近日，证券时报记者采访了多家券商财富管理业务分管高管及业务负责人。他们普遍认为，需进一步加 大制度与产品供给，尤其针对投顾业务，要不断完善考核、激励等基础制度。同时，业内人士还呼吁， 共建行业生态，避免低水平价格竞争，将更多资源投入投教、投研及客户服务中。 人民财讯9月24日电，站在"9.24"一揽子金融政策落地一周年的新起点，中国财富管理市场下一步如何 夯实制度根基、提升专业能力、构建健康生态，成为证券行业共同的议题。 ...

Core Viewpoint - The Chinese wealth management market is focusing on strengthening institutional foundations, enhancing professional capabilities, and building a healthy ecosystem following the one-year anniversary of the "9·24" financial policy package Group 1: Institutional and Product Supply - Industry executives suggest increasing institutional and product supply to promote healthy development in wealth management [2] - Recommendations include tax incentives for long-term investment behaviors and optimizing the regulatory environment to encourage long-term investment and service-oriented offerings [2][3] - There is a consensus on the need to improve the regulatory framework and evaluation systems to align industry practices with investor interests [2][3] Group 2: Investment Advisory Services - Investment advisory and fund advisory services are seen as key areas for future development, with a focus on enhancing service standards and regulatory clarity [4][5] - Suggestions include incorporating ETFs into advisory portfolios to improve asset allocation efficiency for residents [4][5] - The establishment of unified professional standards and training systems for advisory personnel is recommended to enhance the overall professional image and service capabilities of the advisory workforce [5] Group 3: Industry Competition and Collaboration - There is a call to stop "involution-style" competition, which has led to detrimental price wars in the industry [7] - Executives emphasize the importance of building a collaborative industry ecosystem, focusing on investor education and risk management [7] - The need for differentiated positioning and specialized services among firms is highlighted to establish competitive advantages in the wealth management sector [7]

Group 1 - In August 2025, the Shanghai Composite Index reached a nearly ten-year high, with new A-share accounts increasing significantly, totaling 2.65 million, a year-on-year increase of 165% and a month-on-month increase of 35% [2][3] - The shift from a "sell-side" to a "buy-side advisory service" model in wealth management has become a consensus among brokerages, aiming for a more sustainable partnership with investors [2][5] - Half of the 46 listed brokerages reported a year-on-year increase in investment advisory income exceeding 50%, although the average contribution of advisory income to total revenue remains low at 1.3% [6][8] Group 2 - The total number of new A-share accounts opened by individual investors in 2025 reached 17.15 million, a 48% increase year-on-year, with the total number of individual A-share accounts reaching 386 million [3][4] - Despite the increase in new accounts, the August 2025 new account numbers were only 38.7% of the new accounts opened in October 2024, indicating a more cautious approach from investors compared to previous market rallies [5] - The average revenue contribution from advisory services among the top brokerages remains low, with only a few firms achieving significant advisory income relative to their total revenue [8][12] Group 3 - The transition to a "buy-side advisory" model is seen as essential for aligning the interests of brokerages and investors, moving from a focus on product sales to comprehensive asset management [5][13] - The performance of advisory services is increasingly being evaluated based on metrics such as asset retention, client retention rates, and investor profitability [14][15] - The market for advisory services is expected to face challenges during periods of volatility, requiring brokerages to enhance communication and support for investors [15][16]

Group 1: Investment Banking Business - The company achieved a net income of 307 million CNY from investment banking fees in Q1 2025, representing a year-on-year growth of 79.40% [2] - The company ranked 5th in the number of equity financing projects completed and 5th in bond underwriting scale within the industry [2] - The company aims to continue expanding its business scope while adhering to national strategic development [2] Group 2: Asset Allocation - The company focuses on optimizing financial service models and promoting long-term capital market participation [3] - It emphasizes the development of FICC asset allocation and aims for comprehensive growth in commodity, quantitative, and cross-border investments [3] - The company is exploring opportunities in product creation, hedging, and cross-border trading to meet diverse client needs [3] Group 3: International Business - The company has established a comprehensive overseas business platform centered in Hong Kong, extending its services to surrounding markets [4] - In 2024, the company participated in 15 IPO underwriting projects, ranking 6th among Chinese brokers, and completed 312 offshore bond projects, ranking 5th in offshore bond underwriting [4] - The company is leveraging cross-border business qualifications to enhance its service offerings in derivatives and institutional business [4] Group 4: Wealth Management and Advisory Services - The company actively develops buy-side advisory services, focusing on asset allocation, value enhancement, and financial technology [5] - By the end of 2024, the company had over 70,000 signed clients for public fund advisory services, with a reinvestment rate exceeding 98% [6] - Clients on average utilized investment advisory services for over 1,300 days [6]

| 2024年营收(亿) 投顾业务占比 | 2024年投资咨询 证券公司 | 2023年投资咨询 | 同比增幅 | | | --- | --- | --- | --- | --- | | | 业务收入(亿元) | 业务收入(亿元) | | | | 2.6% | 中金公司 5.53 | 6.85 | -19.3% | 213.33 | | 0.8% | 中信证券 5.07 | 4.69 | 8.0% | 637.89 | | 2.0% | 中信建投 4.23 | 3.46 | 22.1% | 211.29 | | 1.1% | 申万宏源 2.67 | 2.39 | 11.7% | 247.35 | | 0.4% | 中国银河 1.44 | 1.09 | 32.3% | 354.71 | | 1.2% | 中泰证券 1.34 | 1.22 | 10.4% | 108.91 | | 0.5% | 广发证券 1.28 | 1.24 | 2.9% | 271.99 | | 0.2% | ■泰君安 1.06 | 3.44 | -69.3% | 433.97 | | 1.1% | 方正证券 0.85 | 0.27 | 21 ...

Core Insights - The securities industry is transitioning from "scale expansion" to "value cultivation," with a consensus on prioritizing client interests, leading to a shift from "sell-side" to "buy-side advisory" [1][7] - The performance of advisory services in 2024 shows mixed results, with an average contribution of only 1.1% to total revenue among 23 A-share brokers [1][2] Advisory Business Performance - Eight brokers reported advisory revenues exceeding 100 million yuan, with China International Capital Corporation (CICC) leading at 553 million yuan, followed by CITIC Securities at 507 million yuan [2][3] - CICC and Guotai Junan experienced significant declines in advisory revenue, with decreases of 19.3% and 69.3% respectively, marking them as the only brokers in the "billion club" with negative growth [2][3] Revenue Growth and Decline - The average revenue from advisory services among the 23 brokers was only 1.26 million yuan, with notable declines from Guotai Junan (69.3%) and Huatai Securities (41.5%) [3][4] - Conversely, Fangzheng Securities saw a remarkable increase of 217.5% in advisory revenue, reaching 85 million yuan, indicating a successful transition to a digital advisory platform [4][5] Market Trends and Strategies - Smaller brokers are leveraging advisory services for differentiation, with Zhongyuan Securities achieving the highest advisory revenue ratio at 3.4% [5][6] - The industry is moving towards professionalized services and client segmentation, with larger brokers focusing on comprehensive product offerings while smaller firms target high-net-worth clients [6][7] Innovations and New Approaches - Brokers are exploring new products and channels, including AI and online platforms, to enhance client engagement and service delivery [7][8] - Dongfang Securities launched two product series under its fund advisory business, achieving a total scale of approximately 15.37 billion yuan, reflecting a 7.05% growth [9]