"用户陪伴"上再出新招 公募基金高质量发展行动方案提出建立基金销售机构分类评价机制，将权益类基金保有规模及占比、首发产品保有规模及占比、投资者盈亏与持有期限、 定投业务规模等纳入评价指标体系。头部基金销售机构也在积极响应监管号召。 近日，多位投资者发现，自己之前在招商银行申购的部分持有期收益率较高的基金，在招商银行App下方显示"建议投资者根据资金的风险偏好做一定比 例的获利了结，锁定收益"。 【导读】不断升级"陪伴和服务"，销售巨头积极引入"智能建议" 中国基金报记者 方丽 陆慧婧 公募基金高质量发展行动方案提出，将投资者盈亏与持有期限纳入销售机构分类评价机制。头部销售机构也在积极行动，顺应市场变化。 据中国基金报记者观察，近期，招商银行App向部分客户提供"止盈"的智能服务建议，蚂蚁平台也推出类似的"智能投顾"指导服务，盈米基金则推出了与 投资时长挂钩的"时光分"权益体系。 业内人士表示，这一动向标志着基金销售渠道的角色正从简单的交易通道，向深度用户陪伴和引导长期投资转变。 基金销售渠道在 孙珩认为，招商银行主动提供基金止盈建议，对打破"基金赚钱，基民不赚钱"困境具有积极意义：通过专业引导帮助投资者建立科 ...

公募基金高质量发展行动方案提出建立基金销售机构分类评价机制，将权益类基金保有规模及占比、首发产品保有规模及占比、投资者盈 亏与持有期限、定投业务规模等纳入评价指标体系。头部基金销售机构也在积极响应监管号召。 【导读】不断升级"陪伴和服务"，销售巨头积极引入"智能建议" 中国基金报记者 方丽 陆慧婧 公募基金高质量发展行动方案提出，将投资者盈亏与持有期限纳入销售机构分类评价机制。头部销售机构也在积极行动，顺应市场变化。 据中国基金报记者观察，近期，招商银行App向部分客户提供"止盈"的智能服务建议，蚂蚁平台也推出类似的"智能投顾"指导服务，盈米 基金则推出了与投资时长挂钩的"时光分"权益体系。 业内人士表示，这一动向标志着基金销售渠道的角色正从简单的交易通道，向深度用户陪伴和引导长期投资转变。 基金销售渠道在 "用户陪伴"上再出新招 盈米基金进一步指出，陪伴服务的深度和温度正在成为财富管理行业差异化的核心竞争力。客户需要的不只是产品，更是专业的投资陪 伴、个性化的资产配置建议，以及在市场波动时的心理支持。通过深度的陪伴来改善客户的投资行为，规避追涨杀跌的不良行为，才能帮 客户实现最终的收益。 近日，多位投资者发 ...

展会现场，南方基金以 " 专业 + 趣味 " 的沉浸式体验，让金融服务更具温度。全运会"大湾鸡"周 边、智能互动机器人与 " 阿梦 " 人形玩偶成为展区焦点，吸引众多观众驻足。南方基金通过多媒体 展示与专业顾问讲解，帮助观众直观理解基金产品的特点。此外，展区还设有趣味互动游戏，在轻松 氛围中向投资者传递长期投资、价值投资理念，助力提升投资者金融素养，让金融服务更贴近大众需 求。 展会现场的沉浸式互动与温度服务，是南方基金以客户为中心理念的生动落地，更是南方基金践行 " 金融为民 " 的鲜活实践。未来，南方基金将扎根粤港澳大湾区这片创新沃土，持续书写 " 五篇大文 章 " ，把握新质生产力的投资机遇，引导金融活水滴灌实体经济，在服务产业升级与高水平对外开 放的进程中推动公募基金行业实现高质量发展，为中国金融市场的持续繁荣与稳定注入动能。 11 月 19 日，以 " 产业金融新高地，科创赋能向未来 " 为主题的第十九届深圳国际金融博览会在 深圳会展中心盛大启幕。作为国内首批规范的基金管理公司，南方基金精彩亮相本次金博会，围绕 " 养老金融、科技金融、绿色金融、普惠金融、数字金融 " 五篇大文章 ，全面展示其在资产 ...

