SWHY(SZ:000166) 申万宏源证券上海北京西路营业部·2025-07-14 01:53Core Viewpoint - The article discusses the strategic adjustments and innovations of Shenwan Hongyuan in the institutional business sector amidst industry transformation, emphasizing a shift from "license-driven" to "capability-driven" operations [1][4]. Group 1: Industry Transformation and Strategic Focus - Shenwan Hongyuan is adapting to the evolving capital market landscape by enhancing its institutional business capabilities, focusing on providing comprehensive financial services to institutional clients [2][4]. - The company aims to align its institutional business with national strategies and leverage technology, particularly AI, to improve service delivery [4][8]. Group 2: Key Decisions to Strengthen Competitive Advantage - To address increasing competition, Shenwan Hongyuan is enhancing its research services by deepening and broadening its investment research coverage, particularly in fixed income and technology sectors [5][6]. - The company is optimizing its organizational structure to improve inter-departmental collaboration, integrating resources from investment banking, FICC, and wealth management to better serve institutional clients [6][7]. - A unified platform, "Yiwang Qiyuan," has been launched to streamline services, including intelligent research and trading support, catering to the complex needs of institutional clients [6][7]. Group 3: Innovation to Combat Homogeneity - In response to the new public commission regulations, Shenwan Hongyuan is innovating its business model by establishing localized innovation teams and enhancing collaboration with major private equity and bank wealth management clients [9][10]. - The company is focusing on expanding its client base by targeting smaller institutions and customizing services to meet their specific needs [10][14]. Group 4: Client Retention and New Client Acquisition - Shenwan Hongyuan is implementing tailored strategies for different client segments, such as private equity and bank wealth management, to enhance service offerings and maintain existing client relationships [14][15]. - The company has restructured its teams to balance traditional business growth with innovative approaches to attract new clients, ensuring a comprehensive service response [15][16]. Group 5: Role of Institutional Business in Future Development - The institutional business is positioned as a key driver for the capital market's institutionalization, professionalization, and internationalization, transitioning towards a focus on service capabilities [16][18]. - The company aims to attract long-term capital into the market and enhance service levels to meet diverse institutional needs, while also optimizing market ecology and compliance with regulatory standards [17][19].