"9·24"一揽子金融政策落地已有一年，券商财富管理业务从规模驱动转向价值驱动，步入高质量发展新阶 段。 近日，中金公司管理委员会成员、中金财富总裁王建力接受了证券时报·券商中国记者专访。他认为，当下财 富管理的价值重心将从"产品配置"延伸至"账户视角的顾问服务"，应该引导客户站在全账户视角进行财富管 理。当前，财富管理正迈向3.0时代，即"做规划"的时代。在他看来，这也将是一个探索和追求"以终为始、目 标导向+全账户视角"解决方案的新阶段。 在这场专访中，王建力还从中金财富的实践出发，分享了对投资者需求变化、行业发展趋势的洞察。他表示， 未来投资者的风险偏好会继续分化，不同类型投资者对服务的深度、精度需求也将不同，同时，全球化资产配 置的重要性将不断凸显。 投资者对海外产品的抢购热有所退潮 王建力对记者谈到，自去年"9·24"以来，无论是开户还是产品配置，明显可见居民投资热情重启，并且呈现出 一些与过往不同的特点，包括客户对ETF的认知和参与度均快速攀升；选择买方投顾类服务的意愿增强；客户 需求分化，如部分客户风险偏好抬升，权益类资产配置量较"9·24"行情前大增，且更青睐量化等产品。 "另外，和此前不同， ...

Core Viewpoint - The internationalization of China's securities industry is accelerating, with significant growth in overseas business revenues for major firms like CICC, driven by active IPOs and secondary market trading in Hong Kong [1][7]. Group 1: Overseas Business Growth - CICC's overseas business revenue increased by 75.66% year-on-year, with an operating profit margin improvement of 24.16 percentage points [1][7]. - Guotai Junan's international revenue grew by 30%, with a notable 131% increase in Hong Kong commission income [1]. Group 2: Wealth Management Expansion - CICC's wealth management product sales exceeded 4 trillion yuan, with the buy-side advisory scale surpassing 100 billion yuan, and the international team expanded from 30 to 150 members [2][5]. - The wealth management business is expected to thrive in Hong Kong, which is projected to become the largest cross-border wealth management center globally in the next 2-3 years [4]. Group 3: Cross-Border Investment Trends - From April to late July, net inflows into Asia reached approximately 91.5 billion USD, with 43.3 billion USD flowing into China, indicating strong interest from overseas investors in Chinese assets [4][5]. - CICC's international investment center has developed a mechanism for linking domestic and overseas business teams, enhancing service offerings for global asset allocation [9]. Group 4: Future Strategies - CICC plans to continue expanding its international talent pool and invest in digital infrastructure to support its growth strategy [2]. - The firm aims to leverage cross-border financial initiatives to enhance its service capabilities for mainland clients, potentially leading to more customized product offerings [9].

Core Insights - The wealth management industry is accelerating its transition from a "sell-side" to a "buy-side advisory" model, driven by recent policies aimed at promoting high-quality development in the securities industry [1][2] - CICC Wealth has achieved a significant milestone with its buy-side advisory assets exceeding 100 billion yuan, reflecting the growing trend of residents allocating wealth to capital markets [1][6] Group 1: Strategic Positioning - CICC Wealth adheres to a buy-side advisory strategy, implementing a fee structure based on client asset retention and excess returns [2] - The company is developing a "50 ecosystem" that integrates asset management and wealth management services, enhancing collaboration across various financial products [2] - CICC Wealth is focusing on balanced asset allocation, leveraging over a decade of systematic research to navigate trends such as declining interest rates and market recovery [2] Group 2: Client-Centric Approach - The company has established a comprehensive "advisory service pyramid" that includes various levels of advisory services to support rational decision-making among clients [3] - CICC Wealth emphasizes long-term partnerships with fund managers, ensuring rigorous evaluation processes for product offerings to select those with sustainable performance [5] - The firm aims to align its interests with those of investors, promoting a model where both parties benefit from asset growth and long-term trust [4] Group 3: Industry Development - The release of the "Action Plan for Promoting High-Quality Development of Public Funds" marks a pivotal moment for the industry, emphasizing a return to investor-centric principles [4] - CICC Wealth believes that the buy-side advisory model can help mitigate short-term speculative behaviors in the market by collaborating with long-term capital sources [6] - The company is committed to building a sustainable industry ecosystem that meets the personalized wealth management needs of residents [6] Group 4: Future Directions - CICC Wealth plans to enhance its organizational structure to support personalized solutions for clients, integrating product development and financial technology [7] - The firm is establishing performance metrics that prioritize long-term asset retention over short-term trading, fostering a more stable investment environment [7] - The achievement of 100 billion yuan in assets is seen as both a milestone and a starting point for further growth in the buy-side advisory space [6][7]

