Core Viewpoint - The forum on January 15, 2026, focused on the new logic of wealth in the AI era and the future of capital markets, emphasizing the importance of emotional connection and professional responsibility in wealth management [1][6]. Group 1: Wealth Management Philosophy - The concept of "human heart as the end" encapsulates the trust relationship in wealth management, highlighting that true wealth management goes beyond asset allocation to include emotional companionship and professional responsibility [1][6]. - Technology can enhance the service process but cannot replace the emotional connections between people, which is a fundamental difference between wealth management and ordinary financial transactions [1][6]. Group 2: Professional Management and Client Relationships - The importance of professional management of clients' account health is emphasized, suggesting that wealth management institutions should not only act as "asset allocators" but also as "investment behavior trainers" [1][6]. - Real-life examples from the company's internal cultural case competition illustrate the establishment of professional companionship and emotional links between financial advisors and clients, reinforcing the company's "people-oriented" service ethos [1][6]. Group 3: Role of AI in Wealth Management - AI technology is viewed as an important leverage tool that can enhance service efficiency and scale, but its core purpose remains to serve people and strengthen trust and warmth between individuals [2][7].

Core Insights - The 2026 Global and China Capital Market Outlook Forum highlighted the new logic of wealth in the AI era and the future of capital markets [1][6] - Recent market recovery is seen as a stress test for wealth management institutions' "customer insight capabilities" and "agile service response systems" [1][6] - A fundamental shift from "reactive response" to "proactive accompaniment" and "preemptive prediction" in service methods is essential for building sustainable service advantages [1][6] Company Insights - Founder Securities' core advantage in wealth management lies in its investment advisory business, which has consistently ranked among the industry leaders [1][6] - The company has established a comprehensive customer communication system covering all stages: pre-investment, during investment, and post-investment [1][6] - The company emphasizes personalized service, offering advanced allocation advice for high-risk clients and profit-taking strategy guidance for conservative clients [1][6] Industry Trends - The wealth management sector is actively advancing technology empowerment to create a complete logical chain from customer insight to agile service [2][6] - The integration of digital tools and AI applications in research support, investment advisory, operational management, and customer service aims to achieve a "four-in-one" approach [2][6] - The industry is shifting from passive responses to proactive accompaniment and intelligent prediction, focusing on deepening customer understanding and enhancing service timeliness and personalization [7]

Core Insights - The 2026 Global and China Capital Market Outlook Forum was held on January 15, focusing on new wealth logic in the AI era and the future of capital markets [1][5] - Xie Yanyang, a member of the Wealth and Institutional Business Committee at Founder Securities, emphasized that the main engine of wealth management strategy for the next 2-3 years should be centered on "customer-centric account health management" [1][5] Group 1 - Founder Securities' wealth management strategy has undergone multiple upgrades, but the core idea of effectively managing customer account health has remained unchanged [6] - The essence of brokerage business lies in asset management, and maintaining the health and growth of customer wealth is crucial for building long-term, stable trust relationships [6] - Xie Yanyang stated that rather than chasing short-term trends, establishing a sustainable strategic core is vital [6] Group 2 - Various tools such as quantitative strategies, smart investment advisory, AI-assisted services, and digital tools are seen as means to achieve the goal of account health management [2][6] - Future wealth management should not simply bet on a single technology or business track, but rather focus on building a comprehensive service platform centered on account health management [2][6] - This approach is essential for ensuring stability and sustainability in a rapidly changing environment [2][6]

Core Insights - The 2026 Global and China Capital Market Outlook Forum highlighted the new logic of wealth in the AI era and the future of capital markets [1][6] - Xie Yanyang from Founder Securities emphasized that AI's role in wealth management is "deeply integrated empowerment," enhancing core capabilities rather than disrupting existing business models [1][6] Group 1: AI Integration in Wealth Management - AI is penetrating every aspect of wealth management at Founder Securities, redefining the boundaries of "customer insight" and "agile service" [1][6] - Traditional methods of customer insight and service are limited by human judgment and capacity, while AI can extract unexpressed customer needs from vast behavioral data [1][6] Group 2: Service Efficiency and Growth - AI tools create an efficient service transmission chain, converting precise insights into actionable services, significantly improving response efficiency and expanding service reach [2][6] - Thanks to the deep integration of AI and business, Founder Securities achieved over 300% growth in wealth management precision services and customer coverage by 2025 [2][6] Group 3: Innovation Perspective - The changes brought by AI should be viewed as "incremental innovation," where each precise capture of customer needs and service experience iteration is a result of deep integration of technology and business [7] - AI does not reconstruct the foundational business but strengthens the wealth management ecosystem, ensuring the "customer-centric" philosophy is more stable and far-reaching, injecting lasting momentum into high-quality industry development [7]

Group 1 - The core conclusion of the report is that there is a relative misalignment in ROE levels between A-shares and US stocks, with US stocks at historical highs and A-shares recovering from a bottom [2][12] - The primary reasons for the ROE misalignment are the divergence in net profit margins and asset turnover rates between A-shares and US stocks [2][17] Group 2 - Net profit margin is identified as the most critical factor influencing the strong ROE in US stocks, with A-shares experiencing a gradual decline in net profit margins [3][20] - A-shares' net profit margin decreased from 5.8% to 3.9%, a change rate of -32.2%, while US stocks' net profit margin increased from 7.3% to 8.6%, a change rate of +17.7% [20][22] - The asset turnover rate for A-shares has also declined significantly, from 87% to 60%, while US stocks' turnover rate remained relatively stable [20][43] Group 3 - The leverage ratio for US stocks is significantly higher than that of A-shares, with US stocks maintaining a stable leverage ratio around 460% [5][56] - A-shares' leverage ratio is expected to rise slowly but will remain significantly lower than that of US stocks due to different corporate financing strategies [59][60] Group 4 - The report emphasizes that the long-term trend of A-shares' ROE will improve, driven by the "14th Five-Year Plan" which aims for high-quality development and increased corporate profitability [6][62] - The focus on technological innovation and the establishment of a unified national market are expected to enhance the profitability of A-share companies, leading to a systematic improvement in ROE [62][64]

