2025.07. 23 本文字数：2303，阅读时长大约4分钟 作者 | 第一财经 周斌 因存在误导性营销宣传、直播账号不规范等违规行为，黑龙江证监局近日对黑龙江省容维公司数据程 序化有限公司（下称"容维公司"）出具警示函，并要求其3个月内完成整改并提交整改报告。 这已是容维公司今年第二次收到监管罚单，今年4月，该公司因向监管报告员工在职情况时存在虚假 陈述，被黑龙江证监局罚款3万元。 近年来，证券投顾机构误导性营销、员工无证上岗等问题频发。据同花顺数据统计，截至7月23日， 今年以来已有近40家证券投顾机构收到监管罚单，其中超过六成均涉及虚假或误导性营销宣传。 在业内分析人士看来，证券投顾机构频繁因虚假、误导性宣传违规，主要原因包括利益驱动、合规意 识薄弱、行业同质化竞争激烈等。推动行业健康发展，需要行业机构通过提升自身的专业投资服务能 力来获客，加强公司合规管理，同时对违规行为从严监管，提高违规成本，创新科技监管手段等。 容维公司年内两次被罚 继报送含有虚假陈述的文件后，容维公司又因误导性宣传、直播账号使用不当等违规行为被罚。 根据黑龙江证监局近日披露，容维公司在经营过程中存在三方面问题：一是部分员工对服 ...

证券投顾行业严监管态势持续。 7月21日，黑龙江证监局对容维证券数据程序化有限公司(简称"容维证券")采取出具警示函的行政监管 措施，要求该公司3个月内完成整改并提交整改报告。稍早前，四川大决策证券投资顾问有限公司(简 称"四川大决策")和成都汇阳投资顾问有限公司(简称"成都汇阳")2家投顾机构已于上周被监管责令改 正。上述3家证券投顾机构都存在同类违规问题——误导性营销宣传。 根据证监会在7月披露的最新信息，截至今年6月底，已经有合计24家证券投顾机构或证券投顾分公司被 采取暂停新增客户监管措施。 容维证券被出具警示函 黑龙江证监局披露的信息显示，经查，发现黑龙江省容维证券在经营过程中存在以下问题：一是部分员 工对服务能力进行误导性的营销宣传；二是新媒体平台直播账号使用管理不规范；三是个别高管人员离 职后未向监管部门报告。 黑龙江证监局表示，上述行为违反了《证券投资顾问业务暂行规定》的相关规定，决定对容维证券采取 出具警示函的行政监管措施。容维证券应在收到警示函之日起3个月内完成整改工作并向监管提交书面 报告。 年内再度引起监管关注 据悉，容维证券是目前投顾行业的78家持牌机构之一，成立于1997年，总部位 ...

Core Viewpoint - The regulatory environment for securities advisory institutions remains stringent, with multiple firms facing penalties for misleading marketing practices [2][9][13]. Group 1: Regulatory Actions - On July 21, Heilongjiang Securities Regulatory Bureau issued a warning letter to Rongwei Securities, requiring a three-month rectification period and submission of a report [2][5]. - In addition to Rongwei Securities, two other advisory firms in Sichuan, Sichuan Dajue Decision and Chengdu Huiyang, were also ordered to correct their practices due to similar violations [9][12]. - As of June 2025, a total of 24 securities advisory institutions or their branches have been subjected to measures that suspend the addition of new clients [3][14]. Group 2: Specific Violations - Rongwei Securities was found to have misled clients regarding service capabilities, mismanaged live streaming accounts, and failed to report the departure of certain executives [4][5]. - Sichuan Dajue Decision was cited for inadequate compliance management, failure to fully inform clients, and misleading marketing [10]. - Chengdu Huiyang faced issues with weak compliance management, lack of reasonable basis for investment advice, and misleading marketing [11]. Group 3: Industry Trends - The trend of increasing regulatory penalties in the securities advisory sector mirrors that of brokerage firms, indicating a broader crackdown on misleading practices [9][14]. - Misleading marketing, particularly regarding guaranteed returns, is prevalent as firms strive to attract clients [14].

