Nan Fang Du Shi Bao·2025-08-29 01:35Core Insights - Shenzhen has transformed from a fishing village to a global metropolis over 45 years, marking its anniversary with reflections from local brokerages on their role in the city's development [2][3] - Both Guosen Securities and China Merchants Securities have shared their growth stories, highlighting their contributions to Shenzhen's financial ecosystem and innovation [2][3] Company Growth Histories - Guosen Securities originated from one of the earliest brokerage offices in Shenzhen, evolving from a local entity with a registered capital of 100 million yuan to a national comprehensive securities company with total assets exceeding 500 billion yuan [2] - China Merchants Securities began as a securities division of China Merchants Bank in 1991, growing its total assets from 10 million yuan to over 720 billion yuan by the end of 2024, establishing a presence in 125 cities [3] Innovation and Industry Leadership - Guosen Securities has pioneered several industry innovations, including the first computer-assisted trading system and the first exchangeable bonds in the investment banking sector [4] - China Merchants Securities introduced the first multifunctional card in the Chinese securities market and launched the first professional online trading platform, setting benchmarks for online securities services [4] Strategic Directions and Practices - Guosen Securities emphasizes "deepening reform" and "market-oriented operations," implementing various reforms across its business lines to enhance efficiency and accountability [5][6] - China Merchants Securities has actively participated in local enterprise restructuring and has adapted its business structure to maintain resilience and growth, particularly during market reforms [7][8] Market Environment and Future Outlook - The Chinese capital market is experiencing a revival, with IPO activities increasing and market vitality improving, yet both brokerages face challenges in maintaining their competitive positions [9] - Despite a year-on-year revenue growth of 9.64% for China Merchants Securities in Q1 2025, its industry ranking has slipped from 9th to 11th, indicating the need for strategic adjustments to capitalize on market opportunities [9]