【导读】中金公司发布财务、董秘人事变动公告 中国基金报记者 莫琳 1月22日，中金公司发布公告称，聘任现任总经理王曙光为公司财务负责人；聘任梁东擎为董事会秘 书、联席公司秘书，周佳兴将继续担任另一名联席公司秘书，协助梁东擎履行公司秘书职责。 因工作调整，徐翌成不再担任公司管委会成员职务，且不再代为履行公司财务负责人职责；孙男不再担 任公司管委会成员、董事会秘书、联席公司秘书职务。 公告称，徐翌成将转任公司资深专家。据记者了解，孙男下一站将调往中投工作。此前，银河证券原执 委委员、首席风险官、合规总监梁世鹏已调任中金公司党委委员。 "80后"女将出任董秘 公开信息显示，梁东擎出生于1983年12月，自2024年8月起任中金公司党委委员，自2024年9月起任公司 管理委员会成员。 公开简历显示，梁东擎于2008年7月加入公司研究部，先后担任公司财富研究部负责人、财富服务中心 联席执行负责人，中金财富执委会委员、副总裁、产品与解决方案部落负责人等职务，并自2025年12月 起担任中金国际董事、总裁。 作为财富管理的专家，梁东擎曾在2020年中金公司举办的"乘风破浪的基金——2020年中资产配置策略 会"上预言，房地 ...

Group 1 - CICC announced the appointment of Wang Shuguang as the new financial officer and Liang Dongqing as the board secretary, with Zhou Jiaxing continuing as a co-secretary [2] - Xu Yicheng will no longer serve on the management committee and will transition to a senior expert role, while Sun Nan will move to a position at CIC [2] - Liang Dongqing, born in December 1983, has held various positions within CICC since joining in July 2008, including roles in wealth management and product solutions [4] Group 2 - In 2025, CICC Wealth achieved revenue of 8.349 billion yuan, a year-on-year increase of 25.42%, and a net profit of 1.76 billion yuan, up 47.4% [6] - The net income from fees and commissions in wealth management was 5.343 billion yuan, reflecting a 37.21% year-on-year growth, while net interest income rose by 14.57% to 1.761 billion yuan [6] Group 3 - Liang Shipeng, the former Chief Risk Officer at China Galaxy Securities, has joined CICC as a party committee member, bringing extensive regulatory and risk management experience [8] - His focus will be on establishing unified risk control standards across various business lines, enhancing risk management for cross-border and innovative businesses, and improving internal accountability mechanisms [8] - This appointment is particularly significant as CICC is in the process of merging with Dongxing Securities and Xinda Securities, where his expertise will be crucial for compliance and risk management during the integration [8]

Core Insights - The market is experiencing structural differentiation and accelerated style rotation, leading to challenges in profitability for many investors. In this context, building a long-term investment system tailored to individual needs has become a central issue in the market [1] - CICC Wealth has pioneered a buy-side advisory model, achieving a scale of over 130 billion yuan, providing professional solutions to help investors overcome profitability challenges [1] Group 1: Investment Performance - In 2025, 72% of stock trading accounts and 93% of product investment accounts reported positive returns, with all "China 50" accounts established for over a year achieving positive annual returns [2] - The resilience of asset allocation is highlighted, with Alpha and Gamma contributing significantly to performance through deep research and asset selection, as well as professional support to mitigate irrational behaviors [2] Group 2: Service Model and Strategy - CICC Wealth has continuously strengthened its client-centered service system, evolving from the "Four Beliefs" in 2019 to the "Buy-Side Advisory Iron Triangle" in 2023, and introducing the "5A Allocation Model" in 2025 [2] - The company has developed a comprehensive buy-side advisory service system that covers core products such as "China 50," "Micro 50," "Public Fund 50," "Stock 50," and "ETF 50," assisting over 530,000 clients in configuration planning [2] Group 3: Research and Support System - The "China 50" product has generated over 10 billion yuan in cumulative profits for clients over six years, with over 99% of clients in profitable positions and an average maximum drawdown of only one-third of the market index [3] - CICC Wealth employs a complete research and service support system, utilizing top-down asset allocation research to capture market trends and relying on a professional research team of nearly 300 to identify quality assets for Alpha returns [3] Group 4: Future Outlook - As 2026 marks the beginning of the "14th Five-Year Plan," fostering long-term and patient capital is crucial for the high-quality development of the capital market. CICC Wealth aims to deepen its buy-side advisory model, enhancing research capabilities and providing detailed support to help millions of clients navigate market cycles and achieve stable wealth growth [3]