在金融科技颠覆传统金融服务的今天，证券投顾行业正经历从"经验驱动"到"数据驱动"的深刻变革。作 为一家拥有21年历史的老牌机构，深圳市国诚投资咨询有限公司(简称"国诚投顾")以"守正创新"为核心 理念，将深耕行业的专业积淀与前沿科技深度融合，走出了一条独特的转型之路。 一、科技重构服务生态：从"产品主导"到"客户主导" 国诚投顾的持续创新始于对用户需求的深度洞察。面对投资者代际更迭与需求多样化，公司投入百余人 产研团队，基于量化模型与算法创新，打造出智能投顾平台"决策家"。该平台以"破解五大投资痛点"为 核心，通过宏观经济跟踪、中观行业图谱、微观企业分析三级架构，为投资者提供全维度决策支持。 "决策家"的突破性在于将专业投研能力转化为标准化工具。其三大选股策略模型与五大特色指标，可针 对弱势、强势、震荡市场结合投顾老师的经验生成具体方案;千余篇策略报告与百余节课程视频，则构 建起"策略+教育"的服务闭环，满足投资者日常学习的需要。正如首席投资顾问屈长江所言："在过去一 年里，决策家软件凭借其卓越的性能与贴心的服务，赢得了大量客户的青睐与信赖。众多用户对决策家 软件给予了高度评价和认可，这无疑是满足客户需求最有 ...

Core Viewpoint - The securities investment advisory industry is facing significant challenges with high refund rates and increasing customer complaints, despite benefiting from a recovering capital market [1][2][5]. Group 1: Industry Performance and Challenges - The refund amounts in the securities advisory industry have increased significantly, reaching 1.348 billion yuan in 2021, 2.328 billion yuan in 2022, and 2.445 billion yuan in 2023, marking an 81.4% increase from 2021 to 2023 [2][5]. - Customer complaints have surged, with total complaints rising from 6,040 in 2021 to 23,531 in 2023, a growth of 290.2% [5][6]. - The Shanghai Securities Regulatory Bureau reported a dramatic increase in complaints against investment advisory institutions, from 88 cases in 2022 to 821 cases in 2024, an increase of 833% [2][6]. Group 2: Impact of Malicious "Proxy Rights Protection" - The rise in refunds and complaints is partly attributed to malicious "proxy rights protection" activities, where organizations exploit clients to file complaints and seek refunds [2][5][12]. - These proxy rights protection entities often use deceptive marketing tactics and collaborate with insiders to obtain client information, leading to increased complaints and refunds [8][17]. - The industry has seen a notable increase in refund rates, with one advisory firm reporting a 21.8% refund rate in 2024, up 1.8 percentage points from the previous year [11][12]. Group 3: Regulatory Response and Industry Outlook - Regulatory bodies have intensified scrutiny on the securities advisory sector, leading to an increase in penalties and warnings issued to firms [13][20]. - The financial regulatory authorities have launched initiatives to combat the rise of malicious proxy rights protection, including a six-month crackdown on financial "black and gray industries" [22][23]. - Industry insiders emphasize the need for improved compliance and service quality within advisory firms to mitigate the impact of these malicious activities [18].