Core Viewpoint - The wealth management industry is accelerating its transformation from "sell-side sales" to "buy-side advisory" driven by policies aimed at high-quality development in the securities industry, with CICC Wealth achieving a significant milestone of over 100 billion yuan in buy-side advisory assets [1][5]. Group 1: Buy-Side Advisory Strategy - CICC Wealth adheres to a buy-side advisory strategy, introducing a business model that charges management fees based on client asset retention or excess returns [1]. - The company is developing a "50 ecosystem" that integrates asset management and wealth management services comprehensively [1]. - CICC Wealth emphasizes a balanced allocation strategy rooted in China while embracing international opportunities, leveraging over ten years of systematic research to navigate trends such as declining interest rates and market recovery [2]. Group 2: Client-Centric Services - The company has created a "pyramid of advisory services" that includes various levels of support, ensuring clients receive comprehensive guidance and emotional support [2]. - CICC Wealth combines online and offline services to enhance client engagement, making advisory services more accessible [2]. - The focus is on aligning the interests of wealth management institutions with those of investors, promoting a model where both parties benefit from asset growth [3]. Group 3: Long-Term Investment Focus - The release of the "Action Plan for Promoting High-Quality Development of Public Funds" marks a pivotal moment for the industry, emphasizing a return to investor-centric principles [3]. - CICC Wealth aims to transform the relationship between funds and investors from one where funds profit while investors do not, to a mutually beneficial cycle [3]. - The company is committed to selecting long-term partners for fund management, ensuring rigorous evaluation processes to identify those capable of delivering sustainable performance [4]. Group 4: Future Outlook and Industry Collaboration - CICC Wealth's buy-side advisory business is seen as having vast potential, with a call for collaboration among industry peers to meet diverse wealth management needs [5]. - The integration of long-term capital from insurance and pension funds is expected to stabilize market volatility and promote rational investment behaviors [5]. - The company is focused on building an organizational structure that supports a seamless integration of research, investment, and product development to enhance service delivery [6].

Core Insights - Liu Zhenggong, an investment advisor from CICC Wealth Securities, achieved the seventh place in the public fund simulation portfolio ranking for July, with a monthly return rate of 11.51% [1][2] Group 1: Investment Strategies and Market Outlook - Liu Zhenggong identified a bullish trend in the Shanghai Composite Index and focused on the Hong Kong stock market's potential, particularly in the innovative pharmaceutical and military sectors [2] - The current market is viewed as a "slow bull" phase with ample liquidity, with short-term focus on sectors like sci-tech, big data, and AI, while mid-to-long-term prospects favor military, robotics, and innovative pharmaceuticals [2] Group 2: Challenges and Transformation in Wealth Management - Investment advisors face challenges due to technological disruption, increased client expectations, and regulatory complexities, necessitating a transformation in their roles and capabilities [3] - The shift from product sales to client-centered service is emphasized, with a focus on providing comprehensive wealth planning and utilizing technology for enhanced service delivery [3] Group 3: Innovations and Service Model of CICC Wealth Securities - CICC Wealth Securities has implemented several key innovations, including a transition from a "sell-side" to a "buy-side" service model, restructuring service processes, and integrating AI for improved service [4] - The company has moved away from commission-based models to a fee structure based on assets under management (AUM), aligning long-term interests with clients [4] - The "China 50" private account product has shown significant success, with over 90% of clients profitable and a high retention rate, indicating strong client satisfaction and engagement [4]

