客户迁移完成！国泰海通母公司整合落定，公募牌照整合难题待解

Core Viewpoint - Guotai Junan successfully completed the integration of over 100 IT information systems and migrated more than 20 million clients' data to its next-generation distributed core trading system, marking the completion of major integration projects for the parent company [1][2]. Group 1: Integration Completion - The integration process took 8 months, starting from January 2025, and included infrastructure, system expansion, account, and commission integration [2]. - The integration was executed in three phases: gray-scale switching, pilot switching, and overall switching, ensuring seamless transitions across 21 batches [2]. - The new trading system now supports over 43 million clients, making it the largest full-stack core system in the industry [2]. Group 2: Future Development - The completion of the integration opens a new chapter for the company, allowing for deeper development and integration of its subsidiaries [3][6]. - The company is currently addressing issues related to competition among subsidiaries and is working on the integration of asset management subsidiaries [6][9]. - Future plans include enhancing customer service capabilities and core competitive advantages to establish a leading investment bank with international competitiveness [6]. Group 3: Financial Performance - For the first three quarters of 2025, Guotai Junan reported revenues of 45.892 billion yuan, a year-on-year increase of 101.60%, and a net profit of 22.074 billion yuan, up 131.80% [10]. - The significant growth in performance is attributed to the absorption of Haitong Securities, which expanded the company's business scale and increased net investment income, brokerage fees, and interest income [10]. Group 4: Fund Management Integration - The company is required to consolidate its public fund resources due to regulatory requirements, as it currently controls multiple fund companies, which violates the "one participation, one control, one license" policy [9][10]. - There are four potential merger scenarios for the two major public fund companies under Guotai Junan, including various combinations of acquisitions and sales [10].