Core Viewpoint - Financial Street Securities, formerly known as Hengtai Securities, is entering a new development phase marked by a rebranding and strategic transformation aimed at leveraging its unique advantages in the capital market and technology innovation [2][5][6]. Strategic Positioning - The company aims to capitalize on the dual opportunities presented by the rapid development of the capital market and continuous technological breakthroughs, focusing on enhancing its strategic implementation capabilities [3][14]. - Emphasis will be placed on understanding the characteristics of small and medium-sized brokerages, optimizing light capital businesses, and establishing efficient coordination mechanisms to create a "small yet beautiful, light yet stable" brokerage [3][13]. New Shareholders and Resources - In September 2023, Beijing Financial Street Investment Group became the actual controller of the former Hengtai Securities, marking a new beginning with richer resources and a more solid platform [5][6]. - The integration into the Financial Street Group allows the company to leverage advantages in policy, resources, and reputation, enhancing its ability to serve the real economy and capital markets [6][7]. Business Development Focus - Financial Street Securities will focus on deep integration with the Financial Street Group's resources to create a closed loop of "capital market services + real industry needs," aiming for breakthroughs in wealth management, investment banking, and asset management [7][8]. - The company plans to enhance its service capabilities across customer service systems, product innovation, and information technology investments to provide more professional and personalized financial services [7][8]. Corporate Culture and Risk Management - The importance of corporate culture is highlighted, with a focus on "steady and far-reaching" principles to ensure compliance and risk control, avoiding the pitfalls of aggressive speculation [8][10]. - The company aims to build a sustainable development capability by continuously improving business innovation, risk management, and talent team construction [7][11]. Operational Recovery and Future Goals - Following the entry of new leadership, the company is focused on unifying thoughts, clarifying goals, and solidifying its foundation for a comprehensive recovery [11][12]. - The company has made significant progress in its brokerage business, aiming to enhance trading scale and market share while transitioning towards wealth management [19][20]. Wealth Management Transformation - Financial Street Securities is committed to transforming into a wealth management-focused entity, emphasizing the development of a differentiated advantage in this area [17][19]. - The company plans to implement five key projects in retail brokerage, including talent development, efficiency improvement, and brand building, to achieve industry-leading trading service capabilities [19][20]. Asset Management and Research Development - The asset management business is currently underperforming, and the company is working to improve its competitive position by attracting market-oriented teams and learning from successful peers [22][23]. - A new research institute has been established to support the company's investment strategies and enhance collaboration with public funds, focusing on macroeconomic and industry research [22][23].

Core Viewpoint - The development of ETF-related businesses is a crucial part of the transformation of brokerage wealth management, with leading brokerages dominating the market while some smaller firms achieve "leapfrog" success through differentiation [1][2]. Group 1: Market Overview - As of May 2025, there are 691 ETFs in the Shanghai market with a total market value of 30,018.81 billion, reflecting a growth of 1.33% [1]. - In May, the cumulative trading amount of ETFs in the Shanghai market reached 30,097.61 billion, with an average daily trading amount of 1,584.08 billion [1]. Group 2: Brokerage Performance - China Galaxy Securities leads the market with an ETF holding share of 24.63%, followed by Shenwan Hongyuan Securities at 18.05%, and CITIC Securities and China Merchants Securities in third and fourth places respectively [2]. - In terms of trading volume, Huatai Securities holds the top position with a trading volume share of 10.93% in May, while CITIC Securities ranks second with 9.35% [2]. Group 3: Competitive Landscape - The competition among brokerage firms is intense, with some smaller brokerages showing strong performance in ETF trading, such as Huabao Securities, which ranked first in May with a trading volume share of 3.59% [2][3]. - The "Matthew Effect" is evident in the ETF market, where leading brokerages leverage their brand influence, extensive client base, and professional research capabilities to maintain dominance [3]. Group 4: ETF Market Growth - The total net asset value of ETFs in the market reached 4.20 trillion as of June 24, reflecting a growth of 12.60% since the beginning of the year [3]. - Brokerages are enhancing their mobile apps to include ETF sections and tools, such as grid trading and ETF regular investment, to improve online service experiences [3][4]. Group 5: Educational Initiatives - Brokerages are actively conducting ETF educational activities to help clients understand and experience ETF investments, promoting rational, value, and long-term investment concepts [4]. Group 6: Business Collaboration - The development of ETFs is seen as a way to enhance market variety, improve portfolio efficiency, reduce investment costs, and increase liquidity [6]. - Brokerages are focusing on building a comprehensive service system around ETFs, emphasizing collaboration in research, distribution, and custody services [6].

在现场、面对面：触摸中国经济的真实脉动 "唯有深入企业一线，才能感知中国经济的真实脉动。"作为已经举办过超60场走进上市公司系列深度探 访的活动负责人，鹏华基金品牌管理部总经理于凌波有感而发。 此次走进的三全食品股份有限公司，是中国速冻食品行业首家上市公司，是中国生产速冻食品最早、规 模最大、市场网络最广的企业之一，也是鹏华粮食ETF的成分股之一。公司自成立以来，始终专注于食 品研发与生产创新，在保障食品安全、推动消费升级、服务民生需求方面发挥了重要作用。 活动中，三全食品董事会秘书刘铮铮详细介绍了公司的发展历程，并分享了以产品创新、渠道创新、技 术创新、管理创新为源头，以内生式增长和外延式增长双轮驱动的新型模式。以产品创新为例，一方面 在to C端，紧跟消费趋势变化，开发适合年轻消费者的茶饮、生椰拿铁等新口味汤圆，以及针对中老年 消费者的药食同源系列产品。一方面不断开拓To B市场，为各类餐饮提供安全、高品质的预制食材。 同时结合公司展厅及生产线参观，来访者们清晰地看到三全食品在保障食品安全、推动消费升级方面所 做出的不懈努力，也深刻感受到食品消费行业在国家粮食安全战略下的新趋势与新机遇。 鹏华基金秉持的" ...