Core Insights - The fund advisory business has evolved over six years, achieving steady growth in management scale and user base, with over 60 institutions now operating in this space and several exceeding 10 billion yuan in scale [1][2] - The industry has shifted from a "product-oriented" approach to a "service-oriented" model, with "user trust" becoming a central focus, significantly enhancing the investor experience [1][2] - Future developments will see advisory fees becoming the primary source of profit for advisory institutions, pushing the industry back to its wealth management roots [1][5] Development Milestones - The fund advisory business began its pilot phase in October 2019, coinciding with a golden period for public funds, leading to rapid scale expansion [1] - In 2022, institutions started to reflect on their strategies, moving towards "dynamic buy advisory strategies" to help users with timing and selection challenges in equity investments [2] - By October 15, 2023, the user accounts of a specific advisory program reported a profit ratio of 94.43%, demonstrating the effectiveness of the new strategies [2] Trust Building Challenges - Building investor trust is both a key focus and a challenge for the industry, requiring performance, companionship, and time [3][4] - Some advisory institutions have chosen to prioritize trust over scale, with a notable example being a firm that maintained close communication with clients, managing an average of 500 clients per advisor [3] - Data shows that advisory services have outperformed non-advisory accounts in terms of returns, with specific figures indicating a 7.01% higher return over the past year [4] New Opportunities - Recent reforms in fund fee structures emphasize prioritizing investor interests and preventing conflicts of interest, indicating a shift towards advisory fees as the main revenue source [5] - Institutions like Yingmi Fund are adapting their fee structures to align with these reforms, moving from transaction fee deductions to monthly advisory fees [5] - The transition to a more professional and personalized advisory service model is expected to create opportunities for outstanding institutions to thrive amid industry changes [6]

Core Insights - The A-share market has shown strong performance, with the Shanghai Composite Index breaking through 3700 and 3800 points, reaching a nearly ten-year high, and the total market capitalization of the Shanghai and Shenzhen stock exchanges surpassing 100 trillion yuan [1] - The "Super Stock All-Star" strategy from China Europe Wealth has achieved a cumulative performance of 102.28%, with nearly 100% of the smart follow-up accounts being profitable [1][2] - The "Super Stock All-Star" investment plan was launched in April 2022 during a market downturn, aiming to guide investors through systematic investment strategies [2] Investment Strategy - The "Super Stock All-Star" strategy has led users to accumulate investments during market lows, achieving a real return of 26.40%, outperforming a single investment in the Super Stock All-Star by 21.52% [2] - The strategy has consistently outperformed the benchmark index over the past seven years, except for 2022, indicating its effectiveness in various market conditions [4][5] - The investment approach has been optimized following the extreme market conditions of 2022, enhancing the stability of investment performance [5][6] Strategy Upgrade - The investment strategy has been upgraded from a "single core + satellite" structure to a "double core + satellite" structure to better manage market volatility [6] - The new structure includes a balanced core that adapts to market conditions and aims to reduce portfolio volatility while maintaining exposure to structural opportunities [6][7] - The fund selection process has been thoroughly optimized to ensure better fund choices for users, enhancing the overall investment experience [7]

Core Viewpoint - The A-share market has shown strong performance, with the Shanghai Composite Index breaking through 3700 and 3800 points, reaching a nearly ten-year high, and the total market capitalization of the Shanghai and Shenzhen stock exchanges exceeding 100 trillion yuan. The "Super Stock All-Star" strategy from China Europe Wealth has achieved a cumulative performance of 102.28% [1][4]. Group 1: Performance of the All-Star Wisdom Follow-up Plan - The All-Star Wisdom Follow-up Plan was launched in April 2022 when the A-share market fell below 3000 points, aiming to guide investors through scientific regular investment strategies [2]. - Over the past three years, the All-Star Wisdom Follow-up has led users to accumulate positions during market lows, achieving a real return of 26.40%, outperforming the Super Stock All-Star by 21.52% [2]. Group 2: Investment Strategy and Performance - The Super Stock All-Star strategy, which anchors on equity fund indices and selects high-quality active equity funds, has achieved a cumulative return of 102.28%, compared to a benchmark increase of 51.31% [4][6]. - The Super Stock All-Star has consistently outperformed the equity fund index in all years except 2022, indicating its effectiveness in various market conditions [4][6]. Group 3: Strategy Optimization - To enhance investment performance stability, the Super Stock All-Star has upgraded its strategy from a "single core + satellite" structure to a "double core + satellite" structure, allowing for better adaptation to market fluctuations [7]. - The new strategy includes a balanced core that focuses on funds with strong adaptability and long-term excess returns, while retaining the style core and satellite positions to capture structural opportunities [7].