Core Insights - The A-share equity market has experienced significant volatility over the past six years, presenting numerous challenges for investors. The implementation of the "924" policy in 2024 is expected to improve the market environment, creating new opportunities for investors [1] Group 1: Buy-side Advisory Service Structure - CICC Wealth has initiated a transformation in its buy-side advisory services, establishing a comprehensive service structure that includes "China 50," "Micro 50," "Public Fund 50," "Stock 50," and "ETF 50" [1][2] - The service framework focuses on account management and aims to create long-term value, catering to the investment needs of various client segments [1] Group 2: Product Differentiation - The "China 50" product targets investors seeking stable returns through the selection of high-quality assets for long-term value growth [2] - The "Micro 50" product is designed for small investors, lowering investment thresholds while maintaining a professional management standard [2] - The "Public Fund 50" focuses on public fund investments, utilizing professional fund selection and allocation strategies to provide diversified investment options [2] - The "Stock 50" product directly engages with the stock market, employing in-depth research and precise stock selection to capture investment opportunities [2] - The "ETF 50" product emphasizes index fund investments, helping clients diversify risks and achieve average market returns through passive investment strategies [2] Group 3: Performance and Risk Control of "China 50" - The "China 50" product has generated over 10 billion yuan in cumulative client returns over six years, showcasing exceptional investment management capabilities [3] - More than 99% of clients with accounts that have been active for over a year have reported profits, indicating the product's robustness and professional management [3] - The product demonstrates strong risk control, with an average maximum drawdown only one-third of that of the market index during the past six years of market fluctuations [3] - CICC Wealth's professional investment research team and comprehensive risk management system contribute to the product's outstanding performance, balancing return pursuit with effective risk control [3]

Core Insights - The recent "2025中金财富1018发布会" hosted by China International Capital Corporation (CICC) focused on macro research, buyer advisory, global allocation, fintech, and inclusive finance, highlighting market trends and opportunities [1] Group 1: Market Trends and Opportunities - The global monetary order is undergoing a significant restructuring, leading to a new round of value reassessment for Chinese assets, with global funds being rebalanced towards China [2] - CICC's Chief Strategist, Miao Yanliang, analyzed major changes in capital markets since the beginning of the year, emphasizing the unique attractiveness of the Chinese market due to technological breakthroughs and resilient manufacturing upgrades [2] - The wealth management industry is experiencing a profound transformation from a product-selling model to a service-oriented approach, establishing a solid foundation for the growth of buyer advisory models [2] Group 2: Buyer Advisory Model Development - CICC's buyer advisory model has surpassed 120 billion yuan in scale, driven by a well-tested "5A allocation model" focusing on client preferences, asset allocation, strategy attribution, alpha generation, and risk assessment [3] - The company aims to enhance its client-centric approach by continuously improving its buyer advisory services, striving to meet client needs and achieve better investment returns [3] Group 3: Global Asset Allocation - The importance of global asset allocation is increasing amid deep economic integration and the dual opening of capital markets, presenting a common challenge for domestic and international investors [4] - CICC's international wealth management division is expanding its global footprint, with an asset management scale of 2.2 billion USD, establishing itself as a benchmark for Chinese institutions in the discretionary account business [5] Group 4: AI and Technology Integration - CICC is at the forefront of integrating AI into its operations, having implemented the DeepSeek private deployment and actively advancing its AI strategy to enhance investment research, advisory capabilities, and client interactions [6]

