2024财富管理行业白皮书- CFA协会

Financial Data and Key Metrics - The wealth management industry in China has seen significant growth, with the total scale of the asset management industry reaching 120.38 trillion yuan in 2022, with bank wealth management products accounting for 23% of the total market [79] - In 2023, 228 banks and 31 wealth management companies issued 31,100 new wealth management products, raising 57.08 trillion yuan, with the total scale of existing products reaching 26.80 trillion yuan, a 14.86% increase from the beginning of the year [81][82] Business Line Data and Key Metrics - Brokerage business income for securities firms has been declining, with the proportion of brokerage income in total revenue dropping from around 40% in 2010 to around 20% in 2022 for leading firms like CITIC Securities [125] - The scale of directional asset management business for securities firms has significantly decreased, with CITIC Securities' directional asset management scale dropping from 15,041.40 billion yuan in 2017 to 9,144.85 billion yuan in 2022 [129] Market Data and Key Metrics - The penetration rate of securities accounts in China has reached 1/10 of the total working-age population, 1/4 of the urban working-age population, and 1/2 of urban households, indicating a high level of market saturation [33] - The monthly active users (MAU) of leading securities firms' apps range from 5 to 10 million, significantly lower than third-party platforms like Tonghuashun (30.58 million MAU) and Eastmoney (15.29 million MAU) [24] Company Strategy and Industry Competition - Securities firms are transitioning from traditional brokerage services to wealth management, focusing on high-net-worth and ultra-high-net-worth clients, leveraging their research capabilities and comprehensive product offerings [13][14] - Banks are shifting from product-driven sales to customer-centric wealth management services, integrating financial and non-financial services to enhance customer experience and loyalty [62][63] Management Commentary on Operating Environment and Future Outlook - The wealth management industry faces challenges such as imperfect account functions, lack of stable capital deposits, and insufficient brand recognition based on active management capabilities [16][20] - The industry is undergoing digital transformation, with a focus on customer-centric systems, data governance, and the integration of financial technology to improve service efficiency and customer experience [104][122] Other Important Information - The family trust business in China is growing rapidly, with the initial registration scale reaching 439 billion yuan in the first half of 2022, although it still accounts for only 2.08% of the total trust asset scale [145] - Insurance trust products, which combine the advantages of insurance and trust, have gained significant attention due to their relatively low entry threshold and flexibility in meeting diverse customer needs [153][154] Summary of Q&A Session - The wealth management industry is transitioning from traditional product sales to a more customer-centric approach, with a focus on asset allocation and long-term customer relationships [13][14] - Digital transformation is a key focus, with firms investing in technology to improve customer experience, enhance data governance, and streamline operations [104][122]