Core Perspective - The construction of a financial culture with Chinese characteristics is becoming a driving force for the stable and sustainable development of the securities industry, emphasizing integrity, innovation, and compliance [1] Group 1: Cultural Construction in the Securities Industry - Over the past six years, more than a hundred securities firms have integrated cultural construction with compliance risk control and service to the real economy, creating a cultural ecosystem that combines Chinese characteristics with international perspectives [1] - The principle of party leadership is fundamental to cultural construction in the securities industry, enhancing corporate image and core competitiveness while promoting sustainable development [1][2] - Zhejiang Securities has developed an innovative path for implementing Chinese financial culture through a system that integrates party leadership, cultural development, and governance [1][2] Group 2: Strategic Integration and Responsibility - Zhejiang Securities has established a three-dimensional guarantee system for cultural construction, focusing on ideological leadership, strategic collaboration, and responsibility transmission [2] - The company has implemented a "three-level responsibility closed loop" to ensure accountability in cultural construction, integrating it into the party's assessment system [2][3] Group 3: Social Responsibility and Investor Education - The securities industry is transitioning from fragmented participation in social responsibility to a systematic approach, integrating financial empowerment, industry support, and public welfare [6] - Companies like Shanghai Securities are extending their cultural responsibilities to rural revitalization, utilizing green bonds and investor education to support local economies [6] - The industry is enhancing investor education as a key component of inclusive finance, with increased participation in the capital market following recent policy changes [3][5] Group 4: Professional Culture and Market Impact - The current transition in the securities industry from "scale competition" to "functional enhancement" emphasizes the importance of professional culture in driving value creation and compliance [8] - Professional culture is seen as a means to build trust with stakeholders, creating a "trust premium" that enhances competitive advantage [8] - Companies like China Galaxy Securities highlight the role of cultural construction in reinforcing their mission to serve the real economy and manage financial risks [8]

Core Viewpoint - Promoting and cultivating professional culture is a crucial responsibility for securities companies in the new journey, aiming to enhance core competitiveness through cultural "soft power" and contribute to high-quality financial development [1][14]. Group 1: Importance of Professional Culture - The "15th Five-Year Plan" emphasizes the role of finance in national development, calling for the construction of a financial powerhouse and the optimization of financial institutions [2]. - Securities companies play a pivotal role in capital markets, which are essential for resource allocation and supporting technological innovation [2][3]. - Enhancing professional capabilities in securities firms is vital for guiding financial resources towards hard technology and future industries, thus supporting high-quality development [3]. Group 2: Regulatory and Industry Guidance - Regulatory bodies and industry associations are encouraging firms to strengthen their professional capabilities, with new guidelines emphasizing the cultivation of top-tier investment banks and wealth management capabilities [4]. - The revised classification regulations for securities companies highlight the importance of functional performance and the need for a multi-tiered professional service system [4]. Group 3: Industry Transformation and Challenges - The securities industry is transitioning from "scale competition" to "functional enhancement," facing challenges from intensified competition and declining commission rates [5]. - Data indicates a decrease in the concentration of investment banking business among top firms, suggesting the feasibility of professional transformation [5][6]. - The contribution of capital-intensive businesses to revenue is increasing, with investment income nearing 40% of total revenue by mid-2025 [6]. Group 4: Professional Culture as a Competitive Advantage - Professional culture is essential for enhancing professional knowledge, capabilities, and spirit, which collectively drive organizational advantages [6]. - A strong professional culture fosters trust and enhances brand reputation, leading to long-term value creation [6]. Group 5: Strategic Pathways for Professional Culture Development - Securities companies should focus on specialized development to build sustainable competitive advantages, avoiding blind expansion [7]. - Integrating professional culture with national strategic missions and public service values is crucial for enhancing professional capabilities [8][9]. - Improving investment banking, research, and investment capabilities is key to cultivating core competitiveness [10]. Group 6: Talent and Compliance - Attracting and nurturing talent is fundamental for driving professional culture and capabilities [12]. - A robust compliance and risk management framework is necessary to build a trustworthy market reputation [13].