Changjiang Securities(SZ:000783) 券商中国·2025-12-01 10:25Core Viewpoint - In the current stringent IPO review environment and intense industry competition, small and medium-sized securities firms must find their survival and development space by abandoning the "big and comprehensive" model and firmly pursuing a boutique investment banking path focused on "regional deep cultivation" and "specialized tracks" [1] Group 1: Internal Collaboration and Performance - The company reported a revenue of 8.6 billion and a net profit of 3.4 billion in the first three quarters, which provides a solid foundation for investment banking development [3] - The "three investment linkage" mechanism creates a core advantage, with research acting as a "blueprint," investment banking responsible for "implementation," and investment providing "strong support" [6][5] - The research department serves as a strategic compass for internal business development and an idea bank for external clients [4] Group 2: Focused Strategy and Market Positioning - The company adopts a focused strategy of "doing what it can and not doing what it cannot," concentrating on regional and industry dimensions for deep layout [7] - The company emphasizes deep cultivation in Hubei, the Yangtze River Delta, and the Guangdong-Hong Kong-Macao Greater Bay Area, while also consolidating its presence in the Sichuan-Chongqing market [7] - In industry selection, the company aims for differentiated competition, focusing on potential niche areas such as military industry, Taiwanese enterprises, and chemicals, while also planning to invest in optical electronics and humanoid robotics [7][8] Group 3: Value Co-Creation and Long-Term Partnerships - The company aims to be a long-term partner for clients, acting as a "promoter" for local platform companies' industrial transformation, a "planner" for listed companies' market value management, and a "guide" for the capitalization of innovative enterprises [9] - The company has developed a comprehensive service model to provide one-stop transformation solutions for local government platforms [9] - The company has upgraded its approach from inefficient "street visits" to focusing on "leading enterprises in the industrial chain," significantly improving project accuracy [10]