【观点】海通证券总经理李军：金融机构如何以高质量服务创造价值？

近日，海通证券总经理李军出席了全球财富管理论坛•2023上海苏河湾大会并在“金融业未来趋势与发展展望”主题论坛上发表演讲。

李军表示，新旧转换、经济高质量发展推动金融行业转型发展，综合费率持续下调，金融让利，惠企利民。他指出，大财富管理蓝海依旧，我国财富管理存量巨大，增量更加可观，经济高质量发展推动居民财富的持续积累，叠加家庭资产配置从非金融资产转向金融资产，财富管理行业的前景广阔。同时，资源禀赋的不同给予了各类型金融机构充分发展的空间。他认为，新阶段下，金融机构摒弃过度依赖于牌照红利的传统业务模式，拥抱专业赋能的新业务模式，以高质量服务创造价值，具体包括以下四点要求：一是为客户创造价值，提高投资者的获得感；二是为经济创造价值，提升资源配置效率；三是为社会创造价值，助力养老体系的完善；四是为可持续发展创造价值，践行ESG的投资理念。

党的二十大报告指出，高质量发展是全面建设社会主义现代化国家的首要任务，实体经济是金融根基，金融是实体经济的血脉，党和国家对金融行业的发展提出了更高的要求，财富管理行业高质量发展也进入到了新的阶段。今天我向大家分享一下对金融行业未来发展趋势的思考。我的主题是“大财富管理同台竞技，高质量发展创造价值”。

一、新旧转换、经济高质量发展推动金融行业转型发展，综合费率持续下调，金融让利，惠企利民

首先，降费让利既可以降低实体经济的经营压力，促进经济的高质量发展，又可以降低居民的各项支出成本，提高居民的消费水平。对于券商而言，行业交易佣金费率持续下降，切实降低了投资者的交易成本。据统计，2011年行业佣金费率平均超过了8%，到了2022年已经下降到了2.5%。除了交易佣金费率之外，融资融券费、公募基金管理费、托管费等多项业务都呈现出了明显的费率下降、让利于客户的趋势。对于银行而言，平均贷款利率也从2011年开始持续下行，有效降低企业的融资成本。截至今年6月末，贷款的加权平均利率只有4.19%，远低于2011年9月份的8.06%。

其次，传统业务贡献回落，行业转型升级加速。券商佣金率的持续下行，削弱了传统经济业务的收入贡献。根据证券协会披露的数据，2012—2015年三年间，代理买卖证券业务占到总收入的40%，是证券行业的第一大收入来源，此后佣金率下调，叠加资本市场的周期波动，传统经济业务收入贡献持续降低。今年上半年，代理买卖证券业务占比降到了23.3%，银行净息差不断回落，存贷款盈利空间存压。银行利息差收入是银行业的主要的收入来源。数据显示，2022年我国商业银行利息净收入占比比重达到了75%，在收入结构中占有绝对的主导。近些年，利率从2012年的2.12%下降到1.91%，存贷款盈利从2012年75%，下降了30%的幅度，到只占30%，平均的息差从2.75%到只有1.91%。

从发达市场的经验来看，传统业务收入下滑，将会加速行业的转型升级。以美国为例，1975年美国证券行业结束了固定交易佣金制度，加之费率持续下滑，从1975年的1%降至2016年的万分之五，从原来占比45.8%下降至仅占12.5%。为了应对传统经济行业收入的下滑，美国证券行业加速转型升级，高度重视高附加值服务的能力建设，促进行业从以产品交易量为核心的促进模式向以产品存量为核心、基于账户提供综合金融服务的模式过渡。