本届金博会恰逢个人养老金制度实施三周年，南方基金重点展出了覆盖一二三支柱的完备养老金融体系 以及推动第三支柱个人养老金产品创新的具体实践。在个人养老金方面，南方基金已推出涵盖养老目标 日期型、养老目标风险型、养老指数型等多种类型的个人养老金产品矩阵，覆盖2030年到2060年等主要 日期的一系列产品。同时，南方基金作为首批通过中国结算个人养老系统验收测试和首批上线个人养老 金业务的基金管理人，至今已有十余只产品纳入个人养老金产品名录，以技术、产品与服务驱动推动养 老三支柱建设走深走实。 展会现场，南方基金以"专业+趣味"的沉浸式体验，让金融服务更具温度。全运会"大湾鸡"周边、智能 互动机器人与"阿梦"人形玩偶成为展区焦点，吸引众多观众驻足。南方基金通过多媒体展示与专业顾问 讲解，帮助观众直观理解基金产品的特点。此外，展区还设有趣味互动游戏，在轻松氛围中向投资者传 递长期投资、价值投资理念，助力提升投资者金融素养，让金融服务更贴近大众需求。 11月19日，以"产业金融新高地，科创赋能向未来"为主题的第十九届深圳国际金融博览会在深圳会展中 心盛大启幕。作为国内首批规范的基金管理公司，南方基金精彩亮相本次金博会，围 ...

证券代码：000776 证券简称：广发证券 1 | 2、公司投资银行业务的发展情况？ | | --- | | 答：公司立足服务实体经济高质量发展，深入贯彻国家 | | 战略与监管要求，积极发挥直接融资"服务商"及资本市场 | | "看门人"功能。坚持行业引领，加强重点赛道产业资源积 | | 累与专业能力建设，着力打造产业投行、科技投行。深耕重 | | 点区域，巩固大湾区市场地位及竞争力，深化长三角重点区 | | 域布局。持续深化境内外一体化战略，健全跨境人才培养及 | | 协同机制，全面提升跨境协作质效和综合服务能力，有效助 | | 力中国企业出海布局。扎实推进数智化转型，强化精细化管 | | 理和风险防控，不断夯实提质增效、稳健发展的基础。 | | 3、公司场外衍生品业务的发展情况？ | | 答：公司作为场外衍生品业务一级交易商，立足衍生品 | | 定价和交易的专业优势，持续强化团队及系统建设，深耕产 | | 品创设、策略创新、交易销售及客户服务能力，丰富和拓展 | | 产品体系、挂钩标的种类及收益结构，持续为机构客户提供 | | 以场外衍生品为载体的资产配置和风险管理解决方案。 | | 4、公司投资管理业 ...

Group 1: Investment Management Business - The investment management segment includes asset management, public fund management, and private fund management, leveraging resources to create a diverse product supply system [2] - As of September 2025, the public fund management scale of Guangfa Fund and E Fund, excluding money market funds, ranks 3rd and 1st in the industry, respectively [2] Group 2: Wealth Management Business - The company focuses on high-quality customer management and efficient online operations, enhancing customer base and standardized operations [3] - It is accelerating the transition to buy-side investment advisory and improving multi-asset allocation capabilities [3] - The company is implementing AI service functions and promoting the application of wealth brokerage AI models [3] Group 3: Derivatives Business - As a primary dealer in the OTC derivatives market, the company strengthens team and system development, focusing on product creation and risk management solutions for institutional clients [4] Group 4: Investment Banking Business - The company aims to support the high-quality development of the real economy and enhance its role as a service provider for direct financing [5] - It is deepening its presence in key regions like the Greater Bay Area and Yangtze River Delta, while promoting cross-border collaboration [5] - The company is advancing its digital transformation and risk management capabilities to ensure stable development [5]

Group 1: Core Views - The public fund industry in China is entering a new stage of high-quality development, characterized by profound changes in fund products, companies, sales models, and environmental patterns [1][2] - The future opportunities for different types of public fund products vary, with a focus on active equity funds, passive equity funds, fixed income funds, and innovative products like REITs [1] Group 2: Public Fund Development Trends - Active equity funds will see more standardized benchmark indices, shifting the assessment focus from relative rankings to excess returns [1] - Passive equity funds have rapidly developed over the past two years, with index replication funds reducing fees to benefit investors, while enhanced index products, though currently small in scale, show promising future growth [1] - In fixed income funds, active bond funds and fixed income plus products are thriving in a low-interest-rate environment, and bond index funds are also entering a rapid growth phase [1] - Innovative products such as REITs are accelerating issuance, and multi-asset allocation funds of funds (FOFs) remain a blue ocean market [1] Group 3: Fund Company Development Outlook - The public fund company landscape shows a clear "Matthew Effect," where larger companies can maintain their strengths while smaller firms may benefit from specialized development [2] - The trend in investment research systems is moving towards integration, with a shift from creating star fund managers to building company-wide investment research brands [2] - AI is expected to permeate various aspects of fund company management, talent development, and investment research capabilities [2] Group 4: Public Fund Sales Environment Outlook - The sales model is transitioning from a focus on short-term scale to prioritizing long-term client interests and quality service [2] - The fund sales industry is undergoing ecological restructuring centered around advisory services, with a dual focus on buyer advisory transformation and diversified asset allocation [2] - The emergence of institutional direct sales platforms is anticipated, which will test the differentiated research service capabilities of distribution agencies [2] - Potential market dynamics include a strong market concentration, a dual-driven sales environment of direct and indirect sales, a combination of diversification and digitalization, and a new landscape of high-quality