China's brokerage wealth management sector is undergoing active transformation, broadly emulating China Merchants Bank's shift from a traditional "product selling" model to a "customer-centric" buyer-side logic. Facing challenges such as declining trading commission rates and concentrated trading volumes, brokerages are driving this transformation by adjusting performance metrics (reducing "flow indicators" like product sales and trading volume, and increasing "stock indicators" like client returns and net new AUM), strengthening investment advisor training, innovating product and service systems, and restructuring their organizations. Several brokerages, including Southwest Securities, Huafu Securities, and Shenwan Hongyuan, have already taken concrete actions and are actively applying AI to client services and investment research empowerment. China Merchants Bank's successful experience, which includes launching "Sunflower Wealth Management" in 2002, its retail AUM management philosophy, and its "AI First" strategy, is seen as a benchmark for brokerage transformation.