Core Viewpoint - The securities investment consulting industry is experiencing a significant increase in refund rates and customer complaints, despite benefiting from a recovering capital market. This trend poses challenges to the industry's growth and profitability [1][4]. Group 1: Industry Performance and Challenges - The securities investment consulting industry has seen revenue growth, with reported revenues of 124.93 billion, 141.07 billion, and 160.37 billion yuan for 2021, 2022, and 2023 respectively, reflecting a 28.4% increase from 2021 to 2023 [4]. - Refund amounts in the industry have escalated, reaching 13.48 billion, 23.28 billion, and 24.45 billion yuan for the years 2021, 2022, and 2023, with a notable 81.4% increase in refunds from 2021 to 2023 [4]. - Customer complaints have surged dramatically, with totals of 6,030, 15,821, and 23,531 complaints for the years 2021, 2022, and 2023, marking a 290.2% increase in complaints from 2021 to 2023 [4]. Group 2: Factors Contributing to Refunds - The rise in refunds is partly attributed to the emergence of "proxy rights protection" agencies that exploit customer grievances for profit, often using deceptive practices to encourage complaints against consulting firms [2][8]. - The operational costs of consulting firms, including human resources and promotional expenses, account for 30% of their costs, leading to potential losses if refund rates exceed this threshold [3]. - The increase in customer complaints and refunds is exacerbated by the actions of these proxy agencies, which often fabricate reasons for complaints and pressure firms into refunds [8][10]. Group 3: Regulatory Response and Industry Dynamics - Regulatory bodies have recognized the growing issue of proxy rights protection and have initiated actions to combat these practices, including a six-month crackdown on financial "black and gray" industries [14]. - The financial regulatory authorities have issued warnings to consumers about the risks associated with proxy rights protection, urging them to use legitimate channels for grievances [14]. - The influx of new investors in the capital market has led to increased activity in the securities consulting industry, but this has also provided opportunities for proxy agencies to thrive [8][9].

证券时报记者胡飞军 随着资本市场不断走向成熟，投资者对于专业投顾的需求也进一步释放，证券投顾行业因此打开广阔的 发展空间。当然，这个过程注定不会顺风顺水，由于"黑灰产"常以"维权"之名行敲诈之实，也令证券投 顾行业陷入恶意退费与投诉激增的局面。 打铁还需自身硬。近年来，在证监会从严监管之下，除了证券公司，证券投顾机构所领的罚单也不少 见，诸如"内控制度不完善、误导营销、风险提示缺位"等，几乎是罚单指向的"通病"。重业务轻合规无 异于自毁长城，强化内控、严守红线应成为证券投顾行业发展的当务之急。 现实中，"内鬼"与外部不法分子勾结牟利的相关事件也为行业的健康发展敲响了警钟。有案例显示，上 海某投顾机构员工张某某勾结外部团伙，非法套取客户信息，教唆客户以威胁式投诉来赚取佣金或转卖 客户资源，最终被公司检举并于2024年9月立案。此案也警示，证券投顾机构亟需提升员工归属感与合 规素养，堵住泄密的漏洞。 由于"黑灰产"已形成一条完整的产业链，因此单打独斗难以与之达成有效对抗。证券投顾行业需建 立"代理维权"黑名单共享机制，在动机、话术、诉求精准识别和恶意投诉等方面，形成联防共治合力。 例如，上海亚商投资顾问有限公司于 ...

Core Insights - The transformation of buy-side investment advisory in China's capital market is entering a new development stage, with over 60 institutions participating in the pilot program since its inception in 2019 [1][9] - The main challenges in this transformation are related to assessment and talent, particularly in the banking sector, where performance metrics do not align with market conditions [2][3][5] - The growth of the buy-side advisory sector has led to a significant increase in business scale and participant diversity, evolving from simple fund recommendations to comprehensive asset allocation strategies [9] Group 1: Challenges in Buy-Side Advisory - The assessment model for fund performance needs to shift from focusing on selected funds to evaluating the overall scale of funds under management [5] - There is a lack of accountability for fund performance among bank staff, leading to a disconnect between client expectations and the services provided [2][3] - The current training and development of bank staff do not adequately prepare them for the complexities of buy-side advisory, necessitating long-term professional development programs [6][7] Group 2: Achievements and Future Directions - The pilot program has expanded from 5 initial institutions to over 60, with a corresponding increase in assets under management reaching the billion level [9] - Clients are increasingly shifting from self-managing their investments to relying on advisory services, indicating a growing trust in professional fund management [9] - The upcoming transition of the buy-side advisory business to a regularized framework is expected to enhance the wealth management industry by allowing for more objective and comprehensive fund selection [9][10] Group 3: Industry Events and Initiatives - The "Jinding Cup" buy-side investment advisory competition aims to foster a fair competitive environment for participants, allowing them to build portfolios based solely on market judgment [10][11] - The event is supported by various academic institutions and industry leaders, emphasizing the importance of professional talent development in the buy-side advisory ecosystem [11]