谢炎阳分析道，第一点是情感陪伴和专业担当。科技赋能前者，但是又不能替代前者。科技实现了后 者，又放大了后者的价值。方正证券每年都有一次文化案例大赛，一线的理财经理在陪伴的过程中，有 很多案例涌现出来，已经超越了交易本身，我认为这就是陪伴里边的文化底色。 第二点是专业担当。我们的理财经理或者是投资顾问，他不仅仅是资产的配置师，更是客户的行为信任 师。他们要通过配置和行为，让客户实现理性决策，在这个过程中形成一个比较好的固化，从此实现账 户的健康度，穿越牛熊，我认为这是一个核心目标。 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！ 1月15日，2026全球与中国资本市场展望论坛在北京举行。方正证券财富与机构业务委员会委员、互联 网金融研究院行政负责人谢炎阳参加圆桌论坛——《券商财富管理"进化论"：AI纪元？战略分野？人心 为终？》并发表观点。 谈及"财富管理的终点"这一命题，谢炎阳表示，"人心为中"这个词特别好，它完美诠释了财富管理的本 质。人心为中在财富管理里是两点合一。 专题：2026全球与中国资本市场展望论坛 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目 ...

Group 1 - The "Second Sina Finance Golden Kylin Best Investment Advisor" selection commenced in June 2025, attracting over 70 institutions and more than 15,000 investment advisors nationwide [1][3] - The evaluation process lasted over six months, involving multi-dimensional assessments and competitions, resulting in over a hundred top elite investment advisors emerging [1][3] - The awards for the "Second Sina Finance Golden Kylin Best Investment Advisor Service Institution" were announced, highlighting the top ten brands in investment advisory services [1][4]

"第二届新浪财经金麒麟最佳投资顾问"评选于2025年6月重磅开启，吸引了超70家机构及全国超1.5万名 投资顾问参与，评选历经超过六个月的多维度评比与争夺，超百位顶尖精英投顾脱颖而出。同时，第二 届新浪财经金麒麟最佳投顾服务机构奖项重磅出炉。 第二届新浪财经金麒麟最佳社交化投资顾问服务机构荣誉榜如下： 责任编辑：宋雅芳 专题：第二届新浪财经金麒麟最佳投资顾问荣誉 专题：第二届新浪财经金麒麟最佳投资顾问荣誉 "第二届新浪财经金麒麟最佳投资顾问"评选于2025年6月重磅开启，吸引了超70家机构及全国超1.5万名 投资顾问参与，评选历经超过六个月的多维度评比与争夺，超百位顶尖精英投顾脱颖而出。同时，第二 届新浪财经金麒麟最佳投顾服务机构奖项重磅出炉。 第二届新浪财经金麒麟最佳社交化投资顾问服务机构荣誉榜如下： 责任编辑：宋雅芳 ...

专题：第二届新浪财经金麒麟最佳投资顾问荣誉 专题：第二届新浪财经金麒麟最佳投资顾问荣誉 "第二届新浪财经金麒麟最佳投资顾问"评选于2025年6月重磅开启，吸引了超70家机构及全国超1.5万名 投资顾问参与，评选历经超过六个月的多维度评比与争夺，超百位顶尖精英投顾脱颖而出。同时，第二 届新浪财经金麒麟最佳投顾服务机构奖项重磅出炉。 第二届新浪财经金麒麟最佳投资顾问服务机构荣誉榜如下： 责任编辑：宋雅芳 "第二届新浪财经金麒麟最佳投资顾问"评选于2025年6月重磅开启，吸引了超70家机构及全国超1.5万名 投资顾问参与，评选历经超过六个月的多维度评比与争夺，超百位顶尖精英投顾脱颖而出。同时，第二 届新浪财经金麒麟最佳投顾服务机构奖项重磅出炉。 第二届新浪财经金麒麟最佳投资顾问服务机构荣誉榜如下： 责任编辑：宋雅芳 ...

Group 1 - The A-share market has shown a strong upward trend since the beginning of 2026, with the financing balance of the two markets exceeding 2.6 trillion yuan, prompting leading brokerage firms to issue bonds to support business development [1][3] - Major brokerages have actively engaged in bond issuance, with China Galaxy announcing a public bond issuance of up to 30 billion yuan and East Money Securities planning to issue up to 20 billion yuan in subordinated bonds [1][3] - The bond financing scale for brokerages has experienced explosive growth, with a total issuance amount of 81.3 billion yuan in early 2026, a nearly 70% increase compared to the same period in 2025 [3][4] Group 2 - The surge in bond financing is driven by a combination of factors, including increased market activity, rising capital demands, and a favorable low-interest-rate environment that makes bond financing more attractive than equity financing [6][7] - Brokerages are using the proceeds from bond issuances primarily for replenishing working capital and repaying maturing debts, which is crucial for their operational stability and growth [5][6] - The trend of bond issuance is expected to continue in 2026, with a focus on capital supplement bonds and a shift towards longer-term financing to match the capital needs of margin trading and proprietary investment [8][9]