Core Viewpoint - The "dual investment advisory" model is transitioning from an innovative attempt in the industry to a mainstream practice, allowing securities firms and fund companies to collaborate within a compliant framework to enhance investment strategies and services [1][2] Group 1: Dual Investment Advisory Model - The dual investment advisory model involves collaboration between licensed securities firms and fund companies to optimize advisory strategies and improve service processes [1] - This model allows licensed institutions to break through their capability boundaries, achieving resource integration and complementing each other's strengths to expand the market for investment advisory services [2][6] - The model is seen as a shift from "individual institutional efforts" to "ecological collaboration," promoting a more efficient division of labor in the industry [6] Group 2: Product Innovation and Market Response - The "Happiness Small Goal" product exemplifies effective practice of the dual investment advisory model, showing significant growth in scale and efficiency since its launch, with a high proportion of retail clients [3][4] - The product features a diversified investment strategy that includes various asset classes, aiming to disperse risk globally and meet the strong demand for stable returns from clients [4] - In a low-interest-rate environment, traditional "fixed income+" products face challenges, making innovative products like "Happiness Small Goal" more appealing to investors [3] Group 3: Challenges and Considerations - The industry faces three main challenges in deepening collaboration: compliance constraints, power dynamics, and risk-sharing concerns [7] - Compliance pressures are significant, especially for institutions under the same parent company, which complicates cross-institutional cooperation due to strict regulatory requirements [7] - The need for clear delineation of responsibilities and risk-sharing mechanisms is crucial for sustainable collaboration in the dual investment advisory model [9] Group 4: Future Outlook - As the dual investment advisory model matures and industry consensus builds, it is expected to resolve challenges in wealth management, leading to a win-win situation for institutions, investors, and the industry [10]

2025年，A股市场的暖意与全球资产的轮动，为基金投顾行业注入了久违的活力。数据显示，2025年前 十月，部分主动布局A股与全球资产的明星投顾组合全线飘红，平均收益率分别达27.27%与18.45%，不 仅让多数产品成功收复失地，更催生了基金公司与券商合作的双投顾模式升温。 高风险组合仅两只未扭亏 2025年10月，A股市场行情表现积极，上证指数在月内一度突破4000点整数关口，全月上涨1.85%。与 此同时，当月资金净流入股票ETF的规模再度超过千亿元。 据记者统计，主动布局A股方向的16只明星基金投顾组合在2025年前十个月全部实现正收益，呈现显著 的普涨格局，平均收益率达到27.27%。 从年度表现看，中欧财富旗下的中欧超级股票全明星表现最为突出，以35.52%的收益率暂居首位。银 华基金旗下的银华天玑悄悄盈组合与华夏财富旗下的积极进取组合紧随其后，收益率分别为34.90% 和 34.36%。目前前三名组合收益率差距不大，最终谁能成为2025年冠军仍是未知数。 值得关注的是，上述组合近期都有调仓的痕迹：中欧超级股票全明星在9月份加仓了受益于全球流动性 改善的港股通互联网板块，并提高了港股医药的配置权重； ...