Group 1 - The core point of the article highlights that at least 46 fully-owned subsidiaries of listed securities firms reported net profits exceeding 100 million yuan in 2021, with some subsidiaries outperforming many listed companies [2][3] - Haitong Securities' subsidiary Haitong Kaiyuan Investment leads with a net profit of 2.553 billion yuan, followed by CITIC Securities' subsidiary CITIC Securities Investment with 2.412 billion yuan, and Haitong Securities' Haitong Innovation with 1.683 billion yuan [2][3] - Among the 26 listed securities firms that have disclosed their 2021 annual reports, 19 reported net profits exceeding 1 billion yuan, indicating that 7 firms had lower profits than their subsidiaries [2][3] Group 2 - The article notes that the development of subsidiaries is a crucial aspect of the high-quality growth of the securities industry, with alternative investment subsidiaries showing significant profitability [3] - Four out of the eight subsidiaries with net profits over 1 billion yuan are from alternative investment sectors, demonstrating the success of these strategies [3] - The performance of subsidiaries varies significantly, with some achieving high profits while others report losses, particularly in international business segments [3] Group 3 - The growth of public funds managed by securities firms has become a significant profit source, with 23 public fund companies reporting their 2021 performance, and 16 of them achieving net profits over 100 million yuan [4][5] - Notable public funds include E Fund, which reported a net profit of 4.535 billion yuan, and Huitianfu Fund with 3.263 billion yuan, both showing substantial year-on-year growth [4][5] - Six public fund companies reported net profit growth exceeding 50%, contributing significantly to the overall performance of their parent securities firms [5][6] Group 4 - Five public fund subsidiaries contributed over 10% to the net profits of their parent securities firms, highlighting the importance of these funds in the overall profitability of the firms [6] - Contributions include 32.3% from Yinhua Fund to First Capital and 24.03% from Xingzheng Global Fund to Xingye Securities, showcasing the interdependence between securities firms and their fund subsidiaries [6]