文/ 中 国财富管理50人论坛研究员 李艺轩 ，上海寻梦信息技术有限公司产品经 理 廖依林 当前推动我国智能投顾产业发展有助于更好满足居民的财富管理需求和资 本市场长期资金入市，具有现实必要性。本文分析推动我国智能投顾产业 发展的现实必要性，指出当前制约我国智能投顾产业发展的主要障碍，并 在此基础上提出相关政策建议。 近三年来，相关AI大模型技术已被大量应用于金融服务业并取得良好效果，2025年春节期间DeepSeek大模型的出圈进一步加快了金融机构和金融科技公 司在更深层次、更多领域应用大模型的步伐，投顾服务场景成为重点发力方向。当前推动我国智能投顾产业发展有助于更好满足居民的财富管理需求和资 本市场长期资金入市，具有现实必要性。从国际对比视角来看，我国智能投顾产业的起步时间并不晚，但长期受限于"投资工具"定位，主要原因是信义义 务在实际落实上存在多方面障碍，因此法律和监管层面出于保护投资者考虑尚未放开全权委托服务。本文建议多措并举落实好信义义务，推动我国智能投 顾产业行稳致远。 推动我国智能投顾产业发展的现实必要性 智能投顾基于量化金融理论和云计算、大数据、智能算法等技术，通过分析客户需求并结合市场策略提 ...

Policy Direction - The China Securities Regulatory Commission (CSRC) issued the "Action Plan for Promoting the High-Quality Development of Public Funds" on May 7, 2025, following the Central Political Bureau's meeting on September 26, 2024, which called for steady progress in public fund reforms[1] - The action plan includes 25 actionable measures across five key areas, focusing on optimizing fee structures, strengthening investor-company alignment, enhancing investor services, increasing equity investment scale and stability, and promoting strong regulation to mitigate risks[6] Industry Impact - The action plan aims to increase the scale and proportion of equity investments in public funds, positioning equity funds as the primary growth area[8] - A shift towards team-based management for fund managers is encouraged, which is expected to reduce turnover rates and focus on long-term investor returns, moving away from short-term performance pressures[9] - Sales expenses are projected to decrease as the focus shifts from short-term performance-driven marketing to a more sustainable approach, integrating investor outcomes into executive performance evaluations[9] Business Model Evolution - The industry is expected to evolve into a landscape dominated by large integrated asset management and wealth management firms, with support for market-driven mergers and acquisitions among fund companies[10] - The action plan emphasizes the need for cost control alongside fee reductions to maintain profitability, with potential short-term impacts on overall industry profits if not managed effectively[10] - Smaller fund companies may face challenges in survival unless they establish differentiated business models, as the market consolidates around larger firms[10] Risk Considerations - Economic growth below expectations and declining investor risk appetite could hinder the expansion of equity fund scales[12]