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申万宏源(06806) - 2021 - 中期财报
SWHYSWHY(HK:06806)2021-09-16 08:47

Section 1. Important Notice, Table of Contents, and Definitions This section provides essential notices, the report's table of contents, and definitions of key terms Section 2. Company Profile and Key Financial Indicators This section introduces the company's background and presents its key financial performance and position metrics Company Profile Shenwan Hongyuan Group Co., Ltd. is an A+H share listed company with main offices in Beijing and Hong Kong, and Mr. Huang Hao as its legal representative - The company is an A+H share listed company, with stock codes 000166 (SZSE) and 6806 (HKEX) respectively9 Key Accounting Data and Financial Indicators During the reporting period, the company achieved significant year-on-year growth in total revenue and profit attributable to equity holders, with total assets also increasing, and no material differences in financial results under domestic and international accounting standards Key Financial Indicators for H1 2021 (IFRS) | Indicator | H1 2021 | H1 2020 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue and Other Income (Thousand RMB) | 21,280,128 | 17,790,098 | 19.62% | | Profit Before Tax (Thousand RMB) | 5,347,139 | 4,955,930 | 7.89% | | Profit Attributable to Equity Holders of the Company (Thousand RMB) | 4,520,910 | 4,034,768 | 12.05% | | Basic Earnings Per Share (RMB/Share) | 0.18 | 0.16 | 12.50% | | Weighted Average Return on Net Assets (%) | 5.01 | 4.75 | Increase of 0.26 percentage points | Key Balance Sheet Indicators as of June 30, 2021 (IFRS) | Indicator | June 30, 2021 | December 31, 2020 | Change from Prior Year-End (%) | | :--- | :--- | :--- | :--- | | Total Assets (Thousand RMB) | 520,597,662 | 491,124,277 | 6.00% | | Total Liabilities (Thousand RMB) | 426,634,352 | 401,033,687 | 6.38% | | Total Equity Attributable to Equity Holders of the Company (Thousand RMB) | 92,269,280 | 88,464,617 | 4.30% | - There is no material difference in net profit and total equity attributable to equity holders of the company between financial reports prepared under IFRS and China Accounting Standards for Business Enterprises17 Net Capital and Related Risk Control Indicators Shenwan Hongyuan Securities' parent company net capital increased by 9.43% to RMB 72.28 billion, with all risk control indicators meeting regulatory requirements despite slight decreases in liquidity coverage and net stable funding ratios Shenwan Hongyuan Securities Parent Company Key Risk Control Indicators | Indicator | End of Current Reporting Period | End of Prior Year | Change | | :--- | :--- | :--- | :--- | | Net Capital (Thousand RMB) | 72,283,843 | 66,054,127 | 9.43% | | Risk Coverage Ratio | 186.70% | 163.70% | Increase of 23.00 percentage points | | Capital Leverage Ratio | 15.74% | 16.06% | Decrease of 0.32 percentage points | | Liquidity Coverage Ratio | 203.82% | 205.07% | Decrease of 1.25 percentage points | | Net Stable Funding Ratio | 123.73% | 133.71% | Decrease of 9.98 percentage points | Section 3. Management Discussion and Analysis This section provides an in-depth analysis of the company's operational performance, financial condition, and future outlook Overview of Principal Businesses The company operates as an investment holding group primarily focused on securities business, structured into four main segments: Corporate Finance, Personal Finance, Institutional Services and Trading, and Investment Management - The company's business structure is divided into four major segments: - Corporate Finance: Includes investment banking and principal investment businesses - Personal Finance: Provides brokerage, margin financing, and securities lending services to individual and non-professional institutional investors - Institutional Services and Trading: Offers prime brokerage, research and consulting, and proprietary trading services - Investment Management: Encompasses asset management, public fund management, and private fund management2021 Analysis of Core Competencies The company's core strengths include leading comprehensive capabilities, a broad business scope, strategic regional presence, effective risk management, and a robust talent system, all contributing to its industry leadership - The company's core competencies include: - Leading Comprehensive Strength: Strong shareholder advantages and robust capital strength position it among the industry leaders in comprehensive competitiveness - Comprehensive Business Layout: Possesses a full range of licenses and a complete securities business product line, actively expanding its investment footprint - Favorable Regional Advantages: Strategic forward-looking布局 in traditional advantageous regions like Shanghai and Xinjiang, as well as key strategic areas such as the Guangdong-Hong Kong-Macao Greater Bay