development [2]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The development trend of public funds emphasizes equities, benchmarks, and long - term perspectives. Different types of public funds face different opportunities. For example, active equity funds will standardize benchmark indices and shift from focusing on relative rankings to excess returns; passive equity funds are experiencing the resonance of fee reduction and product innovation; fixed - income funds, especially those with "fixed - income +" products, are booming in the low - interest - rate era; and innovative products such as REITs are accelerating issuance while multi - asset allocation FOFs remain a blue ocean [2]. - The development prospect of fund companies is to return to investment research. Both large and comprehensive fund companies and small and niche ones are worth looking forward to. The industry shows a Matthew effect, and companies should choose different development strategies according to their scale. The investment research system is moving towards integration, and the back - office of fund companies may be empowered by AI [2]. - The sales environment of public funds is shifting from focusing on scale to enhancing investors' sense of gain. The sales model is changing from "emphasizing new issuance and neglecting continuous operation" to "emphasizing continuous operation and optimizing services", and the industry is undergoing ecological reshaping around investment advisory services. The establishment of institutional direct - sales platforms will test the differentiated research and service capabilities of代销 institutions [3]. Summary According to the Directory 1. Public Fund Development Trends: Emphasizing Equities, Benchmarks, and Long - Term Perspectives 1.1 Active Equity Funds: Standardization of Benchmark Indices and Transition from Relative Ranking to Excess Returns - **Benchmark Index Standardization**: The "Action Plan for Promoting the High - Quality Development of Public Funds" strengthens the binding effect of performance comparison benchmarks. Currently, the benchmark indices of active equity funds are mostly representative broad - based, industry - themed, and style indices. However, most funds do not strictly track the benchmarks, and the industry deviation is in the range of 0.35 - 0.75. This year, 177 funds have changed their performance comparison benchmarks, and the trend is to make them more in line with actual investments. Future benchmark design will be more representative, standardized, and closer to actual investment directions [8][12][21]. - **Serious Assessment**: The assessment should be long - term and focus on excess returns. Long - term assessment helps fund managers adhere to investment concepts, and funds with stable long - term performance have better cumulative returns and risk control. Emphasizing excess returns can tie fund managers' interests with investors and reduce tail risks. Funds that achieve positive excess returns in the long - term have better performance and risk control [24][25][33]. 1.2 Passive Equity Funds: Resonance of Fee Reduction and Product Innovation and Acceleration of the Improvement of the Characteristic Index System - **Replicating Index Funds**: The product spectrum is rich, with a significant leading - company effect. As of September 30, 2025, the total scale of stock ETFs reached 411.7167 billion yuan, and the average daily trading volume in 2025 was 1.24 billion yuan. The management fees of ETFs are relatively low, and many large - scale broad - based ETFs have reduced fees. In the future, differentiated indices may become a blue ocean, and fund companies can carry out forward - looking layout and differentiated competition [43][46][54]. - **Index - Enhanced Products**: These products have both discipline and the ability to obtain excess returns. As of June 30, 2025, the total scale of over - the - counter index - enhanced funds was 20.1028 billion yuan. They can achieve differentiated layout by diversifying tracking indices and developing enhanced ETFs, and are expected to become an important link between passive and active investments [56][60][65]. 1.3 Active Fixed - Income Funds: The Booming of "Fixed - Income +" Products in the Low - Interest - Rate Era and the Popularity of Long - Term Investment Products - In the low - interest - rate environment since 2024, the scale of "fixed - income +" funds has increased. In the first half of 2025, the scale of "fixed - income +" funds increased by 232.3 billion yuan, with the scale of stable products surpassing that of balanced products. Stable "fixed - income +" funds have lower returns but better risk control, and the dividend - low - volatility strategy is suitable for them. With regulatory encouragement and the low - interest - rate environment, "fixed - income +" products are expected to continue to grow [66][69][79]. 