[Table_Reportdate] 2025年12月30日 [证券分析师： Table_Authors] 吴骏燕 S0630517120001 wjyan@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn [晨会纪要 Table_NewTitle] 20251230 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.掘金财富管理与国际业务，打造差异化发展一流投行——证券行业2026年度投资策略 ➢ 2.核心业务压力缓解，在红利韧性中捕捉周期弹性——银行业2026年度投资策略 ➢ 1.2026年1月1日起我国调整部分商品关税税率税目 ➢ 2.持续深化公平竞争治理等，市场监管总局部署明年重点任务 | 1. 重点推荐 | 3 | | --- | --- | | 1.1. 掘金财富管理与国际业务，打造差异化发展一流投行 ...

金融工程 · 专题报告 财富管理新范式，ETF 投顾展现巨大潜力 盡公募基金市场观察系列 2025 年 12 月 29 日 核心观点 风险提示：报告结论基于历史价格信息和统计规律，但二级市场受各种即时 性政策影 响易 出现统 计规律 之外的走 势， 所以报 告结论 有可能无 法正 确预测 市场发展，报告阅读者需审慎参考报告结论。基金历史收益不代表未来业绩表 现，文中观点仅供参考，不构成投资建议。 分析师 马普凡 ：021-68597610 ：mapufan_yj @chinastock.com.cn 分析师登记编码：S盫盬目盫盰盭盭盫盯盫盫盫盭 白拙朴 ：baizhuopu_yj @chinastock.com.cn 分析师登记编码：S盫盬目盫盰盭盰盫盯盫盫盫目 研究助理：童诗倍 ：tongshibei_yj @chinastock.com.cn 相关研究 盬. 【银河金工】2026 年年度策略报告：主动管理的 价值发现与被动策略的配置升维 盭. 【银河金工】公募基金系列：被动投资的下一站， 多元化 ETF 策略与指数增强基金 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ ● 本报记者 谭丁豪 但转型之路并非坦途，付家伟坦言，行业面临三大共性难题。一是市场环境层面，美国买方投顾转型的 成功，离不开长期向好的资本市场作为支撑，当前我国资本市场虽迈向长期可持续发展阶段，但短期波 动仍对投顾业务推进形成考验；二是客户认知层面，传统投资者习惯于单一交易需求与短期超额收益追 求，与资产配置理念下的长期投资逻辑存在偏差，需要投顾通过专业服务引导认知转变；三是券商自身 层面，短期收入压力与长期转型投入的矛盾、客户精细化运营能力不足、分支机构专业服务水平参差不 齐、优秀投顾人才紧缺等问题，均制约着券商转型进程。 "海外财富管理行业的发展历程表明，模式重塑与迭代需要长期积累。"付家伟表示，投顾业务既是券商 财富管理转型走出特色化、差异化的有效路径，也是守住存量客户、拓展新增客户、实现多元创收的重 要布局。这是一件难而正确的事，极其考验券商的战略定力与执行能力。 四大举措筑牢投顾业务发展根基 面对行业转型痛点，在谈及如何结合自身资源禀赋寻找破局之道时，付家伟表示，首创证券未盲目跟风 头部券商的规模扩张模式，而是立足实际，通过 ...

Core Viewpoint - In the increasingly competitive financial industry, customer service capability has become a crucial component of brokerage firms' core competitiveness, with Aijian Securities leveraging AI to enhance its service level and carve out a unique development path in the wealth management sector [1][2]. Group 1: Customer Engagement Strategies - Aijian Securities has established a comprehensive multimedia communication matrix that spans various social media platforms, including WeChat, Weibo, Douyin, and Kuaishou, as well as long video and podcast platforms, ensuring service availability in active customer scenarios [1]. - The company has implemented a regular live streaming operation, conducting over 20 live sessions weekly across major platforms, achieving a weekly viewership of over 200,000 and an average of 23,000 viewers per session, significantly exceeding the industry average of 12,000 [2]. - The interaction rate during live sessions peaked at over 20%, indicating high customer engagement and interest in the content provided [2]. Group 2: Performance Metrics - Within six months, Aijian Securities' advisory services reached a total asset scale exceeding 1.5 billion, with an average client asset of over 5 million, reflecting strong customer recognition of the company's professional services [2]. - The company publishes over 60 short videos weekly, with an average view count of over 400,000 per video, and peak views reaching 900,000, further expanding its service reach and influence [3]. Group 3: Differentiation and Value Creation - Aijian Securities utilizes AI technology for precise customer demand analysis, enabling personalized service offerings and converting potential users into actual clients, thereby enhancing market competitiveness at a low cost [3]. - The company actively collaborates with institutional resources and engages in deep dialogues with star fund managers to inject momentum into premium asset management products, thereby maintaining pricing power [3]. - Aijian Securities focuses on a differentiated approach by emphasizing product quality and combining high-quality asset management products with professional services to create greater value for clients [3].