二、蓝海依旧，大财富管理同台竞技

首先，财富管理存量巨大，增量更加可观。经济高质量发展推动居民财富的持续积累，叠加家庭资产配置从非金融资产转向金融资产，我国财富管理行业前景广阔。据统计，2022年我国个人持有的可投资资产规模达到了278万亿元，到2024年有望突破300万亿元。当前，我国大财富管理行业总规模约为136万亿元，根据相关测算，综合考虑资产创设、交易服务、产品销售、投资顾问托管全产业链的收入，136万亿元的规模带来1.5万亿元的全产业链收入。展望未来，随着个人持有的可投资资产规模持续增长，全产业链的收入贡献依旧不断增长，并有望超过同期GDP的增长率，所以财富管理依旧是增速可观的万亿元的巨大蓝海。 CXO UNION-CXO联盟（cxounion.cn）

其次，资源禀赋的不同给予了各类型金融机构充分发展的空间。从券商来看，投资银行端的资产创设能力、传统经济业务带来的高风险偏好优质客户基础、资产管理板块的广泛布局、研究领域的资产定价能力等等，这些都是财富管理市场化竞争的重要支撑。从商业银行来看，渠道、客群、品牌等多方面优势显著，尤其是利用银行账户这一财富管理核心地位，为投资者提供全面综合的服务和解决方案。从基金公司来看，公募基金深耕投研，在主动管理的超额能力和被动产品的体系布局上，专业壁垒明显，私募基金创新不断，能够满足高净值客户多样化的资产配置需求。从信托公司来看，资产隔离、税务安排具备独特的优势。近些年，家族信托、家族办公室等特色服务都是重要的抓手和未来的成长空间。 CXO UNION-CXO联盟（cxounion.cn）

三、转型升级，高质量服务创造价值

新阶段，金融机构摒弃过度依赖于牌照红利的传统业务模式，拥抱专业赋能的新业务模式，以高质量服务创造价值，具体有四个方面：

一是为客户创造价值，提供投资者的获得感。财富管理机构受人之托，客户财富的保值增值是第一责任。在市场化的激烈竞争中，这将是用户投票的关键。获得感的提升包括持续提升投资业绩、理解客户需求、提供专业化的解决方案以及有温度的陪伴等。

二是为经济创造价值，提升资源配置效率。财富管理作为资本要素的重要一环，通过股票、债券、股权、债权等多种方式，以市场化的方式运行资源配置，从而助力实体经济快速发展。从2022年整个大资管行业的投资去向来看，136万亿元的投资规模中有116万亿元是通过各种方式，最终留下了对实体经济的支持。

三是为社会创造价值，助力养老体系的完善。财富管理机构助力全社会“老有所依、老有所养”美好愿望的实现，中国老年收入体系主要由劳动收入、财产型收入、私人转移收入、公共转移4部分组成。2020年相关统计表明，财产性收入中，老年群体的收入来源占比只有0.88%，还不到1%，占比非常低。 CXO UNION-CXO联盟（cxounion.cn）

四是为了可持续发展创造价值，践行ESG的投资理念。在碳中和、碳达峰的目标下，财富管理成为经济社会绿色低碳转型的有效推动力。在资产端，财富管理机构努力推进ESG投资，不断丰富金融产品体系；在资金端，财富管理机构帮助投资者树立绿色低碳的投资理念，引导资金持续流向绿色低碳的经济领域。数据显示，今年6月末，国内ESG基金有477支，对比海外，在规模上有非常大的增长空间。我们将继续聚焦主业优势，服务国家战略和实体经济能级，以客户为中心，秉承“一个海通”的理念，为行业高质量发展不断贡献海通的力量。

翻译：

Li Jun, General Manager of Haitong Securities: How do financial institutions create value with high-quality services?

Recently, Li Jun, general manager of Haitong Securities, attended the Global Wealth Management Forum 2023 Shanghai Suhewan Conference and delivered a speech at the theme forum of “Future Trends and Development Prospects of the Financial Industry”. CXO UNION-CXO联盟（cxounion.cn）

Li Jun said that

Li Jun said that the transformation of the old and the new and the high-quality development of the economy have promoted the transformation and development of the financial industry, and the comprehensive rate has continued to decline, and the financial sector has yielded profits and benefited enterprises and the people. He pointed out that the blue ocean of great wealth management is still the same, China’s wealth management stock is huge, the increment is more considerable, the high-quality economic development promotes the continuous accumulation of residents’ wealth, the superposition of household asset allocation from non-financial assets to financial assets, and the wealth management industry has broad prospects.

