Guosen Securities(SZ:002736) Zheng Quan Ri Bao Zhi Sheng·2025-08-11 16:43Group 1: Industry Trends - The trend of brokers closing or merging branches is driven by the shift of investor operations online and the goal of cost reduction and efficiency improvement, with 87 branches announced for closure by August 11 this year [1] - As of August 11, 21 brokers have announced the closure of branches, including 8 subsidiaries and 79 branch offices, with Guosen Securities leading with 21 closures [2][4] - The integration and simplification of offline branches are seen as necessary for cost savings and efficiency improvements, marking a shift from rapid expansion through physical locations to a focus on digital transformation [3] Group 2: Brokerage Business Transformation - The continuous optimization of branch layouts is closely linked to the transformation of brokerage business, which is a core part of brokers' operations [4] - In a favorable market environment, brokerage income has significantly increased, with an expected 40% year-on-year growth in net income for the brokerage business in the first half of the year [4] - Brokers are shifting their focus from traditional offline branches to online platforms for customer acquisition, with companies like Guosen Securities emphasizing the importance of digital operations [4][5] Group 3: Future Strategies - Brokers are encouraged to enhance their digital operating systems and improve online customer acquisition capabilities, transitioning branches into comprehensive wealth management centers [5] - The future of brokerage business is expected to accelerate towards a multi-faceted model of "trading services + wealth management + institutional services," with leading brokers leveraging scale and resources [5] - Digitalization and buyer advisory capabilities are anticipated to become the core competitive advantages for brokerage firms [5]