Area and Beijing-Tianjin-Hebei region - Effective Risk Management: Established a group-wide risk management system, with all risk control indicators meeting regulatory requirements - Robust Talent Mechanism: Centered on market-oriented mechanisms to promote shared interests among the company, shareholders, and employees2728293031 Analysis of Principal Businesses In H1 2021, the company achieved strong overall operating performance with revenue and net profit growth exceeding industry averages, primarily driven by institutional services and trading, while investment management revenue declined Operating Performance by Business Segment for H1 2021 (Unit: Thousand RMB) | Business Segment | Total Revenue and Other Income | Total Expenses | YoY Change in Total Revenue (%) | YoY Change in Total Expenses (%) | | :--- | :--- | :--- | :--- | :--- | | Corporate Finance | 1,500,418 | 1,160,004 | 16.43% | 24.66% | | Personal Finance | 6,402,444 | 4,357,245 | 6.57% | 8.44% | | Institutional Services and Trading | 12,482,678 | 10,106,586 | 31.65% | 36.42% | | Investment Management | 894,588 | 708,121 | -11.57% | 5.64% | | Total | 21,280,128 | 16,331,956 | 19.62% | 25.37% | Corporate Finance Business The Corporate Finance segment generated RMB 1.5 billion in total revenue, a 16.43% year-on-year increase, driven by strong growth in investment banking, while principal investment business revenue declined - Investment banking seized market opportunities, completing 14 equity financing projects domestically with a financing amount of RMB 16.24 billion, and leading underwriting of corporate bonds totaling RMB 78.23 billion, ranking 7th in the industry37 - Principal investment business steadily expanded, with Hongyuan Huizhi adding RMB 720 million in private, small, and medium-sized enterprise investments and financing, and Shenwan Direct Investment having 4 portfolio companies successfully listed38 Personal Finance Business The Personal Finance segment achieved RMB 6.40 billion in total revenue, a 6.57% year-on-year increase, benefiting from robust securities brokerage and strong financial product sales, while stock pledge business was actively compressed - Securities brokerage business: Net income from agency trading business was RMB 1.895 billion, client assets under custody reached RMB 4.31 trillion, with a market share of 6.41%40 - Futures brokerage business: Shenwan Futures' average daily client equity increased by 38.66% year-on-year, and Hongyuan Futures' average daily client equity increased by 73.16% year-on-year4142 - Margin financing and securities lending business: Year-end scale was RMB 80.68 billion, a slight decrease of 0.20% from the prior year-end, with a market share of 4.52%43 - Stock pledge financing business: Financing balance was RMB 8.18 billion, a 28.85% decrease from the prior year-end, reflecting active risk control44 - Financial product sales: Sales of self-developed products reached RMB 101.14 billion, a 173.78% year-on-year increase; agency sales of third-party products reached RMB 51.54 billion, a 34.71% year-on-year increase45 Institutional Services and Trading Business The Institutional Services and Trading segment performed strongly, achieving RMB 12.48 billion in total revenue, a 31.65% year-on-year increase, driven by prime brokerage, FICC, and equity sales and trading, with significant growth in derivatives and cross-border businesses - Prime brokerage business: Trading unit seat commission income was RMB 405 million, a 31.90% year-on-year increase; PB system total scale was approximately RMB 248.97 billion4748 - FICC sales and trading business: Bond business investment return rate surpassed market indices, and the company obtained market maker qualification for interbank bond spot trading5051 - Derivatives business: OTC options business scale ranked among the top in the industry, and cross-border business scale increased by over 300% from the prior year-end53 Investment Management Business The Investment Management segment generated RMB 895 million in total revenue, an 11.57% year-on-year decrease, with asset management scale reaching RMB 319.20 billion and significant growth in public fund management through its associate, Fullgoal Fund - Asset management business: As of the end of the reporting period, business scale was RMB 319.20 billion, ranking 9th in the industry56 - Public fund management business: Fund investment advisory services reached 81,000 clients, with an AUM of nearly RMB 2.9 billion; associate Fullgoal Fund's AUM reached RMB 790.7 billion, a 34.49% increase from the beginning of the year57 Financial Statement Analysis The company maintained a stable financial position during the reporting period, with total assets and liabilities increasing, driven by growth in fee and commission income, net investment income, and other income, while operating cash flow was a net