激活产业升级新动能 向"新"向"绿"谋发展 科技创新是新质生产力的核心引擎。为科技创新企业引入金融"活水"，既是证券公司的优势所在，更是 其义不容辞的责任。 据何之江介绍，在服务科技创新企业高质量发展方面，平安证券实施"全周期产品创新"与"区域精准服 务"双轨战略，构建起覆盖企业全生命周期、多元化"接力式"投融资服务体系，助力构建"科技-产业-金 融"良性循环，支持新产业、新业态、新技术的发展，推动从"规模+质量驱动"到"服务体系+品质驱 动"的升级，为科创产业注入金融动能。 具体而言，在股权业务领域，平安证券聚焦半导体、新能源、高端装备三大战略性新兴产业，深耕长三 角、珠三角两大新兴产业企业集群地；深化与同创伟业、东方富海等创投机构的合作力度，重点服务硬 科技中早期企业；做耐心投行，持续加大人力资源投入，引导投行团队培育新兴领域早期硬科技项目， 同时建立并购重组资源库，为上市公司强链补链、转型升级提供撮合支持。 以科技创新为核心驱动力的新质生产力，涵盖技术突破、产业升级、模式创新等多元维度，与金融"五 篇大文章"的内涵高度契合，助力新质生产力发展成为包括平安证券在内的金融机构服务实体经济的重 要发力点。 平 ...

Group 1 - The core concept of fund advisory is to address the issue where funds make profits, but investors do not [4] - Fund advisory services are designed to help investors achieve better returns through professional guidance [5] - The emergence of fund advisory is similar to the role of consultants in other specialized industries, such as healthcare and law [6][7] Group 2 - The economic growth dynamics in China have shifted from low-end manufacturing and real estate to mid-to-high-end manufacturing in recent years [12] - The share of mid-to-high-end manufacturing in exports has been gradually increasing, indicating a transformation in the economic structure [12] - Historical examples from the US, Germany, and Japan show that families can benefit from economic transitions through investments in index funds [13]

Core Insights - The report from CITIC Securities indicates that fund advisory services are expected to become a new growth engine for brokerage wealth management, with more resilient income and reduced reliance on transaction volumes [1][5] - The wealth management brokerage income is projected to reach approximately 110 billion yuan, with net income from investment consulting expected to approach 60 billion yuan, becoming a key pillar of wealth management [1][5] Business Status - The scale of fund advisory services is anticipated to overcome bottlenecks, with investor satisfaction relatively high [2] - Since the pilot launch in 2019, 60 institutions have been included, with continuous growth in scale and clientele, although there was a noticeable slowdown from 2022 to 2023, with effective recovery expected by the first half of 2025 [2] - Fund advisory users have shown significantly better "sense of gain" compared to direct investment in single products, although issues such as fee sensitivity and drawdown management still need optimization [2] Overseas Market Trends - The U.S. advisory industry has maintained long-term growth, establishing a second growth curve for brokerage businesses [3] - From 2015 to 2024, investment consulting revenue from "fee-based advisory relationships" is projected to grow from 150 billion USD to 260 billion USD, with a compound annual growth rate of 6.4% [3] - Retail clients and international business are experiencing rapid growth, with retail client numbers and AUM growth rates leading the market [3] - The asset allocation capabilities are becoming more diversified, with increased use of stocks, bonds, and funds [3] Domestic Observations - The development of fund advisory services is driven by policies, demand, and supply factors [4] - Regulatory bodies are expected to introduce new management measures for investment consulting services by 2025, alongside reforms in personal pensions and public fund fee structures [4] - There is a shift in resident asset allocation from housing and deposits to diversified financial assets, driven by housing price adjustments and declining deposit rates [4] - The supply side is facing challenges with declining transaction commission rates and increased competition among financial institutions [4] Summary - Fund advisory services are poised to become a new growth engine for securities companies, supported by a combination of policy, demand, and supply factors [5][6] - Following a downturn in 2022-2023, the fund advisory sector is showing signs of recovery, aided by improved market sentiment and regulatory reforms [5][6] - The deployment of AI models is expected to enhance the overall capabilities of financial institutions, positioning those with comprehensive service offerings to benefit from this growth wave [6]

