资产情况"和"同行时间"两个因素共同决定。 且慢在每个月1日计算上个月的交易日均资产，核定后更新权益等级。且慢还特别强调"同行时间"这一 维度，客户随着参与且慢的时间增长，会获得"时光分"以加快权益体系的成长和升级。通过权益体系的 正向激励，且慢希望潜移默化地改善投资者行为，鼓励长期持有。 据介绍，且慢将继续以客户的利益为中心，通过专业的投顾服务陪伴客户穿越市场的周期，实现长期回 报。 同路人权益类型包括有基础投顾服务、定制礼品、专属顾问、海外配置和家庭财务规划等多项投顾服务 权益和实物权益，不同等级的客户享有不同的权益。 且慢平台表示，以账户管理为核心的且慢投顾服务2. ...

Core Viewpoint - The article discusses the evolution of financial services in China, highlighting the transition from traditional trading floors to a more technology-driven, client-centered approach in wealth management, emphasizing the importance of trust and personalized service in maintaining client relationships [6][17]. Group 1: Historical Context - Since the 1990s, China's capital markets have experienced significant growth, with firms like GF Securities establishing numerous branches across the country, transforming trading spaces into modern financial hubs [3][4]. - The bustling trading halls of the past, filled with excitement and human interaction, have largely been replaced by streamlined, technology-driven services [6]. Group 2: Transformation of Services - GF Securities is shifting its service model from a transaction-centric approach to a client-centered, full-cycle advisory service, enhancing the professional capabilities of its advisors [6][8]. - The firm emphasizes the importance of timely and proactive risk management, helping clients navigate market fluctuations and avoid significant losses [7][9]. Group 3: Building Trust - Trust remains a cornerstone of financial services, with personal interactions between advisors and clients becoming increasingly vital despite technological advancements [9][10]. - Advisors at GF Securities have successfully built long-term relationships with clients, providing critical guidance during market volatility, which has strengthened client trust [10][16]. Group 4: Technology and Personalization - Technology is utilized to enhance communication and service efficiency, allowing advisors to deliver personalized advice and maintain close relationships with clients [11][12]. - The integration of digital tools has not diminished the warmth of client interactions; rather, it has facilitated deeper connections and more effective service delivery [11][12]. Group 5: Community Engagement - Advisors often engage with clients beyond financial discussions, fostering a sense of community and trust that transcends traditional business relationships [13][14]. - The firm’s approach includes understanding clients' personal lives and providing support during critical moments, reinforcing the advisor-client bond [14][15]. Group 6: Future Outlook - GF Securities aims to continue its transformation towards a client-focused advisory model, leveraging technology to enhance service quality and maintain client trust [17][18]. - The company recognizes that the value of financial services extends beyond asset growth to improving clients' overall quality of life and financial security [17].

Core Viewpoint - The forum highlighted the persistent issue of "funds making money while investors do not," emphasizing the need for high-quality development in the mutual fund industry [1][9]. Group 1: Forum Overview - The first public fund high-quality development forum was held in Hefei on November 7, focusing on key topics such as upgrading investment research systems, global ETF strategies, differentiated competition, and supporting the real economy [1][3]. - The forum featured various formats including closed-door discussions, keynote speeches, and roundtable dialogues to gather industry insights [1]. Group 2: Key Issues in Investor Returns - The disparity between fund returns and investor returns is a global issue, influenced by four main factors: beta returns, alpha returns, explicit and implicit costs, and investor behavior losses [3][6]. - Beta returns are described as "participation awards," where average investor returns are primarily derived from benchmark returns, highlighting the importance of clear benchmarks for understanding return sources [4][5]. - Alpha returns are characterized as difficult to achieve, often resulting from market competition, with a significant challenge in accurately assessing alpha due to reliance on price indices that do not account for dividends [5][6]. Group 3: Cost Implications - High fund costs, including both explicit and implicit costs, significantly erode investor returns, with some funds experiencing turnover rates as high as 2500%, leading to annualized costs of up to 8% [5][6]. - The lack of improvement in cost control within the mutual fund industry is concerning, necessitating a push for transparency and rationalization of fee structures [5][6]. Group 4: Investor Behavior Losses - Investor behavior losses, particularly in the Chinese market, are notably high, with losses reaching 30%, double that of the U.S. market, primarily due to poor trading decisions [6][7]. - Industry funds, which focus on single sectors, exhibit high volatility, exacerbating risks for investors who chase short-term trends [6][7]. Group 5: Solutions through Buy-Side Advisory - The development of buy-side advisory services is proposed as a solution to improve investor outcomes, creating a "win-win-win" scenario for investors, fund companies, and sales institutions [7][9]. - Successful examples from the U.S. market, such as Morgan Stanley's transition to a buy-side advisory model, illustrate the potential benefits of this approach, including stable revenue streams and improved client experiences [7][8]. Group 6: Collaborative Transformation - The transition to a buy-side advisory model requires collaboration among fund management companies, technology service providers, and advisory institutions, emphasizing the need for a long-term focus [8][9]. - The core of advisory services should balance investment strategies with client management, ensuring realistic expectations and transparent communication about risks [8][9].

