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The profound transition towards a "buyer advisory" model represents the critical leap determining the survival and quality of development in wealth management. As signals of market recovery coexist with widespread investor anxiety, China's wealth management industry stands at a historic crossroads. On one side lies the vast opportunities brought by the stabilization of the A-share market, the continuous implementation of favorable policies, and the accelerated layout of institutions; on the other side is the "difficulty of choice" and "fear of holding" faced by investors amidst an onslaught of information and intensified market volatility. Amid the prevalent misalignment between "abundant products" and "difficulty in making profits," an industry consensus is becoming increasingly clear: the traditional, sales-oriented seller model is no longer sustainable, and the future of wealth management inevitably belongs to institutions that can truly stand on the client's side. Against this backdrop, the deep transition to the "buyer advisory" model is no longer an option but a critical leap determining survival and development quality. Its core logic lies in the fact that only by prioritizing client interests and achieving win-win outcomes with clients can trust be rebuilt and long-term success won. GF Securities is a steadfast practitioner in this wave of transformation. For a decade, it has engraved the mission "earning money for clients is our responsibility" into its transformation ethos, building a new paradigm supported by the pillars of "buyer advisory orientation, asset allocation specialization, and solution customization," and continuously constructing a deep buyer ecosystem moat through the trinity of capabilities: "investment research + investment advisory + technology." Transformation is by no means just a slogan; its effectiveness must be validated by tangible client gains. GF Securities' practice provides two powerful "report cards": on the "product side," the winning rate of its rigorously selected products consistently outperforming market peers has long exceeded 70%; on the "client side," over 95% of clients holding its "Qiji" series solutions have achieved profitability after holding for three full months, nearly颠覆ing the traditional market adage of "one making profits, two breaking even, and seven losing money." How exactly does GF Securities translate its commitment to "standing on the client's side" into perceptible, steady returns in client accounts through systematic transformation paths, warm professional companionship, and forward-looking technological empowerment? Product is King: Scientifically Generating Wealth for Clients Under the traditional wealth management model, investors often fall into the dilemma of "many products, difficult choices": funds, wealth management products, insurance, and trusts are dazzlingly arrayed, yet there is a lack of truly outcome-oriented allocation advice. If the core KPI remains sales scale, emphasizing new issuances over ongoing support, and prioritizing commissions over returns, it will ultimately lead to a misalignment where "products proliferate, but making profits becomes increasingly difficult." Having been among the first to recognize this pain point, GF Securities became one of the earlier institutions to transition towards a "buyer advisory" model and has developed a unique transformation system—shifting from the past one-way recommendation "centered on products" to a full-cycle service "centered on client needs." "Earning money for clients is our responsibility"—this phrase on the wall of GF Securities' Private Wealth Center left a lasting impression on one client. GF Securities aims to reshape the foundation of industry trust by making "earning money for clients" its fundamental responsibility. With a clear objective, GF Securities' transformation path is clear and forward-looking. In 2016, GF Securities took the lead in transformation by launching its "Star · Advisor" hierarchical training system to solidify its professional advisor team. As of the third quarter of 2025, its number of investment advisors exceeded 4,700, ranking second in the industry. In 2018, GF Securities established a three-tier product screening mechanism—"Observation Grade, Investment Grade, Core Grade"—to strictly control asset quality. In 2023, GF Securities launched the "Qiji" series solutions, covering 5 multi-asset portfolios and 5 single-asset portfolios, and introduced the "Qiji Chuan Shi Xin Xiang" family trust brand, catering to clients' full lifecycle needs. It is worth noting that the "Qiji" series solutions are one of GF Securities' exclusive buyer advisory business brands; the "solution-oriented" buyer advisory mindset is deeply reflected in the depth, breadth, and precision of its product services. In terms of product depth, leveraging years of product research experience and based on a buyer's perspective, GF's "Qiji" series solutions adhere to a "client-centric" approach, providing clients with asset allocation paradigms for global markets and constructing a "cross-asset, multi-strategy, all-weather" asset allocation system, focusing on medium-to-long-term stable allocation, which better suits the personalized wealth management needs of mid-to-high-net-worth individuals. In terms of product breadth, the "Qiji" series solutions rely on GF Securities' professional investment research team to create standardized and customized products and solution services around the diverse needs of various client segments, offering four types of "Qiji Solution" maps. Based on clients' full lifecycle needs, it provides differentiated allocation plans, such as scenario-specific services for education, retirement, and inheritance, achieving a deep response to a wide range of demand scenarios. In terms of product precision, guided by the "asset allocation specialization" approach, GF Securities adheres to the principle that "allocation is more important than market timing." Through diversified allocations across assets, markets, and cycles, and relying on macroeconomic analysis and quantitative models to dynamically adjust the proportions of stocks, bonds, derivatives, etc., it effectively controls drawdowns and captures excess returns. As a pioneer in buyer advisory, the results of GF Securities' wealth management are equally evident. In terms of performance, according to an evaluation by the 21st Century Asset Management Research Institute, GF Securities' product returns ranked first among 11 mainstream platforms, with the winning rate of its rigorously selected products consistently exceeding 70% against market peers. From a business growth perspective, in the first three quarters of 2025, GF Securities ranked third in the industry for distribution income; as of the end of September, the scale of financial products distributed and held by GF Securities exceeded 350 billion yuan, an increase of approximately 30% from the end of the previous year. Over 95% of clients holding the "Qiji" series solutions for more than three months were profitable, achieving simultaneous growth in scale and效益. Continuous Companionship: Making Professionalism Warmer Investment advisory, as the name suggests: if "investment" refers to earning money for clients through more systematic products, then "advisory" is reflected in tailoring more suitable asset allocation plans for each client on a highly personalized basis. The essence of GF Securities' transition to buyer advisory lies in achieving true "buyer advisory orientation"—not pursuing one-off product sales, but emphasizing professional, warm, and continuous service companionship. The success of the buyer advisory model ultimately depends on the client's experience and tangible感受. Centering on the client, GF Securities has outlined the specific shift in service logic for "buyer advisory orientation"—advisor evaluation no longer relies on sales scale but focuses on client account收益率, retention rate, and satisfaction, achieving a deep alignment of interests. As a practitioner with years of experience in the advisory field, the experience of GF advisor Liu Sizhao is highly persuasive. He pointed out that the core value of an advisor is not just "giving advice" but "helping clients seize opportunities." Liu Sizhao summarized that, under the buyer advisory mindset, GF Securities has moved from "scattered product selection" to "one-stop fulfillment," saving clients the trouble of comparison; and from "passive acceptance" to "active adaptation," allowing services to dynamically adjust according to market and client needs. One of Liu Sizhao's clients was deeply impressed by the professionalism and companionship of GF Securities' advisors because, at two critical investment junctures, it was with the indispensable help of the advisor that he navigated smoothly—before the market rally starting on "September 24" last year and during the significant decline on April 7th and 8th this year. Through systematic研判 of market conditions and professional advice, GF Securities' advisors helped him successfully avoid the mistakes of missing the rally or selling at the bottom, which increased his trust in the advisor day by day. The advantages brought by buyer advisory are increasingly reflected in changes in client心态 and behavior. This client remarked that the value of advisory services is not just "helping to make money," but more importantly, having a professional person to provide guidance and a reality check during times of confusion or impulse. Even as tools continuously evolve, the trust沉淀ed through face-to-face, genuine interactions remains the ballast of finance, its weight only increasing. Based on the service of helping clients transition from "knowing how to make money" to "understanding how to make money wisely," many GF Securities clients, from their first contact with an advisor, gradually come to view the advisor as a参谋, a friend, and even a co-participant in wealth decisions on their investment journey. Growing together with clients, GF Securities' wealth management business has also gained client recognition, with advisor service satisfaction significantly improving. "The biggest change buyer advisory brings to clients is that they trust us more," one GF Securities advisor shared this sentiment. A Model for High-Quality Development: Reshaping the New Wealth Management Ecosystem Looking deeper, the more essential value of the buyer advisory transformation lies in "being able to see further." On this point, GF Securities has chosen the most challenging yet most defensible approach: restructuring the investment research system. It is understood that GF Securities views investment research capability as the key lever for transitioning to the buyer advisory business, thereby providing clients with a longer-term, healthier financial service ecosystem. At the level of professional talent cultivation, it has increased resource investment and systematic training efforts, strengthened the advisor team building, and aims to create an investment advisor team possessing five core capabilities: "understanding the client,精通 products, mastering allocation, strictly controlling risk, and utilizing technology," to provide personalized wealth management plans for clients at different levels. In recent years, GF Securities' advisor team has achieved remarkable results and successfully translated its comprehensive advantages into substantial outcomes. With its solid investment research strength, in the 8th New Wealth Best Investment Advisor Investment Management Capability Selection, GF Securities had the highest number of award winners among participating securities firms. Its advisor team,凭借卓越的投资 research capabilities and stable trading strategies, became the securities firm with the largest number of participants, a leading effective participation rate, and the highest number of individuals on the TOP list for six consecutive months. Beyond team building, the transformation of the buyer advisory ecosystem also relies on international experience and technological empowerment. In 2024, it launched overseas buyer advisory business, achieving positive returns through global allocation, marking the full commencement of the Wealth Management 2.0 era. GF Securities, through the deep application of big data, optimizes asset allocation models and improves efficiency, allowing human advisors to focus on complex decision-making and emotional connection, achieving a融合 of technology and professionalism. Facing the challenges of a surging number of investors and diversified demands, GF Securities actively embraces new quality productive forces for digital transformation, focusing on building a "four-in-one" branch operation empowerment tool suite comprising its wealth management platform PC, APP, PAD, and Enterprise WeChat, reshaping the online + offline collaborative operation model. GF Securities has also结合 digital applications to create a series of tools and content that help advisors better understand the market, understand clients, screen products, formulate solutions, and conduct risk monitoring, strengthening pre-sale documentation, operational qualification verification, mitigating performance deviation and liquidity risks, thereby supporting the construction of a solution strategy system that meets clients' diverse needs. Building its service system around the three directions of "buyer advisory orientation, asset allocation specialization, and solution customization," GF Securities actively promotes the strategic transition from traditional brokerage business to wealth management. The bridge of trust with clients is naturally established, thereby reshaping the buyer advisory ecosystem. In the wave of the Wealth Management 2.0 era, GF Securities, through the synergy of professionalism, technology, and ecosystem, uses buyer advisory as the boat and asset allocation as the oar,助力 Chinese families achieve long-term, steady wealth growth, providing a replicable model for the industry's high-quality development. According to the latest index review results announced by the internationally renowned index compiler MSCI, GF Securities (Stock Code: 01776.HK) was included in the MSCI China Index on November 25, 2025, signifying that its influence in the capital market and long-term investment value have gained international recognition. GF Securities, a pioneer in开拓 global asset allocation, is also attracting the attention of the world's wealth management sector. What are your thoughts on the transformation of wealth management towards the buyer advisory model? Feel free to leave a comment below.

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