Core Viewpoint - Xu Haining, a prominent figure in wealth management, has transitioned from her role at Dongfang Securities to establish Shanghai Zhihui Technology Co., focusing on wealth management integrated with technology and industry-finance collaboration [1][3]. Company Overview - Shanghai Zhihui Technology Co., founded on January 8, 2026, has a registered capital of 100 million yuan and is located in Hongkou District, Shanghai. Xu Haining serves as the legal representative [1][3]. - The company aims to address core industry transformation needs through three main business directions: developing intelligent advisory systems, creating a professional training system for investment advisors, and providing customized consulting services for financial institutions [3][4]. Background of Xu Haining - Xu Haining has over ten years of experience in the wealth management sector, previously serving as the Vice President and head of wealth management at Dongfang Securities. She resigned on November 20, 2024, for personal career development reasons [3][9]. - Her career began outside the financial industry, with significant roles in real estate and securities investment before joining Dongfang Securities in 2012, where she played a crucial role in transforming the company's wealth management business [7][8]. Business Strategy and Focus - Shanghai Zhihui Technology's core positioning is "wealth management + technology + industry-finance collaboration," focusing on the integration of technology in wealth management practices [3][4]. - The company plans to enhance the professional capabilities of investment advisors and improve the overall service quality in the wealth management sector [3][4]. Partnerships and Capital - The company is co-founded by Xu Haining and Zhonglian Heavy Industry Capital, which is a wholly-owned subsidiary of Zhonglian Heavy Industry, indicating strong financial backing [4]. - Xu Haining holds a 3% stake in the company, while her partner Li Zhiqian holds 97%, suggesting a strategic partnership that leverages industry resources [5][4].

Core Insights - The wealth management industry is transitioning from a "product-selling" model to a "service-selling" model, driven by new trends and opportunities [1] - Key trends reshaping the industry include a new cycle, new environment, and new opportunities, with AI playing a significant role in optimizing business models [1] Group 1: Performance Metrics - JD Wealth reported that over 80% of equity fund clients made profits, with equity asset retention growing by 82% year-on-year [1] - Index fund retention increased by 105%, while the retention of stable "fixed income +" assets surged by 206% [1] - Personal pension retention saw a remarkable growth of 241% year-on-year [1] Group 2: Service and Product Upgrades - JD Wealth is focusing on upgrading its core capabilities in "products, services, and pricing" to enhance customer investment experiences [2] - The company aims to improve product offerings through collaboration with partners, ensuring dynamic asset allocation and market trend analysis [2] - AI technology is being integrated to extend services from transaction execution to full-cycle support, enhancing customer engagement [3] Group 3: TAMP Model and Market Strategy - The wealth management industry is shifting from a "scale competition" to a "capability competition," with a focus on personalized services [4] - JD Wealth is exploring the TAMP (Total Asset Management Platform) model, which integrates investment research, allocation, trading, and operations for a comprehensive service [4] - In 2025, the TAMP model is expected to add 210,000 new clients, with a 52% repurchase rate and an average holding period of 235 days [4]

Core Insights - In the context of the challenge where "funds make money, but investors do not," JD Wealth reported that over 80% of equity fund clients achieved profitability in 2025 [1][2] - The wealth management industry is transitioning from a "shelf model" to an "asset allocation and user service advisory model," with a strong emphasis on AI application to enhance personalized services [1][4] Group 1: Performance Metrics - JD Wealth's equity fund client profitability rate reached 84%, while the average return for personal pension users was 15% [4] - The business saw significant growth in various asset categories: equity holdings increased by 82%, index fund holdings by 105%, stable income + holdings by 206%, and personal pension holdings by 241% [2][4] Group 2: Strategic Focus - The focus of JD Wealth is not on expanding its own scale but on enhancing investor satisfaction and experience [4] - The company aims to upgrade its core capabilities in "products, services, and pricing" while leveraging AI technology to deepen its wealth ecosystem [6][8] Group 3: TAMP Model Development - JD Wealth is actively exploring the TAMP (Total Asset Management Platform) model, which integrates investment research, allocation, trading, and operations to provide customized asset management solutions [10] - In 2025, the TAMP model added 210,000 new clients, with a repurchase rate of 52% and an average holding period of 235 days, achieving nearly 88% profitability among holding clients [10] Group 4: AI Integration and Service Enhancement - The integration of AI is set to redefine wealth management services, enabling features like instant account opening and automated risk alerts [8][11] - JD Wealth is enhancing its service capabilities by providing personalized support through AI tools, which assist financial advisors in delivering tailored services to clients [11]

