The first batch of 14 securities firms have been piloting cross-border wealth management services for one month. The reporter learned that in the first month of opening, three securities clients, CITIC South China, Huatai Securities, and Guangfa Securities, cross-border remittance funds exceeded 100 million yuan, leading the industry in terms of account opening quantity and investment scale. For the "full moon" transcript, many industry insiders have expressed that it meets expectations. This is a trial run for securities firms in cross-border wealth management services. The convenience of online account opening and the benefits of wealth management products have attracted investors. Currently, the focus is on opening accounts and investing in "Southbound Connect". Several securities firms that have obtained qualifications for business development have revealed that the company will promote cross-border wealth management as a key business in 2025, and some securities firms will issue assessment indicators such as the number of account openings to each business department. At present, although there are securities firms that have not yet obtained the qualification to expand their business and are looking forward to the expansion of the second batch of securities firms, the reporter learned that the first batch of securities firms have just started the pilot program and there is currently no expansion work arrangement in the short term. Mr. Wu, a customer of Guangfa Securities, said, "I applied for 'Southbound Pass' on December 4th, the day it was opened, and it was approved on the same day. The pure online operation is very convenient. As an experienced investor, he regards cross-border wealth management as an asset allocation tool, which "means that residents in the Greater Bay Area have an extra basket to put eggs in and can diversify their investments". His current cross-border wealth management investments mainly consist of Hong Kong dollar, US dollar, and bond fund allocations. Cross border Wealth Management Connect "is a pilot program for mainland and Hong Kong/Macau investors in the Guangdong Hong Kong Macao Greater Bay Area to invest in qualified products provided by each other's financial institutions. It is divided into" Southbound Connect "and" Northbound Connect "according to the identity of the investment subject. It is reported that in the past month, all securities firms have focused on "Southbound Connect" for their business development. What are the attractions of 'Southbound Link' for mainland investors? Mr. Wu told reporters that in the context of interest rate cuts, returns are the biggest reason. He opened the app and showed the reporter: "Taking the money market fund as an example, the product of 'Southbound Connect' can reach 4%, while the return of domestic financial institutions is 2%." In addition, "there is a limit of up to 3 million yuan available, which does not occupy one's own foreign exchange limit, and can be exchanged with one click on the app. Some investors have also mentioned that currently, many overseas market ETF fund products purchased through QDII channels have encountered issues such as purchase restrictions and premiums, which has to some extent led eligible investors to move to "Southbound Connect". In fact, the trend of cross-border wealth management being hot in the south and cold in the north has existed for a long time. Since the launch of cross-border wealth management 1.0, the investment amount of "southbound" has accounted for more than 90%. For Hong Kong and Macao investors, there are relatively abundant channels and tools for investing in the north. Taking buying funds as an example, Hong Kong and Macao residents can invest through various channels such as "mutual recognition of funds" and opening accounts in mainland China. With the advancement of related businesses, the types and quantities of products listed are increasing. Taking China International Capital Corporation (CICC) as an example, there are over 6000 fund products that meet the "Northbound Connect" requirements, including stock funds, hybrid funds, money market funds, bond funds, etc; The number of qualified fund products for "Southbound Connect" exceeds 170, with main investment strategies including Greater China Equity Fund, Asian Equity Fund, Short Term Bond Fund, Money Market Fund, etc. At the same time, there are also hundreds of qualified bond products, mainly covering global sovereign bonds, investment grade corporate bonds, etc. Securities firms continue to increase their efforts in expanding their business. After a month of expansion, we have continuously adapted and discovered many bottlenecks and pain points in account opening, such as the standardization of asset certification, "a business manager of a securities firm told reporters. According to its introduction, investors participating in cross-border wealth management channels must meet the condition of "household financial net assets not less than 1 million or household financial assets not less than 2 million in the past 3 months". Some financial assets do not have online evidence collection services, and customers have to go offline to handle them. In order to solve the pain point, the company is optimizing the process to enable customers to "painlessly open accounts" and promote business through service. Coincidentally, Guangfa Securities has also deployed at the group level, leveraging efficient business linkage both domestically and internationally to provide comprehensive services to customers both domestically and internationally, offering more agile cross-border services throughout the entire process. There are also securities firms that use assessments to promote business. In 2025, KPI assessment indicators will be issued to the business department to motivate everyone in the company, "said a business backbone of a securities firm. Since the establishment of their own cross-border wealth management service, they have conducted multiple rounds of training and have been increasingly linked with Hong Kong companies. In the eyes of the first batch of securities firms, the opportunities brought by "Cross border Wealth Management Connect" should not be missed. Guosen Securities regards cross-border wealth management as an important lever to promote the development goals of 'full value chain wealth management' and 'multi-channel international development' business. The relevant person in charge said that in order to obtain the first batch of pilot qualifications, the company has been preparing for more than a year. 'Next, we will continue to deepen the collaborative cooperation mechanism with Guosen Hong Kong, jointly develop in compliance, and ensure the smooth progress of business.' It is worth mentioning that there are also securities firms that have not yet obtained the qualification to expand the pilot list. Regarding this, some industry insiders admitted that from the list of the first batch of securities firms, establishing a Hong Kong subsidiary and having a relatively complete wealth management business service team in the Greater Bay Area is one of the necessary conditions for obtaining the qualification for business development. If the conditions are not met, one can learn from pilot securities firms and strive to promote the application for business qualifications. At the same time, under the premise of legality, compliance, and controllable risks, one can explore business cooperation with pilot securities firms