Core Insights - The A-share market and global asset rotation have revitalized the fund advisory industry in 2025, with notable performance from star advisory combinations achieving average returns of 27.27% and 18.45% respectively [1][4] Group 1: A-share Market Performance - In October 2025, the A-share market showed positive performance, with the Shanghai Composite Index surpassing 4000 points and a monthly increase of 1.85%. Net inflows into stock ETFs exceeded 100 billion [2] - All 16 star fund advisory combinations focused on A-shares achieved positive returns in the first ten months of 2025, with an average return of 27.27%. The top performer was the China Europe Wealth's China Europe Super Stock All-Star with a return of 35.52% [2][3] - The top three combinations have made recent adjustments in their portfolios, focusing on sectors benefiting from global liquidity improvements and increasing allocations in areas like pharmaceuticals, electronics, and new consumption [2] Group 2: Global Asset Performance - A total of 26 global asset allocation fund advisory combinations reported positive returns in the first ten months of 2025, with an average net value increase of 18.45%. The top performer was the Guotai Fund's Guotai Progress Global Allocation with a return of 34.37% [4] - The global asset combinations have been expanding since 2023, with some achieving over 60% returns since inception, demonstrating the sustained advantages of global multi-asset strategies [4] Group 3: Dual Advisory Model - The dual advisory model, a collaboration between fund companies and brokerages, is gaining traction in 2025, allowing for a division of responsibilities where fund companies provide strategies and brokerages handle client outreach and sales [5][6] - This model is particularly appealing to small and medium-sized brokerages, enabling them to quickly adopt established strategies without incurring high research and development costs [6] - Despite the advantages, challenges exist, such as increased communication costs and the need for brokerages to make strategic decisions regarding reliance on external strategies versus developing their own [6][7]