Core Viewpoint - The article discusses the transformation of wealth management in the context of increasing market volatility and the growing demand for wealth preservation and appreciation, highlighting the shift from a scale-focused to a return-focused approach in the industry [1][2]. Group 1: Industry Trends - The buy-side advisory era is becoming a significant trend, emphasizing a client-centered service model that provides personalized asset allocation to help clients navigate market volatility and achieve long-term returns [2][3]. - The China Securities Regulatory Commission issued a plan in May 2025 to promote high-quality development in public funds, aiming to align the interests of fund companies with investors [1]. Group 2: Company Performance - CICC Wealth, a subsidiary of CICC, has successfully transformed its wealth management business, achieving over 100 billion yuan in buy-side advisory assets by July 2025, serving more than 400,000 clients [2][3]. - The "China 50" strategy has yielded an average return of 91% from 2020 to June 2025, significantly outperforming market averages, with over 90% of clients in the "China 50" private accounts achieving profitability [9][10]. Group 3: Service Innovation - CICC Wealth has redefined the concept of advisory services by focusing on client needs and providing a full lifecycle of "accompaniment services" to build trust and long-term cooperation with clients [6][7]. - The company has developed a multi-tiered advisory service system, including various types of advisors to cater to different client needs, emphasizing the importance of understanding client requirements [8][12]. Group 4: Future Outlook - The wealth management market in China is projected to exceed 120 trillion yuan by 2024, doubling since 2020, indicating significant growth opportunities for buy-side advisory services [26]. - CICC Wealth plans to enhance its research capabilities, improve client services, and leverage technology, including AI, to provide tailored wealth management solutions [27][28].

Core Viewpoint - The article emphasizes the importance of wealth management in the context of global economic changes, highlighting the role of securities firms in enhancing wealth management services to support consumer recovery and meet diverse investment needs [1][2]. Group 1: Wealth Management Strategy - The Chinese government aims to boost domestic demand and consumption, making wealth management a key focus for securities firms [1]. - CICC Wealth Management has pioneered the "buy-side advisory" concept since 2019, focusing on customer needs and providing comprehensive advisory services throughout the investment lifecycle [1][2]. - By the end of 2024, CICC's wealth management product scale is projected to reach nearly 370 billion, marking five consecutive years of growth [2]. Group 2: Product Innovation - CICC has continuously iterated its buy-side advisory model, introducing various product series such as "China 50," "Micro 50," and "ETF 50," which cater to different investment strategies [2][5]. - The recent upgrade of "ETF 50-Hengxiang" introduces an AUM-based fee model, shifting focus from short-term gains to long-term asset appreciation and improved client experience [3][4]. Group 3: Service Enhancement - The "ETF 50-Hengxiang" upgrade includes features like personalized consultations, tailored investment solutions, and advanced trading tools, aiming to provide a more professional and customized advisory service [3][4]. - CICC emphasizes the need to align interests with clients, moving beyond mere sales to offer comprehensive lifecycle advisory services [4][8]. Group 4: Digitalization and Internationalization - CICC is committed to digital transformation, enhancing its app and digital platforms to support buy-side advisory services and improve user experience [10][11]. - The company is also focusing on internationalization, collaborating with global asset managers to offer a diverse range of cross-border financial products and services [12]. Group 5: Future Directions - CICC aims to address the challenges of asset allocation and risk management in wealth management, leveraging its expertise to help clients optimize their investment strategies [13][14]. - The company plans to enhance its buy-side advisory services, focusing on long-term asset allocation and aligning with clients' interests to improve their investment returns [15].

