当下，A股"牛市氛围"渐浓，曾在震荡期承压的基金投顾业务，终于挣脱蛰伏期的桎梏。 《每日经济新闻》记者了解到，行业标杆中金财富买方投顾业务规模突破千亿元；与此同时，华宝证 券、华安证券（600909）等多家券商基金投顾业务，也实现了规模与客户数的大幅增长，从中小散户到 高净值群体，从零售端到机构端，客群版图持续扩容，多元资产策略的迭代升级，正推动行业从规模冲 刺迈向生态重构，而试点转常规与配置范围扩容的业内呼声，更勾勒出基金投顾业务向纵深发展的迫切 诉求。 基金投顾规模扩张 在A股"牛市氛围"渐浓之际，作为券商财富管理转型抓手的基金投顾业务，终于迎来了显著的发展。 2025年7月，中金财富宣布买方投顾资产保有规模跨越1000亿元。《每日经济新闻》记者调查发现，今 年以来，拥有试点资格的绝大多数券商，基金投顾业务规模都实现了大幅增长。 作为公司的特色业务，2025年，华宝证券基金投顾延续此前确立的"策略工厂"业务模式，积极布局低利 率环境下的投资理财解决方案。截至7月中旬，华宝证券基金投顾规模突破55亿元，客户数超过15万 户，较去年末分别增长40%和20%，其增长的规模主要来自多元资产组合策略、"固收+"策略 ...

Group 1 - The core viewpoint of the articles indicates that 17 equity star advisory portfolios collectively reported negative returns over the past month, with only 8 maintaining positive returns in the first four months of the year [1][2] - The top three performing advisory portfolios have shifted their strategies towards defensive positions, increasing allocations in consumer sectors and undervalued assets, reflecting differing responses to market volatility [1][2] - The average return of the 17 equity star advisory portfolios was 0.22%, with the best-performing portfolio, "Yinhua Tianji - Qiaoqiao Ying," leading with a return of 7.65% in the first quarter, focusing on hard technology, medical healthcare, and basic consumer sectors [2][3] Group 2 - The "Yinhua Tianji - Qiaoqiao Ying" portfolio made adjustments in late April, increasing its allocation to consumer sectors while balancing technology categories, and reducing the proportion of index funds [2][3] - The "Jihua Jinqu" portfolio also made adjustments in late April, reducing exposure to bonds and low-volatility assets while increasing investments in undervalued sectors like pharmaceuticals and real estate [3][4] - The "Zhongou Super Stock All-Star Portfolio" conducted a rebalancing in early April, maintaining an overweight position in growth styles while optimizing specific holdings due to macroeconomic uncertainties [4] Group 3 - The global asset direction advisory portfolios showed significant performance divergence, with an average return of approximately -0.62% over the past month, and only 9 out of 27 portfolios reporting gains [4][5] - The "Guotai Jinqi Global Allocation Portfolio" achieved the highest return of 11.84% in the first four months, focusing on the Hong Kong stock market and sectors like innovative pharmaceuticals and gold [5] - The "Time Traveler Portfolio" completed its first rebalancing since 2025 in late April, shifting from high-volatility tech investments to lower-volatility index funds due to anticipated increases in U.S. stock market volatility [5]