Guosen Securities: Internet Securities Industry Shifts to Integrated Service Ecosystem Model, Deepening Wealth Management Transformation

Stock News12-22 09:55

The internet securities industry is transitioning from traditional, homogeneous brokerage services to a customer-centric, integrated service ecosystem model by 2025, driving innovation across the sector. Guosen Securities highlights that domestic securities firms can leverage professional content ecosystems, AI-powered personalized services, and open "Securities+" platforms to evolve from basic trading channels into comprehensive wealth management platforms offering full-lifecycle services. Key insights include:

**Decline of Traditional Brokerage**: Homogeneous brokerage services trapped in a "commission war" face shrinking profitability as average rates plummet. Internet securities disrupt this by lowering customer acquisition costs (via digital channels and traffic partnerships) and monetizing user bases (extending from low-commission trading to margin financing and fund distribution). Profit models now prioritize "client assets × management fees" over "trading volume × commission rates."

**Wealth Management Transformation**: The focus shifts to asset allocation and advisory services aligned with client interests, fostering long-term asset growth.

**Five Successful Models**: 1. **East Money (Traffic Ecosystem)**: Combines portals like "East Money Network" and "Fund123" with stock forums to convert traffic into trading and fund sales. 2. **Charles Schwab (Platform Ecosystem)**: Transitioned from discount brokerage to global wealth management via its "fund supermarket" and unified accounts, securing stable fee-based revenue. 3. **Futu Securities (Cross-Border Niche)**: Targets underserved global Chinese investors with seamless digital experiences, localized operations, and high-engagement communities. 4. **Jiufa Zhitou (Service Expansion)**: Monetizes investor education through paid tools/B2B services, potentially covering the full securities service chain. 5. **Robinhood (Zero-Commission Pioneer)**: Disrupted the U.S. market with commission-free trading, now pivoting to a balanced platform exploring innovations like stock tokenization.

**Core Competencies**: Leading internet brokers excel in: - **Traffic Conversion**: Prioritizing quality and efficiency over sheer volume. - **Product Excellence**: Differentiating through usability, stability, and speed. - **Data Utilization**: Leveraging user data for precision marketing and innovation. - **Ecosystem Synergy**: Integrating information, community, trading, and wealth management into sticky platforms. - **Regulatory Agility**: Innovating within compliance boundaries.

**Future Outlook**: The sector’s evolution hinges on technology and ecosystem development, transforming trading conduits into holistic wealth management hubs.

**Risks**: Include slower-than-expected digital adoption, market volatility, regulatory changes, and innovation setbacks.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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