北京证券，来了

Core Viewpoint - The establishment of Beijing Securities marks a significant return of state-owned assets to the capital market, with Beijing Guozi Company becoming the controlling shareholder of the newly formed entity, which is a rebranding of Credit Suisse Securities [2][3][6]. Group 1: Background and Historical Context - Beijing Securities, originally established as Old Beijing Securities in 1997, was a prominent player in the Chinese securities industry until it faced severe losses and was restructured by UBS in 2005 [8]. - The rebranding to Beijing Securities signifies the revival of a brand that has been absent from the market for 20 years, highlighting a shift in ownership back to state control [7][8]. Group 2: Current Structure and Ownership - With the acquisition, Beijing Guozi Company now holds an 85.01% stake in Beijing Securities, which is part of a broader strategy to consolidate state-owned financial institutions in Beijing [5][10]. - The Beijing state-owned capital system now includes five securities firms: Beijing Securities, Shougang Securities, First Capital Securities, CITIC Securities, and Financial Street Securities [10][12]. Group 3: Potential for Mergers and Future Outlook - Analysts suggest that the likelihood of mergers among the five state-owned securities firms is high, particularly between Shougang Securities and First Capital Securities, due to their shared ownership history [13][14]. - Beijing Securities faces the immediate challenge of turning around its financial performance, having reported losses for three consecutive years, with a total loss of 616 million yuan from 2022 to 2024 [16].