Group 1 - The article discusses the importance of diversifying investments across both RMB and foreign currency assets, as well as stocks and bonds, highlighting the role of US dollar bond funds in this strategy [2] - A free course is offered to provide systematic knowledge on investing in US dollar bond funds, including course notes and mind maps for efficient learning [2] Group 2 - A report titled "China Fund Advisory Business Insight Report (2025)" was released, focusing on the performance of fund advisory services, based on data from 18 advisory institutions and 5 fund sales organizations from 2022 to September 2025 [5] - The report indicates that 76.9% of advisory clients achieved profitability, compared to 63.4% of self-investing fund investors, emphasizing the effectiveness of fund advisory services [6] - The repurchase rate for advisory clients has increased to 38.2%, indicating a strong tendency for clients to invest multiple times [7] - Advisory clients have an average holding period of 672 days, which is significantly longer than that of individual stock investors and average fund investors [8][9] - Notably, the report reveals that the proportion of female investors in advisory services is growing faster than that of male investors, and 90% of advisory clients hold amounts under 100,000 yuan [10] - A significant 43% of investors prefer weekly advisory services, while 73% desire one-on-one communication with advisors [10] - The "Nail Series" advisory portfolio shows a cumulative profitability rate of approximately 90% from early 2022 to September 30, 2025, with a repurchase rate of 87% and an average holding amount of 159,000 yuan [11][12]

从一家区域性券商，到总资产近两千亿的金融旗舰，国联民生证券以一场深刻的市场化改革与一桩标志 性的战略并购，完成了自身基因的重塑与能级的跃迁。 作为植根江苏、辐射全国的综合类券商，国联民生证券始终将服务国家战略、赋能实体经济视为己任， 以专业与创新为双翼，在中国资本市场深化改革的壮阔画卷中，刻下了属于自己的奋进坐标。 与时代同频 区域性券商"破茧成蝶" 长江之水，奔流不息。在这片改革开放的前沿阵地上，国联民生证券自诞生之日起，便将血脉深深融入 国家经济发展的宏大叙事。三十余载风雨兼程，国联民生证券的每一次跨越，都精准踏在了中国经济转 型升级的节拍上。 2019年，当中国资本市场改革的春潮暗涌时，太湖之畔的国联证券（现更名为"国联民生证券"），已然 听到了时代的召唤。 这是一场深刻的价值嬗变。国联民生证券刀刃向内，全方位市场化改革。公司清晰地认识到，唯有主动 融入国家金融发展战略，才能在行业的洗牌与重构中赢得一席之地。 "成为一家公司治理优良、盈利能力强、在部分领域具备显著经营特色的精品中大型券商。"这一写 在"十四五"规划开篇的愿景，成为了改革的总航标。 "补短板"是改革的第一声号角。资本、机制、人才、业务，四 ...

2025年12月，中欧财富发布《试点六周年 基金投顾业务发展白皮书》。 本白皮书回顾基金投顾试点六周年进展。2025年市场回暖、投资者风险偏好提升，投顾行业迎来"多元策略元年"。用户调研显示，投顾在改善持有体验、帮 助用户克服"追涨杀跌"方面效果显著，用户覆盖度与满意度持续上升。 以下是报告目录： 第一章 我国基金投顾市场分析 第二章 基金投资者及投顾用户调研分析 该报告基于全国调研数据，分析了家庭收入、资产、债务、消费及预期情况。结果显示：家庭收入结构稳定，工资为主要来源；住房资产持有趋稳，金融配 置多元化，一线城市投资更积极；消费整体回升，一线城市支出最高，青年重文娱、中年重教育医疗、老年重基础生存；消费预期改善，就业稳定性是关键 因素。报告建议优化住房金融、推出普惠理财、强化灵活就业保障、激活全年龄段消费，以巩固消费复苏态势。 免责声明:报告内容来源于中欧财富，不代表道乐研究院的立场与观点，如有侵权请联系research@szltech.com。 第三章 基金投顾有效帮助投资者践行理性投资 ...

