本报记者 方凌晨 东兴证券表示，金融"五篇大文章"系列政策指引的落地为证券公司深化主业转型、提升服务效能提供了根本遵循。东兴证 券已将做好金融"五篇大文章"纳入经营发展长期战略，加强组织管理体系建设，在内部机构设置、资源投入、绩效考评等方面 作出适当倾斜。同时深化内部改革提升核心竞争力，不断创新金融服务模式，坚守合规底线，夯实稳健发展根基，积极投身资 本市场改革发展的伟大实践。 8月26日，东兴证券发布2025年半年报显示，2025年上半年，东兴证券实现营业收入22.49亿元，同比增长12.46%；实现归 属于母公司股东的净利润8.19亿元，同比增长42.12%。同时，东兴证券旗下子公司实现全面盈利。 （编辑 郭之宸） 具体来看，在财富管理业务方面，东兴证券优化网点布局，加速投顾智能化升级。截至2025年6月底，其基金投顾保有规 模同比增长55.27%，较2024年末增长近215%，累计服务客户数近3万户；代理销售金融产品净收入4322.24万元，同比增长 18.05%。在投资交易业务方面，该公司着力构建多产品、多策略、多市场的全天候投资体系，在市场大幅波动中实现稳定的投 资收益。东兴投资围绕战略性新兴产业和 ...

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Core Viewpoint - The article discusses the emergence and advantages of fund advisory services, which aim to address the issue of fund profitability not translating to investor gains [4]. Group 1: Fund Advisory Services - Fund advisory services are designed to help investors achieve better returns by providing professional guidance [4][5]. - The concept of advisory services is common across various industries, such as healthcare and law, where experts provide necessary advice [6]. Group 2: Benefits of Regular Investment in Index Funds - Regular investment in index funds has three main advantages: 1. Low entry threshold: Investors can start with a small amount, often just a few hundred yuan, making it accessible compared to other investment options like bank wealth management or real estate [11]. 2. Minimal timing requirements: Investors can set a fixed schedule for their investments, reducing the need to time the market actively [12]. 3. Cost averaging: Regular investments allow for purchasing more shares when prices are low, effectively lowering the average cost per share over time [15].

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 article emphasizes the importance of having advisors in various fields, such as healthcare and law, drawing parallels to fund investment [6] Group 2 - The article discusses the limitations of dollar-cost averaging (DCA) in investment, highlighting that it is not an infinite process due to the finite nature of human life [8] - It estimates that an individual has approximately 4000 weeks if they live to 80 years old, but not all of this time can be allocated to investing [9] - The primary period for effective investing through DCA is between the ages of 25 and retirement, allowing for about 2000 weekly investments or 500 monthly investments for younger generations [11][12]

Group 1 - The core concept of fund advisory is to serve as an investment consultant for funds [1] - Fund advisory emerged to address the issue where "funds make money, but investors do not" [4] - Fund advisory has advantages in helping investors achieve better returns through its dual role of "advising" and "investing" [5] Group 2 - Various industries utilize consultants, especially those with high specialization [2] - The article suggests that just as one needs a doctor for medical issues or a lawyer for legal problems, fund advisory serves a similar purpose in investment [7]

Group 1 - The core concept of fund advisory is to address the issue where "funds make money, 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 reflects the need for specialized advice in the investment sector, similar to other professional fields [2][3] Group 2 - Fund advisory offers advantages by combining investment strategies ("投") and advisory services ("顾") to enhance investor outcomes [5] - There is a free course available that covers various aspects of fund advisory, aimed at educating investors [5][6]

Group 1 - The core concept of fund advisory is to serve as an investment consultant for funds [1] - Fund advisory emerged to address the issue where "funds make money, but investors do not" [4] - Fund advisory has advantages in helping investors achieve better returns through its dual role of "advising" and "investing" [5] Group 2 - Various industries utilize consultants, especially those with high specialization [2] - The article suggests that just as one needs a doctor for medical issues or a lawyer for legal problems, fund advisory serves a similar purpose in investment [7]

