Group 1 - Tianfeng Securities has cumulatively served the financing of the real economy nearly 930 billion yuan in the past three years, with approximately 120 billion yuan for enterprises in Hubei province, actively engaging in diverse financing projects such as bond underwriting, ABS projects, and NEEQ listings, totaling a fundraising scale of 20 billion yuan [2] - Hubei Hongtai Group has strengthened its actual control over Tianfeng Securities, completing the transfer of relevant equity in February 2023, marking the beginning of state-owned control over Tianfeng Securities [2] - In June 2023, Hubei Hongtai Group fully subscribed to a 4 billion yuan private placement of Tianfeng Securities, significantly enhancing its core net capital and increasing its shareholding ratio to 28.14% (excluding concerted actors), further solidifying state-owned management capabilities [2] Group 2 - Tianfeng Securities has supported the listing of Heyi Biological, a star enterprise in Hubei province, on the Sci-Tech Innovation Board, having accompanied the project for 15 years, growing its market value from 60 million yuan to over 30 billion yuan, an increase of more than 500 times [3] - Since becoming state-controlled, Tianfeng Securities has focused on Hubei's "51020" modern industrial cluster, leveraging Hongtai Group to deepen business collaboration and design comprehensive financial solutions, implementing city-specific and chain-specific "urban investment bank" service plans [3] - Tianfeng Securities has successfully assisted in the listings of Heyi Biological, Xingfu Electronics, and Zhongjie Automobile, and completed landmark projects such as the first special corporate bond for the new generation information technology sector and the first corporate bond for aerospace technology [3]

Core Insights - Tianfeng Securities, as the only securities company owned by Hubei Province, is providing strong financial support for Hubei's development through its "urban investment bank" strategy [1][4] Group 1: Strategic Transformation and Achievements - Since Hubei Hongtai Group became the controlling shareholder in 2023, Tianfeng Securities has completed a strategic transformation, financing over 120 billion yuan for Hubei enterprises in the past three years [3] - The company has successfully completed multiple IPO projects, including Jin Ying Heavy Industry, Youzhi You Biological, and Xingfu Electronics, and has assisted several companies in raising funds through private placements, convertible bonds, and major asset restructurings [3] - In 2024, Tianfeng Securities helped local entities issue 15 bonds, raising 12.52 billion yuan, and assisted Wuhan Metro Group in issuing overseas bonds [3] Group 2: Urban Investment Bank Strategy - The "urban investment bank" strategy aims to optimize regional industrial structure and serve the real economy, focusing on local financial advisory roles, financial-driven industrial investment, comprehensive financial services, and promoting regional enterprise listings [3][4] - Multiple investment liaison stations have been established under Tianfeng International to actively support Hubei's overseas capital investment efforts [3] - In the area of international economic and trade cooperation, Tianfeng Securities is building financial bridges to assist Hubei enterprises in "going global" and attracting foreign capital [3] Group 3: Financial Product Innovation - Tianfeng Securities has launched the first basket of local government bonds in the national interbank market, effectively reducing local government financing costs [3] Group 4: Future Focus - As the state-owned enterprise reform approaches its conclusion, Tianfeng Securities will align closely with Hubei's development strategic goals, focusing on the overall requirements of state-owned enterprise reform and continuing to advance the "urban investment bank" strategy [4]