Core Insights - In 2025, JD Wealth's equity product holdings are expected to grow by 82% year-on-year [1] - The holdings of index funds are projected to increase by 105% year-on-year [1] - The holdings of stable income + products are anticipated to rise by 206% year-on-year [1] - Personal pension holdings are forecasted to grow by 241% year-on-year [1]

Core Insights - Shanghai Zhihui Technology Co., Ltd. was officially registered on January 8, 2026, marking the entrepreneurial venture of veteran wealth management professional Xu Haining, which aims to inject new vitality into the industry's transformation and development [1] Group 1: Company Overview - Shanghai Zhihui Technology is co-founded by Xu Haining and Zhonglian Heavy Industry Capital, representing a deep integration of both parties' resources [1] - Xu Haining has over ten years of experience in wealth management, emphasizing a buy-side advisory approach, while Zhonglian Heavy Industry Capital provides strong capital support and industry resources [1] Group 2: Business Directions - Zhihui Technology has identified three core business directions: "technology empowerment, talent cultivation, and professional services" [2] - The company focuses on developing intelligent advisory systems and aims to enhance service efficiency and customer experience through AI and buy-side advisory integration [2] - It plans to establish a specialized training system for buy-side advisors to address the talent gap in the industry and provide customized consulting solutions for financial institutions [2] Group 3: Industry Context - The establishment of Zhihui Technology coincides with the critical period of the asset management new regulations and the industry's accelerated shift towards buy-side advisory [3] - The company is positioned to explore new opportunities in the wealth management sector, leveraging its unique resource advantages and clear business layout [3]

Investment Rating - The report maintains a rating of "Buy" for the non-bank financial industry [1]. Core Insights - The report emphasizes that the wealth management industry is evolving from a seller-driven sales model to a buyer-driven advisory model, with significant growth potential in Asia as national wealth increases and household savings shift towards financial assets [2]. - It highlights the importance of learning from overseas wealth management experiences, particularly from Europe and the United States, to enhance the development of wealth management in China [2]. Summary by Sections UBS Group - European Banking System - UBS is the only international bank that has made wealth management its core strategic focus, with a total investment asset scale reaching $6.8 trillion by Q3 2025, of which the wealth management department accounts for $4.7 trillion, or 70% [2][11]. - The wealth management strategy is centered around a "One-firm" model, integrating investment banking, asset management, and commercial banking to provide comprehensive solutions [22]. - UBS targets high-net-worth and ultra-high-net-worth clients, with specific asset thresholds for different regions, ensuring a focus on affluent clientele [24][27]. Morgan Stanley - American Banking System - Morgan Stanley has a long history and is recognized as a leading financial services company, with a total asset management scale of $3 trillion, ranking 6th globally in wealth management [38]. - The company has shifted its focus towards wealth management, which has shown stable growth over the years, particularly after the 2008 financial crisis [39]. - Morgan Stanley employs a strategy of cost control, business synergy, and compensation incentives to enhance productivity and client service [41]. Charles Schwab - American Discount Brokerage - Charles Schwab has transitioned from a discount brokerage to a leading wealth management institution, offering a full suite of financial services [2]. - The company targets retail clients with a low-cost model, rapidly increasing its asset management scale through client retention and product innovation [2]. - Schwab's revenue is primarily driven by assets under management (AUM), having moved away from reliance on trading commissions [2]. BlackRock - American Fund Management - BlackRock is the largest asset management company globally, with an asset scale of $11.6 trillion by the end of 2024, focusing on passive investment strategies [2]. - The company has diversified its product offerings from fixed income to equity investments, with a significant emphasis on its iShares ETF as a growth driver [2]. - BlackRock's revenue model is based on AUM management fees, supplemented by performance fees and consulting services [2].