Investment Rating - The report maintains a positive outlook on the securities industry, indicating a "Look Favorably" rating for the sector, suggesting it will outperform the overall market [2][7]. Core Insights - The report highlights the implementation of 28 measures by the China Securities Association aimed at enhancing self-regulation and promoting high-quality development in the securities industry, focusing on underwriting, wealth management, internationalization, and compensation reform [2]. - The transition from a scale-oriented to a function-oriented service model in investment banking is emphasized, which is expected to improve the quality of services and reduce financing costs for listed companies [2]. - The wealth management sector is anticipated to expand as securities firms are encouraged to apply for fund advisory qualifications and include bank wealth management and insurance products in their offerings [2]. - The internationalization of Chinese securities firms is entering a new phase, driven by cross-border IPOs, overseas bond issuance, and the demand for wealth management services [2]. - The report recommends three investment themes: benefiting from an optimized competitive landscape, firms with significant earnings elasticity, and those with strong international business capabilities [2]. Summary by Sections Underwriting and Sponsorship Business - Strict regulations against tiered pricing and the inclusion of pricing report quality in the evaluation of investment banking practices are highlighted [2]. - The new regulations are expected to enhance the quality of enterprises entering the capital market, which is crucial during the current adjustments in the A-share IPO market [2]. Wealth Management - The report discusses the potential for securities firms to broaden their wealth management offerings by including various financial products, addressing the one-stop asset allocation needs of clients [2]. - The current scale of the asset management market is noted, with bank wealth management products at 29.14 trillion yuan, insurance products at 27.67 trillion yuan, and public funds at 31.94 trillion yuan, compared to only 6.08 trillion yuan for private securities management [2]. Internationalization - The report emphasizes the growing international business opportunities for Chinese securities firms, driven by improved connectivity between mainland China and Hong Kong, and the increasing demand for cross-border financial services [2]. Compensation Reform and Public Relations - The importance of a stable compensation system for the high-quality development of the securities industry is discussed, along with the need for effective public relations to boost market confidence [2]. Investment Recommendations - The report recommends specific securities firms based on their competitive advantages and market positioning, including Guotai Junan, GF Securities, and CITIC Securities among others [2][3].

Group 1 - The core concept of fund advisory is to address the issue where "funds make money, 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 reflects the need for specialized advice in the investment sector, similar to other professional fields [2][3] Group 2 - Fund advisory is compared to other advisory roles, such as doctors for health issues and lawyers for legal problems, highlighting the importance of expert guidance [7]

Core Viewpoint - The inclusion of the Sci-Tech Innovation Board (STAR Market) ETFs into the fund advisory configuration marks a significant breakthrough, aimed at enriching investment tools and guiding long-term capital towards new productive forces [1][2]. Group 1: Industry Impact - The inclusion of STAR Market ETFs is expected to lay the groundwork for more ETFs to be integrated into fund advisory services, promoting a more efficient and diversified industry [1][4]. - This adjustment is anticipated to have profound effects on the business models and competitive landscape of the advisory industry, potentially leading to a virtuous cycle of enhanced advisory capabilities, improved ETF product systems, and increased funding for technological innovation [6]. Group 2: Investment Characteristics - STAR Market-listed companies are characterized by their focus on high-tech sectors such as electronics, pharmaceuticals, and machinery, aligning with the development requirements of new productive forces [2]. - The STAR Market is home to a mix of small-cap startups and high-quality specialized enterprises, providing good coverage for mid-small market capitalization targets [2]. Group 3: Advisory Strategy Applications - STAR Market ETFs can serve as satellite assets in a "core + satellite" investment strategy, replacing high-fee technology-themed active funds and enhancing portfolio diversification [3]. - They can also be utilized to construct barbell strategies, balancing risk and return, and act as liquidity tools for sector rotation or thematic investments in key policy areas like artificial intelligence and biomedicine [3]. Group 4: System and Platform Adaptation - The industry has long called for the inclusion of ETFs in fund advisory configurations, and as the advisory pilot moves towards normalization, other ETFs are expected to follow suit [4][5]. - Significant system adaptations are required to support on-exchange ETF trading, addressing pricing and settlement rules, and enhancing investor education to shift focus from single product speculation to asset allocation thinking [4]. Group 5: Future Development - The integration of STAR Market ETFs is expected to enhance the flexibility of advisory strategies, allowing for more dynamic use of sector and style rotation strategies [6]. - The low fees and high transparency of STAR Market ETFs are likely to reduce portfolio costs and set the stage for further ETF inclusions in fund advisory services, driving the industry towards greater efficiency and diversity [6].