Core Viewpoint - The importance of providing correct asset allocation advice is emphasized over merely selecting good products, highlighting the evolving role of investment advisors in connecting capital markets with investors' wealth management needs [1][3]. Group 1: Development of Fund Advisory Services - The buy-side advisory model in China has made significant progress since the pilot program for public fund advisory services was launched over five years ago, with the number of participating institutions growing from 5 to 60 [4]. - As of the end of last year, the cumulative signed client assets for the fund advisory business at China Merchants Securities exceeded 30 billion yuan, and as of June 5, this figure approached 35 billion yuan [2]. - The fund advisory product system at China Merchants Securities covers various fund types, including money market, fixed income, equity, and global investments, offering dozens of combinations to meet diverse client needs [2]. Group 2: Focus on Pension Advisory Services - China Merchants Securities has launched a comprehensive pension advisory service, which includes designing public welfare fund advisory combinations, creating pension fund of funds (FOF) advisory combinations, and providing personalized pension advisory services [2]. - The company aims to support the development of the pension industry while allowing investors to participate in public welfare initiatives through its advisory services [2]. Group 3: Market Trends and Future Outlook - The transition of the fund advisory pilot program to a regular practice is anticipated to accelerate, driven by regulatory support from the China Securities Regulatory Commission [3][5]. - Industry experts believe that the establishment of user trust and awareness of advisory services remains a challenge, necessitating ongoing education and tailored solutions to meet investor needs [5]. - The shift towards regularization of fund advisory services is expected to bring profound impacts and new opportunities and challenges to the fund and wealth management industries [5].

Core Viewpoint - The company has launched a public welfare financial brand "Yizhao Xiangshan Zhi Yuan Qianxing," introducing the first fund advisory public welfare portfolio in the industry, committing over 50% of service fees to public welfare projects, and establishing the first ESG public welfare financial laboratory in the industry [1][2]. Group 1 - The company aims to integrate public welfare financial innovation with ESG concepts to explore new pathways for wealth creation and contribute to common prosperity and high-quality development [1][3]. - Since the launch of the "Yizhao Xiangshan" series on September 9, 2024, the company has introduced two major public welfare portfolios focused on education and elderly care, with a total signed scale exceeding 800 million [1][2]. - The first donation for the elderly care project has been completed, focusing on creating safe bathing environments for the elderly, while the education project aims to support children in remote rural areas [1][2]. Group 2 - The donation process is transparent and can be tracked in real-time through the company's APP and nationwide branches, promoting a dual-channel and fully transparent service system [2]. - The company has established the "招商证券 ESG Public Welfare Financial Innovation Laboratory" to explore standardized paths for public welfare finance and promote industry development [2]. - To address the aging population trend, the company has launched a comprehensive elderly advisory service, including designing public welfare fund advisory portfolios and providing personalized advisory solutions [2][3].