2025年，中国新富人群的财富健康指数从上一年的70.51分小幅下降至70.35分，财富信心、财务规划和 投资参与次指数分别下降0.26分、2.47分和0.14分，但资产管理次指数在连续四年回落后逆势上扬，显 示出新富人群在财富管理与资产配置上的意识与行为逐步迈向成熟。 在生成式人工智能技术迅速发展的背景下，今年的研究还特别关注了新富人群对AI赋能金融服务的态 度与使用行为。调研结果显示，中国新富人群对AI生成投资建议的信任度显著高于海外市场，有近七 成表示非常信任或比较信任。其中，投资风格越激进的受访者对此信任度越高，而投资经验超过15年的 人群则明显更青睐人工服务。在具体应用层面，新富人群更加认可AI在技术性分析方面的优势，而人 工投顾则在情感陪伴、挖掘客户需求等涉及人际交互的场景中展现出独特价值。 数据显示，已有近五成(48.6%)受访者拥有养老规划。其中，25—44岁青壮年群体以及月收入1.5—3万元 和3万元以上的中、高收入群体的养老规划实践度提升最为显著。 经济观察网9月18日，上海交通大学上海高级金融学院(高金)与嘉信理财(Charles Schwab)联合发布第九 年度的《中国新富人群财富健康 ...

Group 1 - The report titled "2025 Wealth Health Index of China's New Affluent" was jointly released by Shanghai Jiao Tong University and Charles Schwab, aiming to track the investment behavior and wealth health of a significant economic group in China [1] - The new affluent group is defined as individuals with an annual income between 125,000 and 1,000,000 yuan and investable assets below 7 million yuan [1] - In a low-interest-rate environment, the new affluent are shifting their asset allocation from cash to higher-risk financial investments, with cash and deposits still accounting for over half of their assets, but this proportion has decreased by nearly 5 percentage points to 52.5% [1] Group 2 - The proportion of bank wealth management products has also declined, while investment in funds has seen a significant increase, with 42.6% of respondents holding funds, the highest in five years, and the average allocation to funds rising from 7.8% to 12.4% [1] - There is a slight increase in the allocation to stocks and overseas investments among the new affluent [1] Group 3 - ETF investments are gaining popularity, especially among respondents who have used investment advisory services, with high transparency and risk diversification being the main reasons for choosing ETFs [2] - Despite a desire for high returns, the risk appetite of the new affluent is becoming more conservative, with 63.1% of respondents unwilling to accept losses exceeding 10%, an increase of 13.2 percentage points from the previous year [2] Group 4 - Nearly half (48.6%) of respondents have retirement planning, with significant increases among the 25-44 age group and higher income brackets [3] - The primary method for retirement planning has shifted from regular savings to purchasing retirement insurance, indicating a growing reliance on financial investment returns rather than savings [3] Group 5 - There is a notable trust in AI-generated investment advice among the new affluent, with nearly 70% expressing high or moderate trust, particularly among those with more aggressive investment styles [3] - Individuals with over 15 years of investment experience show a preference for human services over AI [3]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [8] Core Views - The company's securities business shows significant elasticity, while the fund business still needs breakthroughs [1][3] - The company achieved total revenue of 6.86 billion yuan, a year-on-year increase of 39%, and a net profit attributable to shareholders of 5.57 billion yuan, up 37% year-on-year [1] - The company’s total assets reached 355.3 billion yuan, an increase of 16% from the beginning of the year, with a return on equity (ROE) of 13.4%, up 0.74 percentage points from 2024 [1] Summary by Sections Securities Business - The brokerage business shows strong growth with net commission income of 3.36 billion yuan, up 68% year-on-year, and trading volume of 16.03 trillion yuan, up 74% year-on-year [2] - Interest income from credit business increased by 49% year-on-year to 1.25 billion yuan, supported by the expansion of non-bank deposits [2] - Proprietary trading income decreased by 17% year-on-year to 1.39 billion yuan, indicating relative weakness under base pressure [2] Fund Business - Fund sales reached 1.0573 trillion yuan, a year-on-year increase of 24%, with non-monetary fund sales at 626 billion yuan, up 25% [3] - The company’s non-monetary fund holding scale was 675.3 billion yuan, up 10% from the beginning of the year, while equity fund holdings remained stable [3] - The company is focusing on high-net-worth clients and integrating AI capabilities to enhance service quality [3] Financial Data and Valuation - The company’s projected net profit for 2025, 2026, and 2027 is expected to be 11.745 billion yuan, 13.002 billion yuan, and 14.425 billion yuan, respectively, with year-on-year growth rates of 22%, 11%, and 11% [8] - The current stock price is 26.76 yuan, with a total market capitalization of 42.29 billion yuan [4] - The company’s financial metrics include a price-to-earnings (PE) ratio of 36.0 for 2025 and a price-to-book (PB) ratio of 4.6 [9]