Century Securities General Manager Li Jianming: Small and medium-sized securities firms are generally facing challenges and difficulties such as weak customer base and limited investment in research and investment management business.

On November 19th, the 19th Shenzhen International Finance Expo opened, and the "2025 China Financial Institution Annual Conference and China Securities Industry Asset Management Summit Forum" was held simultaneously. Li Jianming, the general manager of Century Securities, stated in his keynote speech that small and medium-sized securities firms currently face three major difficulties and challenges in their asset management business. The first is weak customer base and difficult channel expansion. Due to the lack of public offering licenses, all clients must meet the qualified investor criteria. When seeking external distribution channels, small and medium-sized securities firms often have difficulty passing the admission review due to inadequate historical product performance indicators, making it difficult to effectively expand their business scale. The second is limited research and development investment, leading to severe product homogeneity. Constrained by asset size, profit levels, and human resources, small and medium-sized securities firms struggle to build strong research teams, resulting in insufficient breadth and depth of research coverage, affecting the sustainability and stability of investment performance. In product design, they often follow market trends to issue homogeneous products or rely on channel business to expand their scale, lacking differentiation advantages. The third is an increasingly fierce competitive environment, squeezing the survival space of small and medium-sized institutions. Li Jianming pointed out that leading institutions can attract funds and talent at lower costs due to their brand effects, leading to a Matthew effect, while small and medium-sized securities firms lag significantly behind in terms of customer base, talent attraction, and channel networks.