Core Insights - The trend of residents shifting from cash savings to financial assets is reflected in the keywords selected by over 20,000 voters, indicating a growing interest in financial investments [1][2] - The significant increase in gold prices, with a cumulative rise of nearly 60% in 2025, has led to a transformation in residents' investment awareness, particularly among younger generations [1][2] - The concept of "New Three Golds," which includes money market funds, bond funds, and gold funds, has gained popularity among young investors, showcasing a shift towards diversified asset management [2][3] Group 1 - The keywords selected by voters, such as "golden blood awakening" and "deposit relocation," highlight the trend of residents actively seeking financial asset investments [1] - Global central banks purchased a net total of 634 tons of gold in the first three quarters of 2025, significantly above the average levels prior to 2022, indicating a strong demand for gold [1] - As of November 2025, the People's Bank of China has increased its gold reserves for 13 consecutive months, adding 30,000 ounces [1] Group 2 - Over 8.9 million users on the Ant Wealth platform have initiated gold ETF investments, reflecting a more rational approach to gold investment among younger investors [2] - The "New Three Golds" strategy has been adopted by over 21 million users, with nearly half being young individuals, indicating a shift in investment strategies towards a balanced portfolio [2] - The overall return rate for a young investor who diversified into money market and bond funds, alongside gold, reached 10% in 2025, demonstrating the effectiveness of a balanced investment approach [2][3]

Core Viewpoint - The essence of wealth management is to help clients achieve long-term preservation and appreciation of wealth. In the context of increasing global macroeconomic and political uncertainties and declining asset yields, wealth management institutions are undergoing a profound shift from scale-oriented to client allocation-oriented strategies. The future competitiveness of wealth management institutions will depend on three core capabilities: the breadth of fund evaluation dimensions, the depth of allocation service expertise, and the length of client companionship [2][17]. Industry Transformation - The understanding of the wealth management industry has evolved from merely being a sales channel for financial products to a more comprehensive service model. Key events such as the continuous decline in the yield of ten-year government bonds and the reduction of life insurance policy interest rates indicate a systemic downward trend in the risk-free return rate. The era of relying on traditional fixed-income assets for stable appreciation is nearing its end, shifting the focus from obtaining "absolute returns" to managing "relative risks" through scientific allocation [3][4]. Wealth Management Quality - Good wealth management encompasses two levels: asset-liability management and understanding client life cycles. The role of wealth management has transitioned from simply selling products to becoming a critical bridge connecting client needs with asset management. This requires a deep understanding of clients' financial situations, risk preferences, and life stages to create tailored asset allocation strategies that balance safety, returns, and liquidity [4]. Core Challenges - Wealth management institutions face three core challenges: homogenized competition, the urgent need for enhanced professional capabilities, and the conflict between short-term orientation and long-term value. These challenges necessitate profound industry transformation [5]. Regulatory Changes - By 2025, regulatory policies will demand more precise requirements for fund management, sales, and advisory services, marking the beginning of a deep reform phase centered on "investor interests." The wealth management market is undergoing significant structural changes, with the essence of "asset scarcity" being a mismatch between risk and return rather than a reduction in total social wealth [7]. Professional Competence - The professional nature of wealth management extends beyond sales. As investors move away from "guaranteed returns" to a "allocation era," practitioners must possess three core competencies: understanding investments, comprehending product creation and management, and mastering asset allocation across cycles and categories [8]. Fund Evaluation Dimensions - A scientific fund evaluation system is fundamental for wealth management institutions to provide allocation services. This system should encompass four core dimensions: 1. Performance stability, focusing on long-term risk-adjusted returns and consistency across different market conditions [9]. 2. Transparency of investment processes, ensuring objective decision-making and risk control [9]. 3. Stability of management teams, assessing the alignment of incentive mechanisms with long-term performance [9]. 4. Reasonableness of fees, evaluating the match between management fees and actual value creation [9]. Client-Centric Advisory Model - The essence of the buy-side advisory model is to align with client interests through systematic service processes while also addressing human factors. Wealth management institutions should establish systematic business processes to ensure service quality and continuity, avoiding emotional decision-making risks [11]. Client Companionship - Long-term companionship with clients is crucial for mitigating behavioral biases in investment decisions. Research indicates that over 70% of the variance in investor returns is due to behavioral biases rather than product selection. Effective companionship involves timely interventions during market volatility, product value declines, and significant life changes [14]. Future Outlook - The wealth management industry is expected to expand its service scope from mere fund allocation to comprehensive family governance services, leveraging external expert networks for specialized support. Additionally, technological empowerment and global asset allocation will become focal points, alongside integrating social responsibility into wealth management decisions [15][16].