（文章来源：证券日报） 证券日报网讯 12月16日，国投资本在互动平台回答投资者提问时表示，公司高度重视平衡发展投资业 务与非投资业务，以提升公司整体的稳健性和盈利能力。2025年上半年，国投证券经纪业务净收入 22.86亿元，同比增长28.12%，依托"智研+慧研"以及AI网格交易等智能工具，国投证券基金投顾业务新 增签约客户数11420户，新开个人客群的有效户率同比提升72.5%；同时受益于"国投"品牌影响力与丰富 的产业资源，国投证券不断优化机构客户服务体系，机构客群资产规模同比增长38%。截至2025年6月 末，国投证券客户资产管理规模（AUM）已突破1.6万亿元，较年初增长超1920亿元。未来，国投证券 将继续深化产业投行转型，全面推进企业家综合服务，落实"研投顾"财富管理转型，做实做强国投产业 研究院，致力于打造有核心竞争力、突出特色的一流产业投行，为股东创造更大价值。 ...

Core Insights - The public fund advisory business in China has experienced significant growth since its pilot launch in October 2019, evolving from a focus on quantity to a qualitative leap in service offerings [1][4][11] - The industry is projected to reach a scale of over 10 trillion yuan by 2030, driven by policy changes, fee reforms, and the increasing financial assets of residents [1][4] - AI technology is becoming a core driver of competition in the fund advisory sector, enhancing service personalization and efficiency [2][8][9] Industry Growth and Performance - The fund advisory business has grown from zero to nearly 200 billion yuan in assets under management over six years, with significant contributions from leading brokerage firms [3][4] - As of mid-2025, Huatai Securities reported a fund advisory business scale of 21.037 billion yuan, a 16.36% increase from the previous year [3] - Yimi Fund's advisory service assets exceeded 51 billion yuan by September 30, 2025, with over 460,000 clients [3] User Experience and Investment Behavior - Fund advisory services have shown a significant positive impact on user profitability and investment experience, with advisory accounts outperforming non-advisory accounts by approximately 27.1% over the past year [6][7] - The use of AI in services like "Help You Invest" has led to over 90% profitability among clients, with those utilizing signal services achieving a 97% profitability rate [7][8] Future Outlook and Challenges - The industry is transitioning from a scale-oriented approach to one focused on investor returns, emphasizing the need for improved service quality and client trust [10][11] - There is a recognized need for enhanced investor education to increase awareness and understanding of fund advisory services [11][12] - The competitive landscape is expected to evolve towards a model of professional division and ecological win-win, with different institutions leveraging their strengths in various market segments [12]

Core Viewpoint - The report from Xingzheng International highlights the growth potential in wealth management and institutional services, expressing optimism about Huatai Securities' (06886) long-term performance driven by technology-enabled full-license operations [1] Financial Performance - In the first half of 2025, Huatai Securities achieved operating revenue and net profit attributable to shareholders of 16.219 billion and 7.549 billion yuan, respectively, representing year-on-year increases of 31.0% and 42.2% [1] - For Q2, the company reported operating revenue and net profit of 7.987 billion and 3.907 billion yuan [1] - The weighted average ROE increased by 1.12 percentage points to 4.3%, with operating leverage (excluding client funds) rising by 6.0% to 3.48 times compared to the beginning of the year [1] Revenue Breakdown - In the first half of 2025, the company generated revenue from fee-based and capital-based businesses of 5.964 billion and 9.722 billion yuan, respectively [2] - Management expenses increased by 0.8% year-on-year to 7.262 billion yuan, while the management expense ratio decreased by 12.63 percentage points to 45.7% [2] Investment Banking and Brokerage Performance - Net income from brokerage, investment banking, and asset management was 3.754 billion, 1.168 billion, and 0.893 billion yuan, respectively [3] - The brokerage business benefited from increased trading activity, leading to significant growth in agency securities trading revenue; the scale of fund advisory business grew by 16.4% compared to the beginning of the year [3] - The company ranked second in the industry for IPO underwriting scale, with a year-on-year increase of 150.7% in underwriting amounts [3] - Bond underwriting also saw a year-on-year increase of 24.3%, showcasing the company's comprehensive investment banking strength [3] Interest Cost Optimization and Investment Income - Net interest income and investment income were 2.037 billion and 7.685 billion yuan, reflecting year-on-year increases of 186.6% and 52.1% [4] - The strong performance in interest income was driven by a decrease in the cost of interest-bearing liabilities, leading to lower interest expenses [4] - Investment income surged by 122.2% due to gains from the disposal of trading financial assets [4] - The company accelerated its balance sheet expansion, with financial assets increasing by 20.6% to 434.059 billion yuan compared to the beginning of the year [4] - The scale of bond investments grew, contributing to a year-on-year increase of 19.0% in trading financial assets and 112.0% in other debt investments [4] - Non-trading equity investments significantly increased to 7.394 billion yuan, generating approximately 148 million yuan in dividend income, further driving investment business revenue growth [4] - The rise in off-exchange derivatives business activity led to increases in the outstanding scale of swap and off-exchange options by 11.2% and 7.7%, respectively, diversifying revenue sources [4]