Core Viewpoint - The article discusses the current market trends, particularly focusing on the performance of growth and value styles, the recovery of the A-share market, and the potential for consumer sector recovery in the future. Group 1: Market Performance - The overall market opened low but closed higher, reaching a rating of 4.2 stars, close to 4.1 stars [1] - Growth style saw a significant increase today, while value style experienced a slight decline [2][7] - The ChiNext index experienced a correction of over 10% after reaching high valuations post the National Day holiday [3] - Recent earnings reports from leading companies in the ChiNext indicate good profit growth, contributing to the index's rise [4] Group 2: Style Rotation - The A-share market is characterized by style rotation, with growth style recently outperforming value style [5][6] - In the past few days, growth style had declined while value style was on the rise [6] Group 3: Consumer Sector Analysis - The current low performance in the consumer sector is attributed to a weak fundamental backdrop, similar to the period from 2013 to 2017 [10] - The consumer sector's valuation is at historical lows, comparable to the lowest levels seen in 2013 [12][13] - If the economic fundamentals improve and the consumer sector enters a growth cycle, profit growth for listed companies in this sector is expected to rise, leading to a potential recovery [32][35] Group 4: Future Outlook - The timing of a potential recovery in the consumer sector remains uncertain, with predictions ranging from this year to the next two years [34] - Investors looking at consumer stocks should be prepared for long-term investments, as the sector may experience significant volatility [36] Group 5: Hong Kong Market Insights - The Hong Kong stock market has also seen an overall increase, with technology stocks leading the gains [8] - The article provides a summary of the valuation of Hong Kong stock indices for reference [9][37]

Group 1 - The core concept of fund advisory is to address the issue where "funds make money, but investors do not" [4] - Fund advisors provide expertise similar to other professional consultants in various fields, such as doctors for health issues and lawyers for legal matters [6] - A free course is available to educate investors on the various aspects of fund advisory [5] Group 2 - Global investment through index funds is easier for ordinary investors as it allows them to share in global economic growth and capture more investment opportunities [9][10] - Low correlation between different markets helps in diversifying investments across various stock markets, leading to a more stable overall portfolio [10][11] - Selecting active funds can be challenging due to limited access to information about fund managers, and changes in management can impact fund performance [12][13] - The performance of active funds can decline as their size increases, making smaller, well-performing funds more desirable [14]

■ 李 文 近期，A股上市公司三季度业绩预告进入密集披露期。作为资本市场"行情风向标"的券商板块，其业绩 表现尤为引人注目。据券商研究机构分析，预计上市券商第三季度归母净利润同比增幅将超过50%，整 体呈现出"增速提升、结构优化"的稳健成长态势。在资本市场交投活跃度持续攀升、政策面暖风频吹的 背景下，券商板块基本面正发生深刻变化，业绩高增预期的背后也向市场传递出三重积极信号。 第二，业务结构优化破解"靠天吃饭"的传统困境。 本轮券商业绩高增，并非单纯依赖市场行情的周期性反弹，而是业务结构从"高波动周期"向"稳健成 长"转变的阶段性成果。一方面，传统业务如经纪、自营业务依然保持弹性，为业绩筑牢基本盘；另一 方面，财富管理、机构业务等收费型中收业务的占比稳步提升，与投行业务共同构建起"抗周期"的收入 结构。 当前，证券行业正着力向高附加值的财富管理与机构业务转型。以基金投顾、代销金融产品为代表的财 富管理业务持续放量，推动券商从传统通道服务商向综合资产配置平台转型。同时，机构交易、主经纪 商、衍生品做市等面向机构客户的服务体系逐步完善，进一步平滑了市场波动对业绩的冲击。这种"多 条腿走路"的模式，显著增强了券商在 ...