outflow due to increased financial instrument investments Analysis of Consolidated Statement of Profit or Loss In H1 2021, the Group's total revenue and other income increased by 19.62%, primarily driven by fee and commission income, net investment income, and other income, while total expenses rose by 25.37% due to higher commodity sales costs, interest expenses, and staff costs Revenue Composition for H1 2021 (Unit: Thousand RMB) | Item | H1 2021 | H1 2020 | Change (%) | | :--- | :--- | :--- | :--- | | Fee and Commission Income | 5,134,700 | 4,273,827 | 20.14 | | Interest Income | 5,579,696 | 5,666,902 | -1.54 | | Net Investment Income | 4,635,058 | 3,289,342 | 40.91 | | Other Income and Gains | 5,930,674 | 4,560,027 | 30.06 | | Total Revenue and Other Income | 21,280,128 | 17,790,098 | 19.62 | Expense Composition for H1 2021 (Unit: Thousand RMB) | Item | H1 2021 | H1 2020 | Change (%) | | :--- | :--- | :--- | :--- | | Interest Expense | 4,632,538 | 3,799,738 | 21.92 | | Staff Costs | 3,499,091 | 3,031,318 | 15.43 | | Other Operating Expenses | 6,627,393 | 4,789,057 | 38.39 | | Total Expenses | 16,331,956 | 13,027,158 | 25.37 | Analysis of Consolidated Statement of Cash Flows As of June 30, 2021, the Group's cash and cash equivalents increased by 51.59% to RMB 48.05 billion, with a net cash inflow of RMB 10.51 billion during the period, driven by net cash inflow from investing activities offsetting net outflow from operating activities - Net cash outflow from operating activities was RMB 26.94 billion, an increase of RMB 19.32 billion in outflow year-on-year, primarily due to increased cash outflow from the purchase of financial instruments at fair value through profit or loss62 - Net cash inflow from investing activities was RMB 34.97 billion, compared to a net outflow of RMB 15.73 billion in the prior period, mainly due to increased cash inflow from the disposal of financial assets at fair value through other comprehensive income62 Analysis of Consolidated Statement of Financial Position As of June 30, 2021, the Group's total assets reached RMB 520.6 billion, a 6.00% increase from the beginning of the year, primarily driven by an increase in financial assets at fair value through profit or loss, with a balanced debt structure and controllable liquidity risk - The main reason for the increase in current assets was a RMB 48.41 billion increase in 'financial assets at fair value through profit or loss' from the beginning of the year67 - The main reason for the increase in current liabilities was a RMB 28.91 billion increase in 'long-term bonds due within one year' from the beginning of the year67 - The company's financing channels include interbank borrowing, income certificates, and corporate bonds; as of the end of the reporting period, liabilities due in over one year accounted for 46.93%, and those due within one year accounted for 53.07%, with no overdue debts6870 Analysis of Investment Status During the reporting period, the company's equity in associates and joint ventures decreased by 11.45% to RMB 4.17 billion, with no new significant equity or non-equity investments, and its securities portfolio primarily consisting of asset management plans, bonds, and stocks - Equity investments in associates and joint ventures amounted to RMB 4.17 billion, a 11.45% decrease from RMB 4.71 billion in the prior year76 - The top ten securities investments at period-end included Rongyu Fund Shenwan Hongyuan Securities No. 1 Collective Asset Management Plan, CATL, Hikvision, and Kweichow Moutai78 Analysis of Major Subsidiaries and Associates The company holds several wholly-owned and controlled subsidiaries, with Shenwan Hongyuan Securities Co., Ltd. being a core contributor with RMB 4.45 billion in net profit for H1, and associate Fullgoal Fund Management Co., Ltd. also performing strongly with RMB 1.24 billion in net profit Operating Performance of Major Subsidiaries for H1 2021 (Unit: Thousand RMB) | Company Name | Type | Total Assets | Net Assets | Net Profit | | :--- | :--- | :--- | :--- | :--- | | Shenwan Hongyuan Securities Co., Ltd. | Wholly-owned Subsidiary | 479,955,774 | 92,444,987 | 4,451,834 | | Hongyuan Huizhi Investment Co., Ltd. | Wholly-owned Subsidiary | 6,346,205 | 2,191,605 | 77,440 | | Hongyuan Futures Co., Ltd. | Wholly-owned Subsidiary | 14,728,525 | 1,441,377 | 85,217 | | Shenwan Futures Co., Ltd. | Controlled Subsidiary | 26,903,064 | 3,628,510 | 137,256 | Operating Performance of Major Associates for H1 2021 (Unit: Thousand RMB) | Company Name | Type | Total Assets | Net Assets | Net Profit | | :--- | :--- | :--- | :--- | :--- | | Fullgoal Fund Management Co., Ltd. | Associate | 9,590,773 | 5,732,272 | 1,241,936 | Use of H-share Proceeds The net proceeds from the 2019 H-share issuance were allocated as planned, with approximately 50% for securities business, 30% for principal