Core Viewpoint - The brokerage wealth management business of securities firms has shown a positive development trend due to a significant rebound in market trading activity, with a notable year-on-year increase in revenue for the first half of 2025 [1] Group 1: Brokerage Business Performance - In the first half of 2025, 42 A-share listed securities firms achieved a total brokerage revenue of 74.545 billion yuan, representing a substantial year-on-year growth of 50.69% [1] - All 42 securities firms reported positive growth in brokerage revenue compared to the same period last year, with 13 firms experiencing growth rates exceeding 50% and 40 firms exceeding 30% [2] - The top nine brokerage firms accounted for 58.31% of the total brokerage revenue, with CITIC Securities leading at 7.992 billion yuan [2] Group 2: Revenue Structure and Growth Drivers - The core revenue source for brokerage business remains the agency trading of securities, contributing approximately 85% to the total brokerage revenue, with a year-on-year growth rate of 62.24% [2] - The revenue from the sale of financial products reached 5.567 billion yuan, marking a year-on-year increase of 32.05% [2] Group 3: Client Growth and Market Trends - The number of wealth management clients and high-net-worth clients has significantly increased, with a 45.53% and 23.99% year-on-year growth respectively reported by招商证券 [4] - The transition to buy-side advisory has gained consensus in the industry, with substantial progress made in fund advisory business scale, such as a 48.5% increase in fund advisory scale reported by山西证券 [4] Group 4: Future Outlook - The brokerage industry is expected to continue benefiting from increasing transaction volumes and margin financing, contributing to growth in wealth management and capital intermediary businesses [5] - Net income performance is anticipated to outperform net interest income, likely remaining a core driver of industry performance growth [6]

Core Viewpoint - The A-share market has seen a significant increase in new investor accounts, with a notable shift in brokerage firms' wealth management strategies from a "sell-side" to a "buy-side advisory" model, aiming for more sustainable growth and better alignment with client interests [1][5][16]. New Investor Accounts - In August 2025, the number of new A-share accounts reached 2.65 million, a year-on-year increase of 165% and a month-on-month increase of 35% [2][5]. - By the end of August 2025, the total number of individual investor accounts in the A-share market reached 386 million, with a cumulative increase of 17.15 million accounts in 2025, representing a 48% year-on-year growth [2][5]. Brokerage Firms' Wealth Management Transition - The transition from "sell-side sales" to "buy-side advisory" has become a consensus among brokerage firms, focusing on long-term client relationships and comprehensive wealth management [1][5][16]. - As of the first half of 2025, 46 A-share listed brokerages reported a total advisory service revenue of 2.64 billion yuan, reflecting a 45% year-on-year growth, although this revenue still accounted for only 1.3% of total revenues on average [7][11]. Performance of Advisory Services - Among the top brokerages, the advisory service revenue for CITIC Securities was 498 million yuan, leading the sector, while several others reported revenues exceeding 100 million yuan [10][11]. - The contribution of advisory services to overall revenue remains low, with most top brokerages still heavily reliant on commission from product sales [12][14]. Market Dynamics and Investor Behavior - The current market environment has led to a renewed influx of investors, but the number of new accounts in August 2025 was only 38.7% of the peak seen in October 2024, indicating a more cautious approach from investors compared to previous market rallies [5][16]. - The shift towards a more service-oriented model in wealth management is challenged by investors' reliance on "free services," which may hinder the transition to a more sustainable advisory model [16][17]. Fund Advisory Business Growth - The fund advisory business has gained attention, with some brokerages reporting significant growth in this area, such as Huatai Securities, which saw its fund advisory business scale reach 21.04 billion yuan, a 16.4% increase from the previous year [17][18]. - The performance of fund advisory services varies significantly among brokerages, with some experiencing declines in client retention and investment activity [17].