■李文 近期，A股上市公司三季度业绩预告进入密集披露期。作为资本市场"行情风向标"的券商板块，其业绩 表现尤为引人注目。据券商研究机构分析，预计上市券商第三季度归母净利润同比增幅将超过50%，整 体呈现出"增速提升、结构优化"的稳健成长态势。在资本市场交投活跃度持续攀升、政策面暖风频吹的 背景下，券商板块基本面正发生深刻变化，业绩高增预期的背后也向市场传递出三重积极信号。 本轮券商业绩高增，并非单纯依赖市场行情的周期性反弹，而是业务结构从"高波动周期"向"稳健成 长"转变的阶段性成果。一方面，传统业务如经纪、自营业务依然保持弹性，为业绩筑牢基本盘；另一 方面，财富管理、机构业务等收费型中收业务的占比稳步提升，与投行业务共同构建起"抗周期"的收入 结构。 当前，证券行业正着力向高附加值的财富管理与机构业务转型。以基金投顾、代销金融产品为代表的财 富管理业务持续放量，推动券商从传统通道服务商向综合资产配置平台转型。同时，机构交易、主经纪 商、衍生品做市等面向机构客户的服务体系逐步完善，进一步平滑了市场波动对业绩的冲击。这种"多 条腿走路"的模式，显著增强了券商在面对复杂市场环境时的经营韧性，意味着行业正逐步摆脱" ...

作为4家IPO排队券商之一，东莞证券率先更新招股书。 近日，深交所网站显示，东莞证券第七次更新招股书，披露最新财务数据等资料。东莞证券预计今年1 月至9月营业总收入为23.44亿元至25.91亿元，同比增长44.93%至60.18%；净利润8.62亿元至9.53亿元， 同比增长77.77%至96.48%。 值得一提的是，东莞证券在今年6月，获证监会核准变更主要股东并完成交割，交割完成后，东莞国资 持有东莞证券合计持股比例从55.4%上升至75.4%，成为绝对的第一大股东。 与此同时，东莞证券还在今年2月迎来了空缺已久的总裁，原招商证券资管总经理杨阳担任该公司总 裁。 最新业绩曝光 东莞证券最新业绩浮出水面。 近年来，东莞证券经营业绩总体比较稳定。据招股书，2022年至2024年，该公司营业收入分别为22.99 亿元、21.55亿元和27.53亿元，净利润分别为7.91亿元、6.35亿元和9.23亿元。2025年上半年该公司营业 收入14.47亿元，净利润4.88亿元，同比上升。 招股书披露，手续费及佣金净收入是东莞证券营业收入的重要来源，主要包括证券经纪业务净收入、期 货经纪业务净收入、投资银行业务净收入和资 ...

Group 1: Fund Advisory Services - The concept of fund advisory services aims to address the issue where "funds make money, but investors do not" [3] - Fund advisory services provide advantages by helping investors achieve better returns through both "investment" and "advisory" roles [4] - A free course is available to introduce various aspects of fund advisory services [4][5] Group 2: Family Trusts - The 2023 China Private Wealth Report indicates that high-net-worth individuals prioritize wealth security and inheritance, with wealth creation being a secondary concern [10] - Family trusts play an irreplaceable role in wealth management and inheritance, helping to break the "wealth does not last three generations" curse [11] - The concept of family trusts originated from Western countries and is designed to manage and protect family wealth [12][18]

Core Viewpoint - The transformation of wealth management in China requires significant improvements in various areas, particularly in buyer investment advisory services, which are currently insufficiently developed [1] Group 1: Wealth Management Transformation - The depth of buyer investment advisory services is far from adequate [1] - The concept of "long money, long investment" has not been fully realized [1] - There is a relative lack of excellent client managers, leading to insufficient trust from clients [1] Group 2: Future of Wealth Management - Buyer investment advisory services are considered the foundation of wealth management transformation [1] - Buyer investment advisory, represented by "fund advisory," has established a new legal relationship similar to full discretionary management [1] - This new relationship is expected to become the cornerstone of future wealth management [1]