Core Insights - The A-share market is experiencing a "bull market atmosphere," leading to significant growth in the fund advisory business, which has finally emerged from a period of stagnation [1][2] - Major firms like Zhongjin Wealth have surpassed 100 billion yuan in fund advisory assets, while other brokerages such as Huabao Securities and Hu'an Securities have also seen substantial increases in both scale and client numbers [1][2] Fund Advisory Scale Expansion - In 2025, Zhongjin Wealth announced that its buy-side advisory assets exceeded 100 billion yuan [2] - Huabao Securities reported a fund advisory scale of over 5.5 billion yuan, with a client base exceeding 150,000, marking a 40% and 20% increase respectively compared to the end of the previous year [2] - Hu'an Securities saw its signed assets grow by over 20% since the beginning of the year, with a client reinvestment rate of 40.4%, up by 4.7% [2][3] - The average holding period for clients increased by 33 days to 204 days, and 84.7% of fund advisory clients reported profits, outperforming non-fund advisory clients by 19.8 percentage points [2][3] Client Base Expansion - The number of high-net-worth and institutional clients has increased, with Huabao Securities focusing on multi-asset strategies to meet diverse client needs [5][6] - Hu'an Securities has diversified its client base by adding institutional clients, enhancing business growth opportunities [6][7] - The firm has tailored its strategies to cater to different client profiles, with high-net-worth clients preferring stable income products and ordinary clients favoring low-threshold, easy-to-operate strategies [6][7] Strategy Development - Hu'an Securities has centered its strategy around "fixed income+" products while also introducing target yield strategies and absolute return products [7] - Some firms are exploring new models, such as combining fund advisory services with private investment products to better serve clients [8] Industry Calls for Regularization - Since the pilot program began in 2019, the number of participating institutions has increased from 5 to 60, with a total asset scale of 146.4 billion yuan and 5.24 million clients as of March 2023 [9] - Industry professionals are advocating for the transition from pilot to regular operations, emphasizing the need for policy support rather than rapid expansion [9] - Suggestions include expanding the range of assets available for fund advisory services and integrating these services into personal pension accounts to enhance long-term investment strategies [9]