At the same time, the different resource endowments give various types of financial institutions full development space. He believes that in the new stage, financial institutions abandon the traditional business model of over-reliance on license dividends, embrace the new business model of professional empowerment, and create value with high-quality services, including the following four requirements: first, create value for customers and improve investors’ sense of gain; The second is to create value for the economy and improve the efficiency of resource allocation; The third is to create value for the society and help the improvement of the pension system; The fourth is to create value for sustainable development and practice ESG’s investment philosophy.

The report of the 20th National Congress of the Party pointed out that

The report of the 20th National Congress of the Party pointed out that high-quality development is the primary task of comprehensively building a modern socialist country, the real economy is the foundation of finance, finance is the blood of the real economy, the Party and the state have put forward higher requirements for the development of the financial industry, and the high-quality development of the wealth management industry has entered a new stage. Today I would like to share with you my thoughts on the future development trend of the financial industry. My theme is “Great wealth management on the same stage, high-quality development to create value”. CXO UNION-CXO联盟（cxounion.cn）

First, the transformation of the old and the new, high-quality economic development to promote the transformation and development of the financial industry, comprehensive rates continue to decline, financial profits, benefit enterprises and benefit the people

First of all, fee reduction and profit transfer can not only reduce the operating pressure of the real economy, promote the high-quality development of the economy, but also reduce the various expenditure costs of residents and improve the consumption level of residents.

For brokerages, the industry trading commission rate continues to decline, effectively reducing the transaction costs of investors. According to statistics, the average industry commission rate in 2011 was more than 8%, by 2022 has dropped to 2.5%. In addition to the trading commission rate, many businesses such as margin financing fees, public fund management fees, and custodian fees have shown a significant rate decline, which is conducive to customers. For banks, the average loan interest rate has also continued to decline since 2011, effectively reducing the financing cost of enterprises. As of the end of June. The weighted average interest rate on loans was just 4.19%, down from 8.06% in September 2011.

Secondly, the contribution of traditional business has fallen, and the transformation and upgrading of the industry has accelerated.

The continued decline in brokerage commission rates has undermined the revenue contribution of traditional economic businesses. According to the data disclosed by the Securities Association, during the three years from 2012 to 2015. The brokerage business accounted for 40% of the total revenue, which is the largest source of income in the securities industry. Since then, the commission rate has been reduced, combined with the cyclical fluctuations of the capital market. And the income contribution of traditional economic business has continued to decline.

In the first half of this year, the proportion of brokerage securities trading business dropped to 23.3%, and the net interest margin of banks continued to fall, and the profit margin of deposits and loans remained under pressure. Interest margin income is the main source of income for the banking industry. Data show that in 2022, the proportion of net interest income of China’s commercial banks has reached 75%, which is absolutely dominant in the income structure. In recent years, the interest rate has dropped from 2.12% in 2012 to 1.91%. The profit on deposits and loans has dropped by 30% from 75% in 2012 to only 30%. And the average interest spread has decreased from 2.75% to only 1.91%. CXO UNION-CXO联盟（cxounion.cn）

From the experience of developed markets, the decline in traditional business revenue will accelerate the transformation and upgrading of the industry.

In the United States, for example, the fixed trading commission system was ended in the securities industry in 1975, and the rate continued to decline, from 1% in 1975 to 5% in 2016, from the original proportion of 45.8% to only 12.5%. In order to cope with the decline in income of traditional economic industries. The US securities industry has accelerated its transformation and upgrading, attached great importance to the capacity building of high value-added services, and promoted the transition of the industry from the promotion model with product trading volume as the core to the model with product stock as the core and account based comprehensive financial services. CXO UNION-CXO联盟（cxounion.cn）

Second, the blue ocean is still the same, great wealth management on the same stage

First, the wealth management stock is huge, and the increase is even more impressive.

