开源证券李刚：坚守长期主义 做中小企业的战略合伙人

Core Viewpoint - The article emphasizes the importance of securities companies, particularly Kaiyuan Securities, in becoming long-term strategic partners for small and medium-sized enterprises (SMEs) by adapting to their unique needs and challenges in the current economic environment [1][2]. Group 1: New Role of Securities Companies - Securities companies must embrace a new positioning to effectively support the long-term development of SMEs, focusing on inclusivity and adaptability in their services [1]. - The need for a comprehensive financial service system tailored to the development patterns and pain points of "specialized, refined, distinctive, and innovative" SMEs is highlighted [1]. Group 2: Long-term Strategic Commitment - The development of SMEs is characterized as a non-linear growth process, requiring a long-term commitment from financial services despite initial high risks and low returns [2]. - Companies are encouraged to resist short-term temptations and maintain strategic focus to achieve sustainable returns over time [2]. Group 3: Integrated Financial Service Model - Kaiyuan Securities is implementing a "research + investment + investment banking" integrated service model to provide comprehensive support throughout the lifecycle of SMEs [2][3]. - The establishment of the Beijing Stock Exchange Research Center in 2022 aims to enhance the understanding of SMEs and support their growth through extensive research and market engagement [2]. Group 4: Investment and Collaboration - The company leverages its alternative and private equity subsidiaries to invest early in innovative SMEs, providing post-investment support and fostering collaboration with local research institutions and universities [3]. - By investing in nearly 30 general partners (GPs), the company aims to create a robust capital market network for innovative SMEs, enhancing the overall funding landscape [3]. Group 5: Embracing Multi-tiered Capital Markets - The New Third Board serves as a preparatory platform for SMEs to enter public capital markets, helping them address historical issues related to governance and financial structure [4]. - A clear growth path is established for SMEs to transition from regional equity markets to the New Third Board and eventually to the Beijing Stock Exchange, promoting a collaborative ecosystem for their development [4]. Group 6: Contribution to National Strategy - Kaiyuan Securities positions itself as a key player in supporting the national strategy for technological self-reliance and modern financial system construction, focusing on serving specialized and innovative SMEs [4].