Core Viewpoint - The company is transitioning from a traditional project-centered investment banking model to a client-centered approach, aligning with national policies and strategies to support the development of the real economy [1] Group 1: Business Strategy - The company aims to enhance its role as a "gatekeeper" and "service provider" in the capital market, leveraging its extensive experience [1] - The focus is on integrating resources and improving the effectiveness of the "research + industry research + investment banking" collaborative model [1] Group 2: Comprehensive Financial Services - The company is committed to strengthening its comprehensive capabilities in capital, pricing, sales, collaboration, risk control, and technology to meet clients' full lifecycle financial service needs [1] - There is an emphasis on advancing internationalization and the integration of domestic and foreign strategies to seize opportunities from the interconnected domestic and international markets [1] Group 3: Ecosystem Development - The goal is to create a large investment banking ecosystem that encompasses the entire industry chain [1]

Group 1: Wealth Management Business Development - The company implements a "customer-centric" approach, enhancing capabilities in channels, services, products, digitalization, and refined management [2] - In the first three quarters of 2025, the net income from brokerage fees reached CNY 4.485 billion, a year-on-year increase of 65.55% [2] Group 2: Investment and Trading Business Performance - In the first three quarters of 2025, the company achieved investment income and fair value changes of CNY 12.629 billion, reflecting a year-on-year growth of 57.15% [3] - The FICC segment focuses on deep research and seizing market opportunities, maintaining a strong market presence [3] Group 3: Investment Banking Business Strategy - The company is transitioning from a project-centered to a customer-centered investment banking model, aligning with national policies to support the real economy [3] - It aims to enhance its comprehensive capabilities in capital, pricing, sales, collaboration, risk control, and technology to meet clients' full lifecycle financial service needs [3] Group 4: International Business Layout and Planning - The company has established a fully licensed overseas integrated business platform centered in Hong Kong, extending its services to surrounding overseas markets [3] - It focuses on enhancing core capabilities in wealth management, asset management, and investment banking, while expanding overseas financing and mergers and acquisitions [3]