Core Viewpoint - The appointment of Ying Chaohui as the new General Manager of Caitong Securities marks a significant leadership change, filling a year-long vacancy and indicating a return to normal governance structure, which is expected to support the company's strategic implementation and operational stability [1][2][3]. Management Appointment - On October 29, Caitong Securities officially appointed Ying Chaohui as General Manager, with his term starting immediately [2]. - Ying Chaohui was previously announced as the candidate for this position in August, following the retirement of the former General Manager, Huang Weijian [2]. - The appointment ends a 13-month period during which the Chairman, Zhang Qicheng, acted as interim General Manager, allowing him to focus on his primary responsibilities [2][3]. Experience and Qualifications - Ying Chaohui has extensive experience in the financial sector, having held various leadership roles in Zhejiang's financial institutions, including the Zhejiang Rural Credit Union and Zhejiang Rural Commercial Bank [4][5]. - He has a strong background in rural financial reform and has been involved in initiatives to address financing challenges for technology enterprises [5]. - Ying does not hold shares in the company and has no connections with major stakeholders, ensuring compliance with regulatory requirements for senior management [4]. Financial Performance - For the first three quarters of 2025, Caitong Securities reported a revenue of 5.063 billion yuan, a year-on-year increase of 13.99%, and a net profit of 2.038 billion yuan, up 38.42% [6][7]. - The third quarter alone saw a significant revenue increase of 48.58% and a net profit surge of 75.10% compared to the same period last year [7]. - The growth in revenue is attributed to increases in net commission income and investment income, with brokerage business being a major contributor [7][8]. Business Segments - The brokerage and investment segments performed well, with net commission income reaching 2.639 billion yuan, a rise of 8.63%, and investment income of 2.317 billion yuan, up significantly [7][8]. - However, the investment banking and asset management segments faced challenges, with net income from investment banking down 29.2% and asset management down 18.9% year-on-year [8]. - The new management team is expected to address the performance disparities between these business segments while focusing on the core strategy of deepening engagement in Zhejiang [8].