Core Viewpoint - The article discusses the current state, issues, and future of the 30 trillion yuan wealth management market, emphasizing the impending changes in competition and business models within the industry [7][11]. Group 1: Wealth Management Market Overview - The wealth management market is facing significant challenges as the previous model of "retained earnings" is nearing its end, which has historically allowed banks to manage returns during varying market conditions [8][9]. - The "wealth management ranking" business model, which attracted customers with high short-term returns, is becoming less effective as investors become more discerning [10][11]. Group 2: Future Directions for Wealth Management Companies - Future competition in the wealth management sector will focus on three key areas: investment research capabilities, product line structuring, and channel service capabilities [16]. - Companies like Ant Bank are leading the way with a focus on transparency and quality, offering clear performance metrics to users, which is becoming increasingly important in a market where traditional models are failing [17][25]. Group 3: Importance of Research in Wealth Management - Understanding the wealth management market is crucial as it serves as a benchmark for the risk-free rate in China, influencing asset pricing across various sectors, including the stock market [15]. - The decline in risk-free rates due to lower returns on pure debt wealth management products is expected to increase valuations in the stock market, potentially leading to more capital inflows [15]. Group 4: Key Insights from Recent Articles - A recent report highlighted that only one out of eight banks displays annualized returns on their wealth management products, indicating a lack of transparency in the industry [4][23]. - The article emphasizes the need for a user-centered approach in wealth management, moving away from asset under management (AUM) focused sales systems to enhance customer trust and satisfaction [22][25].