【文/观察者网 齐倩】 新年伊始，美国失业率居高不下，消费者信心指数已接近历史低点。 但当地时间1月1日，美国沃尔纳财富管理公司创始人丽贝卡·沃尔纳接受福克斯新闻节目采访时仍掩耳盗铃，宣称2026年"将是积极的一年"。她还提 前甩锅，称"只要中国不捣乱，美国就过得好"。 采访中，沃尔纳首先附和美国总统特朗普的预测：2026年美国经济将非常乐观。 "是的，我认为这会是积极的一年，"她说，"我们确实有很多基本面支持这一年的积极发展，但我们仍面临很多全球宏观经济问题和挑战"。 谈及此处时，沃尔纳和主持人为自己的乐观经济预测"打补丁"，提前甩锅给中国。 随后，沃尔纳"自己打自己的脸"，列举了美国经济的"麻烦领域"：失业率和高通胀率。 她坦言，相较于通货膨胀，劳动力市场更是主要问题所在。她希望未来美国政府和美联储继续关注就业，采取措施刺激就业增长。她同时提到，一 些科技公司通过采用人工智能（AI）工具提升了生产率，并将此视作提高成本效益的优点，这给2026年就业率提出挑战。 丽贝卡·沃尔纳（右）接受采访福克斯新闻节目视频截图 沃尔纳声称，对美国来说，2026年能否顺利度过，要看中国是否"制造干扰"。 据半岛电视台报道， ...

Core Viewpoint - The year 2025 marks the "awakening year" for wealth inheritance in China, highlighting the urgency for both high-net-worth individuals and ordinary families to address inheritance issues and risks [2][3]. Group 1: Wealth Inheritance Challenges - The overlapping challenges of global geopolitical impacts, industrial and technological transitions, and generational wealth transfer create uncertainties in inheritance and business succession [3]. - Many Chinese entrepreneurs are unaware or only partially aware of the importance of succession planning, often neglecting critical aspects like wills, trusts, and insurance [3][4]. - The legacy of ownership disputes in private enterprises, stemming from historical ties with state-owned enterprises, complicates the inheritance landscape [4]. Group 2: Structural Issues in Inheritance - The simplistic and rough equity structures established in the 1980s, often involving family members, lead to governance failures and increased risks during transitions [4][5]. - Complex marital histories of entrepreneurs pose significant risks to wealth and equity distribution, as modern legal principles advocate for equal inheritance rights among all children [5]. Group 3: Current Wealth Landscape - China is experiencing a peak in private wealth accumulation, with nearly 4,000 private companies listed among approximately 5,500 A-share companies, and households holding over 300 trillion yuan in real estate and 160 trillion yuan in savings [6]. - The transition from "individual heroism" to "institutionalism" and from "family control" to "social contribution" is essential for sustainable wealth management and societal stability [6]. Group 4: Importance of Trusts and Legal Frameworks - The development of family trusts and professional family offices is becoming increasingly vital for wealth transfer, with significant regulatory advancements in recent years [8]. - The establishment of a robust legal framework for wealth inheritance, including trusts and wills, is necessary to mitigate risks and ensure orderly transfers [9].