Group 1: Market Overview - The A-share market has seen a structural trend with a significant increase in trading activity and investor engagement, leading to a historic opportunity for investment advisory services [1][2] - In August, 2.65 million new accounts were opened in the A-share market, marking a 34.97% month-on-month increase and a 165% year-on-year increase, with a total of 17.21 million new accounts opened in the first eight months of the year [1] Group 2: Growth in Investment Advisory Services - The number of investment advisors has increased significantly, nearing 90,000, reflecting a strong demand for professional advisory services despite a decrease in overall industry personnel [1] - The brokerage industry has seen a 55% year-on-year increase in commission income from brokerage services, reaching 74.56 billion yuan in the first half of 2025 [2] Group 3: Investor Behavior and Demand - Investors are increasingly seeking professional investment guidance, with many new clients signing up for advisory services to optimize their asset allocation and portfolio structure [3][4] - There is a notable shift in investor inquiries, focusing on specific market conditions, valuation assessments, and investment strategies [3] Group 4: Performance of Wealth Management - The wealth management transformation among brokerages is showing positive results, with a significant increase in client engagement and service offerings [9][11] - The number of signed clients for investment advisory services at Guoxin Securities increased by 63% from the end of 2024 to August 2025, reflecting the growing demand for professional advisory services [7] Group 5: Technology and Client Engagement - Companies are enhancing client engagement through regular communication and interactive platforms, utilizing technology to provide tailored investment solutions [10][11] - The use of AI and technology in advisory services is being emphasized to improve service delivery and meet diverse client needs [11]

Core Insights - The Shanghai Composite Index reached a ten-year high of 3,800 points on August 22, leading to increased demand for investment advisory services from investors [2] - Securities firms are responding to the market recovery by enhancing advisory services and launching promotional packages to attract and retain clients [2][6] - There is a notable increase in the signing of equity portfolio products, reflecting a significant recovery in investor confidence and enthusiasm for the equity market [3][5] Group 1: Demand for Advisory Services - The demand for investment advisory services has surged, with a marked increase in the signing of equity-related products [3] - The number of clients accessing advisory service programs has reached a recent high, indicating heightened interest in market conditions and personal investment strategies [3][6] - Several securities firms are actively conducting educational activities to guide new clients in rational investment practices [7] Group 2: Strategies by Securities Firms - Securities firms are implementing various strategies, including new client promotional packages and enhanced investor education initiatives [6] - New client packages often feature annualized returns exceeding 6%, along with AI-driven stock analysis and other advanced tools [6] - Firms are focusing on diversifying product offerings, including ETFs and private equity products, to meet evolving investor interests [6] Group 3: Market Environment - The current market environment is characterized by a new phase, with firms emphasizing the importance of balanced asset allocation to avoid irrational investment behaviors [7] - Despite the increased activity, the current level of engagement among securities firms is not as intense as during the previous year's market surge [7]

Core Viewpoint - The recent surge in the Shanghai Composite Index, surpassing 3800 points, has led to a significant increase in demand for investment advisory services from brokerages, with both contract signings and revenue rising concurrently [1][2]. Group 1: Demand for Investment Advisory Services - There has been a notable increase in the signing of equity portfolio products, reflecting a resurgence in investor confidence and enthusiasm for the equity market [2]. - The number of clients resetting passwords for dormant accounts has surged significantly in August, indicating a revival in trading activity [2]. - The demand for advisory services is driven by investors' concerns about market valuations, the sustainability of capital inflows, and specific asset allocation strategies [2][3]. Group 2: Brokerages' Response Strategies - Brokerages are actively enhancing their advisory services and launching promotional activities, particularly during the "818 Financial Festival," to attract and retain clients [3][4]. - Various brokerages are offering new client incentives, including high-yield financial products and advanced trading tools, to encourage new account openings [4]. - Investment education initiatives are being implemented to guide new clients in rational investment strategies, focusing on risk tolerance and diversified asset allocation [5][6]. Group 3: Operational Enhancements - Brokerages are investing in operational support, including customer service and educational resources, to better meet client needs [5][6]. - Technological improvements, such as app enhancements and intelligent service features, are being introduced to facilitate a better trading experience for clients [6].

