Jing Ji Guan Cha Wang·2025-11-26 10:05Core Viewpoint - The merger of Guolian Securities and Minsheng Securities marks a significant milestone in the Chinese securities industry, providing a model for future mergers and acquisitions while aiming to enhance their competitive edge through a comprehensive integration of their business operations and research capabilities [1][5]. Group 1: Merger and Integration - The merger was completed in 2025, becoming the first successful case of a market-oriented merger in the securities industry post the Central Financial Work Conference's call to "build a first-class investment bank" [1]. - Guolian Minsheng Securities is focusing on five major business areas: "big investment, big investment banking, big research, big wealth management, and big asset management" [1]. - The integration of research operations is nearing completion, aiming for a synergistic effect that enhances the scale and integration of research capabilities [1][3]. Group 2: Research Strength and Team Composition - The newly formed research institute boasts over 30 research teams, achieving full industry coverage and expanding into overseas markets [3]. - The research team is recognized as a "new wealth-level" research force, with top teams in various sectors including TMT, high-end manufacturing, and consumption [3]. - The research institute has received multiple accolades, including "Most Potential Research Institution" and "Fastest Growing Research Institution" in the New Wealth Best Analyst Awards [5]. Group 3: Financial Performance and Market Position - In 2024, Guolian Minsheng Securities achieved a significant increase in commission revenue, with a 347.73% year-on-year growth in split commission, making it the only firm in the top 20 to report such growth [5]. - The firm ranked 6th in the market for split commission, a substantial improvement from its previous rankings before the merger [5]. - The company aims to leverage its research capabilities to enhance its market position and brand recognition in the industry [6]. Group 4: Future Strategy and Development - The company plans to deepen the integration of AI technology in its research operations, enhancing its research capabilities through the application of the Deepseek AI platform [6][7]. - There is a focus on increasing research coverage of international markets, particularly in Hong Kong and the US, by attracting top talent in overseas research [7]. - The establishment of an AI research institute and an advisory committee aims to support national AI strategies and enhance the company's strategic research capabilities [7].