2019年基金投顾试点启动，至今已有六载，这一承载行业转型期许的创新业务已从探索萌芽迈向成熟发 展的关键阶段。随着"试点转常规"渐行渐近，在公募行业深化改革的过程中，基金投顾能否扛起专业化 转型的重任，成为连接资本市场与普通投资者的核心纽带，愈发成为行业内外关注的焦点。近日，由新 华财经（国家金融信息平台）牵头发起、西南财经大学提供学术支撑、易方达财富与晨星（中国）提供 专业支持的《中国基金投顾业务洞察报告（2025）》（下称"报告"）正式发布，展现基金投顾业务发展 的最新变化。 同时，投顾服务在提升客户收益体验方面，展现出了核心价值。报告显示，投顾客户累计盈利覆盖面较 此前拓宽，盈利客户占比达76.9%，显著高于持有单只基金的用户等自主投资群体，超四分之三的客户 实现投资盈利。此外，亏损20%以上的客户占比不足1%，远低于自主投资客户的同类比例。 投顾客户的投资行为也进一步优化。比如这类客户的持仓配置呈现均衡分散特征，货币型、债券型、股 票型及混合型基金的持有占比均在16%至26%，这有利于提升基金组合的风险分散与抗波动能力；其平 均持有时长也提升至近2年，有效规避了短期市场波动带来的非理性操作，契合长期投 ...

Core Insights - The article highlights the significant performance of fund advisory services, with over 70% of investors reporting profits, and some institutions exceeding 90% profitability [1][2] - There is a notable diversification in asset allocation strategies among advisory clients, indicating a shift from product buying to asset allocation and long-term holding [1][4] Group 1: Performance Metrics - As of September 30, 2025, the average holding period for users on the Yimi Fund's platform is 772 days, with a profit ratio of 96%, compared to 76% for self-trading users with an average holding period of 475 days [2] - The average return for various strategies on the Licai Magic platform includes 9.67% for conservative, 15.38% for balanced, and 18.42% for aggressive strategies, with a historical monthly positive return rate of 88% [2] - The report from Zhongou Wealth indicates that 75% of fund advisory users have better performance than single fund users, with an average gain of approximately 2.2% [3] Group 2: Asset Allocation Trends - Over 80% of advisory users express a need for diversified asset allocation, moving away from single product purchases [5][7] - The diversification in asset allocation is crucial for controlling volatility, with multi-asset strategies being preferred by over 90% of clients [4][5] - The report notes that multi-asset strategies have shown better retention rates compared to more volatile equity strategies [5] Group 3: Future Developments - The fund advisory industry is expected to transition towards "mass accessibility," supported by ongoing policy initiatives [7] - The introduction of "advisory shares" is being discussed, which would create a separate class of fund shares specifically for advisory services [7][8] - The potential inclusion of various investment types, such as cross-border ETFs and pension funds, is anticipated to enhance the advisory service offerings [7]

Core Insights - The fund advisory business in China has experienced significant growth over the past six years, with an increase in the number of advisory institutions, management scale, and client base, marking a transition from exploration to a mature development phase [2][4][8]. Group 1: Evolution of Advisory Capabilities - The advisory capabilities have evolved from providing basic fund combinations to offering diversified strategies that include equities, bonds, commodities, and overseas assets [4]. - The service model has shifted from standardized offerings to personalized advisory services that cover pre-investment and post-investment stages [4][5]. - The focus has been on creating a long-term investment habit among clients, promoting diversified asset allocation, and improving overall client experience [5][6]. Group 2: Growth in Scale and Client Experience - The number of advisory institutions has increased from five to nearly sixty, with total assets under management surpassing 200 billion yuan in some cases [8][9]. - As of September 30, 2023, the proportion of profitable clients using advisory services reached 77.29%, with an average holding period of over 1000 days [5]. - Data from various institutions indicate that clients using advisory services have a higher probability of profitability compared to those who trade independently, with profit rates exceeding 90% in some cases [6][9]. Group 3: Differentiated Service Models - Different types of institutions have developed unique service models, with public funds excelling in strategy development, securities firms leveraging their extensive client bases, and third-party sales platforms focusing on technology and customer engagement [10]. - The future landscape is expected to be a multi-layered ecosystem where professionalism and client-centricity remain foundational [10][11]. Group 4: AI and Technological Integration - AI is becoming a core driver of change in the fund advisory business, enhancing service efficiency and enabling personalized client interactions [13][15]. - The integration of AI allows for improved data analysis, risk monitoring, and real-time client support, although it is acknowledged that human advisors are still essential for building trust and providing complex strategy design [20][21]. Group 5: Challenges and Future Opportunities - Despite significant progress, challenges such as low market penetration, insufficient awareness, and a shortage of qualified advisory talent remain [25][26]. - The industry is poised for further growth driven by policy support, increasing market demand, and technological advancements, with a focus on account-level management becoming crucial for future success [27][29].