Core Insights - The Shanghai Composite Index reached 3,800 points on August 22, marking a ten-year high, which has led to increased demand for investment advisory services from investors [1] - Several brokerage firms are responding to the strong market by enhancing their advisory services and launching promotional packages to attract and retain clients [1][3] Investment Advisory Demand - There has been a noticeable increase in the signing of equity portfolio products, indicating a significant recovery in investor confidence and enthusiasm for the equity market [2] - The number of clients resetting passwords for dormant accounts surged in August, reflecting a revival in trading activity [2] - Brokerages in major cities like Beijing and Shanghai report a marked increase in new account openings, margin trading, and sales of equity products [2] Brokerage Initiatives - Brokerages are focusing on investment advisory services, especially during the "818 Financial Festival," with activities including live broadcasts and training sessions tailored for different investor types [3] - Companies like Zhongyou Securities and Kaiyuan Securities have reported growth in client sign-ups and advisory revenue [3] - The acceptance of paid advisory services among investors has increased, with many willing to explore passive advisory strategies [3] Business Opportunities - Brokerages are employing various strategies to capture business opportunities, including 24/7 online account openings and promotional packages for new clients [4] - New client packages often feature annualized returns exceeding 6%, along with AI stock analysis and smart research reports [4] - There is growing interest in ETF funds and private equity products, prompting brokerages to accelerate their offerings in these areas [4] Operational Enhancements - Brokerages are investing in operational support, enhancing customer service, and ensuring client needs are met [4] - Companies are optimizing their apps with features like improved interface design and self-developed intelligent services to enhance user experience [5]

Core Viewpoint - The A-share market is experiencing a strong rally, with the Shanghai Composite Index surpassing 3,800 points, leading to increased demand for investment advisory services from investors [1][4]. Group 1: Market Performance and Investor Sentiment - The recent market rally has significantly boosted investor confidence and enthusiasm for equity investments, as evidenced by a notable increase in the signing of equity product agreements [4]. - There has been a marked rise in the number of new accounts opened and the volume of margin trading, indicating a growing willingness among investors to enter the market [4][5]. - The demand for investment advisory services has surged, with a record number of viewers for advisory service programs in August, reflecting investors' interest in market trends and personal portfolio management [4][5]. Group 2: Brokerage Responses and Strategies - Brokerages are actively enhancing their investment advisory services and launching promotional campaigns to attract and retain clients, particularly during the "818 Financial Festival" [5][6]. - Various brokerages are offering new account incentives, including high-yield financial products and educational resources tailored to different investor profiles [6]. - There is a growing acceptance of paid advisory services among investors, with many willing to explore new strategies such as "T+0" trading [5][6]. Group 3: Product Offerings and Market Trends - Brokerages are focusing on innovative products, including ETFs and private equity offerings, to align with current market hotspots and investor interests [6][7]. - The operational support for clients has been enhanced, with brokerages investing in customer service and technology to improve user experience and facilitate trading [7].

Core Viewpoint - The event "2025 Wind Star Selected Financial Advisor Annual Selection | Star Investment Advisor Semi-Final" highlights the evolving value of financial advisory in the context of profound changes in the financial industry and rising client demands [1][4]. Group 1: Event Overview - The semi-final gathered 50 outstanding candidates from various institutions across the country, with 22 top investment advisors participating in the Beijing division [1]. - The event included a "Star Light Lecture" where a senior strategist shared insights on the future of major asset classes and market strategies, addressing global economic changes and trends in the Chinese capital market [3]. Group 2: Debate Highlights - The first debate focused on whether AI will completely replace human financial advisors, with the affirmative side arguing for AI's efficiency and rationality, while the opposing side emphasized the irreplaceable human qualities of trust and empathy [5]. - The second debate discussed whether risk tolerance should take precedence over goal orientation in asset allocation, with the affirmative side advocating for risk as a foundational element, while the opposing side argued that goal orientation drives investment decisions [8]. Group 3: Expert Involvement - The event featured esteemed judges from the industry, including senior analysts and executives, who provided constructive feedback to participants, enhancing their professional growth and cognitive development [10]. Group 4: Conclusion and Future Outlook - The semi-final served as a platform for talent exchange and intellectual engagement, reflecting on the essence of wealth management and the industry's future [14]. - The organization aims to continue fostering high-quality development in the wealth management sector, nurturing professionals with both expertise and humanistic qualities [14].