Core Insights - The wealth management performance of brokerage firms has shown significant improvement in the first half of 2025, with a notable increase in securities brokerage fee income [2][4]. Group 1: Brokerage Income Growth - In the first half of 2025, 42 listed brokerages generated a total of 74.563 billion yuan in securities brokerage fee income, representing a year-on-year growth of approximately 50% [2][11]. - The top ten brokerages accounted for over 60% of the total brokerage income, with CITIC Securities leading at nearly 8 billion yuan [2][7]. - Mid-sized brokerages like Guojin and Guoyuan reported year-on-year growth rates exceeding 60% [3][8]. Group 2: Revenue Structure and Wealth Management Transition - Traditional trading business remains the primary revenue source for brokerages, but the wealth management transformation is showing initial positive results, with financial product distribution income growing by 30% [4][10]. - The income from agency trading of securities reached 62.72 billion yuan, accounting for about 84% of total brokerage income, with a year-on-year increase of approximately 55% [11][12]. Group 3: High Net Worth Client Acquisition - Brokerages are increasingly focusing on high net worth clients, with CITIC Securities reporting a 12.98% increase in new clients in the first half of 2025 [17]. - Guotai Junan noted a 57.7% growth in the asset scale of its private customized services targeting high net worth clients [18]. - The number of high net worth clients at招商证券 increased by 23.99% year-on-year [19]. Group 4: Institutional Business Development - Expanding institutional business is a key strategy for brokerages to diversify their client base and revenue sources, with significant growth in institutional client assets reported [21]. - Guoxin Securities has made progress in providing comprehensive financial services to institutional clients, including quantitative trading support [22]. Group 5: Buyer Advisory Services - The buyer advisory business is experiencing positive changes, with several brokerages reporting growth in their fund advisory business scale [23][24]. - CITIC Securities reported a 161.62% year-on-year increase in its customized buyer services [26]. Group 6: Overseas Market Expansion - Large brokerages are continuing to expand their overseas market presence, with CITIC Securities focusing on global wealth management and achieving a doubling of sales scale and income from overseas wealth management products [26][27]. - Guangfa Securities also reported growth in its overseas business, transitioning towards wealth management [28].

Core Insights - The wealth management performance of brokerage firms has shown significant growth in the first half of 2025, with a total revenue of 745.63 billion yuan from securities brokerage fees, marking a 50% increase year-on-year [1][10]. Brokerage Revenue Growth - The top ten brokerage firms accounted for over 60% of the total brokerage revenue, with a combined income of over 462 billion yuan, led by CITIC Securities with nearly 80 billion yuan [1][6]. - Mid-sized brokerages like Guojin and Guoyuan reported revenue growth exceeding 60% year-on-year, while major firms like Guoxin Securities and CICC also showed significant increases of 70.51% and 51.30%, respectively [2][8][7]. Revenue Structure - Traditional trading remains the primary source of income for brokerages, but wealth management transformation is evident, with a 30% increase in income from selling financial products [3][9]. - The core revenue from agency trading accounted for approximately 84% of the total brokerage income, with 627.20 billion yuan generated from this segment, reflecting a 55% increase from the previous year [10][11]. Wealth Management Developments - Four positive trends in wealth management include: 1. The agency business entering a phase of both volume and revenue growth 2. High-net-worth clients and institutional business becoming new growth drivers 3. Expansion of the buy-side advisory market, particularly in fund advisory services 4. Deepening overseas market layouts [3][14]. Client Acquisition and High-Net-Worth Focus - Brokerages are increasingly targeting high-net-worth clients, with CITIC Jianan reporting a 12.98% increase in new clients, totaling 830,800 in the first half of 2025 [16]. - Guotai Junan noted a 57.7% growth in assets under private customized services, while other firms like Zhaoshang Securities and Dongfang Securities also reported significant increases in high-net-worth client numbers and asset sizes [17][18][19]. Institutional Business Expansion - The focus on institutional clients is growing, with firms like Caitong Securities reporting a 23.4% increase in institutional client asset scale [20]. - Guoxin Securities is enhancing its services for institutional clients, including quantitative trading support and comprehensive service systems for corporate clients [21]. Buy-Side Advisory Growth - The buy-side advisory business is experiencing positive changes, with firms like Dongfang Securities reporting a fund advisory business scale of 149.25 billion yuan and high client retention rates [22]. - Other firms, such as Huatai Securities and CITIC Jianan, also reported substantial growth in their fund advisory services and client bases [24][25]. International Market Trends - Large and medium-sized brokerages are continuing to expand their overseas market presence, with CITIC Securities focusing on global wealth management and achieving a doubling of sales scale and revenue from overseas products [26][27]. - Guangfa Securities is also transitioning its overseas business towards wealth management, reporting growth in net income from financial product sales and multi-market trading commissions [28].