券商多措并举抢抓业务机遇 8月22日，上证指数站上3800点，创下十年新高。投资者对投顾服务的需求也同步增强，有券商投顾业 务签约量与收入齐升。 面对市场回暖的态势，各家券商迅速做出响应，通过投顾服务升级、新客礼包投放等多重举措，积极开 展引客、留客、活客工作。 部分券商还注重引导新客户结合自身风险偏好与投资预期，进行分散配置与均衡布局，以避免短期内出 现追高杀跌的非理性投资行为。 对投顾服务需求增加 中金财富证券相关负责人向证券时报记者表示，这一轮行情中，权益类组合产品的签约占比有较明显的 提升，这反映出投资者对权益市场的投资热情及信心有显著回暖。此外，行情修复也改善了交易休眠账 户的情况，8月份客户账户找回密码重置业务办理量环比大幅增加，权限类开通增长明显。 随着市场氛围持续升温，多位受访的业内人士接受证券时报记者采访时均提到，投资者对券商投顾服务 的需求日益增强。 "从直播节目数据来看，8月观看投顾服务节目客户数量创近期新高。"银河证券相关业务负责人介绍， 投资者一方面较为关注当前市场行情演绎，包括市场整体估值是否合理、是否有持续入市资金、基本面 能否持续改善、关键政策能否落地、市场主线在哪里等问题；另 ...

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]