Core Insights - The private banking sector in China continues to experience robust growth, with several banks reporting double-digit increases in the number of private banking clients and assets under management (AUM) [2][3][4] Group 1: Client Growth and Market Dynamics - As of the end of Q3 2025, the number of private banking clients at Ping An Bank surpassed 100,000 for the first time, joining six other banks in the "100,000 club" [2][3] - China now has seven banks with over 100,000 private banking clients, an increase of one from the end of last year, reflecting a growing high-net-worth population and evolving wealth management needs [2][4] - The number of private banking clients at China Merchants Bank reached 191,418, a 13.20% increase from the previous year, maintaining its leading position among joint-stock banks [3][4] Group 2: Asset Management and Performance - Ping An Bank's AUM reached 1.974659 trillion yuan, with a year-on-year growth rate of nearly 20%, indicating strong performance in asset management [3][5] - Other banks, such as Minsheng Bank and Industrial Bank, also reported significant growth in private banking clients and AUM, with increases of 18.21% and 11.39%, respectively [3][4] Group 3: High-Net-Worth Population and Wealth Management Trends - The number of high-net-worth individuals in mainland China, defined as those with a net worth exceeding $10 million, has reached 470,000, accounting for 20% of the global total [4][5] - New economic groups, including entrepreneurs and mid-level managers from technology, manufacturing, and pharmaceuticals, are increasingly becoming private banking clients, driven by stock incentives and wealth repatriation [5][6] Group 4: Technological Advancements and Service Transformation - Banks are leveraging technology to enhance service delivery, with initiatives like AI wealth management tools and digital banking apps improving client engagement and transaction efficiency [6][7] - The shift from a product-centric sales model to a client-centric advisory model is evident, with banks focusing on comprehensive wealth planning and asset allocation strategies [7][8] Group 5: Competitive Landscape and Future Outlook - The competition among private banks is intensifying, with a focus shifting from the number of clients to average AUM and long-term client value [8] - Industry experts predict that banks may start to prioritize high-potential clients while reducing focus on lower-contribution clients, reflecting a strategic shift in client management [8]

Core Insights - The domestic private banking sector continues to experience robust growth, with major banks reporting double-digit increases in private banking client numbers and assets under management (AUM) [1][2][3] Group 1: Client Growth and Market Dynamics - As of the end of Q3 2025, several banks, including Ping An Bank and China Merchants Bank, have seen their private banking client numbers grow significantly, with Ping An Bank surpassing 100,000 clients for the first time [1][2] - China Merchants Bank reported a 13.20% increase in private banking clients, reaching 191,418, while Ping An Bank's client base grew by 6.7% to 103,300 [2] - The total number of private banking clients exceeding 100,000 in China has reached seven, indicating a growing trend in the high-net-worth individual (HNWI) segment [1][3] Group 2: High-Net-Worth Individual Trends - The increase in private banking clients is attributed to the expanding base of high-net-worth individuals in China, which has reached 470,000, accounting for 20% of the global total [3] - New economic groups, particularly entrepreneurs and mid-level managers in technology, manufacturing, and pharmaceuticals, are contributing to the growth of private banking clients [3] Group 3: Service Evolution and Technology Integration - The private banking sector is shifting from a product-centric approach to a client-centric model, focusing on comprehensive wealth management and long-term client relationships [6][7] - Banks are enhancing their digital capabilities, with initiatives like AI-driven wealth management tools and 24/7 intelligent advisory services, which are increasing online transaction rates [5][6] Group 4: Competitive Landscape and Future Outlook - The competition among private banks is intensifying, with a shift in focus from the number of clients to the average AUM per client and overall client lifetime value [7] - Some banks are expected to streamline their client bases, concentrating on high-potential clients while reducing low-contribution clients [7]