Core Insights - The wealth management industry is accelerating its transition from a "sell-side" to a "buy-side advisory" model, driven by recent policies aimed at promoting high-quality development in the securities industry [1][2] - CICC Wealth has achieved a significant milestone with its buy-side advisory assets exceeding 100 billion yuan, reflecting the growing trend of residents allocating wealth to capital markets [1][6] Group 1: Strategic Positioning - CICC Wealth adheres to a buy-side advisory strategy, implementing a fee structure based on client asset retention and excess returns [2] - The company is developing a "50 ecosystem" that integrates asset management and wealth management services, enhancing collaboration across various financial products [2] - CICC Wealth is focusing on balanced asset allocation, leveraging over a decade of systematic research to navigate trends such as declining interest rates and market recovery [2] Group 2: Client-Centric Approach - The company has established a comprehensive "advisory service pyramid" that includes various levels of advisory services to support rational decision-making among clients [3] - CICC Wealth emphasizes long-term partnerships with fund managers, ensuring rigorous evaluation processes for product offerings to select those with sustainable performance [5] - The firm aims to align its interests with those of investors, promoting a model where both parties benefit from asset growth and long-term trust [4] Group 3: Industry Development - The release of the "Action Plan for Promoting High-Quality Development of Public Funds" marks a pivotal moment for the industry, emphasizing a return to investor-centric principles [4] - CICC Wealth believes that the buy-side advisory model can help mitigate short-term speculative behaviors in the market by collaborating with long-term capital sources [6] - The company is committed to building a sustainable industry ecosystem that meets the personalized wealth management needs of residents [6] Group 4: Future Directions - CICC Wealth plans to enhance its organizational structure to support personalized solutions for clients, integrating product development and financial technology [7] - The firm is establishing performance metrics that prioritize long-term asset retention over short-term trading, fostering a more stable investment environment [7] - The achievement of 100 billion yuan in assets is seen as both a milestone and a starting point for further growth in the buy-side advisory space [6][7]

Core Viewpoint - The wealth management industry is accelerating its transformation from "sell-side sales" to "buy-side advisory" driven by policies aimed at high-quality development in the securities industry, with CICC Wealth achieving a significant milestone of over 100 billion yuan in buy-side advisory assets [1][5]. Group 1: Buy-Side Advisory Strategy - CICC Wealth adheres to a buy-side advisory strategy, introducing a business model that charges management fees based on client asset retention or excess returns [1]. - The company is developing a "50 ecosystem" that integrates asset management and wealth management services comprehensively [1]. - CICC Wealth emphasizes a balanced allocation strategy rooted in China while embracing international opportunities, leveraging over ten years of systematic research to navigate trends such as declining interest rates and market recovery [2]. Group 2: Client-Centric Services - The company has created a "pyramid of advisory services" that includes various levels of support, ensuring clients receive comprehensive guidance and emotional support [2]. - CICC Wealth combines online and offline services to enhance client engagement, making advisory services more accessible [2]. - The focus is on aligning the interests of wealth management institutions with those of investors, promoting a model where both parties benefit from asset growth [3]. Group 3: Long-Term Investment Focus - The release of the "Action Plan for Promoting High-Quality Development of Public Funds" marks a pivotal moment for the industry, emphasizing a return to investor-centric principles [3]. - CICC Wealth aims to transform the relationship between funds and investors from one where funds profit while investors do not, to a mutually beneficial cycle [3]. - The company is committed to selecting long-term partners for fund management, ensuring rigorous evaluation processes to identify those capable of delivering sustainable performance [4]. Group 4: Future Outlook and Industry Collaboration - CICC Wealth's buy-side advisory business is seen as having vast potential, with a call for collaboration among industry peers to meet diverse wealth management needs [5]. - The integration of long-term capital from insurance and pension funds is expected to stabilize market volatility and promote rational investment behaviors [5]. - The company is focused on building an organizational structure that supports a seamless integration of research, investment, and product development to enhance service delivery [6].

