申万宏源证券党委书记、董事长刘健：提升五大专业能力 加快打造一流现代投行

Core Viewpoint - The article emphasizes the importance of the securities industry in contributing to China's financial modernization and the high-quality development of capital markets, as outlined in the 20th National Congress of the Communist Party of China [1]. Group 1: Capital Market Development - The securities industry is positioned as a key player in the ongoing reforms of the capital market, with a focus on building first-class investment banks and institutions [2]. - The chairman of Shenwan Hongyuan Securities, Liu Jian, highlights the need for the industry to enhance its professional capabilities and service quality rather than merely focusing on scale and ranking [2][3]. Group 2: Value Discovery Capability - Enhancing value discovery is crucial for optimizing resource allocation in the capital market, especially with the shift towards a registration-based system [3]. - Liu Jian stresses the importance of securities firms acting as gatekeepers, improving due diligence systems to align with new technologies and business models [3]. Group 3: Product Creation Capability - The article discusses the need for securities firms to enhance their product creation capabilities to better serve wealth management needs, addressing challenges such as insufficient product supply and unstable long-term returns [4]. - Liu Jian advocates for a shift towards a buyer-oriented wealth management model, emphasizing the importance of diverse and high-quality product offerings [5]. Group 4: Risk Pricing Capability - The ability to price risks effectively is essential for enhancing China's financial market influence, particularly as new technologies and assets emerge [6]. - Liu Jian calls for innovative valuation methodologies that reflect the unique characteristics of new technologies and to improve information disclosure by listed companies [6][7]. Group 5: Global Allocation Capability - The article highlights the need for securities firms to enhance their international business capabilities to attract foreign investment into China [8]. - Liu Jian emphasizes the importance of establishing a comprehensive cross-border financial service system to facilitate both inbound and outbound investments [9]. Group 6: Reputation Management Capability - Reputation is identified as a fundamental aspect of the financial industry, with Liu Jian stating that it should be embedded in corporate governance and culture [10]. - The article suggests that securities firms should actively contribute to market stability and investor confidence through professional insights and analyses [10][11]. Conclusion - The five key capabilities—value discovery, product creation, risk pricing, global allocation, and reputation management—are essential for Shenwan Hongyuan Securities to fulfill its role in China's financial modernization and to enhance its professional standing in the industry [11].