1.4 Passive Fixed - Income Funds: Accelerated Trend and Continuous Emergence of Innovative Products Supported by Policies - The development of fixed - income index funds has gone through several stages, including the budding, trial, accelerated growth, slow growth, and explosive growth stages. As of Q2 2025, there were 243 bond index funds with a total scale of 1.42 trillion yuan. In the future, the tool - oriented trend of bond funds will be strengthened, ETFs will play a more important role, and innovative products will continue to emerge under policy support [80][84][94]. 1.5 Innovative Products: Accelerated Issuance of REITs and Multi - Asset Allocation FOFs Remain a Blue Ocean - **REITs Products**: With policy support, the issuance of REITs products has accelerated. As of June 30, 2025, there were 75 products with a total scale of 16.4087 billion yuan. REITs have unique asset allocation attributes, such as combining stock, bond, and alternative investment characteristics, having a long - term maturity, and rich underlying asset types. They are important tools for institutional investors' asset allocation and have broad development prospects [98][101][104]. - **FOF**: FOFs are suitable carriers for multi - asset allocation. Multi - asset allocation FOFs and ETF - FOFs are still a blue ocean. Currently, the scale of multi - asset allocation FOFs accounts for a relatively low proportion of all FOFs, but with the growth of asset - allocation demand and policy support, their scale and number are expected to increase significantly [106][109][113]. 2. Fund Company Development Trends: Return to Investment Research, Both Large and Comprehensive and Small and Niche Are Worth Looking Forward To 2.1 Company Strategic Positioning Selection: Comprehensive vs. Characteristic - **Industry Pattern of Public Funds**: The industry pattern of public funds will continue to concentrate on the top. Although the concentration of China's public fund industry has not increased significantly in the past five years, it is expected to rise in the future. The concentration of equity funds is higher than that of fixed - income funds, and the development trends of the two are different [117][118][123]. - **Comprehensive Fund Companies**: Large fund companies should be positioned as comprehensive fund companies. By referring to the development paths of E Fund and China Asset Management, comprehensive fund companies should maintain their advantages in active equity products and strengthen other product lines, such as passive equity, active Hong Kong stocks, passive fixed - income, and FOF products [125][126][127]. - **Characteristic Fund Companies**: Small and medium - sized fund companies should combine their endowments and deeply cultivate their advantages to achieve characteristic development [2]. 2.2 Investment Research System Construction: Platformization and Branding - The investment research system is moving towards integration, and the key is to achieve "harmony with differences". The investment team is shifting from creating star fund managers to building the brand of the company's investment research [25]. 2.3 Back - Office of Fund Companies: AI Empowers to Improve Efficiency - The back - office of fund companies should pay attention to long - term assessment to ensure the construction of talent echelons, actively introduce employee stock ownership to play a long - term incentive mechanism, and use AI to empower the entire business chain system of funds [29]. 3. Outlook on the Sales Environment of Public Funds: From Scale to Sense of Gain 3.1 Shift from Emphasizing New Issuance to Emphasizing Continuous Operation and Improve the Service Ability for Individual Customers - Policy guidance promotes the transformation of public fund sales from "emphasizing new issuance" to "emphasizing continuous operation and service", and strengthens the customer holding experience [31]. 3.2 Investment Advisory Services Change the Sales Industry Ecosystem, and the Rise of Buyer - Side Investment Advisory and Multi - Asset Allocation - The industry is transforming to the buyer - side investment advisory model and promoting multi - asset allocation, which will reshape the sales industry ecosystem [34]. 3.3 The Establishment of Institutional Direct - Sales Platforms Is Expected, Testing the Differentiated Research and Service Capabilities of代销 Institutions - The development of direct - sales platforms will pose challenges to代销 channels.代销 institutions should strengthen their buyer - side capabilities, deepen cooperation with funds, and transform towards multi - asset allocation, long - term value, and personalized services when serving institutional investors [39]. 3.4 Outlook on the Pattern of the Public Fund Sales Environment - The sales environment of public funds may present a pattern of "the strong getting stronger", a dual - drive of "direct sales +代销", a combination of diversification and digitalization, and a new situation of high - quality development [3].

