Group 1: Industry Impact and Response - The brokerage industry is facing pressure on commission rates due to the impact of the internet, which is expected to continue decreasing these rates [1] - To counteract this, brokerages should enhance their services, such as margin financing, to adapt to the changing landscape [1] - Providing professional advisory services can increase client loyalty and recognition, with Guosen Securities focusing on productizing their service offerings [1] - Embracing changes brought by the internet, especially mobile internet, is crucial, as many securities firms are establishing their own platform and traffic channels [1] Group 2: Financing Strategies - The company will continuously improve its capital structure based on regulatory requirements and business development needs [2] - The choice of external financing methods will be determined by the company's asset-liability structure and liquidity status [2] Group 3: Investment Banking Development - Investment banking is a key business for Guosen Securities, focusing on integrating clients through multi-tiered capital market interfaces to drive client flow growth [2] - The ability to provide comprehensive professional services and develop a diversified service platform will be critical for future growth [2] - Guosen Securities is closely monitoring policy changes, such as the registration system reform, to enrich its "full value chain" service model [2] Group 4: Information Disclosure Compliance - During the investor relations activities, the company ensured full communication with investors, adhering to information disclosure management regulations to guarantee the accuracy and completeness of disclosed information [2]

Group 1: Market Position and Performance - As of October 2015, the company's margin financing and securities lending market share is approximately 4%, ranking seventh in the market [1] - From January to October 2015, the company ranked fifth in trading volume market share and first in commission market share [2] - The company's commission rate has remained above the industry average and the top ten brokers, although it has decreased compared to 2014, with the decline being less than the industry average [2] Group 2: Branch and Client Management - As of September 2015, the company has 42 branches and 151 business offices located in 102 major cities and regions across the country [2] - Since 2013, the company has accelerated its network expansion, establishing 76 new small-scale business offices [2] - The company does not have a unified asset scale standard for client classification in its brokerage business, as local offices must adapt to local market conditions [2] Group 3: Financial Management and Capital Use - The margin financing and securities lending balance decreased from approximately 100 billion yuan at the end of June 2015 to over 40 billion yuan by the end of September 2015, with the returned funds primarily used for repaying previous debt financing, new fixed-income investments, and special stabilization funds from the China Securities Finance Corporation [3] - The company's share placement for 2015 is still under review by the China Securities Regulatory Commission [3]

Group 1: Market Reform and Business Impact - The registration system reform will accelerate the development of the capital market and expand market capacity, providing more opportunities for capable securities firms [3] - The capital market will see a significant increase in diversity with the introduction of new boards and mechanisms for different types of companies [3] - Market efficiency will improve, enhancing the marketization of traditional investment banking services such as IPOs and mergers [3] Group 2: Company Performance and Market Position - The company ranks fifth in the number of completed projects and second in market-making on the New Third Board, with the highest trading volume recently [4] - The company's system can support the current trading volume, which has reached a daily average of 2 trillion [4] - The company's commission rates are under pressure but remain above market levels due to differentiated services [4] Group 3: Margin Financing and Business Growth - The average maintenance guarantee ratio in the market is around 240%, with the company's overall level higher than the market average [5] - The new regulation limits margin financing scale to no more than four times net capital, which may slow growth [5] - The company dynamically selects stocks for margin financing based on indicators like price increase, P/E ratio, and P/B ratio [5] Group 4: Account Management and Wealth Management - The market share for new account openings has remained stable despite policy changes [6] - The company leads in account openings and trading volume in the Shanghai-Hong Kong Stock Connect [6] - The company is focusing on talent development and product diversification in wealth management [6] Group 5: Opportunities from Overseas Listings - The company is positioning itself to capture investment banking opportunities from internet companies returning to A-shares, which are expected to be well-received in the market [6]