招商证券（600999.SH） 优于大市 证券研究报告 | 2025年08月29日 招商证券发布 2025 年半年报。2025 年上半年公司实现营业收入 105.2 亿元， 同比提升9.64%；实现归母净利润51.86 亿元，同比提升9.23%；ROE 为 4.18%， 同比增加 0.1pct；EPS 为 0.56 元/股，同比提升 9.8%。公司业绩上涨主要因 政策落地提振市场信心，市场行情上行，交投活跃度持续增强，融资利息收 入增加等因素影响，经纪、投行与信用业务收入成为业绩增长的关键因素。 资本市场活跃度增强，经纪业务表现亮眼。2025 年上半年，公司实现经纪业 务手续费净收入 37.33 亿元，同比提升 44.86%，主要因市场股基交易活跃度 增强，公司代理买卖证券业务手续费净收入同比增长。公司期末货币资金 1,296.11 亿元，同比增长 39.47%，客户资金持续增加。财富管理方面，2025 年上半年，托管客户资产 4.56 万亿元，较 2024 年末增长 6.79%；"e 招投" 基金投顾保有规模 47.19 亿元。机构业务方面，托管外包规模达 3.52 万亿 元，较 2024 年末下降 6.8 ...

内容概况：随着金融科技的飞速发展，智能投顾逐渐成为投资领域的一股新势力。2024年，全球智能投 顾资产管理规模达到1.80万亿美元，同比增长31.16%。传统投顾模式高度依赖投资顾问个人的专业能 力，服务成本高昂，导致业务门槛居高不下，难以满足广大中小投资者的需求。相比之下，智能投顾通 过引入人工智能和大数据技术，建立起了融合投资算法和投后自动化管理为一体的模型。它能够快速获 取客户的投资偏好等信息，进而为客户量身定制个性化投资策略，实现投资管理的自动化。这不仅大大 提高了服务效率，还显著降低了投资顾问的门槛，使得投顾业务真正成为普惠金融的一部分。 一、行业概述 智能投顾（Robo-Advisor）是指利用大数据分析、量化模型和算法，根据投资者的个人收益和风险偏好 提供匹配的资产组合建议，并自动完成投资交易过程，再根据市场变化情况动态调整，让组合始终处于 最优状态的财富管理服务。它通过人工智能技术，基于投资者的自身状况以及风险偏好，将经典的投资 组合理论、行为金融学、效用理论等多种理论融入算法设计，对市场数据进行及时高效的分析处理，从 而提供自动化、智能化投资管理服务。按服务模式分类，智能投顾主要分为全自动化 ...

Core Insights - The article highlights the significant growth and evolution of fund advisory services in China, with institutions like E Fund and Yingmi Fund reporting impressive performance metrics and a shift towards more personalized client services [1][2][3]. Group 1: Performance Metrics - Yingmi Fund's advisory assets exceeded 41 billion RMB by February 2025, with a growth rate of 28% in 2024 and an overall increase of 88% from 2022 to 2024 [3]. - E Fund's advisory services have served over 120,000 individual clients and more than 100 institutional clients, with a profitability rate of approximately 70% since the service's launch [3]. - By the end of 2024, the advisory service of China Merchants Securities had a client base of 80,200 and an asset scale of 5.112 billion RMB, marking a 9.79% increase from the previous year [3]. Group 2: Client Behavior and Needs - The demand for advisory services is diverse, requiring a shift from simple product recommendations to comprehensive financial planning and personalized investment strategies [2][5]. - Clients of Yingmi Fund have an average holding period of 690 days, indicating a long-term investment approach, with 70% of client assets allocated to equity products [5]. - The relationship between advisors and clients is built on trust and understanding, which helps clients navigate market volatility and achieve better long-term returns [5]. Group 3: Future Directions and Innovations - The advisory business is transitioning from a fund-based model (1.0) to a client-account-based model (2.0), focusing on financial planning and asset allocation [7][8]. - High-quality advisory talent is essential for the sustainable development of the advisory business, with a need for standardized training and certification processes [9]. - Technological innovation, including the responsible use of AI, is crucial for enhancing advisory services and improving client experiences [10].