■周尚伃 岁末年初，行业论坛与年度会议密集召开，"财富管理"成为证券行业年终盘点与未来展望的核心主线。这背后，是券商财 富管理业务历经多年培育，已稳步成长为驱动行业业绩增长的引擎。部分头部券商的转型更是率先步入收获期，其探索路径与 实践成果，也成为外界观察行业转型成效的重要窗口。 在笔者看来，近年来券商财富管理的发展呈现出两大聚焦点：一是追求高质量发展，二是推动开放生态共建。券商正摒弃 以往以规模竞赛为主的粗放发展模式，转而开展以能力比拼为核心的精耕细作，在发展模式、产品创新、能力建设三大维度实 现系统性突破，勾勒出全新叙事框架。 首先，发展模式从"销售驱动"迈向"买方投顾"与"服务生态"构建。 过去，券商财富管理业务多以产品销售为核心，盈利模式与销售业绩直接挂钩。这种模式虽然能在短期内带来业绩提升， 但容易导致客户利益与自身利益出现偏差。正如民生证券总裁、执行委员会委员姜晓林日前表示，尽管目前券商投资顾问占所 有员工的比例持续上升，近6年上升近6个百分点，但投资咨询收入占比仍然长期维持在个位数。这一数据直观反映出传统销售 驱动模式面临的发展瓶颈。 其次，产品创新锚定国家战略与居民长期需求的双重导向。 财富管 ...

Core Insights - OPPO and Ant Group have signed a strategic cooperation agreement to collaborate in various fields including AI, service ecosystems, healthcare services, insurance, and user experience [1] Group 1: AI Collaboration - The partnership will focus on AI intelligent agents, aiming to enhance service collaboration based on user needs and scenarios [1] - OPPO's Xiaobu voice assistant will integrate with Ant Group's Alipay app, allowing users to access services like the Alipay ride code through voice commands [1] - Alipay's AI services will also provide precise recommendations to users on OPPO mobile device home screens, enhancing the user experience [1] Group 2: Healthcare Services - Ant Group's AI health application AQ will collaborate with OPPO to strengthen efforts in medical popularization and AI health services [1]

Core Viewpoint - Jomoo Group has taken significant steps to protect the rights of grassroots workers by implementing a "double insurance" policy for over 12,000 certified service engineers, becoming the only company in the sanitary ware industry to do so [1][2] Group 1: Insurance Initiatives - The "installation liability insurance" covers accidental damages caused by service engineers during installation, with a maximum payout of 100,000 yuan [2] - The "personal accident insurance" provides coverage for accidents occurring while service engineers are on duty, with a maximum payout of 200,000 yuan and up to 30,000 yuan for medical expenses [2] - This initiative enhances the safety of Jomoo's service engineers and increases customer trust and satisfaction, creating a more efficient service experience [2] Group 2: Skill Development for Electricians - Jomoo is also focusing on the broader social aspect by providing a training platform for electricians through the "Jomoo Service Energy Station" WeChat public account [6] - The platform offers weekly online training sessions on installation and maintenance skills, addressing the lack of systematic growth opportunities for service providers [6] - Additionally, free legal consultation services are provided to protect the rights of electricians [6] Group 3: Social Responsibility and Service Network - Jomoo has established over 4,000 service outlets nationwide, ensuring comprehensive coverage and commitment to social responsibility [7] - The company engages in various charitable activities, including donations of sanitary products to remote areas and disaster relief efforts [7] - Jomoo has launched a nationwide renovation initiative, offering a "worry-free installation" service that promises transparent pricing and efficient upgrades for residents [7] Group 4: Industry Impact - The introduction of the "double insurance" and skill empowerment initiatives positions Jomoo as a leader in the sanitary ware industry, emphasizing the importance of worker rights and professional development [9] - This shift indicates a broader trend in the industry, where competition is moving beyond products and technology to encompass service ecosystems and humanistic care [9]

