智通财经APP获悉，国信证券发布研报称，2025年互联网证券行业正从传统的、同质化的通道服务模 式，向以客户为中心、构建综合服务生态的模式转型，这一趋势将带动行业迭代创新。后续我国证券公 司可以通过打造专业内容生态、应用AI技术实现个性化服务、构建"证券+"开放生态，互联网证券未来 在于通过科技赋能和生态构建，从简单交易通道升级为以客户为中心、提供全生命周期财富管理服务的 综合平台。 国信证券主要观点如下： 证券经纪业务日薄西山了吗? 风险提示：互联网业务发展不及预期、市场波动、监管政策、创新推进不及预期等风险。 深化财富管理深度转型，目标是建立以客户利益为中心的资产配置和投顾服务能力，实现与客户资 产"双向奔赴" 该行具体剖析了五种代表性模式，揭示了成功互联网券商的核心能力：东方财富(流量生态型)：凭 借"东方财富网+天天基金网+股吧"构建巨大流量生态，实现从资讯、社区到证券交易、基金销售的闭 环转化，低成本获客并高效变现;嘉信理财(平台生态型)：从折扣经纪商成功转型为全球财富管理巨头， 通过推出"基金超市"和一体化账户，将客户闲余资金转化为可管理资产，构建了稳定的管理费收入模 式;富途证券(跨境差异化型) ...

Investment Rating - The report maintains an "Outperform" rating for the internet securities industry [4]. Core Insights - The internet securities industry is transitioning from a traditional, homogeneous channel service model to a customer-centric, comprehensive service ecosystem by 2025, driving industry innovation [1]. - Traditional brokerage services are facing challenges due to a significant decline in average commission rates, leading to a "prisoner's dilemma" in the commission war, where increased competition results in reduced profitability [12]. - Successful internet brokers exhibit core capabilities such as traffic acquisition and conversion, exceptional product experience, data asset application, ecosystem construction, and regulatory adaptation [3]. Summary by Sections 1. Industry Dynamics - The brokerage business is evolving from a focus on transaction volume and commission rates to a model that emphasizes customer asset scale and management fees [25]. - Internet brokers are leveraging low-cost customer acquisition and traffic monetization strategies to break free from traditional profitability constraints [20]. 2. Case Studies of Internet Securities - **Dongfang Caifu**: Utilizes a traffic ecosystem to create a closed-loop from information to trading, achieving low-cost customer acquisition and high conversion rates [28]. - **Charles Schwab**: Transitioned from a discount broker to a global wealth management giant by integrating a "fund supermarket" and unified accounts, enhancing customer asset management [31]. - **Futu Securities**: Targets underserved markets, particularly among overseas Chinese, by providing an exceptional internet product experience and localized operations [37]. - **Jiufang Zhitu**: Extends services from investment education to a full-chain service model, enhancing its potential in the internet securities space [44]. - **Robinhood**: Disrupted the U.S. market with a zero-commission model, attracting young users and is currently transitioning to a comprehensive investment service platform [53]. 3. Key Capabilities of Successful Internet Brokers - The focus has shifted from scale-driven traffic to quality-driven traffic conversion, emphasizing user experience and data-driven marketing [3]. - The construction of a comprehensive service platform that integrates information, data, community, trading, and wealth management is essential for creating user stickiness and value [3]. 4. Business Outlook and Investment Recommendations - The report suggests focusing on the diffusion of AI technology in securities services, recommending companies like Huatai Securities for their strong fintech capabilities and innovative potential [3]. - Dongfang Caifu and Industrial Securities are also highlighted for their advantages in traffic and licensing, as well as strong reform momentum [3]. 5. Financial Projections and Ratings for Key Companies - **Huatai Securities**: Rated "Outperform" with an estimated EPS of 1.75 in 2025 and a PE ratio of 13.10 [6]. - **Dongfang Caifu**: Rated "Outperform" with an estimated EPS of 0.78 in 2025 and a PE ratio of 29.49 [6]. - **Industrial Securities**: Rated "Outperform" with an estimated EPS of 0.39 in 2025 and a PE ratio of 18.51 [6].

Core Viewpoint - Family offices have become a hot topic in the investment circle, attracting wealthy individuals to invest locally through professional management of their assets, including equity, credit, securities, and real estate [4][6]. Group 1: Company Overview - NeuralFin, formerly known as Derlin Digital Family Office, aims to democratize access to family office-level services and investment opportunities, leveraging AI and digital technologies [6][7][9]. - The company recently completed a Series A funding round of several tens of millions of Hong Kong dollars, with investors including GPTX, C Capital, and Shuren Education [4][5]. - Derlin Holdings, the parent company, manages nearly $4 billion in assets and is the only publicly listed family office in Hong Kong [6][7]. Group 2: Business Model and Services - NeuralFin plans to create a financial community based on AI and digital personas, providing professional content focused on global asset allocation [5][9]. - The platform aims to link users to scarce investment opportunities, allowing for a streamlined process of learning, consulting, product selection, and direct investment [5][9]. - The company intends to lower investment thresholds for high-end financial products, making them accessible to a broader audience [10][11]. Group 3: Technological Integration - NeuralFin is developing AI-driven tools, including digital avatars for content creators, to enhance user experience and provide personalized investment recommendations [10][11]. - The company has initiated a digital transformation since 2020, focusing on AI applications in finance, with plans to launch an AI-driven fund supermarket by 2024 [7][9]. Group 4: Market Position and Future Goals - NeuralFin's goal for 2023 is to achieve $10 billion in assets under management (AUM), a challenging target compared to established family offices [9][10]. - The company aims to balance rapid business expansion with risk management, ensuring compliance and transparency in its offerings [13].