近日，证券时报记者采访了多家券商财富管理业务分管高管及业务负责人。他们普遍认为，需进一步加 大制度与产品供给，尤其针对投顾业务，要不断完善考核、激励等基础制度。同时，业内人士还呼吁， 共建行业生态，避免低水平价格竞争，将更多资源投入投教、投研及客户服务中。 人民财讯9月24日电，站在"9.24"一揽子金融政策落地一周年的新起点，中国财富管理市场下一步如何 夯实制度根基、提升专业能力、构建健康生态，成为证券行业共同的议题。 ...

Core Viewpoint - The recent surge in the Shanghai Composite Index, surpassing 3800 points, has led to a significant increase in demand for investment advisory services from brokerages, with both contract signings and revenue rising concurrently [1][2]. Group 1: Demand for Investment Advisory Services - There has been a notable increase in the signing of equity portfolio products, reflecting a resurgence in investor confidence and enthusiasm for the equity market [2]. - The number of clients resetting passwords for dormant accounts has surged significantly in August, indicating a revival in trading activity [2]. - The demand for advisory services is driven by investors' concerns about market valuations, the sustainability of capital inflows, and specific asset allocation strategies [2][3]. Group 2: Brokerages' Response Strategies - Brokerages are actively enhancing their advisory services and launching promotional activities, particularly during the "818 Financial Festival," to attract and retain clients [3][4]. - Various brokerages are offering new client incentives, including high-yield financial products and advanced trading tools, to encourage new account openings [4]. - Investment education initiatives are being implemented to guide new clients in rational investment strategies, focusing on risk tolerance and diversified asset allocation [5][6]. Group 3: Operational Enhancements - Brokerages are investing in operational support, including customer service and educational resources, to better meet client needs [5][6]. - Technological improvements, such as app enhancements and intelligent service features, are being introduced to facilitate a better trading experience for clients [6].

Group 1 - The "Second Jin Qilin Best Investment Advisor Selection" event is organized by Sina Finance and exclusively partnered with Yinhua Fund, highlighting the growing resilience of China's capital market and the high growth cycle of the wealth management industry [1] - Investment advisors play a crucial role in wealth management, impacting the asset allocation process for the public through their ability to reach, communicate with, and serve clients [1] - The event aims to provide a platform for investment advisors to showcase their capabilities, expand their services, and enhance their skills, thereby promoting the healthy development of China's wealth management industry [1] Group 2 - Li Bin, General Manager of the Wealth Management and Institutional Business Department at Guosen Securities, emphasizes the long-term opportunities in equity market allocation and the historical transformation from single stock trading to diversified asset allocation [2] - The investment advisory industry is experiencing both total expansion and structural adjustment, with a call for professionals to embrace opportunities and leverage AI while focusing on client-centered services [2] - The goal is to achieve significant advancements in the wealth management and investment advisory sectors, creating more value for investors and contributing to a new chapter in the industry [2]

Investment Rating - The report assigns an "Add" rating for the company, marking its first coverage [2][7]. Core Viewpoints - The company is a leading online investment education service provider in China, benefiting from a unique "public MCN + private enterprise WeChat + self-owned app traffic synergy" model, which positions it well to capitalize on the flow era [7][6]. - The demand for investment advisory services is expected to surge due to supportive policies and a shift in investor preferences towards capital markets, as traditional investment channels narrow [6][49]. - The company has a strong product matrix that covers both high-end and long-tail customers, with a focus on technology and research to enhance user experience [6][29]. Summary by Sections 1. Company Overview - The company is one of the first to obtain a securities investment advisory license from the China Securities Regulatory Commission, establishing a solid foundation in the industry [15]. - The investment advisory license is scarce, with only 78 licensed institutions as of April 2025, and the regulatory environment is stringent [16]. 2. Market Demand - The capital market is experiencing a revival, with policies enhancing liquidity and investor confidence, leading to increased demand for professional asset allocation services [49]. - The scale of wealth management products has grown significantly, from 0.37 trillion yuan in 2019 to 5.16 trillion yuan in 2024, reflecting a CAGR of 68.98% [53]. 3. Business Model - The company employs a multi-channel approach for user acquisition, leveraging MCN accounts, internet terminals, and traditional media to create a diversified "traffic pool" [24]. - The operational focus is on precise user segmentation and targeted content delivery, converting traffic into valuable sales leads [25]. 4. Product System - The company has developed a comprehensive product line that includes high-end VIP services and small, lightweight products to cater to a broader audience [29]. - The introduction of small-scale products has significantly increased user engagement, with 2.2 million uses recorded by the end of 2024 [31]. 5. Performance Metrics - The company's revenue has grown from 282 million yuan in 2019 to 2.306 billion yuan in 2024, with a CAGR of 52.3% [31]. - The order revenue for 2024 reached 3.51 billion yuan, marking a year-on-year increase of 49.3% [31]. 6. Profitability Forecast - The projected net profit for 2025 is 1.158 billion yuan, reflecting a year-on-year growth of 325% [8]. - The company is expected to maintain a high gross margin above 80%, despite slight declines due to increased content production costs [39].

Group 1 - The core viewpoint emphasizes the responsibility of investment advisory firms to help investors make more rational investment decisions, thereby enhancing actual returns [1][6][7] - The discussion highlights the importance of reducing the discrepancy between product returns and investor account returns, with a focus on fee reforms and management practices [6][7] - The need for continuous efforts in investor education to address irrational behaviors is acknowledged, as it is a common phenomenon globally [7] Group 2 - The future of China's public fund industry is seen as having significant growth potential compared to overseas markets, with a focus on building a platform-based research and investment system [9][10] - Large domestic fund companies are expected to shift from asset management to wealth management, while smaller firms should adopt differentiated investment strategies to seek growth [9][10] - The industry is likely to experience a "Matthew Effect," where larger firms gain more advantages, leading to a focus on unique active management capabilities and international investment opportunities [10]