● 本报记者 马爽 谈及本轮市场行情的持续性及储蓄搬家情况时，唐泳表示，我国股市具备坚实的政策支撑基础，但市场 运行并非线性推进，全球外部环境变化、国内经济复苏节奏等因素仍可能引发短期波动，行情持续性面 临多重考验。此外，储蓄搬家方面则呈现出长期趋势与短期波动并存的渐进特征。 "市场波动与储蓄搬家的渐进性，恰恰凸显了券商买方投顾模式的核心价值。"唐泳表示，通过专业服务 帮助投资者穿越周期，既能助力储蓄资金平稳融入资本市场，也能推动财富管理业务高质量发展。 增量资金的持续入场，为券商行业带来了全方位的发展机遇。"资金入市不仅激活了市场流动性，更催 生了券商经纪、财富管理、投行、资管等多业务线的增长动能。"唐泳表示，经纪业务直接受益于交投 活跃度提升，业务规模显著增长；财富管理业务则在居民多元配置需求驱动下加速转型，买方投顾模式 落地进程加快。同时，市场活跃也推动了投行、资管业务的协同发展。 在唐泳看来，这不仅是行业短期业绩的增长红利，更是高质量发展的战略契机。在此背景下，券商需把 握三大发展方向的机遇：即夯实经纪业务基础，承接市场扩容带来的规模增量；加速财富管理转型，以 买方投顾服务挖掘长期价值；强化差异化竞争 ...

Core Viewpoint - The introduction of the "9·24" financial policy in 2024 has activated market vitality, leading to an influx of capital into A-shares and Hong Kong stocks, and accelerating the demand for asset allocation among residents [1][2] Market Support and Opportunities - The "9·24" policy serves as a strong support for the stock market, aligning with the "14th Five-Year Plan" which emphasizes technological innovation and new productive forces, providing long-term policy assurance for the capital market [2] - The influx of incremental funds is expected to enhance liquidity in the market and stimulate growth across various business lines including brokerage, wealth management, investment banking, and asset management [3] Industry Development Directions - The brokerage industry is presented with opportunities to solidify its brokerage business foundation, accelerate the transformation of wealth management, and enhance differentiated competition [3] - The focus is shifting from price competition to professional service capabilities, emphasizing long-term value and customer-centric approaches [4] Transformation and Technology Empowerment - The brokerage industry faces challenges such as declining commission rates and market saturation, necessitating a comprehensive transformation of wealth management [4] - The company aims to enhance its "buy-side advisory" capabilities through technology, integrating research resources and building a comprehensive service chain for wealth allocation [5] AI and Innovation in Advisory Services - The company has made significant progress in exploring an "AI + buy-side advisory" model, utilizing AI technology to enhance investment research and customer service [6] - The launch of intelligent advisory tools has expanded service coverage, with over 10,000 clients served and assets exceeding 5 billion since June 2024 [6] Wealth and Asset Management Synergy - The synergy between wealth management and asset management is a key focus, with the company leveraging customer insights and professional research capabilities to create a comprehensive financial service [7] - The company has established a differentiated brand advantage in asset management by focusing on high liquidity and low volatility products [7] Talent and Professional Development - A dual-driven model of "talent + expertise" is being implemented to enhance asset allocation capabilities and support front-line marketing and customer service [8] - Future business development will focus on five dimensions in wealth management and four directions in asset management to ensure sustained and stable growth [8]

Core Viewpoint - The introduction of the "9·24" financial policy in 2024 has activated market vitality, leading to an influx of capital into A-shares and Hong Kong stocks, and accelerating the demand for asset allocation among residents [1] Market Opportunities - The "9·24" policy has significantly boosted the A-share and Hong Kong markets, with a continuous inflow of incremental funds and a noticeable trend of residents reallocating their savings [1] - The policy provides long-term support for the capital market, enhancing market heat and investor confidence, although short-term fluctuations may still occur due to global and domestic economic factors [1][2] Business Development - The influx of funds has created comprehensive growth opportunities for the brokerage industry, benefiting various business lines such as brokerage, wealth management, investment banking, and asset management [2] - The brokerage industry is encouraged to focus on three development directions: solidifying brokerage business foundations, accelerating wealth management transformation, and enhancing differentiated competition [2] Challenges and Transformation - The brokerage industry faces challenges such as declining commission rates and market space, prompting a systemic transformation in wealth management [3] - The focus of competition is shifting from price to professional service capabilities, emphasizing long-term value and customer-centric approaches [3] Technological Empowerment - Huazhong Securities is enhancing its buy-side advisory transformation through a "four-in-one" approach, integrating research, investment, and advisory capabilities with technological support [3][4] - The company has made significant progress in exploring an "AI + buy-side advisory" model, utilizing AI technology to enhance investment research and customer service [4] Wealth and Asset Management Synergy - The synergy between wealth management and asset management is a key focus area, with wealth management providing insights into customer needs and asset management offering professional research support [5] - Huazhong Securities aims to establish a differentiated brand advantage in asset management by leveraging its wealth management insights and private equity resources [5][6] Future Business Development - The company plans to drive sustainable growth by focusing on five dimensions in wealth management transformation: product, advisory, technology, customer base, and talent [6] - In asset management, the focus will be on collaboration, transformation, assessment, and technology to enhance operational efficiency and product offerings [6]

【导读】国联民生（601456）证券总裁葛小波：当好"财富医生"，开好"资产药方" 【编者按】中央金融工作会议首次提出"金融强国"目标，明确要"培育一流投资银行和投资机构"。 新"国九条"的出台绘制了更为清晰的路线图——到2035年，"一流投资银行和投资机构建设取得明显进 展"。 站在"十五五"新征程的起点，金融机构如何践行金融工作政治性、人民性，做实做透金融"五篇大文 章"，服务实体经济高质量发展，为居民财富保驾护航，成为市场关注焦点。为此，中国基金报特推出 对话金融高管专栏，深度对话金融领域"话事人"，为行业发展建言献策。 中国金融行业逐渐步入财富管理与资产管理深度融合的新时代。"证券业高质量发展28条"提出，引导券 商规范开展资产管理业务，提升主动管理能力，更好发挥财富管理与资产管理协同转型的合力，为券商 践行金融人民性、做好社会财富"管理者"提供了新思路。 近期，中国基金报记者独家专访了国联民生证券党委副书记、执行董事、总裁葛小波，深入探讨券商财 富管理转型与资产管理协同发展所面临的机遇和挑战。 "财富管理面对的是人而不是策略，培养充分的信任感是很难的一件事。"在葛小波看来，这正是财富管 理远比资产管 ...