Group 1 - The company has signed a sales service agreement with ShenGang Securities, allowing the latter to sell certain funds starting from May 20, 2025 [1] - Investors can perform various fund-related transactions such as account opening, subscription, and redemption through ShenGang Securities [1] - Specific fee discount details for fund subscriptions through ShenGang Securities will be based on the latest promotional announcements from the company [1][2] Group 2 - The fee discount period will apply to any new fund products launched by the company that are sold through ShenGang Securities from the date they open for subscription [1] - Investors are encouraged to consult ShenGang Securities or the company for detailed information regarding the funds and services [2] - The promotional activity is limited to subscription, regular investment, and conversion services, excluding redemption fees and other service charges [2]

在金融交易领域，Rich Smart(富慧证券)以其卓越的服务和创新的交易模式，正引领着新时代的潮流。 根据最新公布的Finance Magnates 2023年第四季度行情报告，Rich Smart(富慧证券)在该季度的交易量达 到了1,140亿美元，网站访问量高达352万次。这一成绩不仅体现了Rich Smart(富慧证券)的市场影响力， 也彰显了其在金融交易领域的领导地位。 卓越的交易业绩 在2023年第四季度，Rich Smart(富慧证券)的各项数据均显示出强劲的增长势头。与去年同期相比，贵 金属品类增长了37.4%，货币对品类增长了62.78%，指数品类增长了16.4%，股票品类增长了92.8%，能 源品类增长了9.8%。这些数据不仅证明了Rich Smart(富慧证券)在不同金融产品领域的广泛影响力，也 反映了其在市场中的竞争力。 自2015年成立以来，Rich Smart(富慧证券)已经发展成为最知名的外汇经纪商之一。它为活跃的外汇市 场上的新手提供了交易解决方案，正在彻底改变线上外汇交易。线上交易者现在可以获得以前只有投资 银行和高净值人士才能获得的定价和流动性。 Rich Smart(富慧 ...

一、选择证券公司参与证券交易的标准和程序 广发基金管理有限公司（以下简称"基金管理人"）参与证券交易的模式包括向证券公司租用交易单元 （以下简称"租用交易单元模式"）、委托证券公司办理（以下简称"券商交易模式"）。 （一）租用交易单元模式 1.选择标准 （1）经营行为稳健规范，合规内控制度健全，财务状况良好，在业内具有良好声誉； （2）具备基金运作所需的高效、安全的通讯条件，交易设施满足基金证券交易需要； （3）具有广泛的信息网络，能及时提供准确的信息资讯和服务； （4）具有较强的综合研究能力，拥有独立的研究部门及相当规模的研究团队，有完善的研究报告质量 和合规保障机制，能及时向公司提供宏观、行业及市场走向、个股分析报告，可以根据公司管理基金的 特定要求，提供专门研究报告； （1）属于公司基金合作券商名单； （2）具备一定的券商交易模式基金合作经验； （3）公司证券经纪业务、交易系统等方面未受到重大行政处罚或重大行政监管措施； （5）公司证券研究报告业务、内控管理、合规风控等方面未受到重大行政处罚或重大行政监管措施； （6）中国证监会要求的或公司认为应当具备的其他条件。 2.选择流程 （1）对拟合作券商进行准 ...

Core Viewpoint - The company, Beijing Compass Technology Development Co., Ltd., plans to acquire an additional 33.3074% stake in Pioneer Fund Management Co., Ltd., increasing its ownership to 95.0100% to optimize governance and support business development [1][3]. Group 1: Acquisition Details - On March 18, the company announced a deal to purchase the stake for 161 million yuan, following a previous acquisition that made it the controlling shareholder with 61.7026% ownership [1][2]. - The acquisition aims to enhance the governance structure of Pioneer Fund and bolster its capital capacity for business growth [3]. Group 2: Pioneer Fund's Performance - Pioneer Fund, established in May 2016, has struggled with a management scale of less than 3 billion yuan, ranking 143rd among 162 public fund institutions as of the end of 2024 [2]. - The fund's management scale briefly exceeded 5 billion yuan at the end of 2017 and mid-2021, indicating challenges in growth [2]. Group 3: Broader Strategic Moves - The company has also invested in two private funds, acquiring 15% of Chengdu Yiheng Private Fund Management Center and 10% of Shanghai Hexie Huiyi Asset Management Co., Ltd., indicating a broader strategy in the fund management sector [3]. - The company aims to enhance its competitiveness in the brokerage business through these acquisitions, as the current market conditions present a favorable opportunity for such investments [3]. Group 4: Financial Performance - In 2024, the company reported total revenue of 1.529 billion yuan, a 37.37% increase year-on-year, and a net profit of 104 million yuan, up 43.50% from the previous year [4]. - The company’s total assets reached 10.874 billion yuan, a 100.22% increase, primarily due to the expansion of its brokerage business [4]. Group 5: Future Outlook - The company is actively pursuing a fundraising initiative to raise 2.9 billion yuan to enhance the capital strength of its brokerage arm, Maigao Securities, which is in a rapid growth phase [4]. - The market is closely watching whether the company can successfully transition into a comprehensive financial service provider, combining financial information services with brokerage and public fund services [5].