Core Viewpoint - The article announces a promotional event offering a 50% discount on advisory fees for the Ding series investment advisory combinations, effective from July 1, 2025, to December 31, 2025, benefiting all investors holding these combinations during the promotional period [5][18]. Summary by Sections Promotional Details - The annual fee cap is reduced from 360 yuan/year to 180 yuan/year during the promotional period for larger investments [4]. - For smaller investments, the percentage fee rate is uniformly lowered to 0.2% per year [4]. - The promotional offer applies to all shares held during the promotional period, including those purchased before the promotion [5]. Fee Comparison - A detailed comparison of advisory fees before and during the promotional period is provided, showing significant reductions for various investment combinations [8]. - For example, the Active Selection Index Enhancement combination's fee structure changes from a cap of 360 yuan/year and 0.4% per year to a cap of 360 yuan/year and 0.2% per year during the promotional period [8]. Company Initiatives - The company has been actively working to lower advisory fees, having previously reduced the percentage fee rates in April 2023 [17]. - The combined fee model of "percentage + annual fee cap" is designed to benefit both small and large investors, automatically selecting the more advantageous option for clients [14][15]. Cost Savings - Since the launch of the advisory combinations, the company has saved investors approximately 156 million yuan in fees by implementing lower rates and promotional offers [20]. - The average fee rate after the promotional event is expected to be around 0.05%-0.1% per year, which is among the lowest in the global advisory field [28]. Future Plans - The company intends to continue advocating for further fee reductions and additional promotional activities to benefit investors [22][28].

Core Viewpoint - The article highlights the significant penetration of financial "black and gray industries" across various sectors, emphasizing the need for a collaborative enforcement and judicial system, along with enhanced financial data sharing and risk control responsibilities to combat these issues effectively [33]. Group 1: Industry Dynamics - The securities advisory industry has seen a dramatic increase in refund requests, with total refunds reaching 24.45 billion in 2023, up from 13.48 billion in 2021, marking an over 80% increase [7][12]. - Approximately 30% to 40% of refund requests are attributed to malicious agency claims, which have created substantial challenges for the securities advisory sector [8][12]. - The number of agency firms in the securities advisory sector has surged to around 800, with many former agents from the banking and insurance sectors transitioning into this field [8][12]. Group 2: Financial Impact - The securities advisory industry generated a net income of 54.4 billion in 2024, despite facing a significant increase in refund requests [11]. - The total refund amount in the securities advisory industry for 2023 was 24.45 billion, with abnormal refunds estimated to exceed 9 billion, which nearly consumed the industry's average profit of 17.62 billion [21][23]. - The revenue generated by malicious agency claims in the securities advisory sector is estimated to be around 2.9 billion for 2023, based on the refund amounts and commission structures [21]. Group 3: Regulatory Challenges - The regulatory framework for addressing malicious agency claims in the securities advisory sector is less stringent compared to the banking and insurance sectors, where such actions are classified as extortion [28]. - The difficulty in prosecuting malicious agency claims is compounded by the evasive tactics employed by these organizations, such as using multiple company registrations and operating through external networks [29][31]. - The securities advisory industry is collaborating with law enforcement to enhance the crackdown on malicious agency claims, but challenges remain due to the complexity of evidence collection and jurisdictional issues [30][32].