High-quality economic development promotes the continuous accumulation of residents’ wealth, superimposes household asset allocation from non-financial assets to financial assets, and China’s wealth management industry has broad prospects. According to statistics, the scale of investable assets held by individuals in China has reached 278 trillion yuan in 2022. And is expected to exceed 300 trillion yuan by 2024.

At present, the total scale of China’s large wealth management industry is about 136 trillion yuan. According to relevant estimates, considering the income of the whole industry chain of asset creation, transaction services, product sales, and investment advisory custody. The scale of 136 trillion yuan brings 1.5 trillion yuan of the whole industry chain income. Looking forward to the future, as the scale of investable assets held by individuals continues to grow. The income contribution of the whole industrial chain is still growing. And is expected to exceed the growth rate of GDP in the same period. So wealth management is still a huge blue ocean with a considerable growth rate of one trillion yuan.

Secondly, different resource endowments give various types of financial institutions room for full development.

From the perspective of brokerages, the asset creation ability of investment banking. The high-quality customer base with high risk preference brought by traditional economic business. The extensive layout of asset management sector. And the asset pricing ability in research fields are all important supports for the market-oriented competition of wealth management. From the perspective of commercial banks, channels, customer base, brand and other advantages are significant, especially the use of bank accounts. The core position of wealth management, to provide investors with comprehensive services and solutions.

From the perspective of fund companies, public funds have deep investment and research, obvious professional barriers in the excess capacity of active management and the system layout of passive products. And continuous innovation of private funds can meet the diversified asset allocation needs of high net worth customers. From the perspective of trust companies, asset segregation and tax arrangements have unique advantages. In recent years, characteristic services such as family trust and family office are important starting points and future growth space.

Third, transformation and upgrading, high-quality service to create value

In the new stage, financial institutions abandon the traditional business model of over-reliance on license dividends, embrace the new business model of professional empowerment, and create value with high-quality services in four aspects: CXO UNION-CXO联盟（cxounion.cn）

One is to create value for customers and provide investors with a sense of gain.

Wealth management institutions are entrusted by people, and the preservation and appreciation of clients’ wealth is the first responsibility. In the fierce competition of marketization, this will be the key to user voting. The improvement of the sense of gain includes continuous improvement of investment performance, understanding customer needs, providing professional solutions and warm companionship.

The second is to create value for the economy and improve the efficiency of resource allocation.

As an important part of capital elements, wealth management operates resource allocation in a market-oriented way through various ways. Such as stocks, bonds, equity and creditor’s rights, thus helping the rapid development of the real economy. From the perspective of the investment destination of the entire capital management industry in 2022, 116 trillion yuan of the 136 trillion yuan of investment is through various means, and ultimately left support for the real economy.

The third is to create value for the society and help the improvement of the pension system.

Wealth management institutions help the whole society to realize the good wish of “old people have their support”. China’s elderly income system is mainly composed of labor income, property income, private transfer income and public transfer. Relevant statistics in 2020 show that in property income, the income source of the elderly group accounts for only 0.88%. Less than 1%, which is a very low proportion.

The fourth is to create value for sustainable development and practice ESG’s investment philosophy.

Under the goal of carbon neutrality and carbon peak, wealth management has become an effective driving force for the green and low-carbon transformation of economic society. On the asset side, wealth management institutions strive to promote ESG investment and continuously enrich the financial product system; On the capital side, wealth management institutions help investors establish green and low-carbon investment concepts, and guide funds to continue to flow to green and low-carbon economic fields.

Data show that at the end of June this year. There are 477 domestic ESG funds, compared with overseas, there is a very large room for growth in scale. We will continue to focus on the advantages of the main business, serve the national strategy and the level of the real economy, take the customer as the center, uphold the concept of “one Haitong”. And continue to contribute to the strength of Haitong for the high-quality development of the industry. CXO UNION-CXO联盟（cxounion.cn）

由CXO UNION-CXO联盟（cxounion.cn）转载而成，来源于中国财富管理50人论坛；编辑/翻译：CXO UNIONCXO联盟小U。

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