SWHY(SZ:000166) 申万宏源证券上海北京西路营业部·2025-07-15 02:01Core Viewpoint - The article emphasizes the strategic transformation and competitive advantages of Shenwan Hongyuan Securities, highlighting its unique research model and commitment to professional development in the evolving securities industry [1][4][22]. Group 1: Research System and Strategy - Shenwan Hongyuan Research Institute has established a "research + production + policy" integrated research system, which is a distinctive feature of its operations [2][14]. - The research institute aims to become a leading domestic and internationally recognized professional research platform, focusing on high-quality research to support company development and national strategies [5][6]. - The institute is actively exploring a diversified business model to reduce reliance on traditional commission income, enhancing its role as a think tank for internal investment decision-making and external value-added services [10][12]. Group 2: Industry Trends and Challenges - The securities research industry in China is facing intensified competition, with a notable decline in commission rates and a lack of acceptance for paid research models among clients [8][10]. - The article identifies three main pain points: the continuous decline in institutional commission rates, an overemphasis on short-term commission-based assessments, and talent turnover [8][10]. Group 3: Talent Development and Digital Empowerment - Shenwan Hongyuan Research Institute has developed a comprehensive talent cultivation system, offering various training programs for different career stages, and has trained over 10,000 external learners [7][18]. - The institute is building an AI-driven research platform to automate low-value tasks, thereby improving research efficiency and quality [10][12]. Group 4: Internationalization and Client Coverage - The research institute is enhancing its international research capabilities, focusing on A-shares, Hong Kong stocks, and U.S. stocks, and expanding its coverage of overseas investment opportunities [11][12]. - It aims to broaden its client base by targeting government departments, state-owned platforms, private equity institutions, and industrial capital, while maintaining strong relationships with traditional institutional clients [12][20]. Group 5: Future Directions and Social Responsibility - The institute plans to focus on four key areas: serving as a navigator for industrial upgrades, building a national strategic think tank, enhancing asset valuation frameworks, and promoting research outcomes for the general public [22][24]. - The commitment to social responsibility is evident in the goal to make financial research accessible and beneficial to the public, particularly in areas like affordable housing and retirement [23][24].