Investment Rating - The report maintains a "Buy" rating for the company [8][9]. Core Insights - The company achieved a revenue of 5.721 billion RMB in Q1 2025, representing a year-over-year increase of 47.69% but a quarter-over-quarter decrease of 27.44%. The net profit attributable to the parent company was 2.042 billion RMB, up 64.85% year-over-year and down 28.00% quarter-over-quarter, falling within the expected range of 1.858 to 2.106 billion RMB [1][2]. - The strong growth in Q1 is primarily driven by excellent investment performance and growth in brokerage services. The company has a well-established wealth management ecosystem and significant advantages in international business [1][2]. - The investment business generated 3.396 billion RMB in revenue, accounting for 59% of total revenue, with a year-over-year increase of 83%, marking it as the core driver of the high growth in performance [2][3]. Summary by Sections Financial Performance - As of the end of Q1 2025, the company's total assets were 673.2 billion RMB, a slight decrease of 0.22% from the beginning of the year. The leverage ratio was 4.83x, down 0.15x from the start of the year [2]. - The financial investment scale reached 380.254 billion RMB, up 2.29% year-to-date, with trading financial assets at 285.434 billion RMB, also up 2.31% [2]. Brokerage and Asset Management - The net income from brokerage services was 1.298 billion RMB, reflecting a year-over-year increase of 56.27%. The company is transitioning towards a "buy-side advisory" business model, launching various product systems [3]. - The net income from asset management was 308 million RMB, up 15.25% year-over-year [3]. Investment Banking - Investment banking revenue faced pressure, with net income of 403 million RMB in Q1 2025, down 10.5% year-over-year. The underwriting scale for equity business was 4.7 billion RMB, down 44% year-over-year, while bond underwriting increased by 36% to 298.4 billion RMB [4]. Earnings Forecast and Valuation - The report adjusts the earnings per share (EPS) forecasts for 2025-2027 to 1.39, 1.55, and 1.70 RMB, respectively, reflecting a downward adjustment of 1%, 4%, and 5% [5]. - The target price for A/H shares is set at 42.59 RMB and 18.88 HKD, with a price-to-book (PB) valuation premium of 1.70 and 0.70 times, respectively [5].

Investment Rating - The report maintains a "Buy" rating for the company [8][9]. Core Insights - The company reported Q1 2025 revenue of 5.721 billion RMB, a year-over-year increase of 47.69% but a quarter-over-quarter decrease of 27.44%. The net profit attributable to shareholders was 2.042 billion RMB, up 64.85% year-over-year and down 28.00% quarter-over-quarter, falling within the expected range of 1.858 to 2.106 billion RMB [1]. - The strong growth in Q1 was primarily driven by excellent investment performance and growth in brokerage services. The company has a well-established wealth management ecosystem and significant advantages in international business [1]. - As of the end of Q1 2025, total assets were 673.2 billion RMB, a slight decrease of 0.22% from the beginning of the year. The financial investment scale increased by 2.29% to 380.254 billion RMB, with investment income rising by 83% year-over-year, accounting for 59% of total revenue [2]. - Brokerage net income for Q1 2025 was 1.298 billion RMB, a year-over-year increase of 56.27%. The company is transitioning to a "buy-side advisory" business model, launching various product systems [3]. - Investment banking revenue faced pressure, with net income of 403 million RMB, down 10.5% year-over-year. The underwriting scale for equity business decreased by 44% year-over-year, while bond underwriting increased by 36% [4]. Financial Forecast and Valuation - The company has adjusted its earnings per share (EPS) forecasts for 2025-2027 to 1.39, 1.55, and 1.70 RMB, respectively, reflecting a downward revision of 1%, 4%, and 5% [5]. - The report assigns a price-to-book (PB) valuation premium of 1.70 for A shares and 0.70 for H shares, with target prices set at 42.59 RMB and 18.88 HKD, respectively [5].