Investment Rating - The report maintains a "Buy" rating for the company [8][9]. Core Insights - The company achieved a revenue of 5.721 billion RMB in Q1 2025, representing a year-over-year increase of 47.69% but a quarter-over-quarter decrease of 27.44%. The net profit attributable to the parent company was 2.042 billion RMB, up 64.85% year-over-year and down 28.00% quarter-over-quarter, falling within the expected range of 1.858 to 2.106 billion RMB [1][2]. - The strong growth in Q1 is primarily driven by excellent investment performance and growth in brokerage services. The company has a well-established wealth management ecosystem and significant advantages in international business [1][2]. - The investment business generated 3.396 billion RMB in revenue, accounting for 59% of total revenue, with a year-over-year increase of 83%, marking it as the core driver of the high growth in performance [2][3]. Summary by Sections Financial Performance - As of the end of Q1 2025, the company's total assets were 673.2 billion RMB, a slight decrease of 0.22% from the beginning of the year. The leverage ratio was 4.83x, down 0.15x from the start of the year [2]. - The financial investment scale reached 380.254 billion RMB, up 2.29% year-to-date, with trading financial assets at 285.434 billion RMB, also up 2.31% [2]. Brokerage and Asset Management - The net income from brokerage services was 1.298 billion RMB, reflecting a year-over-year increase of 56.27%. The company is transitioning towards a "buy-side advisory" business model, launching various product systems [3]. - The net income from asset management was 308 million RMB, up 15.25% year-over-year [3]. Investment Banking - Investment banking revenue faced pressure, with net income of 403 million RMB in Q1 2025, down 10.5% year-over-year. The underwriting scale for equity business was 4.7 billion RMB, down 44% year-over-year, while bond underwriting increased by 36% to 298.4 billion RMB [4]. Earnings Forecast and Valuation - The report adjusts the earnings per share (EPS) forecasts for 2025-2027 to 1.39, 1.55, and 1.70 RMB, respectively, reflecting a downward adjustment of 1%, 4%, and 5% [5]. - The target price for A/H shares is set at 42.59 RMB and 18.88 HKD, with a price-to-book (PB) valuation premium of 1.70 and 0.70 times, respectively [5].

Investment Rating - The report maintains a "Buy" rating for the company [8][9]. Core Insights - The company reported Q1 2025 revenue of 5.721 billion RMB, a year-over-year increase of 47.69% but a quarter-over-quarter decrease of 27.44%. The net profit attributable to shareholders was 2.042 billion RMB, up 64.85% year-over-year and down 28.00% quarter-over-quarter, falling within the expected range of 1.858 to 2.106 billion RMB [1]. - The strong growth in Q1 was primarily driven by excellent investment performance and growth in brokerage services. The company has a well-established wealth management ecosystem and significant advantages in international business [1]. - As of the end of Q1 2025, total assets were 673.2 billion RMB, a slight decrease of 0.22% from the beginning of the year. The financial investment scale increased by 2.29% to 380.254 billion RMB, with investment income rising by 83% year-over-year, accounting for 59% of total revenue [2]. - Brokerage net income for Q1 2025 was 1.298 billion RMB, a year-over-year increase of 56.27%. The company is transitioning to a "buy-side advisory" business model, launching various product systems [3]. - Investment banking revenue faced pressure, with net income of 403 million RMB, down 10.5% year-over-year. The underwriting scale for equity business decreased by 44% year-over-year, while bond underwriting increased by 36% [4]. Financial Forecast and Valuation - The company has adjusted its earnings per share (EPS) forecasts for 2025-2027 to 1.39, 1.55, and 1.70 RMB, respectively, reflecting a downward revision of 1%, 4%, and 5% [5]. - The report assigns a price-to-book (PB) valuation premium of 1.70 for A shares and 0.70 for H shares, with target prices set at 42.59 RMB and 18.88 HKD, respectively [5].