investments, and 20% for international business, and all funds were fully utilized by the end of the reporting period - H-share proceeds allocation: approximately 50% for securities business development, 30% for principal investments, and 20% for international business development86 - During the reporting period, RMB 1.5 billion of the proceeds was injected into Shenwan Hongyuan Securities to support the international group's business development86 - As of June 30, 2021, all proceeds have been fully utilized, with no unutilized amounts90 Risk Analysis and Response The company faces market, credit, liquidity, operational, policy, legal compliance, innovation, and exchange rate risks, and has established a comprehensive group-wide risk management system with specific countermeasures for each risk type - Market Risk: Primarily arises from proprietary trading and other businesses; the company manages this through a 'risk appetite-tolerance-limit' system, VaR, and stress testing, with Shenwan Hongyuan Securities' proprietary investment business VaR (1-day, 95%) at RMB 140 million at period-end92 - Credit Risk: Primarily stems from financing businesses and fixed-income proprietary trading; the company addresses this by compressing stock pledge business scale (a 28.85% decrease in H1), establishing an internal rating system, and strengthening due diligence94 - Liquidity Risk: Managed by improving liquidity reserves, optimizing asset-liability structure, and diversifying financing channels; during the reporting period, both the Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) met regulatory standards96 Business Outlook For the next reporting period, the company plans to focus on developing light-asset businesses, enhancing core competitiveness, strengthening internal resource integration and synergy, and continuously optimizing development quality through improved risk management, fintech empowerment, and refined management - Key future operating plans include: - Vigorously developing light-asset businesses - Enhancing synergistic development capabilities and strengthening internal resource integration - Solidifying management foundations, including risk management, fintech empowerment, and refined management102 Section 4. Corporate Governance This section details the company's governance structure, compliance with regulations, and changes in its board, supervisory committee, and senior management Overview of Corporate Governance As an A+H listed company, the company strictly adheres to listing regulations, continuously improves its governance structure, complied with all provisions of the Corporate Governance Code, and held its 2020 Annual General Meeting to approve key resolutions - The company strictly complies with the laws and regulations of its listing venues, and during the reporting period, it adhered to all provisions of the Corporate Governance Code103 - The 2020 Annual General Meeting was held on May 28, 2021, reviewing and approving 17 proposals, including the re-election of the Board of Directors104105 Changes in Directors, Supervisors, and Senior Management During the reporting period, the company completed the re-election of its Board of Directors and Supervisory Committee on May 28, 2021, with Mr. Chu Xiaoming re-elected as Chairman and Mr. Xu Yiyang elected as Chairman of the Supervisory Committee, alongside appointments and adjustments to senior management - The company completed the re-election of its Board of Directors on May 28, 2021, forming the Fifth Board of Directors with 11 members, and Mr. Chu Xiaoming was re-elected as Chairman108109 - The company completed the re-election of its Supervisory Committee, forming the Fifth Supervisory Committee with 5 members, and Mr. Xu Yiyang was elected as Chairman of the Supervisory Committee111112 - Changes occurred in senior management, with the appointment of a new Executive Committee and Mr. Xu Liang as Board Secretary113114 Employees and Remuneration Policy As of June 30, 2021, the company had 11,591 employees and implements a market-oriented, performance-linked remuneration system, complemented by a tiered training system to support talent development aligned with its strategic goals - As of the end of the reporting period, the company had a total of 11,591 employees, with the vast majority being employees of Shenwan Hongyuan Securities117 - The company implements a market-oriented remuneration policy, where compensation is directly linked to company, departmental, and individual performance118 Section 5. Environmental and Social Responsibility This section outlines the company's commitment to environmental protection and social welfare through green finance initiatives, low-carbon operations, and targeted poverty alleviation efforts Environmental Responsibility The company actively supports national 'carbon peak and carbon neutrality' strategies