Core Insights - The transformation towards buy-side investment advisory services has become a core path for the development of wealth management in the securities industry, driven by market recovery and industry changes [1][2][3] - A comprehensive capability building, ecological platform layout, and deep organizational transformation are essential for securities firms to transition from "selling products" to "managing assets" [1][2] Industry Mission and Service Philosophy - The mission of the Chinese securities industry is shifting from "zero-sum game" to growing together with clients, focusing on the stable appreciation of residents' wealth [2] - Investment advisory is viewed as a systematic capability that encompasses education, research, and investment [2] - Firms must enhance their comprehensive capabilities to compete with top international institutions, making the buy-side advisory transformation a necessary choice amid declining commission rates and narrowing spreads [2] Practical Insights from Regional Firms - Trust is fundamental in wealth management, especially in regions with strong local cultures, where close relationships between clients and advisors are crucial [2] - Securities firms should help clients achieve wealth preservation and appreciation through diversified product allocation, regardless of market fluctuations [2] ETF Business Development - The ETF market is expanding rapidly, becoming a focal point for wealth management strategies, although growth may lag behind other financial institutions [4][5] - Securities firms should integrate research and accompanying services to build core capabilities in client segmentation, intent insight, and asset allocation [4] - The ETF market's supply is rich, but client consumption capabilities need improvement; firms are developing strategies to enhance ETF service capabilities [5] Organizational Change and Assessment Mechanisms - Organizational transformation is critical for the buy-side advisory transition, requiring firms to balance short-term profits with long-term value [6] - Firms are moving towards a centralized management model for advisory teams, focusing on unified training and assessment to elevate professional standards [6] - The assessment of advisors should shift from sales metrics to comprehensive dimensions like AUM growth and client profitability [6] Technology and Future Outlook - AI and digitalization are expected to fundamentally change the service models and organizational structures of investment advisory [6] - Future advisory roles may diverge into standardized services driven by AI and deep advisory roles based on experience [6] - Firms need to proactively develop technological capabilities to reshape their organizational structures and business models [6][7]

Core Viewpoint - The transformation towards buy-side investment advisory services has become the core path for the development of wealth management in the securities industry, driven by market recovery and industry changes. Firms must return to a client-centric approach through systematic capability building, ecological platform layout, and deep organizational transformation to achieve the transition from "selling products" to "managing assets" [1][3]. Group 1: Buy-Side Advisory Transformation - The mission of the Chinese securities industry is shifting from a "zero-sum game" to growing together with clients, emphasizing the importance of a systematic capability in investment advisory that includes education, research, and investment [3][5]. - The buy-side advisory transformation is a necessary choice against the backdrop of declining commission rates and narrowing spreads, requiring a return to the essence of service for sustainable growth [5][7]. - The success of buy-side advisory relies on the deep integration of asset management capabilities, advisory capabilities, and client service capabilities [7][8]. Group 2: ETF Business Development - The ETF market has seen significant growth, becoming a key focus for securities firms' wealth management strategies, although the growth rate may lag behind that of insurance and bank wealth management subsidiaries [10][11]. - Securities firms should leverage ETF products not just as investment vehicles but as tools for client engagement and service, emphasizing the need for personalized services despite potential standardization of products [10][11]. - The ETF ecosystem involves collaboration among exchanges, fund companies, market makers, and investors, with a focus on enhancing trading liquidity to support wealth management initiatives [10][11]. Group 3: Organizational Change and Assessment Reforms - Organizational transformation is crucial for the buy-side advisory transition, requiring firms to make firm decisions between short-term gains and long-term value [12][13]. - The assessment of advisory personnel should shift from sales metrics to comprehensive dimensions such as AUM growth and client profitability, closely linking with long-term client interests [12][13]. - Technology and AI are expected to reshape advisory services and organizational structures, leading to a bifurcation of advisory roles into standardized services and deep advisory based on experience [12][13].