1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - The securities industry is integrating resources through mergers and acquisitions to achieve business complementarity and regional synergy. Dongxing Securities will actively follow national policy guidelines, focus on its main business, and pay attention to industry M&A opportunities [24]. - Dongxing Securities has achieved significant results in the strategic transformation of its equity proprietary investment business towards a non - directional approach, and will continue to adhere to the absolute return concept, expand investment varieties, and optimize investment strategies [24]. - Dongxing Securities adjusted its investment banking business management structure in the first half of the year, making it more refined and intensive, and will adapt to new industry trends to promote new development of investment banking business [24]. - Dongxing Securities' research business aims to strengthen macro - research capabilities and will continue to enhance research strength and service quality to support the "investment banking + investment research + investment" linkage [26]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Dongxing Securities, belonging to the securities industry. The reception time was September 15, 2025. The listed company's reception personnel included the Party Committee Deputy Secretary, Director, and General Manager Wang Hongliang, Director, Deputy General Manager, and Financial Controller Zhang Fang, Board Secretary Zhang Feng, Independent Director Zhu Qing, and other relevant personnel [17]. 3.2. Detailed Research Institutions - The types of reception objects include institutional - related personnel, and the specific reception objects are online investors and others [20]. 3.3. Research Institution Proportion - No information provided in the content 3.4. Main Content Data - Regarding the M&A trend in the securities industry, Dongxing Securities will actively follow policies, focus on the main business, and pay attention to M&A opportunities, and will disclose relevant plans in a timely manner [24]. - For equity proprietary investment, Dongxing Securities has achieved results in the non - directional transformation, and will continue to adhere to the absolute return concept, expand investment varieties, and optimize strategies [24]. - In the first half of the year, Dongxing Securities adjusted its investment banking business management structure, making it more refined and intensive, and will adapt to new trends for new development [24]. - Dongxing Securities' research business is strengthening macro - research capabilities and will enhance research strength and service quality to support the "investment banking + investment research + investment" linkage [26].

Core Insights - Dongxing Securities held a mid-year performance briefing on September 15, 2023, where executives discussed the reform of the sell-side research system, improvements in investment banking performance, and trends in mergers and acquisitions [1][2] Group 1: Research and Talent Development - The company has restarted its macro research team and is recruiting a chief economist for the first time in six years, indicating a renewed focus on macroeconomic analysis [1] - The recruitment announcement specifies that candidates should have over five years of experience in well-known brokerage research or public fund companies, along with a strong industry reputation and recognition from major research awards [1] - The general manager emphasized the commitment to enhancing research capabilities and service quality to support the integration of investment banking, research, and investment functions [1][2] Group 2: Investment Banking Performance - Dongxing Securities has significantly improved its investment banking business, moving from outside the top thirty to the tenth position in terms of net income from investment banking in the latest mid-year report [1][2] - The company has implemented a structural reform in its investment banking business, shifting from a team-based to a project-based management approach to enhance efficiency and responsiveness [2] Group 3: Proprietary Investment Strategy - The company is focusing on a strategic transformation towards long-term value investment in its proprietary equity investment business, expanding investment varieties and strategies [2] - The general manager stated that the company will continue to pursue absolute return principles while optimizing existing investment strategies and exploring new ones to stabilize investment returns [2] Group 4: Mergers and Acquisitions Trends - Dongxing Securities is actively monitoring opportunities for mergers and acquisitions within the securities industry, aiming to align with national policy directions while focusing on core business development [2] - The company will adhere to information disclosure regulations regarding any potential merger and acquisition plans [3]