CGWS(SZ:002939) Dong Jian Yan Bao·2025-08-18 15:39Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The company adheres to the "industry brokerage + first - class investment bank" strategic development concept, leveraging its state - owned enterprise - controlled brokerage advantages to build industrial finance capabilities and promote the optimization and upgrading of the industrial chain [26]. - In 2025, the company's various business lines are developing in a coordinated manner, with stable growth in wealth management and proprietary investment, and a rapid rebound in investment banking and asset management [25]. 3. Summary of Related Catalogs 3.1. Research Basic Situation - The research object is Great Wall Securities in the securities industry, and the reception time is August 18, 2025. The reception personnel include the company's vice - president, board secretary (acting as president and financial officer), brand and public relations department head, and board office information disclosure staff [17]. 3.2. Detailed Research Institutions - The research institution is GF Securities, and the receptionist is Yan Yilan, a non - banking financial analyst [20]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data - Proprietary equity investment structure: The company adheres to the "high - dividend +" strategy, building a "pyramid - shaped" asset portfolio. The "low - volatility" high - dividend assets are the profit cornerstone, the "flexible and balanced" strategy configures assets flexibly, and the swap convenience business optimizes the structure [24]. - Fixed - income business transformation: As bond yields reach historical lows, the company is exploring transformation, including strengthening the construction of the asset allocation system, exploring diversified bond strategies, and enriching strategies such as interest - rate bond neutral [24]. - Brokerage business features: The company focuses on customer - centric services, builds a wealth intelligence platform, develops characteristic businesses like "Alchemy锦囊" and "Super Grid", and enriches product shelves to build a "Wealth Great Wall" brand [24]. - Incremental business and strategic goals: In the first half of 2025, various business lines of the company developed well. The company adheres to the "industry brokerage + first - class investment bank" strategy to promote the development of the industrial chain [25][26]. - Technology - enabled investment: In 2025, the company increased investment in AI, big data, and cloud computing. The IT budget focuses on infrastructure and data platform construction, and the AI center supports multiple business operations [26]. - Synergy with shareholders: As a financial platform under China Huaneng, the company has carried out cooperation in five aspects, including debt management, equity financing, financial advisory services, key research projects, and strategic emerging industry layout [27].