Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The company adheres to the "industry brokerage + first - class investment bank" strategic development concept, leveraging its state - owned enterprise - controlled brokerage advantages to build industrial finance capabilities and promote the optimization and upgrading of the industrial chain [26]. - In 2025, the company's various business lines are developing in a coordinated manner, with stable growth in wealth management and proprietary investment, and a rapid rebound in investment banking and asset management [25]. 3. Summary of Related Catalogs 3.1. Research Basic Situation - The research object is Great Wall Securities in the securities industry, and the reception time is August 18, 2025. The reception personnel include the company's vice - president, board secretary (acting as president and financial officer), brand and public relations department head, and board office information disclosure staff [17]. 3.2. Detailed Research Institutions - The research institution is GF Securities, and the receptionist is Yan Yilan, a non - banking financial analyst [20]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data - **Proprietary equity investment structure**: The company adheres to the "high - dividend +" strategy, building a "pyramid - shaped" asset portfolio. The "low - volatility" high - dividend assets are the profit cornerstone, the "flexible and balanced" strategy configures assets flexibly, and the swap convenience business optimizes the structure [24]. - **Fixed - income business transformation**: As bond yields reach historical lows, the company is exploring transformation, including strengthening the construction of the asset allocation system, exploring diversified bond strategies, and enriching strategies such as interest - rate bond neutral [24]. - **Brokerage business features**: The company focuses on customer - centric services, builds a wealth intelligence platform, develops characteristic businesses like "Alchemy锦囊" and "Super Grid", and enriches product shelves to build a "Wealth Great Wall" brand [24]. - **Incremental business and strategic goals**: In the first half of 2025, various business lines of the company developed well. The company adheres to the "industry brokerage + first - class investment bank" strategy to promote the development of the industrial chain [25][26]. - **Technology - enabled investment**: In 2025, the company increased investment in AI, big data, and cloud computing. The IT budget focuses on infrastructure and data platform construction, and the AI center supports multiple business operations [26]. - **Synergy with shareholders**: As a financial platform under China Huaneng, the company has carried out cooperation in five aspects, including debt management, equity financing, financial advisory services, key research projects, and strategic emerging industry layout [27].

Core Viewpoint - The core message emphasizes the need for collaboration among wealth management institutions to create a sustainable and prosperous wealth management ecosystem, as articulated by Wang Liang, the president of China Merchants Bank, during the "2025 Wealth Partner Forum" [1][2]. Group 1: Wealth Management Ecosystem - The wealth management ecosystem is expanding, with more institutions joining the collaboration, including major players like Fortune Fund, Xinhua Life, and others, totaling over 150 partner institutions [3][6]. - The focus is on high-quality development in wealth management, requiring collective efforts from the entire industry to adapt to structural changes and meet evolving client needs [6][8]. Group 2: Market Dynamics and Challenges - China Merchants Bank reported significant asset management figures, with retail client total assets exceeding 16 trillion yuan and asset management scale nearing 4.5 trillion yuan, indicating a rapid growth trajectory [7]. - The bank faces challenges such as a concentration of wealth among a small percentage of clients, with 2.5% of clients holding over 80% of assets, reflecting a growing wealth disparity [7]. Group 3: Future Outlook and Technology Integration - The financial industry is entering a low-interest-rate era, prompting a shift in wealth management strategies to balance risk, return, and liquidity [8]. - There is a growing demand for comprehensive global asset allocation services, and the integration of AI in financial services is seen as a key trend for future development [10].