by developing green finance, practicing low-carbon operations, and engaging in green research, including hosting a 'carbon neutrality' conference and publishing a white paper - The company vigorously develops green finance by underwriting green bonds, investing in environmental protection enterprises, and establishing 'carbon neutrality' funds121 - The company was successfully selected as a Vice Chairman Unit of the China Green Carbon Foundation and established the industry's first 'carbon neutrality' sector team122 Social Responsibility The company actively fulfills its social responsibilities by continuing targeted assistance to areas like Huining County in Gansu and Makit County in Xinjiang, investing RMB 32.25 million in H1 2021 for education, insurance, industry, ecological, and talent support projects - In H1 2021, the company cumulatively invested RMB 32.25 million in designated poverty alleviation areas123 - Assistance measures include: - Education Assistance: Establishing 'Shenwan Hongyuan Classes' and subsidizing students from disadvantaged families - Insurance Assistance: Promoting 'Comprehensive Anti-Poverty Return Insurance' and 'Insurance + Futures' projects - Industrial Assistance: Investing RMB 7 million to support Huining's advantageous industries and leading enterprises - Ecological Assistance: Investing RMB 5 million to implement 'Carbon Sink Afforestation Projects' - Talent Assistance: Investing RMB 14 million to support the construction of Huining Cadre College124125126127129 Section 6. Significant Matters This section covers key events including the change of accounting firms, ongoing litigation, significant related party transactions, and important matters concerning the company's subsidiaries Change of Accounting Firm Due to KPMG Huazhen reaching its maximum continuous engagement period, the company changed its accounting firm for 2021, appointing PwC Zhongtian and PricewaterhouseCoopers as its domestic and international auditors, respectively, following board and shareholder approval - Due to reaching the maximum continuous engagement period, the company's 2021 auditors were changed from KPMG Huazhen to PwC Zhongtian (domestic) and PricewaterhouseCoopers (international)134 Litigation Matters During the reporting period, the company had no major lawsuits or arbitrations, but its subsidiary Shenwan Hongyuan Securities was involved in multiple margin financing and stock pledge disputes ranging from tens of millions to hundreds of millions of yuan, with some cases in enforcement and others still pending - During the reporting period, Shenwan Hongyuan Securities had several new lawsuits, primarily involving margin financing and securities lending disputes and pledged securities repurchase contract disputes, such as the case against Liu Xiangdai (principal of RMB 108 million) and the case against Zhang Liuyang (principal of RMB 85 million)135136137 - Progress was made in several legacy cases, such as the pledged securities repurchase dispute case against Shen Peijin and Zhu Lijing (principal of RMB 695 million), where the judgment has become effective and entered enforcement proceedings143 Significant Related Party Transactions During the reporting period, the company engaged in routine related party transactions with affiliates, including securities financial services, product trading, leasing, and comprehensive services, all conducted within approved limits and at market-based prices, with no significant asset acquisitions or disposals - The company engaged in routine related party transactions, including securities brokerage, investment banking, and asset management, with China Jianyin Investment and its affiliates, Shanghai International Trust, and SAIC Group Finance Co., Ltd.159160 - The company conducted securities and financial product transactions, such as repurchase transactions and bond trading, with related parties including Shanghai International Trust and Bank of Shanghai165167 Significant Matters of Company Subsidiaries During the reporting period, subsidiary Shenwan Hongyuan Securities issued multiple corporate, subordinated, and perpetual subordinated bonds, and received regulatory warning letters or rectification orders for internal control and employee conduct issues, which have since been rectified - Subsidiary Shenwan Hongyuan Securities issued multiple tranches of corporate bonds, subordinated bonds, and perpetual subordinated bonds to support its business development193194195 - During the reporting period, Shenwan Hongyuan Securities and its subsidiaries received warning letters or rectification orders from the Xinjiang, Chongqing, and Jiangsu CSRC bureaus due to issues such as employee conduct norms and inadequate internal controls207209210 Section 7. Share Changes and Shareholder Information This section details the company's share capital structure