Financial Data and Key Metrics Changes - Total revenue for Q4 2024 was RMB4.4 billion, an increase of 87% from RMB2.4 billion in Q4 2023, with full year revenue growing to RMB13.6 billion, up 36% year over year [16] - Brokerage commission and handling charge income was RMB2.1 billion, up 128% year over year and 35% quarter over quarter [17] - Interest income was RMB2 billion, up 52% year over year and 19% quarter over quarter [18] - Total gross profit was RMB3.7 billion, an increase of 89% from RMB1.9 billion in Q4 2023, with a gross margin of 82.5% [21] - Net income increased by 113% year over year and 42% quarter over quarter to RMB1.9 billion, with a net income margin of 42.2% [23] Business Line Data and Key Metrics Changes - Total client assets were HKD343 billion, up 43% year over year and 7% quarter over quarter [10] - Total trading volume jumped by 202% year over year and 52% quarter over quarter to HKD2.89 trillion [11] - In the U.S., stock trading volume grew by 36% sequentially to a historic high of HKD2.08 trillion [12] - Hong Kong stock trading volume grew by 117% sequentially to HKD75 billion [13] - Total client assets in wealth management increased 93% year over year and 14% quarter over quarter to HKD111 billion [13] Market Data and Key Metrics Changes - Client acquisitions accelerated across all markets, adding 215,000 paying clients in Q4 alone, totaling over 2.4 million paying clients, a 41% year over year increase [5] - In Singapore, total line assets grew by 19% quarter over quarter, marking the tenth consecutive quarter of sequential growth [10] - The overseas markets recorded the highest quarterly net asset inflow, almost equivalent to the full year 2023 inflow [10] Company Strategy and Development Direction - The company plans to guide for 800,000 new paying clients in 2025, focusing on existing markets without new market entries [5][29] - The company aims to enhance its product offerings, including rolling out crypto trading and expanding wealth management services [37][55] - The management emphasized the importance of AI integration to improve operational efficiency and client-facing capabilities [42] Management's Comments on Operating Environment and Future Outlook - Management noted that the trading opportunities in both Hong Kong and U.S. markets remain robust, with high engagement from retail investors [34] - The company expects continued strong net asset inflow in 2025, driven by client engagement and market conditions [85] - The management highlighted the potential for further penetration in the crypto market as regulatory frameworks become clearer [53] Other Important Information - The company underwrote 40 Hong Kong IPOs in 2024, ranking first among all brokers for the third consecutive year [14] - The new digital IPO settlement platform introduced by the Hong Kong Stock Exchange is expected to enhance retail participation and market liquidity [14] Q&A Session Summary Question: Guidance on new paying clients for 2025 - Management clarified that the guidance of 800,000 new paying clients does not include new markets, focusing on existing markets with robust growth potential [28] Question: Client acquisition cost (CAC) increase - Management indicated that the target CAC for 2025 is HKD2,500 to HKD3,000, with increased spending on brand equity to enhance long-term user loyalty [29] Question: Current trading volume and market conditions - Management noted that despite setbacks in U.S. stocks, trading volumes remain robust due to increased volatility and client engagement [48] Question: Breakdown of AUM and market impact - Management reported that 24% of asset inflow came from non-Great China areas, indicating strong overseas market engagement [59] Question: Operating expenses and outlook - Management explained the increase in G&A expenses was due to year-end bonuses and one-off professional expenses, with headcount growth expected to be in the low to middle single digits [65] Question: Interest income breakdown - Management stated that approximately 40% to 45% of interest income was derived from idle cash deposits, with the remainder from margin financing and securities lending [81]