2 1 Shi Ji Jing Ji Bao Dao·2026-01-19 06:31Core Insights - The opening of the direct flight route from Haikou to Kuala Lumpur in 2025 symbolizes China's financial strength's deep involvement in the global supply chain restructuring [2] - Hainan's strategic positioning has shifted from a policy pilot zone to a global supply chain hub, supported by robust trade data and favorable policies [4] Group 1: Hainan's Strategic Role - Hainan's geographical advantage positions it as a natural bridge connecting China and Southeast Asia, with bilateral trade with ASEAN expected to exceed 6 trillion yuan in 2024, a 7.7% year-on-year increase [4] - The implementation of Hainan Free Trade Port's policies, including "zero tariffs, low tax rates, and simplified tax systems," provides institutional support for its hub function [4] - Companies are beginning to benefit from these policies, as seen with Hainan Libona Technology Development Co., which has secured orders in South Korea due to tariff exemptions [4] Group 2: China Galaxy Securities' Strategic Positioning - China Galaxy Securities has developed a comprehensive service ecosystem in Hainan, integrating platform, capital, financing, green initiatives, and innovation [6] - The establishment of a mother fund for the Free Trade Port construction, initially set at 10 billion yuan and recently expanded to 20 billion yuan, marks a significant capital initiative [7] - By the end of 2025, the cumulative scale of its sub-funds is expected to reach 20.9 billion yuan, effectively leveraging fiscal funds [8] Group 3: Financing and Green Initiatives - China Galaxy Securities has facilitated the issuance of 13 billion yuan in offshore RMB local government bonds for Hainan and assisted in issuing US dollar senior bonds for Hainan Agricultural Reclamation Group, diversifying financing channels [8] - The company has introduced the first domestic product to address EU carbon tariffs, providing financial tools for managing carbon cost risks, which has received multiple international awards [8] Group 4: Differentiated Pathways in Southeast Asia - China Galaxy Securities has adopted a unique approach of "acquisition integration and localized operation" in Southeast Asia, contrasting with other Chinese brokers [10] - The acquisition of Malaysia's CIMB Group's securities business in 2017 marked the first cross-border merger in the ASEAN core region, allowing rapid market access and customer base acquisition [10] - By mid-2025, its subsidiary, Galaxy Overseas, ranked first in Malaysia and second in Singapore, achieving significant market share [10] Group 5: Localization Strategy - The success of the acquisition is attributed to a localization strategy that retains and utilizes local teams, enhancing operational effectiveness [11] - Monthly meetings between domestic and overseas teams strengthen collaboration in strategy, risk compliance, and specific business projects [11] Group 6: Industry Landscape and Challenges - The internationalization of Chinese brokers is characterized by diverse pathways, with China Galaxy Securities providing a model for "acquisition integration and rapid market entry" [13] - Leading brokers face common challenges, including the shift from "business export" to "ecosystem empowerment," necessitating integrated cross-border solutions [14] - True localization involves not just establishing branches but also adapting governance, services, and compliance to local markets, posing high demands on headquarters' management capabilities [14]