and the holdings of its major shareholders, including changes due to securities lending activities Share Changes During the reporting period, the company's total share capital remained unchanged at 25,039,944,560 shares, with unrestricted shares accounting for 99.9983% and restricted shares for 0.0017% Share Structure | Share Type | Number of Shares | Percentage | | :--- | :--- | :--- | | Restricted Shares | 437,244 | 0.0017% | | Unrestricted Shares | 25,039,507,316 | 99.9983% | | Total Share Capital | 25,039,944,560 | 100.00% | Shareholder Information As of June 30, 2021, the company had 295,060 common shareholders, with China Jianyin Investment and Central Huijin Investment as the top two shareholders, holding 26.34% and 20.05% respectively, and some shareholder holdings changed due to securities lending activities Top Ten Common Shareholders' Shareholding Information (As of June 30, 2021) | Shareholder Name | Shareholder Nature | Shareholding Percentage (%) | Number of Shares | | :--- | :--- | :--- | :--- | | China Jianyin Investment Ltd. | State-owned Legal Person | 26.34 | 6,596,306,947 | | Central Huijin Investment Ltd. | State Share | 20.05 | 5,020,606,527 | | HKSCC Nominees Limited | Overseas Legal Person | 10.00 | 2,503,803,370 | | Shanghai Jiushi (Group) Co., Ltd. | State-owned Legal Person | 4.71 | 1,178,251,789 | | China Everbright Group Co., Ltd. | State-owned Legal Person | 3.99 | 999,000,000 | | Sichuan Development Holding Co., Ltd. | State-owned Legal Person | 3.54 | 886,043,633 | - Central Huijin Investment Ltd. holds 100% equity in China Jianyin Investment Ltd. and is the company's ultimate controlling shareholder216 Section 8. Bond-Related Information This section provides an overview of the company's outstanding bonds, their repayment status, and key debt-servicing capacity indicators Corporate Bond Information During the reporting period, the company had multiple outstanding public and non-public corporate bonds, successfully executed a put option and interest rate adjustment for '18 Shenhong 01' bond, with all bonds serviced on time and no defaults, and maintained AAA credit ratings with a stable outlook - The company exercised the investor put option for the '18 Shenhong 01' bond, with a put amount of RMB 467 million, and subsequently lowered the coupon rate to 3.20%240 - During the reporting period, the company's bond credit rating remained unchanged, with the main credit rating maintained at AAA and a stable outlook241 Key Debt-Servicing Capacity Indicators As of the end of the reporting period, the company's asset-liability ratio was 77.76%, a slight increase from the prior year-end, and its interest coverage ratio decreased to 2.20 times, while loan repayment and interest payment rates remained at 100% Key Financial Indicators | Item | Current Reporting Period | Prior Year Period | Change | | :--- | :--- | :--- | :--- | | Asset-Liability Ratio (%) | 77.76 | 77.08 (Prior Year-End) | Increase of 0.68 percentage points | | Interest Coverage Ratio | 2.20 | 2.36 | Decrease of 0.16 | | Loan Repayment Rate (%) | 100.00 | 100.00 | — | | Interest Payment Rate (%) | 100.00 | 100.00 | — | Section 9. Financial Report This section presents the interim condensed consolidated financial statements, including the review report, and detailed notes on accounting policies, financial instruments, and segment reporting Review Report and Financial Statements This section includes the review report by PricewaterhouseCoopers and the unaudited interim condensed consolidated statements of profit or loss, comprehensive income, financial position, changes in equity, and cash flows, prepared in accordance with IFRS, with no matters found to suggest non-compliance - This interim condensed consolidated financial report is unaudited but has been reviewed by PricewaterhouseCoopers in accordance with International Standard on Review Engagements 2410251485 Notes to the Interim Condensed Consolidated Financial Report The notes to the financial report provide detailed information on the company's background, accounting basis, significant accounting policies, and a breakdown of major consolidated statement items, including revenue composition, financial instrument details, segment reporting, related party transactions, fair value measurements, and financial instrument risk management - The notes provide detailed segment reporting information, classifying the company's businesses into four segments: Corporate Finance, Personal Finance, Institutional Services and Trading, and Investment Management, and presenting each segment's revenue, expenses, assets, and liabilities401403 - The notes provide a three-level fair value hierarchy and detailed disclosures for financial instruments, and describe the company's management policies, methods, and sensitivity analysis for credit risk, liquidity risk, and market risk407423