Core Insights - The securities investment consulting industry is facing a significant increase in refund requests and customer complaints, driven by malicious "proxy rights protection" activities that harm the reputation of consulting firms [1][2][3] Refund and Complaint Trends - Refund amounts in the securities consulting industry reached 1.348 billion yuan in 2021, 2.328 billion yuan in 2022, and 2.445 billion yuan in 2023, with a continuing upward trend into 2024 [1] - The number of complaints to the Shanghai Securities Regulatory Bureau increased from 88 in 2022 to 821 in 2024, marking an 833% rise [1] - The refund rate for leading consulting firm Jiufang Zhitu reached 30.3% and 31% for its flagship and Qilong series, respectively, due to the rise in malicious proxy rights protection activities [3] Proxy Rights Protection Activities - Many clients report receiving similar messages or calls from proxy rights protection agencies, often using scripted language to demand refunds based on fabricated claims of being defrauded [2] - Proxy rights protection agencies typically charge around 30% of the recovered amount as service fees, often misleading investors about their qualifications and the legitimacy of their services [4][5] Industry Impact and Challenges - The investment consulting industry is experiencing operational imbalances, with revenue growth at 28% contrasted by an 81% increase in refund amounts and a 290% rise in complaint volumes [3] - The rise of proxy rights protection has created a "black and gray" industrial chain that affects not only consulting firms but also banks, insurance companies, and other financial service providers [6] Recommendations for Governance - Experts suggest a comprehensive governance system to combat the proxy rights protection issue, including enhancing investor education, tightening market entry standards for proxy rights organizations, and improving the response mechanisms of financial institutions [7]

Core Viewpoint - The securities investment consulting industry is experiencing a significant increase in refund rates and customer complaints, despite benefiting from a recovering capital market. This trend poses challenges to the industry's growth and profitability [1][4]. Group 1: Industry Performance and Challenges - The securities investment consulting industry has seen revenue growth, with reported revenues of 124.93 billion, 141.07 billion, and 160.37 billion yuan for 2021, 2022, and 2023 respectively, reflecting a 28.4% increase from 2021 to 2023 [4]. - Refund amounts in the industry have escalated, reaching 13.48 billion, 23.28 billion, and 24.45 billion yuan for the years 2021, 2022, and 2023, with a notable 81.4% increase in refunds from 2021 to 2023 [4]. - Customer complaints have surged dramatically, with totals of 6,030, 15,821, and 23,531 complaints for the years 2021, 2022, and 2023, marking a 290.2% increase in complaints from 2021 to 2023 [4]. Group 2: Factors Contributing to Refunds - The rise in refunds is partly attributed to the emergence of "proxy rights protection" agencies that exploit customer grievances for profit, often using deceptive practices to encourage complaints against consulting firms [2][8]. - The operational costs of consulting firms, including human resources and promotional expenses, account for 30% of their costs, leading to potential losses if refund rates exceed this threshold [3]. - The increase in customer complaints and refunds is exacerbated by the actions of these proxy agencies, which often fabricate reasons for complaints and pressure firms into refunds [8][10]. Group 3: Regulatory Response and Industry Dynamics - Regulatory bodies have recognized the growing issue of proxy rights protection and have initiated actions to combat these practices, including a six-month crackdown on financial "black and gray" industries [14]. - The financial regulatory authorities have issued warnings to consumers about the risks associated with proxy rights protection, urging them to use legitimate channels for grievances [14]. - The influx of new investors in the capital market has led to increased activity in the securities consulting industry, but this has also provided opportunities for proxy agencies to thrive [8][9].