Core Points - Beijing Capital International Airport has been awarded the "2024 Excellent Service Quality Award for Civil Airports with a Capacity of 10 Million Passengers or More" at the 2025 International Airport Expo, marking the eighth time it has received this accolade and maintaining its position in the top tier of airports in China [1] Group 1: Service Quality and Innovation - The airport has focused on enhancing passenger, airline, and employee satisfaction through a structured feedback mechanism and a digital platform called "Voice of Airlines" [3] - Six new service product lines have been launched, addressing core customer needs and improving overall service efficiency [3] - A collaborative service ecosystem has been established with 29 on-site units, achieving over 99% online processing rate for internal approvals [3] Group 2: Brand Promotion and Engagement - The airport showcased its service brand "First National Gate, Let Love Gather" at the expo, highlighting its service innovations [4] - Interactive activities at the expo engaged visitors, allowing them to experience the airport's service enthusiasm and promoting the brand on social media [7] - The event successfully increased brand reputation and member engagement, contributing to the long-term development of the airport's service platform [8]

Group 1: Trade Performance - Hangzhou's foreign trade maintained strong resilience with a total import and export value of 416.49 billion yuan in the first half of the year, a year-on-year increase of 7.8% [2] - Exports reached 298.03 billion yuan, growing by 12.5%, with mechanical and electrical products accounting for 144.49 billion yuan, an increase of 11.3% [2] - The number of enterprises engaged in import and export activities increased by 8.5%, with private enterprises accounting for 69.8% of the total import and export value, up by 3.2 percentage points [12] Group 2: Market Diversification - Companies are shifting focus to emerging markets, with Zhejiang Chunfeng Power Co., Ltd. exporting products worth 26 million yuan to Kazakhstan, a year-on-year increase of over 200% [6] - Hangzhou's trade with 165 countries and regions grew, with 56 partners exceeding 1 billion yuan in trade volume [6] Group 3: Technological Innovation - Companies are avoiding price competition by focusing on technological innovation, as seen with Hangzhou Sanfu Technology Co., Ltd. which has developed smart door control systems that surpass foreign counterparts [3] - High-tech product exports reached 45.28 billion yuan, growing by 10.4% in the first half of the year [5] Group 4: Cross-Border E-commerce - The cross-border e-commerce sector is thriving, with 1,586 companies in Hangzhou exceeding 20 million yuan in scale, leveraging platforms like Alibaba and Amazon [8] - Cross-border e-commerce cargo volume from Hangzhou's airport reached 68,600 tons, a year-on-year increase of 25.63%, accounting for over 60% of total export cargo volume [10] Group 5: Government Support - The Hangzhou government is building a comprehensive foreign trade service ecosystem, integrating various services to support enterprises in international trade [13] - The "1+2+N" foreign trade service model aims to enhance market expansion efforts, with over 406 outbound groups organized and 643 overseas exhibitions attended this year [13][14]

Group 1 - Major commercial banks are shifting their focus to micro and small enterprise operating loans, with several banks offering annual interest rates of 3% or lower for these products [1][2] - Among state-owned banks, the Bank of Communications offers significant advantages in personal operating loans, with a maximum limit of 10 million yuan and a minimum annual interest rate of 2.2% [1] - China Construction Bank has launched various microcredit products targeting specific industry segments, with interest rates as low as 3% [1] Group 2 - In the joint-stock bank sector, China Merchants Bank's mortgage operating loans are notable, with rates starting at 2.3% and a maximum limit of 20 million yuan [2] - Jiangsu Bank also actively participates in this market, offering mortgage operating loans with a maximum limit of 20 million yuan and an interest rate as low as 2.5% [2] - Analysts suggest that the competition among banks to lower operating loan rates is a temporary marketing strategy responding to macroeconomic policies [2][3] Group 3 - Experts emphasize the importance of differentiated competition for banks to attract micro and small enterprise clients, suggesting three key directions: scenario-based services, technology empowerment, and building a service ecosystem [3] - The need for banks to balance customer contribution and risk pricing is highlighted, with recommendations for enhancing customer experience through digital platforms and expanding non-credit financial services [3] - A dynamic risk control system is recommended, including tiered pricing based on customer credit ratings and industry conditions, as well as thorough monitoring of fund flows [3]