新老划断，“六新”天风焕新出发

Core Viewpoint - Tianfeng Securities has received a notice of investigation from the China Securities Regulatory Commission, indicating a significant regulatory development for the company as it continues to enhance its governance and operational structure under the control of Hubei Hongtai Group [1] Group 1: Business Development - Tianfeng Securities' investment banking business is a key driver of the company's growth, successfully completing notable IPOs for Xingfu Electronics and Zhongjie Automotive this year, showcasing its expertise in hard technology and high-end manufacturing [2] - The company has achieved a total bond underwriting scale of nearly 87.1 billion yuan, ranking 6th in the number of corporate bond issuances and 8th in underwriting amount in the market [2] - Tianfeng Securities has innovated in the bond market, completing several industry-first bond issuances, including the first national bond for rural revitalization supporting small and medium-sized enterprises [2] Group 2: Research and Profitability - The research division has solidified its core client base in public insurance, achieving third place in the Best Analyst Awards and maintaining a top-five position for eight consecutive years [3] - The proprietary trading business has significantly increased investment income, reporting a 19.92% year-on-year growth in net commission income and an 82.33% increase in investment income for the first three quarters [3] - The wealth management division is focused on increasing both client numbers and asset scale, with a reported asset management scale of 196.9 billion yuan and a cumulative trading volume of 1,022.7 billion yuan [3] Group 3: Asset Management and International Operations - Tianfeng Asset Management has strengthened its investment management capabilities and received multiple awards for its ABS business, including the "Best Supply Chain ABS Award" [4] - Tianfeng International successfully assisted Yama Tea in its listing on the Hong Kong Stock Exchange and has been active in the offshore RMB bond market, leading in the issuance of municipal bonds [4] - The company is strategically focusing on high-quality business development under the control of Hubei Hongtai Group, aiming to become a new type of securities firm with strong management and performance [4]